Proof Gold Eagle Opening Sales Figures

proofThe opening sales figures have just been released for the 2013 Proof American Gold Eagles. After years of declining sales, this year’s numbers are showing some signs of stabilization, with a small increase over last year’s opening figures.

The table below includes the sales figures for each product option from the start of sales on April 18 to the reporting date of April 22. The maximum product limit established by the US Mint is also included, along with the percentage that has been sold so far.

2013 Proof Gold Eagles Sales

Sales Maximum Percentage
1 oz 1,798 20,000 8.99%
1/2 oz 416 10,000 4.16%
1/4 oz 520 10,000 5.20%
1/10 oz 2,000 20,000 10.00%
4 Coin Set 1,159 20,000 5.80%

These figures were reported in the weekly United States Mint numismatic sales report published today on Coin Update.

The strongest seller was the individual one-tenth ounce coin, which is not typically the case. Usually, the individual one ounce size has been the top seller.

As mentioned last week, it is possible that some buyers may be delaying their purchases until this week to see if prices will be adjusted lower. The coins began sales based on an average market price of gold in the $1,450 to $1,499.99 range, although at the time the market price of gold was two tiers lower. Particularly for the higher priced options, there was plenty of incentive to wait and see if prices would be lowed in just a few days. This might explain the higher sales for the lowest price option.

The following additional table shows the opening sales figures for Proof Gold Eagles for the past four years.

Historical Proof Gold Eagle Opening Sales Figures

2010 2011 2012 2013
1 oz 13,980 7,249 1,757 1,798
1/2 oz 2,173 1,159 449 416
1/4 oz 2,780 1,313 433 520
1/10 oz 6,945 3,680 1,394 2,000
4 Coin Set 7,147 3,988 1,084 1,159

As can be seen, there was a steep decline from 2010 to 2012. The US Mint had cancelled the Proof Gold Eagle offerings in 2009, which resulted in a burst of pent up demand for the return of the offering in 2010. The following year, some of the enthusiasm subsided, and then levels dropped further still to extreme lows in 2012.

For 2013, the opening figures show an increase compared to the prior year for all options except for the individual one-half ounce coin. Across all options, the total ounces sold rose by about 6% from the prior year. Going forward, the sales figures for these products may be closely watched by some to see if there is a sustained rebound in demand which would serve to solidify the low mintage status of the 2012 proofs.

Numismatic Gold and Platinum Price Decrease

Based on the available data, it does seem likely that the prices for the US Mint’s numismatic gold and platinum products will be decreased tomorrow. As most readers will know, the US Mint prices gold and platinum products based on a grid and adjusts prices weekly based on the average market prices of the underlying metals. Price changes take place when the weekly averages move into higher or lower tiers, established at $50 intervals.

The London Fix prices for the weekly period so far indicate average gold and platinum prices both within the $1,400 to $1,449.99 range. Currently, products are priced based on the $1,450 to $1,499.99 range.

London Fix Prices

Gold Platinum
April 18 AM 1,397.00 1,430.00
April 18 PM 1,393.75 1,432.00
April 19 AM 1,414.00 1,439.00
April 19 PM 1,405.50 1,425.00
April 22 AM 1,425.00 1,430.00
April 22 PM 1,424.50 1,434.00
April 23 AM 1,417.25 1,416.00
April 23 PM 1,408.00 1,417.00
April 24 Am ? ?

In the most likely scenario, as long as tomorrow’s AM Fix price is below $1,450 then a price decrease would take place. The same scenario applies for both gold and platinum products.

The numismatic gold products which would see their prices decreased by the proportional equivalent of $50 per ounce of gold content include the 2012 First Spouse Gold Coins, 2013 commemorative gold coins, and 2013 Proof Gold Eagles. The single platinum numismatic products is the 2012 Proof Platinum Eagle, which would see its price decreased by $50.

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Comments

  1. TMMSR says

    I am curious, why wasn’t this decrease part of last weeks overall price decrease? It seems to me that all the criteria was met for pricing to fall within the $1400 – $1450 pricing. Just curious…

  2. Hidalgo says

    Thank you Michael for sharing this news.

    Although I do not buy American Gold Eagle proof coins, I do buy individual gold US Mint coins I want to add to my collection. Your blogs help me to determine the best time to buy.

  3. says

    Can Chaco catch Hawaii as the lowest mintage ATB? May be in 2 years. LOL.

    AMERICA THE BEAUTIFUL 5 OZ UNC COINS
    2012-P El Yunque National Forest 17,314* 0
    2012-P Chaco Culture National Historical Park 16,292 -2
    2012-P Acadia National Park 14,978* 0
    2012-P Hawaii Volcanoes 14,863* 0
    2012-P Denali National Park & Preserve 15,225* 0

  4. Sam says

    Little off subject, I was at the US Mint forum for the release of the 2013 Perry Quarter, at the forum the Mint rep passed around the 2013 Silver Eagle anniversary set for the West Point mint (the mint holds a forum for the public the night before, typically, just serious collectors attend).

    Other than the mint mark and the certificate of athenticity, it looks exactly like the silver eagle set for San Fran last year. Snapped a few photos of it all the same.

  5. says

    Michael,

    Any speculation on why sales of the proof gold coins are stabilizing? So far the precious metals shortages have not led to increased numismatic sales, so it doesn’t seem to be that.

    I thought the proof 1/10th ounce sales was interesting, especially in light of their Reuters story that just hit the wires about the US Mint running out of bullion 1/10th ounce eagles: http://www.xe.com/news/2013/04/23/3319209.htm

  6. thePhelps says

    Sam – it isn’t possible for the set to look like last years. 1 half of the set is a completely new coin. It may look similar at 1st glance but as has been documented all over the net the 2nd coin is the Enhanced Uncirculated that didn’t exist in last years set.

  7. Sam says

    You are correct Phelps, too fast on the typing, yes, the second coin is the ‘enhanced’ version — I was overly focused on the packaging.

  8. simon says

    I know several collectors who have full sets (all varieties) of only the 1/10 Oz Mint offerings in Au and Pt. Very impressive collections to behold indeed !!!

  9. says

    Samuel,

    It’s a matter of affordability. While the premiums are high on 1/10th ounce coins, they are also much cheaper than even the quarter ounces. If we see pressure on the other gold bullion denominations, I expect it to creep upward through 1/4th ounce and onward. One ounce gold coins are still quite expensive.

  10. simon says

    I just read the proposals for the Kennedy Commemorative Half on CU. This looks to be a very nice USMint offering – really looking forward to it !

  11. ClevelandRocks says

    There may have been less sales this past week of proof AGEs due to the anticipated price decrease.

  12. Ed D says

    Thanks Mint News Blog for preparing these informative and informed articles…great job pulling all the facts, figures, history and speculation together.

  13. posterhunter says

    I like the 1/10 ounce size too, it is affordable and easy to sell if you have to.

  14. Mark in Florida says

    Some people don’t like the 1/10 oz because the markup is higher than the 1 oz but when you sell back to a dealer (a decent dealer) he’ll also pay more than spot because that’s what he has to pay from a wholesaler. Same with silver eagles, some people don’t like the normal $3 or so markup compared to other silver, but a decent dealer will pay spot plus $2.25 or so because that’s what he pays from the wholesalers.

    Gold, platinum and silver are all taken down from the Mint’s site for repricing, including the 5 oz Chaco.

  15. Ray says

    Chaco has been down for almost a week now, along with the 2 other products taken down to be re[siced. HOw long does this usually take? WHen will we see these products for sale again? Good to see the gold and platinum products drop in price. Just made my first US Mint gold proof order.

  16. Fosnock says

    @Ray – I thought it was about a month but was told it only takes two week to reprice. FYI I haven’t bought gold for 4 years but I got a 1/10 oz with a difference of about $10 between it a bullion version why not go for it.

  17. says

    Ray,

    Silver products can take between two to three weeks to reprice, because I think the new price has to be published in the Federal Register first before they can go on sale.

    Interesting to notice that others are jumping on the 1/10th oz bandwagon. I’ve been thinking of buying the 1/10th oz proof too. It’s selling quite well and the premium’s only about $20 over bullion 1/10ths.

  18. Mark in Florida says

    1//10 oz bullion is now $151 at Provident so proof is actually $34 more at the moment.

  19. Steve says

    CO… I like the 1/10 oz too. However, I was looking at these proofs on a percentage basis cost over the regular bullion eagle, and the proof 1oz is a similar % over bullion as is the 1/10oz.

  20. simon says

    Collectors never lose with the USMint. The 1/10th Oz is a solid product, and at a great price. The special Ag set is sold off. Glad to have my unit with great coins.

  21. Steve says

    Hildago, it looks like the coin in the packaging is a regular Proof Silver Eagle that is off-sale right now. I wonder if it will be repriced to match the regular Proof Silver Eagle when it becomes available again.

  22. CW says

    The you get ‘your premium back’ thought on the 1/10 oz stuff is a myth in my experience actually selling them or any fractional stuff. Maybe at some dealers, especially if you know the guy, but Joe Schmo isn’t likely getting that courtesy. Just my thoughts from the Western US.

  23. Fosnock says

    I was looking at credit card sales at Provident which has the 1/10 bullion at $182.02. as I also purchase Mint products with a credit card,

  24. Mark in Florida says

    Samuel, if one requires the 2013 date it is $176, but if one is not picky about dates, the “date our choice” was at $150.99 a few minutes ago, but now it looks like they sold out. I got some “date our choice” last week and most were 2013!

    comparegoldprices.com is a great site to see the lowest prices.

  25. bigdawg says

    The U.S. Mint ran out of its smallest American Eagle gold coin after demand surged following the biggest drop in futures in three decades.

    Sales of the coins weighing a 10th of an ounce were suspended after demand more than doubled in 2013 from a year earlier, the Mint said yesterday in a statement. Total sales of American Eagles in April have almost tripled from a month earlier, according to its website
    this was part of the headlines this morning

  26. bigdawg says

    clarify, this is the unc. versions that the dealers like AMPEX gets,not he proofs the mint is selling at $200.00 although they may go a little faster now

  27. Ray says

    With the bullion 1/10 ounce coin unavailable, we’re going to see a pretty big weekly 1/10th proof next week imo. I’m going to guess that the mintage will max out this year. That should close the books on last years 1/10 proof age

  28. Fosnock says

    @Ray-
    Your correct we should see a big gain in the proof version, even I bought one but as far as the total mintage your assuming they don’t run out of blanks, and redirect the mintage fully to bullion versions. I doubt they will do that but nobody would have predicted the early sellout for the 2012 proof sets

  29. says

    Fosnock,

    Matters like that have been in the back of my mind. I’m also wondering if the run on 1/10th coins might not encourage some enterprising dealers (or just panicky retail buyers) to scoop up a lot of 1/10th ounces. We haven’t seen the PM shortages affect numismatics too much, but there’s always a first time, and the prices of 1/10th proofs aren’t too far away from their bullion counterparts.

  30. Brian says

    Will there be a 2013 Limited Silver Proof Set? I hope so, but I don’t see anything on the mint’s website.

    It seems like a nice money maker for them, so I don’t understand why they wouldn’t sell one.

  31. says

    The only thing limited about the Limited Silver Proof Set is the packaging. You can buy a proof silver eagle and a silver proof set and get all the coins it has for less money…plus you get a presidential proof set and a proof native american dollar and a proof nickel and cent.

  32. charles says

    Samual, thus far the buffalo set is still a possibility…but nothing for sure yet.
    But I wish the mint would say one way or the other as I sold some coins to save up for it, but if it isn’t going to happen, I’d like to know now so I could buy something else while spot gold is low.

  33. Brian says

    Steve – I agree.

    But I missed the 2012 silver set. Shortly after it sold out I was actually on the product page at Modern Coin Mart and tried to add it to my cart. The web page didn’t respond and after I clicked refresh it had a message that this product is no longer available.

    After seeing the prices of the normal 2012 silver price rise on ebay, I thought the limited set looked like a decent deal — even if it is just fancy packaging. So I bought a few to flip, but have been waiting forever for it to sell out.

    The dime and half in that set have good long term potential, so I’m okay with it if I get stuck with them.

  34. Samuel says

    if the buffalo set is just a possibility, i will buy something else while the spot is still low.

  35. Fosnock says

    For those of you who are following Provident is now selling the 1/10 oz bullion for $191.35 (List price\credit card). As a reminder the proof is at $195

  36. Fosnock says

    Just curious if bullion overtakes the proof does the mint readjust or do they still have to wait until next Wednesday to raise prices?

  37. Mint News Blog says

    The US Mint does reserve the right to suspend sales if the selling price of bullion products begins to approach the sales price of numismatic products. However, I would think that they would be considering their selling price to authorized purchasers rather than retail prices.

  38. DCDave says

    Don’t look now, but there may be a price INCREASE next week.
    This week may be a great buying opportunity for gold products.

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