US Mint Sales Report, Gold Coin Price Increase Looms

A newly released US Mint numismatic product sales report includes figures for some closely watched products.

The 2012-W Uncirculated Silver Eagle made its first appearance on the report with sales of 123,801 coins. This accounts for orders placed between the start of sales on August 2 and the reporting date of August 6.

Within a comparable debut period, the 2011-W Uncirculated Silver Eagle had achieved sales of 184,967 coins. This coin continues to remain available for sale at the US Mint with cumulative sales now at 298,284, with another 100,000 included in the 25th Anniversary Set.

We have seen most 2012 US Mint products debut with sales below the levels of the prior year products, so the slower start is not too surprising.

The uncirculated Lucy Hayes First Spouse Gold Coin has reached sales of 2,243 according to the report. Yesterday, this product was marked as “sold out” on the US Mint’s website. Although the latest sales number is 91 units higher than last week, it still represents a significant new low for the series.

The uncirculated Lucretia Garfield Gold Coin, which yesterday I mentioned as a coin to watch, has recently changed to “backorder” status on the US Mint’s website. Typically, the First Spouse Gold Coins have been changed to this status shortly before a sell out. The report indicates sales of 1,973 for this coin, although I suspect the sell out of the Lucy Hayes coin may have spurred a jump in sales after the reporting date.

The complete US Mint sales report can be found on Coin Update News.

Potential Numismatic Gold Coin Price Increase

In a situation similar to last week, the average market price of gold for the weekly period is within the $1,600 to $1,649.99 range, creating the possibility for a price increase. In the most likely scenario, as long as the Wednesday PM London Fix price is above $1,600, then prices for numismatic gold products will be increased by $50 for each ounce of gold content.

Last week, the price increase was avoided since the Wednesday PM Fix price came in just below $1,600.

There should not be any price change for the current, lone platinum numismatic offering of the United States Mint. However, the weekly average price of platinum will set the price level for the upcoming 2012 Proof Platinum Eagle scheduled for release on August 9. Currently, it seems that the price of the coin will be $1,692. This compares to a starting price of $2,092 for last year’s offering. A full post will be devoted to this coin to coincide with the release date.

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Comments

  1. says

    Samuel,

    I know how you feel on “too many coins competing for limited dollars.” Lately it seems like Perth Mint is winning out over US Mint purchases for me. I find myself delaying more and more US coins to buy Perth products.

  2. Louis says

    Interesting that so many people are receiving inferior quality SF sets and that may be why 70 sets are starting to bring very good premiums. I am really glad I pre-ordered a 70 set when they were cheap. I paid the same as it would have cost to buy an OGP at 150 and send it in.

  3. Brad says

    It’s official, the gold coin prices will be raised shortly. I wonder if the Lucretia Garfield unc will come back after the price change suspension, or if that will be it? Maybe there will be a last-minute rush to buy the few remaining before the suspension.

  4. simon says

    fyi : cool analysis by Peter Tasker in today’s Financial Times :

    The current bull market saw the gold price rise from $280 an ounce to $1,900 in 10 years. This is a rate of ascent comparable to some of the great historical bubbles, such as Japanese stocks in the 1980s, Nasdaq in the 1990s and Chinese stocks more recently.

    In inflation-adjusted terms, gold remains within spitting distance of the all-time high it reached in 1981. After that it embarked on a 20-year bear market, which delivered a loss of 80 per cent in real terms and a far greater opportunity cost as other financial assets soared in price. Even now the total market value of all the gold in existence – which, remember, generates a return of precisely zero – exceeds the combined capitalisation of the German, Chinese and Japanese stock markets, with all the productive capacity they represent.

  5. Shutter says

    Maybe that’s why the SF Mint doesn’t usually make proofs

    You mean that all those millions of proof coins with S mintmark every year were made somewhere else?

  6. Shutter says

    Interesting that so many people are receiving inferior quality SF sets and that may be why 70 sets are starting to bring very good premiums. I am really glad I pre-ordered a 70 set when they were cheap.

    Three points. First, we don’t enough enough data to judge the overall quality of the issue. If people are getting damaged coins, that’s really bad. But what is the percentage of damaged to perfect? If I recall correctly, early reports of 25th Anniversary sets also reflected a lot of problems, such as coins popping out of capsules and arriving damaged. Yet, the final result was that it was possibly the best quality ASE issue ever. Both NGC and PCGS graded very high proportion of the coins at 70.

    Second, I hope you and I, and everyone else who pre-ordered 70 sets will get them and enjoy them or turn a nice profit. But what will happen if the MCM and others that pre-sold them, don’ t get enough in that quality? I know that’s extremely unlikely, but what if? How will these dealers handle that?

    As recently as last weekend SilverTowne was selling them for $239. A tad more than what you paid, but still reasonable.

  7. Sam says

    Oh, to buy or not to buy … and what to buy. I agree the Perth mint has won me over, but did I hear correctly that they raised their free shipping threshold to $400? That may push be back to US Mint products.

  8. Hidalgo says

    @Sam – you can get much cheaper shipping if you purchase your coins from authorized dealers in the USA.

  9. VA Bob says

    Picked up my 2012 Buffalo yesterday to beat the hike. Wasn’t too sure I could get it cheaper this year. IMO the rest of this year doesn’t promise for a lower price than I paid. Time will tell. Spin the wheel.

  10. VABEACHBUM says

    Following up on Shutter’s latest comment, there might be some truth to this SF Set quality issue. Earlier this evening, I received an email notification from MCM, providing the following update on my pre-order for a PCGS FS MS-70 w/ Mercanti Label:

    ” We regret to inform you that there will be a considerable delay in us getting the PCGS graded two coin San Francisco Silver Eagle sets. It could be another three weeks before we begin selling them and the quantity available will be much lower than we had anticipated. We believe they will be First Stikes but are not certain at this point. … Since you were on the pre-order request list, we will offer you the sets first, but more than likely we will not be able to fulfill all requests. ”

    Other folks starting to get this notice from MCM – or others?? Could lead to some insanity on the secondary markets.

  11. Shutter says

    Could lead to some insanity on the secondary markets.

    Also, depending on it’s quality control, MAH set might get value bump.

    Before anyone goes crazy and bids up the value of graded 70 sets, remember that probably only half the sets have shipped from the mint. The later sets might be better quality and the prices will drop.

    I’m really curious what the percentage of 70 will be. Also if the quality is truly bad, what is the percentage of 68 and lower. Over the life of ASE program, NGC graded about a third of all proofs as PF70 and less that 1% as PF68 and lower. The 20th Anniversary set regular proof followed that pattern, while reverse proof got less than 20% PF70. I’m still guessing that this set won’t be much worse than that, but a lot of dealers must be laying in supplies of antacid.

  12. ClevelandRocks says

    Keep in mind even the reverse proof mintage is well over 2X that of the 25th Ann. RP, so when the dust settles the “insanity” will go away and the 2011 RP will stand alone.

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