Major Reduction for 2013 West Point Silver Eagle Set Sales?

silver-eagleEarlier this year, the United States Mint offered the 2013 West Point Silver Eagle Set to celebrate the 75th anniversary of the edifice that houses the West Point Mint. This product included one reverse proof and one enhanced uncirculated Silver Eagle with the “W” mint mark and was available to order during a four week ordering window. After the close of the ordering window, the sales odometer placed on the product page was last updated to 281,310, but is this figure due for a major reduction?

Some speculation was stirred earlier today within the comments of a Mint News Blog post. After one reader noted some figures accessed from the cumulative numismatic sales figures posted on the US Mint’s website, another reader noticed that the sales figure for the 2013 West Point Silver Eagle Set indicated 234,532 units. This would represent a reduction of 46,778 units from the last reported sales figure.

Around 4:30 PM ET when the new weekly figures were posted on the main statistics page, the West Point Set figure reverted to the last amount of 281,310. The figure present when accessing “All Data to Date” (where the lower figure was originally seen) also reverted to 281,310.

I was able to access the US Mint sales data when the lower figure was present, but cannot verify its accuracy. I have contacted the US Mint to determine if an updated sales figure for the set will be provided. I will pass along any information provided.

Last year, the US Mint did provide a final unaudited sales figure for the 2012 San Francisco Silver Eagle Set after the fulfillment process had been completed. The last reported sale figure of 251,302 was reduced by 26,321 units to 224,981.

It does seem possible that there will be a similar or perhaps larger reduction for the final sales of the 2013 West Point Silver Eagle Set. Under the four week ordering window, some collectors now seem to take the approach of placing orders and then contemplating further whether they really want the product. If not, the order can simply be canceled prior to fulfillment. With the extended delays in shipping due to packaging issues, the patience of some collectors may have worn thin resulting in increased cancellations.

The US Mint seems to view the four week ordering window as the preferred method of offering special products, but some of the flaws of this approach are becoming apparent.

Lower Gold and Platinum Product Prices Possible

Based on the available data, it is possible that the prices for the United States Mint’s numismatic gold and platinum products will be decreased tomorrow. As most readers will be aware, the prices for gold and platinum products are adjusted as frequently as weekly based on changes in the market prices of precious metals.

The weekly average price for each metal is determined based on the London Fix prices from the prior Thursday AM to the current Wednesday AM. If the average moves into a higher or lower tier, established at $50 intervals, then product prices are adjusted accordingly. A secondary criteria requires that the Wednesday PM Fix price must agree directionally within any change. Price increases have generally been made effective around mid-morning on Wednesday.

The available data suggests that the weekly average price of gold will fall into the $1,300 to $1,349.99 range, which is one tier lower than the range used to establish current prices. In the most likely scenario, as long as the Wednesday PM Fix price is below $1,350, then gold numismatic products will see their prices reduced by the equivalent of $50 per ounce of gold content.

The weekly average price of platinum is likely to fall within the $1,400 to $1,449.99 range. This would be one tier lower than the range used to establish current prices. In the most likely scenario, if the Wednesday PM Fix price falls below $1,450, then platinum numismatic products would see their prices reduced by $50 per ounce of platinum content.

Pricing adjustments have typically been implemented around mid-morning on Wednesday after the London PM Fix prices are known.

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Comments

  1. joe says

    As a thought, I have always wondered if it was a good idea to tell anyone (including insurers) what you have in your collection. It’s not a far stretch to imagine the government demanding that these same insurers turn over your information to them (for confiscation or other purposes). Not trying to be paranoid or anything… ;-)

  2. GMS says

    Your spot on Joe, that’s why I bought a big safe which cost me about the same as one years insurance once I finally found someone in my state that would write a policy.

  3. VARich says

    Brad – Damn! I got busted! Lucky for you, looks like I’ll be cancelling the cheaper of the two. Oh well!

  4. Ray says

    Small world. I helped write the quoting and policy inquest systems for USAA and Amica. This was 6-7 Years ago

  5. Ray says

    USAA uses AHI, American Hobbyist Insurance, and they will insure almost anything. I got to scroll thru pics of thousands of people’s collectibles, and people collect some interesting and weird stuff.

  6. Jeff says

    2012 will be the key date for gold, silver, clad across the entire U.S. mint products for years to come mint is back to over producing. If you buy for rarity won’t be anytime soon.

  7. high low silver says

    So you could get the address and inventory to case the collectoes house and not be linked th AHI right Ray?? Haha

  8. john says

    what good insurance,leave a big note on your front and back door that you have pet rattle snakes in the house,that are out went your not home I have be doing this for fifty year no break in.I have rattle snakes skins hanging outside.I live in az so snakes skin are all over the place.they like coins.

  9. fmtransmitter says

    I know the ADT signs work well. The statistics on break in’s go way down if you have a sign. Think about it, casing the neighborhood, you gonna pick the one with the sign or without? Sold hundreds of them ADT SIGNS) when I ran the Defense Depot…

  10. Dmitriy says

    I live in Northern VA and have renters insureance through Geico. They insure coins and collectibles but they charge an annual premium of $50 for every $1,000. Some of the coins in my collection are irreplaceable and have sentimental value to me. Each coin has it’s own story in a way. So even though Geico can potentially cover me, I still don’t feel safe with the coins in my house. I just took out a safety deposit box in my bank that I’m paying $95 a year for to keep my coins in. Removed all coins in capsuls from OGP and put them in the box.

    On the topic of break-ins; invest in an electric timer. When I go away for the weekend, I put a few lamps on timers (different settings) that way if anyone is monitoring my activities from outside, it looks like I’m home. Just a little tip…

  11. Val says

    Ray, when you were working on hobbyist underwriting for the insurance industry, did you get any sense of the frequency of claims for the theft coin collections?

  12. Broooster says

    Dan, let me get back to you, I know it was an earlier one, just not exactly sure which one without digging it out and looking, but I will do that this evening and reply.

  13. Ron says

    I ordered 3 sets, 2 the first day then 1 the second day. Took so long to get and with the way that QVC got theirs and graded before all 1st day orders were shipped. I sent 1 set back, it had a stain, and I canceled the other set. I have just about given up on the Mint. I had to send back 4 out of the first 7 ATB 5 oz for replacement due to stains or scratches.

  14. Broooster says

    Dan, Jane Pierce, crack runs from the top of the N in “Jane”, down to about mid way of the right hand side of the A in “Jane”

  15. David says

    I placed my order on June 5. Just received them today (Sep 19). “Quality” in regards to the US Mint seems to be an oxymoron.

  16. Dan says

    Brooster

    Thank you, I will have to check mine again and also watch for others that I might find at a show.

  17. Glenn says

    For starters,what was the error on the coin that sold on ebay? The link no longer works! I have no clue exactly when but got both the 2 buffaloes and the regular buffalo on the same day)or within a couple days of each other as 1 was dropped off at my partments office and the other they made me chase and have me sign for it! So is it required if you order 2 buffaloes but no signature required if you only order 1 ? lol crazy usmint.

    I have asked before but never found out if I got a response to my question,
    but is there much extra value in grand canyon P that has a super light or no sandblasting as it should have and how common was this for the first year of the mints P’s Worth grading to get a error label? Shoot I do not even know how expensive it is to grade coins as I only have a membership with their comic grading sight CGC and they are a little /extremely expensive and grades are all over the place =( Thanks guys and AGAIN SORRY IF 1 OF YOU ANSWERED BEFORE!! I am going to favorite this page which I swore I did before!?!? Now I have to check when I got all 3 of the buffaloes.

  18. thePhelps says

    @mike… since they were cancelled as production was ongoing…they don’t have 46,000 sets sitting around. Lots of people cancelled well before they were scheduled to ship and most of those would never have been produced. The only coins the mint is likely to have left are those that cancelled in the last couple of weeks and even then they probably allowed for overproduction at that point.

  19. stephen m says

    Are the left over WP sets, of any count, destroyed? Could they be sold to anyone? What about the returns, what is done with those?

  20. thePhelps says

    stephen m – I don’t believe the mint can sell any more of these sets at this time. It is possible they could do a special set sometime in the future that contains a collection of all the special sets – with the left overs or they could destroy them as well.

  21. Ray says

    @Val I worked for their software vendor for 2 years. I also retooled their claims interface but I didn’t go through the data. Of all the sample data I worked with, I didnt see one claim for a coin collection. Out of my 2 years there I may have seen 2 or 3 coin collections in their database. I realized early that there aren’t many coin collectors. I saw more GI Joe collections than coins while I was there. The big thing there was antique automobiles.

  22. JEFF in TX. says

    The WP set could go even lower. Lots of people that returned or canceled their order, could make for it to be less sets sold that in 2012. The Mint is probaiy trying to slow down the mintage posting as they have them. I hear that stocks are to drop 16% over the next 3 months. If true gold/silver will climb higher making these sets red hot. With the mintage getting lower some dealers my limit the sales of eagles . This will raise the price some until PM’s double more more.

  23. Louis says

    @FM- To be a member of USAA you have to be in the military or be the family member of one as far as I know. Hugh Wood is good but you must be a member of the ANA, and If anything happens contact them right away, or they will find a way to deny your claim.

  24. billrod says

    ATB collectors

    If you are having the 5 oz ATB’s certified by NGC be sure to check the cost for the “oversize” holder. Last I checked it was around $25. The holder is very large and much bigger than it needs to be. You will fill up a large safe deposit box very quickly. The oversize holder can hold up to a kilo size coin so you may want to check this out before you submit.

  25. Cochisz says

    Received 5 sets in the mail, sent two back obviously something the big
    Companies returned because you could tell they were picked thru and
    Looked like hell.

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