Yesterday, the one ounce 2011-W Uncirculated Gold Eagle sold out on the US Mint’s website. The latest available sales figures show a strong possibility that this coin may mark a new mintage low across all American Gold Eagles.

From 2006 to 2008, the United States Mint offered collectible uncirculated versions of the American Gold Eagle, individually in four denominations or as a complete four coin set. These coins were struck on specially burnished blanks and carried the “W” mint mark. Near the end of 2008, the US Mint announced the cancellation of the fractional versions of the coins, with plans to offer only the one ounce size in the following year. This never came to pass, as high demand for bullion coins resulted in the cancellation of numismatic offerings. The one ounce collectible uncirculated Gold Eagle was similarly cancelled in 2010.

After the two year hiatus, the US Mint once again offered 2011-W Uncirculated Gold Eagle on May 5, 2011. From the outset, I had mentioned the possibility for a low mintage to occur. The collectible uncirculated coins never managed to generate the same interest level as the proof versions of the coins, and even after a two year absence, there did not seem to be a great deal of pent up demand.

The initial sales for the product came in rather low at 1,098 and proceeded at a relatively subdued level. There were some spikes in sales during the course of the offering, particularly during the unusual period when some of the US Mint’s numismatic gold coins were selling near bullion prices.

The most recent sales report, just published today shows sales for the 2011-W Uncirculated Gold Eagle at 8,810. The sales reporting date is the same day that the coins sold out, so it is possible that an updated figure may be provided next week. Also bear in mind that these are sales figures, not final audited mintage figures, which the US Mint can sometimes take years to release. However, as it currently stands, this would represent a new mintage low across all denominations and versions of the American Gold Eagle.

The three next lowest mintage Gold Eagles are shown below.

Low Mintage American Gold Eagles

The current mintage low 2008-W Uncirculated $10 Gold Eagle has sold for prices of more than $1,000 on the secondary market, which represents a significant increase in value for quarter ounce gold coin. If memory serves, prices didn’t reach this level until about a year after the initial sell out.

How will the 2011-W Uncirculated $50 Gold Eagle fare? There might be an immediate price bump, but in the longer term I think it will depend in great part on whether the US Mint continues to offer collectible uncirculated Gold Eagles in the coming years. If the coins continue to be offered, mintages may creep even lower for future years, particularly if gold prices continue higher. This would make the 2011-W less exceptional. However, if the US Mint discontinues the offering, this would solidify the status of the 2011-W Uncirculated Gold Eagle as the mintage low for the series, making the coin much more significant.

The United States Mint will begin sales of the 2011-W American Gold Eagle Uncirculated Coin on May 5, 2011 at 12:00 Noon ET. This will mark the return of this collector version of the popular bullion coin, following a two year gap.

The coins are struck on specially burnished blanks and carry a finish similar to the bullion version. The collector versions carry the “W” mint mark on the obverse of the coin, while the bullion versions do not carry a mint mark.

The collectible uncirculated American Gold Eagles were introduced by the United States Mint in 2006, first issued as part of the 3-coin 20th Anniversary Gold Eagle Set. In the following month, the US Mint began sales of the coins on an separate basis, with individual one ounce, half ounce, quarter ounce, and tenth ounce coins, and a 4-coin set available. At the time, the Mint stated that these collector versions were “priced at the relative mid-point” between the proof coins and bullion coins.

For the following two years in 2007 and 2008, the US Mint also issued the uncirculated Gold Eagles in four individual denominations and the 4-coin set. As part of a sweeping elimination of products near the end of 2008, the Mint announced that the individual half ounce, quarter ounce, and tenth ounce coins, as well as the 4-coin set would be discontinued. In 2009 and 2010, the remaining one ounce version was not issued, as the US Mint canceled the product in order to meet demand for bullion coins.

The one ounce 2011-W Uncirculated Gold Eagle will be priced at $1,778.00. (This price is only $7 cheaper than the individual one ounce proof version, which went on sale a few weeks ago.) The US Mint has indicated that the collectible uncirculated coins will be minted to demand, and there will be no household ordering limits. Each coin will come encapsulated in plastic and mounted in a presentation case with a certificate of authenticity. Pricing may fluctuate weekly based on the market price of gold.

Some previous year collectible uncircualted Gold Eagles carry large secondary market premiums due to their low mintages. In fact, the 2008-W Uncirculated Gold Eagle quarter ounce coin has the lowest mintage for any coin of the series, across all versions, at 8,883 coins.

How will the 2011-W Uncirculated Gold Eagle fare? Even though the product is returning after a two year gap, there doesn’t seem to be much excitement brewing for the release. There is certainly not the impression of pent up demand that existed for the return of the Proof Gold Eagles after their one year gap.

When these “W” mint marked uncirculated coins were last available a few years ago, I was always very favorable about them. With more collectors opting for proof coins, the uncirculated coins remained overlooked and under ordered. This led to the low mintages, which eventually led to higher premiums. Could the same thing happen again?

I’ll be watching the sales numbers closely to see what happens.

The initial sales figures are now available for the 2011 Proof Gold Eagles. These coins went on sale last week on April 21, one day after the market price of gold broke above the $1,500 level.

The figures above represent sales through April 24, 2011, and come from the weekly Coin Update News US Mint sales report. The numbers are down by about 50% for each product option from the initial sales levels for last year’s coins.

Leading up to the offering, there certainly seemed to be less excitement compared to the 2010 release. At that time, the return of the Proof Gold Eagle following a one year cancellation had captured collector’s attention, and there was plenty of pent up demand following a lengthy period of unavailability.

For this year’s release, a lot of collector focus was still devoted to the America the Beautiful 5 oz. Silver coins. Also the circumstances of the 2011 Proof Gold Eagles were more typical, with an early release date and little doubt about the status of the offering.

Despite the drop from the prior year sales levels, figures are well ahead of the early sales numbers for the 2008-dated coins. The chart below shows the initial sales figures for the 2008, 2010, and 2011 Proof Gold Eagles. The numbers for the 2008 release reflect the first six days of sales, while the other numbers represent the first three days of sales.

Price Increase for 2011 Proof Gold Eagles?

When the 2011 Proof Gold Eagles went on sale, they were priced based on an average gold price in the $1,450 to $1,499.99 range. The price of gold is currently just above the $1,500 level, creating the possibility for a price increase tomorrow. The calculation will probably come right down to the wire, determined by the Wednesday PM London Fix price.

The US Mint calculates the average gold price based on the London Fix prices from the prior Thursday AM to the current Wednesday AM. Furthermore, the Wednesday PM price must agree directionally with the change. For the present period, London markets were closed on Friday and Monday.

By my calculation, a price increase will take place if the Wednesday AM price is $1,486.50 or higher and the Wednesday PM price is $1,500 or higher.

A pricing increase would impact the 2011 Proof Gold Eagles, 2010 Proof Gold Buffalo, Abigail Fillmore First Spouse Gold Coin, and Mary Todd Lincoln First Spouse Gold Coins.