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Higher premiums don’t seem to hinder demand for Silver American Eagle Coins
By Steve Roach on Tuesday, November 23, 2010
Filed Under: General Collecting, Gold & Silver Bullion, US Coins, US Mint, bullion coins
By Steve Roach – the Rare Coin Market Report – Coin World
While bullion markets continue their wild fluctuations, demand for American Eagle 1-ounce silver bullion coins remains vibrant.
In October, the United States Mint increased the premium charged to its authorized purchasers for American Eagle silver bullion coins from $1.50 to $2 per coin. The premium was increased in 2009 from $1.40 to $1.50 per coin and in 2008 from $1.25 to $1.40 per coin.
While Proof American Eagle silver coins may be purchased directly from the Mint, the Mint sells the silver bullion coins only to dealers in minimum 25,000-coin shipments.
However, the premium increase seems to have had no noticeable impact on demand, as the Mint has sold more than 30 million silver American Eagles thus far in 2010, eclipsing 2009’s sales record of 28,766,500 pieces.
Surely silver hitting 30-year highs including a flirtation with $29 earlier in November has helped keep demand for the attractive and easily portable silver American Eagles robust. Demand for the coins throughout the holiday gift-giving season will mean that 2010 sales figures will continue to climb.
Proof 2010-W American Eagle silver coins went on sale Nov. 19, priced at $45.95, with a 100-coin household limit.
The Mint’s Web site already warns customers of possible ordering delays on Nov. 19, due to the deluge of customers who are likely to order in light of “unusually high demand.”
Until Proof 2010-W coins enter the marketplace, wholesalers are paying up to $57 for earlier Proof American Eagle silver coins in original Mint packaging.
Grading service population reports show that 2010 American Eagle silver bullion coins are extremely well-produced. Of the 44,160 graded by Professional Coin Grading Service so far this year, a whopping 36,470 pieces have received Mint State 70 grades. Currently PCGS MS-70 2010 silver American Eagles are selling in online auctions for $60 to $100, while certified MS-69 representatives can be found for around $35 and uncertified examples are seen at $30.
In large quantities, 2010 American Eagle silver bullion coins are available from wholesale dealers at silver spot price plus $2.60 per coin.
