Native American Dollar Sales at 967,775 Coins

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
Units Coins
$25-roll (P) 9,748 243,700
$25-roll (D) 9,753 243,825
$250-box (P) 747 186,750
$250-box (D) 746 186,500
$500-box (P) 120 60,000
$500-box (D) 94 47,000
Total 967,775

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.

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Comments

  1. jeff72 says

    Message to the Mint:

    This is the best looking dollar coin ….ever…in my opinion. Make it in gold, or silver and we come running with open wallets.

    Sad that it is only available to collectors as a painted alloy 🙁

  2. Broooster says

    I agree, a Silver or Gold coin with this design would be sweet. But, I like the design so I might have to break down and get a roll or two of these. I am curious, will these end up in the banks or are they just minted for collectors, I don’t recall reading one way or another. Anyone here know ??

  3. Michael says

    While the Native American Dollars are not specifically suspended for circulation (like the Presidential Dollars), to my knowledge, the Federal Reserve Banks have never ordered any from the US Mint. From 2009 to 2011, the coins were distributed solely by the US Mint via numismatic sales and Direct Ship Program.

    Although there are of course no guarantees, the situation this year should be distribution only by the US Mint via sales of rolls, boxes, and bags.

  4. Brad says

    Off-topic, but from today’s press release it’s now official: NO household ordering limit for the SF 75th Anniversary Silver Eagle set. Wow, will sales reach one million sets?

    At least since the press release also states that shipping begins in late July, orders placed early can always be cancelled after the sales window closes and before the sets ship, if sales get too high by the end. I guess I’ll be ordering on my birthday, June 7th. Why not? What have I got to lose?

  5. Michael says

    I am going to add something to the main post on the announcement of the San Francisco Set..

  6. says

    I’m a little disappointed that the native American dollar for this year isn’t performing as well as Chester A. Arthur. It has a really top-notch design and I would like to see it do well.

    I’m unsurprised about the lack of household ordering limits for the silver eagle set. At most I thought they might do a 100 per household or something. Now we just need to see what the price will be. I’m convinced it’ll be between $129.99 and

  7. DCDave says

    Wow, sales report shows STABLE trend of ATBs not selling out until 2015 if they really wait until 35k are sold.
    Need to have the Mint stop the madness!!!
    Need to have a one year max availability across all products.

  8. J A says

    I concur that the NA design is an excellent one, I would certainly consider buying one if it were offered in a gold or silver design.

    Regarding the NA dollar coin distribution, what a mess!!

    Allow the Fed Reserve to assist with the distribution and there will be some relief.

    Continue relying on the public to buy these at a premium and you better make some more room in the back of the vaults….

  9. KC says

    The Mint is playing low interest-low mintage, high interest-high mintage game. I will play along by buying SF coin set and ATB coins at the same time, and perhaps some bullions at spot price. Again, this is just to hedge against global financial problems.

  10. MarkInFla says

    I wish they would skip the fancy boxes and lower the prices. I keep my expensive coins in 2 x 2 x 9 inch boxes in my safe deposit box and keep the original packaging in big cartons in the back of my closet.

  11. Mike says

    When is the Mint going to ship the Native American dollar coins? I placed an order last Thursday and “In stock and reserved”

  12. says

    re: Silver Eagles…can anyone tell me what year the field in which the date is displayed on the obverse changed from a basically flat field to a wavy field?

    When comparing my 2006 reverse proof and my 2011 reverse proof, it is very noticible…as well with bullion, proof and w-unc eagles.

  13. Ikaika says

    As a loyal supporter of the FS and ATBs 5 oz series I wish the mint would place a time frame for their sale. The “forever available” is killing some of us. I am not sure when the pain will end.

  14. says

    According to the Mint, my two ASE proofs were delivered this past Monday at 3:42 PM by the PO. I did not get them. Our previous carrier was reassigned last week and three different ones are delivering so far this week. I will call our PO this morning. Any suggestions what I should do. Am I stuck with this loss? Thanks for your help>

  15. Wylson says

    Oldman, I had the same thing happen with an ebay transaction recently. It’s marked delivered, but I didn’t receive it. The post office does use substitute carriers from time to time.

  16. says

    Best bet to get Pres and Native dollars in a timely fashion is to setup a subscription for them. This places you at the front of the line and you ship right away. My Native $ shipped and should arrive any day now. My bank used to get Pres Dollars, Native Dollars and ATB quarters but now they get nothing. They are as bummed as I am because they are turning away collectors who banked with them just for this reason.

  17. VABEACHBUM says

    Oldman – I’ve been through a couple iterations of your problem, too, to include eBay and US MINT deliveries.

    Bottom line – if the package is “Delivery Confirmation” only, with the USPS Yellow Tag or markings on the printed label, you really don’t have any recourse. The USPS obligation ends when their agent atests, via their scan, that they delivered it to your mailbox. If they did, in fact, fail to deliver it to the correct box, there’s no real proof, and if something might happen between the time they deliver and the time you get home, that is not their fault, either.

    SIGNATURE Confirmation and INSURED are the cheaper ways to ensure a positive transfer to your possession, albeit with the hassle of being at the house or getting to the PO before they close.

    Good Luck!!

  18. Jon in CT says

    VA Bob wrote on May 2, 2012 at 9:31 pm:

    Two ASE proofs in yesterday’s mail. Both look outstanding!

    OMG! The 2012 ASE proof is mint-to-demand with no household order limit! They’re going to sell TONS! Who would ever want to collect THAT???

  19. Wylson says

    Well if everyone comes to the same conclusion, they would mint few if any. I expect a slow start and a massive final week, because of this thought process.

  20. VA Bob says

    Jon in CT – I get them every year, because I like them. I couldn’t care less if they minted 10 million of them, but I respect the fact that you won’t be in for any. I sincerely hope many more folks feel as you do. Here’s a tip, the Perth Mint just put out their Marylin Monroe coins, a guaranteed rarity, and sure sellout in a long line of them. Cheers.

  21. VA Bob says

    Oldman – I’d still notify both the Mint and the Post Office. Maybe that temp letter carrier has a history of packages disappearing when he/she delivers.

    Other than that, I’d recommend a PO box if you won’t be home for deliveries (get the smallest you can, so a box won’t fit and they have to place a card in there). Then the PO has no excuse or can’t say you received it. An additional hassle, sure, but you get piece of mind.

  22. DCDave says

    Keep in mind when there is a consensus about PMs, the opposite usually happens, so maybe that will be bullish for PMs

  23. Hidalgo says

    Gold values are on a downward trend. And that’s just fine and dandy with me, because then the value of gold coins drops. One reason why most gold and coins are selling at high values is because of the bullion content — not because of scarcity.

    So for those who went crazy buying ASEs, FS gold coins, etc. at peak value prices are going to be in a big surprise — their secondary market values will likely be less than what they paid for them when PMs were at peak prices….

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