My recent post on 2009 Ultra High Relief Double Eagle Gold Coin Prices highlighted the fact that huge premiums were being paid for proof like coins which had received NGC’s “PL” designation. Many readers wanted to find more information about how to identify proof like coins and how they are differentiated from non-PL coins.

Bob and Rich Leece or Robert B. Leece Numismatist Inc. (http://rareusgold.com), who have probably handled more UHR Double Eagles than anyone, were willing to provide their expertise for an article published on Coin Update.

The following excerpt from the article is their description of the characteristics of Proof Like Ultra High Relief Double Eagles and how they can be distinguished from non Proof Like coins.

A PL coin has a definite Proof Like and Shinny Mirror Surface on ALL of the Obverse and Reverse of the coin. The only difference from the UHR PL coins and other Modern Proof coins is that the UHR PL coins do NOT exhibit the Cameo Contrast that is evident on standard Modern Proof Coins. In our opinion they fit the standards of Proof in all other aspects. Once you have seen a PL and a NON PL UHR side by side it the difference becomes more obvious. A NON Proof Like coin has a satin matte like surface not unlike a standard MS or burnished modern coin.

The problem lies in that there is a wide range of “in between” surfaces. They range from almost PL to very slight faint hints of PL. There are also coins that are PL on the Obverse but not on the reverse. The range can be drastic. From our experience a UHR is much more likely to have a PL Obverse and non-PL reverse. It seems to me that the definitive distinction of a PL coin is a coin that has FULL PL surfaces on Obverse and Reverse including and MOST importantly in between the rays on the reverse of the coin. That is the most likely part of the coin to lack the true PL surface.

The full article contains additional information and images of Proof Like UHR Double Eagles, including an estimate of the proportion of coins qualifying as proof like and how they could have been created.

Read the full article:
Proof Like 2009 Ultra High Relief Double eagles Fetch Big Premiums

More more than one month has passed since sales of the 2009 Ultra High Relief Double Eagle Gold Coin concluded at the US Mint. I thought it would be an interesting exercise to examine the recent sales prices for the coins on the secondary market.

In recent weeks, the premiums for many collectible gold coins have experienced a sharp decline. This has come amidst an extended decline in the price of gold, which brought the price from its high of $1,212.50 reached on December 2, 2009 to the recent low of $1,058.00 per ounce reached on February 5, 2010.

I have been generally aware of the price levels of the UHR Double Eagles, but it was very interesting to do a more comprehensive evaluation. I compiled all of the data for completed eBay auctions from January 28 to February 10. I recorded the prices for any listings resulting in a sale and the basic aspects of the coin (raw, PCGS, or NGC grade). I came up with a total of 102 prices, which I think provided a reasonable amount of data for examining trends and averages. I did not take into account any factors such as the duration of the auction, time of day, whether it was an auction or Buy It Now, feedback of the sellers, etc.

First, I tried to examine the data to see if prices were generally rising or falling, but I also wanted to take into account the price of gold. The trend of the UHR price levels could be a bit difficult to pin down, because of the different price levels for various grades and raw coins. To narrow the focus, I picked the biggest group, raw coins, and looked at the average price for the first five days of data when the average price of gold was $1,080.59 and the last five days of data when the average price of gold was $1,062.02.

The average price for the Ultra High Relief Double Eagle in original US Mint packaging for the first five days was $1,520.50. The average price for a similar coin during the last five days examined was $1,549.06. As the price of gold was falling, the prices paid for the UHR Double Eagle held up and even showed gains. I think this is a good indication of the long term staying power and continued premiums for the coin.

One of the most surprising things I saw when running through the data were the prices being paid for coins which have been graded NGC MS 70 PL. NGC uses the “PL” designation for coins which exhibit proof like surfaces.

During the period, eight coins graded NGC MS 70 PL were sold. Some prices from early in the period were $4,100 and $4,150. The most recent three coins sold for around $4,500 each. NGC’s online population report indicates that 589 coins have been graded MS 70 PL compared to 4,611 coins graded MS 70 without the designation.

As a final exercise, I calculated the average prices realized for 2009 Ultra High Relief Double Eagles across various options. The results of these calculations are below.

I thought it was interesting that the average price paid for a UHR Double Eagle in the original box was $1,543.48. This is just a little bit above the highest price that the US Mint had charged for the coin. The price of $1,539 was briefly in effect when the average price of gold had risen to a range between $1,150 and $1,099.99. The lowest price the US Mint charged for the coin was $1,189, in effect when sales first began on January 19, 2009.

If anyone is interested, the price data gathered from eBay can be found in this spreadsheet.

The final sales figure for the 2009 Ultra High Relief Double Eagle Gold Coin is being reported as 115,178 by Numismatic News.

This number is 3,113 higher than the number reported on the last available sales report from December 27, 2009. This indicates that there was a small surge in last minute orders during the final days of availability. In the preceding three one-week periods, the coins had recorded sales of 587, 1,887, and 1,384.

Before the coin went on sale, the unlimited mintage represented somewhat of an uncertainty and a possible draw back. After several weeks of heavy ordering, sales settled into a steady pace amidst a few bumps higher, which coincided with increases in the household ordering limit.

Overall, the pace of sales remained relatively moderate. The initial ordering limit of one per household kept a restraint on sales at a time when excitement about the offering was highest. When limits were raised and eventually lifted, prices were higher and some of the excitement had faded.

In my opinion, for a single year issue of a very unique offering, this mintage at this level is at a reasonable level to support continued premiums.

Today, the US Mint announced that orders for the 2009 Ultra High Relief Double Eagle Gold Coin will only be accepted until December 31, 2009 at 3:00 PM ET. This leaves collectors with 21 days left to order the coins directly from the Mint.

As of December 6, 2009, the US Mint had sold a total of 108,207 Ultra High Relief Double Eagles, including the sales of 1,131 in the most recent week. Assuming the pace of sales doesn’t pick up too much in the coming weeks, the final mintage for the coin should fall below 120,000. For a one year issue of a hugely popular coin, this mintage is relatively low. When the 2006 Proof Gold Buffalo was released, the US Mint had sold nearly than 250,000 coins.

Since the 2009 Ultra High Relief Double Eagle Gold Coin has been one of the biggest stories this year, I wanted to provide a recap on the history of the coin from the initial announcement through the projected end of sales.

March 13, 2008
US Mint Director Edmund Moy announced plans to recreate Augustus Saint Gaudens’ Ultra High Relief $20 Gold Coin. The announcement came at a meeting of the Citizens Coinage Advisory Committee. Director Moy remarked, “Recreating thousands of Augustus Saint-Gaudens’ ultra-high relief Double Eagles will be a defining moment in American coinage.”

July 30, 2008
The United States Mint unveiled the 2009 Ultra High Relief Double Eagle Gold Coin at the ANA World’s Fair of Money in Baltimore, Maryland. A four phase exhibit at the US Mint booth showcased the development of the coin from gold bars, to plaster casts, to feasibility and test strikes, to the finished one ounce 24 karat gold coin. A similar online exhibit is now available on the US Mint’s website.

November 24, 2008
The first production strike of the UHR Double Eagle took pace at the West Point Mint. The first coin produced was transferred to the Smithsonian Institution’s National Museum of American History. The second coin was retained for the United States Mint’s heritage assets. Director Moy remarked, “One hundred years from now, I believe the 2009 Ultra High Relief Double Eagle Gold Coin will be remembered as the birth of the greatest American century in coin-making history.”

January 22, 2009
Sales of the 2009 Ultra High Relief Double Eagle began at 12:00 Noon ET. The initial offering price for the coin was $1,189 with an ordering limit of one per household. The product page contained a disclaimer that delivery could potentially take six to nine months based on gold blank availability. In the first day of sales, the US Mint sold 28,173 coins. Within five days, more than 40,000 coins had been sold.

February 9, 2009
The first 2009 UHR Double Eagle was received by a collector. The delivery and images of the coin were posted on Coin Network. The few collectors who received their coins early turned out to be the lucky ones.

February 25, 2009
After a few of the coins had shipped, the remainder were delayed for several weeks due to problems with the Companion Book. The US Mint sent emails to customers who ordered the coins to announce that shipping would resume, and some companion books would be shipped shipped separately. The delays and initial lack of information from the Mint upset some collectors. When more coins started to ship, there were also indications that coins were not shipping in First In-First Out order as the US Mint claimed.

March 2009
After a strong opening, the pace of sales for the UHR Double Eagle experienced a steep decline. By March, the US Mint had reached sales of 50,000 coins, but the pace of sales had declined to about 1,000 coins per week. Weekly sales would range from about 500 to 1,000 coins per week until later in the summer.

July 27, 2009
The United States Mint finally raised the ordering limit for the Ultra High Relief Double Eagle to ten coins per household. By this time, year to date sales had reached nearly 70,000. The coins had also undergone a few price increases which brought the price to $1,289.

August 5-9, 2009
The United States Mint booth was a big attraction at the World’s Fair of Money in Baltimore, Maryland. Attendees were allowed to purchase the UHR Double Eagles under the increased order limit. Many dealers used the opportunity to build an inventory of the coins by offering bounties for anyone who purchased coins at the US Mint’s booth and immediately resold them. Coin Update News had an interview with one of the dealers. The increased activity helped push sales above 80,000.

August 31, 2009
The United States Mint raised the order limit to 25 coins per household.

September 21, 2009
The US Mint removed the ordering limit completely. By this time, the sales total had reached 92,346 and the coins were priced at $1,339 each.

October 18, 2009
Sales of the Ultra High Relief Double Eagle exceeded 100,000 coins.

November 25, 2009
The rising price of gold pushed US Mint prices higher for all gold coin products. The price of the UHR Double Eagle was increased to $1,539. This represented the highest price to date and was $350 above the initial offering price.

December 31, 2009
The final day of sales for the UHR Double Eagle at the US Mint. Orders may be placed through 3:00 PM ET on this date.