Based on figures from the latest weekly sales report, the United States Mint has sold 967,775 of the 2012 Native American Dollars though their offering of 25-coin rolls, 250-coin boxes, and 500-coin boxes. The products went on sale April 26, 2012 and the sales reporting date is April 30, 3012.
This represents a much slower start than experienced for the Chester Arthur Presidential Dollars. Within a comparable opening period, sales had reached 2,886,600 coins. As of the most recent sales report, sales have now swelled to 6,905,750 coins across the available options.
Here is a look at the breakdown of sales for the 2012 Native American Dollars including a calculation of the total number of coins sold.
|2012 NATIVE AMERICAN $1 COIN ROLLS|
As mentioned in a previous post, there is a legal requirement that the total number of Native American Dollars minted and issued each year shall be not less than 20% of the total number of $1 coins minted and issued during the year. If demand for the four different Presidential Dollars continues to be triple the demand for the Native American Dollars, the US Mint will have trouble fulfilling the requirement.
Will the US Mint seek other outlets for the excess 2012 Native American Dollars that are required to be issued? They could potentially issue the coins for circulation through the Federal Reserve Banks, despite the fact that more than a billion $1 coins are already held in storage. The Mint could also try to revive the Direct Ship Program, which in the past has been a somewhat successful outlet for issuing the required NA Dollars.
Or the US Mint could simply fail to meet the 20% requirement, since there doesn’t seem to be any recourse for not fulfilling the requirement. In fact during the 2010 calendar year, the US Mint failed to issue the required number of NA Dollars “because of low demand”. The 2011 Annual Report simply mentions that the Mint “did not fully comply with Public Law 110-82” with no mention of repercussions.
Numismatic Gold Coins
It seems that there will not be a price increase for the US Mint’s numismatic gold coins today. In the last post, I had mentioned the strong possibility based on the available London Fix Prices.
With all of the final data points available, the average price of gold did fall into the higher range of $1,650 to $1,699.99. However, the Wednesday London PM Fix price was below $1,650, which prevented the price increase. In order for a price increase or decrease to take place, the average price from the prior Thursday AM London Fix to the current Wednesday AM London Fix must be within a different range and the Wednesday PM Fix price must agree directionally with the change.
2012 San Francisco Silver Eagle Two Coin Set
In a press release, the US Mint has officially announced the upcoming offering of the 2012 San Francisco Silver Eagle Two Coin Set. There had been previous indications of the product including preliminary information provided by Mint contacts and a preliminary product page posted on the Mint’s website.
Details provided in this earlier post are confirmed in the press release. The sets will contain proof and reverse proof Silver Eagles from the San Francisco Mint with the “S” mint mark. The sets will be available for sale during a four week period from June 7, 2012 12:00 Noon ET to July 5, 2012 at 5:00 PM ET. The mintage will be determined based on the orders received during the period.
The press release also establishes that there will be no household limit during the ordering period. Until now, this wasn’t clearly indicated. The sets will be mounted in a blue lacquer presentation case with certificate of authenticity. Shipping will begin in late July.