West Point Silver Eagle Set Ordering Ends Next Week

set11The four week ordering window for the United States Mint’s 2013 West Point Silver Eagle Set will conclude next week on June 6, 2013 at 5:00 PM ET. This special set is issued to mark the 75th anniversary of the West Point Mint and includes American Silver Eagles with a reverse proof and enhanced uncirculated finish.

Orders for the set opened on May 9, 2013 at 12:00 Noon ET. Initial demand for the set was heavy, slowing the US Mint’s website to a crawl and briefly resulting in the online catalog being taken offline. Through the opening weekend, orders had been received for more than 180,000 sets, which far exceeded the sales for last year’s 2012 San Francisco Silver Eagle Set during a comparable period.

The US Mint has provided a sales odometer on the product page, which has been updated each weekday. The data from the daily updates is shown below. The first number column represents the daily change, while the second number column represents the reported cumulative sales total.

Date Increase Total Sales
5/10/2013  138,514 138,514
5/13/2013 44,259 182,773
5/14/2013 4,768 187,541
5/15/2013 4,185 191,726
5/16/2013 1,926 193,652
5/17/2013 3,082 196,734
5/20/2013 3,068 199,802
5/21/2013 4,299 204,101
5/22/2013 2,125 206,226
5/23/2013 974 207,200
5/24/2013 1,525 208,725
5/28/2013 5,486 214,211
5/29/2013 3,130 217,341
5/30/2013 2,638 219,979
5/31/2013 3,000 222,979

As can be seen, following the initial surge, the pace of daily orders soon dropped to a much lower level. This bottomed with a daily increase of 974 sets, before pushing higher this week.

While there seems to be a great deal of enthusiasm about this set which contains two exclusive coins and the first ever enhanced uncirculated Silver Eagle, many will be watching the sales numbers to see how the final mintage might compare to the previously released anniversary sets. The 20th Anniversary Set released in 2006 had a final audited mintage of 248,875. The 25th Anniversary Set released in 2011 sold out of its maximum mintage of 100,000. Most recently, the 2012 San Francisco Silver Eagle Set, which was minted based on demand during a four week ordering window, had final adjusted unaudited sales of 224,981.

Since last year’s San Francisco Set was offered in a similar fashion as this year’s West Point Set, does this provide some clues about what to expect next week? During the final week of sales of the San Francisco Set, the US Mint received orders for 75,714 units, which accounted for 30.1% of the unadjusted final sales total. See full sales data here.

Or is it the case that this year more of the overall demand moved to the opening days of availability? In this case, we might see sales for the West Point Set stall out around the 250,000 mark.

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Comments

  1. ClevelandRocks says

    I can use my loupe and send back any sets that don’t look like 70s.

  2. fmtransmitter says

    ClevelandRocks:

    I agree. My plan is to order 2 OGP’s. Keep one for the collection, the best one via loupe, sell other, put a cpl more $’s in and get a graded 70 set AFTER the hype slows and the big boys are sitting on all that extra inventory and the price drops. It’s all a chess game and knowing where and when to make moves. Love it.

  3. stephen m says

    Shutter, i saw the 1/2 silver round offer but didn’t see the OGP if requested like last year. Steve, the 229.00 price last year was a good deal but you know “nothing good last forever.” I’ll get a set and hope for the best.

  4. VABEACHBUM says

    I received the MCM email, too, and like some of the recent posts, was taken aback by the sharply increased price for graded sets that were $20 cheaper as issued by the Mint. Agree that these resellers are setting the bar at the current threshold values for the graded 2012 SF Sets. Based on the info that Steve posted, the differential between NGC and PCGS 70 sets from Goldmart is amazing. I can’t wait to see each TPG population reports for these coins. All things considered, I think the initial market response might be a little tepid.

    @ Tim – I ordered my RCM Buffalo during their first hour of sales. Like you, just ordered the one and am extremely pleased with the coin and packaging. One of the RCM’s examples of an enhanced finish coin; definitely a benchmark product. I’m axious to see the next offering in this RCM series, yet having this coin in hand only increases my anticipation for the enhanced ASE coming in my WP set.

  5. ClevelandRocks says

    Sorry MCM, don’t see much upside of $289 for a 70 set containing $46 of silver.
    Especially with a mintage of over 250,000. I do see a downside though.

  6. Shutter says

    NGC 70 sets for $269.99
    PCGS 70 sets for $349.99

    The prices I saw on GoldMart site just now are $259 and $299. Keep in mind that this is cash price. MCM cash price is $282 and MCM doesn’t charge for shipping.

  7. Dave says

    “The system has encountered an error (Error Code: 14998). Please contact Customer Service or call us at 1-800-USA-MINT (872-6468). We apologize for the inconvenience.”

    Yeah — no $__t. — when I tried to place an order for the Special West Point ASE set, earlier last night.

    Going once, twice. . . (?). Somebody must have been on lunch or break.

  8. Dave says

    My late coin dealer father use to say this can all seem like a racket and then there’s the Gestopo.

    All be — the mint just allowed my order to go through — about time!

  9. ClevelandRocks says

    Mint price OGP with nice display case and 7 day return policy: $139/set + $5 shipping…seems like the best deal to me.

  10. ClevelandRocks says

    WM 5oz now on non-movable 6/21 date so next batch will be here soon….

  11. bigdawg says

    ok lets see $139.00 for 2 ounces of silver,but $349.00 for 2 ounces ,i must really be missing something ,and people get upset about the price of gas

  12. vaughnster says

    A little off topic but I just returned from Las Vegas and was amazed at how many White Mountain and Perry’s Monument quarters I received in change machines there. They were so common I stopped checking after my first day. That’s definitely a place where there’s a fresh supply of money. Kept looking for a slot machine that would accept my 5 oz. ATB coins but didn’t find one. Maybe next time 🙂

  13. DCDave says

    The silver set presentation box in OGP is way nicer than the OGP gold eagle Mint packaging. The aftermarket guys may be in for a surprise when few bites for over-priced, high mintage graded sets.

  14. vaughnster says

    I don’t think that $179 with free shipping for a NGC graded PR69/MS69 set is an outrageous price. That is much less than if you were to send in a set yourself when you factor in the actual grading cost as well as shipping/insurance both ways. Usually MCM includes the OGP if you request it.

  15. J. Allen says

    On 5/3/13 I ordered 3 5 0z Chaco Culture coins {America the Beautiful 5 0z silver–Item #NQ1). (This was shortly after the price was reduced to $179.95.) The US Mint accepted my order and gave me an order number. Three days later, 5/6/13, the US Mint issued a statement that Chaco Culture had “sold out” on 5/6/13. A couple weeks later I received notification that my order was cancelled as the Mint was sold out at the time I ordered. I called the Mint to find out what was going on as I had ordered 3 days before the sold out notification. The person I talked to couldn’t give me a satisfactory explanation.
    Has anyone else experienced a similar problem from the mint?

  16. art says

    J. Allen,
    The mint will accept orders that goes beyond the available inventory in anticipation of cancellations/returns. sought of like a waiting list. Unfortunately, that may mean a sellout before your order is filled.

  17. coins are great says

    Is anyone out there waiting to have an order filled for the 2012 limited edition silver proof set? I ordered one before they sold out (back in April) and it was supposed to ship at the end of May, now it says end of June. From what others have experienced with orders for items just before sell outs, I am wondering if it will ever arrive. Thanks.

  18. Shutter says

    Especially with a mintage of over 250,000

    With only 2 days to go, not at all clear that it will limp past quater million.

  19. Jim_D says

    The orders seem to be slowing down. 231,500 yesterday to 233,400 today. With two days left there could be a flurry of orders Thursday.

  20. thePhelps says

    I plan on ordering1 or 2 more on Thursday – when I order my 5 oz. It is interesting how the volume is not moving upwards on this.

  21. CW says

    @J. Allen, yes. The same thing happened to me. It amazed me that they sell stuff they do not have. I guess modern inventory control is not within the mint’s capabilities. I know this much. I will think twice before ordering anything else.

  22. Jim_D says

    Interesting breakdown of ordering pattern (numbers rounded):

    1st week — 194,000 ordered, 194,000 total

    2nd week — 13,000 ordered, 207,000 total

    3rd week — 13,000 ordered, 220,000 total

    4th week — 13,000 ordered, 233,000 total with 2 days to go

    My guess is the final number may be less than 241,000.

    Your mileage may vary.

  23. bigdawg says

    Lets see i’ll say 50.00 for 2 silver eagles and 129.00 for two pieces of plastic what a deal

  24. Jag-Nut says

    I guess that over the next 30 plus hours that there will be a huge increase in orders for the two coin eagle set.. However what will be interesting if we had the data, how many of these orders that are placed on the last two days end up being cancelled? Unfortunately we will not know for months!

  25. VABEACHBUM says

    @ Jag-Nut – I think that sales pendulum is going to swing both ways in these remaing 30 hours. Between the 2006 Anny Set and the 2012 SF Set, I think the hobby has demonstrated that the market saturation for ASE collector sets is right around 250K. No doubt that we’ll see increased sales between now and Thursday evening, but I also think we’ll see alot of people who are frustrated by the very late ship dates cancel their orders and pursue their sets through secondary sources at a slightly higher price. For so many, it’s all about the instant gratification.

    I’m also curious as to whether or not any of the MNB followers have jumped in on the initial offerings of those exorbitantly priced, graded sets from MCM, GoldMart and others? I understand it’s all about “what the market will bear,” but when I saw their listings, I would have sworn that these folks had been colluding with NYM, HSN and some of the other gougers that caiter to the uninformed public. Things like this make me appreciate my OGP coins more and more every day.

  26. stephen m says

    vabeachbum, i ordered a 70 set @289.00 from MCM. The biggest reason why is to get a 70 set because i don’t know if the price will settle up or down and this set has both coins only available in this set and should be a much nicer set than the SF sets. A RP & the first enhance ASE. Of course since i went ahead and ordered they might settle on a downward price. I’m betting the price will increase. I agree the safe bet, and the least cost, is a set from the mint in OGP which i ordered also. I see the sets rising in value in the future and if not i will get another set maybe at a lower price to offset this 229.00 set cost. The big sellers and players seem to be leaving less and less $ on the table for us and it appears the gap in pricing is closing between TV and the ones you mentioned. Let’s hope for a lower mintage than the SF sets.

  27. Shutter says

    i ordered a 70 set @289.00 from MCM.

    Me too and for basically same reasons. Plus we have no way of knowing 70 sets will turn up.

  28. Chuck says

    Latest odometer reading (5 Jun 2013): 243,226. An increase of 9,848 over yesterday’s. Roughly 7,700 more will put in last year’s range (251,000)

  29. Don says

    Tomorrow, June 6, will be the Mint’s final odometer posting for the WP set. Would it not be better if, instead of the daily 3:00 P.M. update, the Mint waits another two hours or so to post the FINAL sales number at the 5:00 P.M. closing time?
    I’m fairly sure that with last year’s SF set, they did not account for the last two hours or so in posting the final sales odometer reading. This kept everyone puzzled as to the final number.

  30. Dmitriy says

    Don, it really won’t matter that much. The 3:00pm and the 5:00pm numbers will still be totally off after accounting for returned and canceled sets. Either way you look at it we still have to wait several months to get the actual final number. My bet is we will find the number out sometime around the end of 2013/beginning of 2014 when the mint produces a Year-End Report.

  31. stephen m says

    whoops, i meant to say offset the 289.00 cost not 229.00. Must have been the med.

  32. anonymous says

    Goldmart sent out an email on 4 Jun announcing a price drop on PCGS PR70 set to $290 NGC PR70 set to $240. On checking their website the price has dropped again to $275 and $235 respectively.

    There are two labels available for PCGS – west point first strike label and us flag first strike label, and two labels for ngc – star label and standard label.

    Which of these four sets would be the one to get?

  33. stephen m says

    Shutter, i requested a price adjustment on the 70 set i ordered from MCM based on Goldmarts price. They said they don’t price match with that company and for me to let them know if i could be helped further on the matter by them. They have lost my trust and free advertising i had for them. I should have waited before buying.

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