Today, the United States Mint has published updated pricing for the 2012 Proof Silver Eagle. The price reflects a reduction from the previously published amount.

On January 6, 2012, the Mint had published a price of $61.95. The price published today is $59.95. Oddly, the market price of silver has risen during this period, from $29.40 (January 6) to $32.69 (today).

Last year, the 2011 Proof Silver Eagle had its price adjusted on two occasions. For the start of sales on June 30, 2011 it was $59.95. This was increased to $68.45, and then decreased to $58.95, which remained in effect until the coins sold out on November 22, 2011.

The 2012 Proof Silver Eagle is scheduled to go on sale April 12, 2012.

Infantry Soldier Silver Dollars

As a reminder, the introductory pricing period for the 2012 Infantry Soldier Silver Dollars is scheduled to conclude on Monday, March 19, 2012 at 5:00 PM ET.

After that point, the prices will increase from $44.95 to $49.95 for the uncirculated version and from $49.95 to $54.95 for the proof version.

Oddly (again), the Defenders of Freedom Set will apparently not have its price changed. This product, which includes the proof version of the Infantry Silver Dollar along with a replica dog tag on a miniature chain, is priced at $51.95. That means that this special product will have a lower price than the standard individually packaged proof coin.

As of the last sales report, the Defenders of Freedom Set had reached sales of 40,420 out of the 50,000 maximum. The favorable pricing will likely hasten the eventual sell out.

The overall mintage limit for the Infantry Soldier Silver Dollars is 350,000. Combined sales have reached 149,062, representing 42.59% of the limit.

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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.

The United States Mint has confirmed that 2010 Proof American Silver Eagle will be available. According to a press release posted yesterday, orders will be accepting starting on November 19, with fulfillment beginning December 1.

The coins will be priced at $45.95 each and carry a household order limit of 100. When the Proof Silver Eagle was last available in 2008, the coins had been priced at $31.95 and did not carry a limit.

The price increase for this year’s offering is in excess of the rise in the price of silver. When the 2008 Proof Silver Eagle went on sale January 3, 2008, silver was $15.38 per ounce. Today, silver is just about $7.00 higher at $22.34 per ounce.

At the very end of the US Mint’s press release, they also announced that the 2010-W Uncirculated Silver Eagle and 2010-W Uncirculated Gold Eagle were canceled. Additionally, the 2010 Annual Uncirculated Dollar Coin Set, which would have contained the Uncirculated Silver Eagle was canceled.

The collectible uncirculated or “burnished” versions of the coins have not been available since 2008.

The Mint has not indicated what the maximum production of 2010 Proof Silver Eagles might be. According to statements provided by the US Mint to Dave Harper of Numismatic News, “It’s all dependent upon the current situation of being off allocation for a while longer.”

His statement refers to the fact that the US Mint ended their allocation program, which rationed the available supply of Silver Eagle bullion coins to their authorized purchasers. This is an indication that the US Mint is currently meeting full public demand for bullion coins.

While pent up demand for the 2010 Proof Silver Eagle is bound to be huge, I would speculate that the US Mint does have an adequate supply of silver planchets available to satisfy this demand. Here are some factors leading to this conclusion:

- Demand for Silver Eagle bullion coins has declined from the peaks reached earlier in the year and is far below average for the most recent month. The highest monthly sales occurred in May 2010 when 3,636,500 coins sold. The average number of Silver Eagle bullion coins sold each month from January to August was 2,950,062. During September, the US Mint sold only 1,880,000 Silver Eagle bullion coins. Assuming the US Mint has been able to maintain the same silver planchet supply as earlier in the year, in September alone, there should be around one million excess planchets available for proof coins.

- Last year, the US Mint had released statements effectively stating that they could have produced a small number of 2009 Proof Silver Eagles, but since they could not produce enough to satisfy the anticipated full collector demand, the offering was canceled. Assuming the Mint is still following the same logic, by offering the 2010 Proof Silver Eagle, they must be relatively confident that they can meet full collector demand.

- The household ordering limit has been set at 100 coins. If the supply was expected to be limited, the limit would have been set much lower. (Although the US Mint always reserves the right to limit or cancel orders after the fact.)

- The lack of Proof Gold and Silver Eagles has gained political attention. It would be a major embarrassment if the US Mint announced the product and then was forced to cut off the offering early or not fulfill some collector orders.

These factors aside, the demand for physical precious metals has been prone to enormous swings during the past two years. It is not outside the realm of possibility that another rush of demand for silver bullion could occur. Under current law, the US Mint would still be required to source all incoming blanks to the production of bullion coins and cease production of collector proof coins.

When the time comes, I will be placing my order on the first day of availability, just to be on the safe side.

The United States Mint has confirmed that 2010 Proof American Silver Eagle will be available. According to a press release posted yesterday, orders will be accepting starting on November 19, with fulfillment beginning December 1.

The coins will be priced at $45.95 each and carry a household order limit of 100. When the Proof Silver Eagle was last available in 2008, the coins had been priced at $31.95 and did not carry a limit.

The price increase for this year’s offering is in excess of the rise in the price of silver. When the 2008 Proof Silver Eagle went on sale January 3, 2008, silver was $15.38 per ounce. Today, silver is just about $7.00 higher at $22.34 per ounce.

At the very end of the US Mint’s press release, they also announced that the 2010-W Uncirculated Silver Eagle and 2010-W Uncirculated Gold Eagle were canceled. Additionally, the 2010 Annual Uncirculated Dollar Coin Set, which would have contained the Uncirculated Silver Eagle was canceled.

The collectible uncirculated or “burnished” versions of the coins have not been available since 2008.

The Mint has not indicated what the maximum production of 2010 Proof Silver Eagles might be. According to statements provided by the US Mint to Dave Harper of Numismatic News, “It’s all dependent upon the current situation of being off allocation for a while longer.”

His statement refers to the fact that the US Mint ended their allocation program, which rationed the available supply of Silver Eagle bullion coins to their authorized purchasers. This is an indication that the US Mint is currently meeting full public demand for bullion coins.

While pent up demand for the 2010 Proof Silver Eagle is bound to be huge, I would speculate that the US Mint does have an adequate supply of silver planchets available to satisfy this demand. Here are some factors leading to this conclusion:

- Demand for Silver Eagle bullion coins has declined from the peaks reached earlier in the year and is far below average for the most recent month. The highest monthly sales occurred in May 2010 when 3,636,500 coins sold. The average number of Silver Eagle bullion coins sold each month from January to August was 2,950,062. During September, the US Mint sold only 1,880,000 Silver Eagle bullion coins. Assuming the US Mint has been able to maintain the same silver planchet supply as earlier in the year, in September alone, there should be around one million excess planchets available for proof coins.

- Last year, the US Mint had released statements effectively stating that they could have produced a small number of 2009 Proof Silver Eagles, but since they could not produce enough to satisfy the anticipated full collector demand, the offering was canceled. Assuming the Mint is still following the same logic, by offering the 2010 Proof Silver Eagle, they must be relatively confident that they can meet full collector demand.

- The household ordering limit has been set at 100 coins. If the supply was expected to be limited, the limit would have been set much lower. (Although the US Mint always reserves the right to limit or cancel orders after the fact.)

- The lack of Proof Gold and Silver Eagles has gained political attention. It would be a major embarrassment if the US Mint announced the product and then was forced to cut off the offering early or not fulfill some collector orders.

These factors aside, the demand for physical precious metals has been prone to enormous swings during the past two years. It is not outside the realm of possibility that another rush of demand for silver bullion could occur. Under current law, the US Mint would still be required to source all incoming blanks to the production of bullion coins and cease production of collector proof coins.

When the time comes, I will be placing my order on the first day of availability, just to be on the safe side.