The latest US Mint numismatic product weekly sales report contains exactly one month worth of sales figures for the 2010 Proof Gold Eagles. Other noteworthy changes include the jump in Jane Pierce First Spouse Gold Coin sales and the sell out of the 2009 DC & US Territories Quarters Silver Proof Set.

The 2010 Proof American Gold Eagle products went on sale at the US Mint on October 7. Since the sales cut off date for the present report is November 7, this means the totals reflect exactly one month worth of sales. Within that time frame, the individual options have recorded sales of 25,000 one ounce, 4,002 one-half ounce, 4,413 one-quarter once, and 10,411 one-tenth ounce coins. The 4 coin set option has recorded sales of 17,424 units. Collectively this represents sales of 61,380 ounces of gold representing a total sales $97,755,111 in just one month. To put this into perspective, in the last fiscal year, the US Mint’s total numismatic program sales were $440.0 million.

Moving on, there was an unusual jump in the sales level for the uncirculated version of the Jane Pierce First Spouse Gold Coin. This coin currently has the lowest total sales for available options of the series. This suggests that collectors may be searching for the next low mintage issue of the series, although the coins should remain available for sale until approximately June 2011.

The 2009 District of Columbia & U.S. Territories Quarters Silver Proof Set sold out during the current reporting period. This product had been attracting attention due to the rising price of silver. Since the set contains six quarters struck in 90% silver, the melt value of the set was fast approaching the product price. The clad version of the set still remains available, with sales set to conclude at year-end.

The full US Mint numismatic product sales report appears in the table below. Figures are compiled as of October 31, 2010. The first number column represents total sales through the reporting date, and the second number column represents the change in sales since the last report.  Figures which are followed by an asterisk (*) are no longer available for sale from the United States Mint. Other products can be found online at http://catalog.usmint.gov/

The United States Mint has sold the entire 25,000 maximum product limit for the 2010 Proof Gold Eagle individual one ounce coins. The product originally went on sale October 7, priced at $1,585 each.

The obverse of the 22 karat gold coins features Augustus Saint-Gaudens’ depiction of Liberty holding a lit torch and olive branch with the rays of the rising sun and the U.S. Capitol building in the background. The reverse features a depiction of a family of eagles designed by Miley Busiek. The male eagle carries an olive branch to a nest containing a female eagle and hatchlings.

Proof Gold Eagles have been offered for collectors each year from 1986 to 2008. The popular product was canceled in 2009, as heightened demand for gold bullion coins resulted in the US Mint sourcing all incoming gold blanks to bullion offerings rather than collector coins.

Although the US Mint has received sufficient orders for the one ounce 2010 Proof Gold Eagle to fulfill the maximum product limit, orders are still being accepted for placement on a waiting list. In the event that coins become available due to cancellations, orders will be fulfilled from the waiting list on a first come, first served basis.

The one ounce proof Gold Eagle also remains available as part of the 2010 Gold Eagle 4 Coin Proof Set. This set contains proof versions of the one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce coins packaged in a single presentation case. The four coin sets are priced at $2,938.00 each and have sold 21,302 of the 39,000 maximum product limit as of the most recently released US Mint sales report.

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.

Just when things seem to be improving with the US Mint’s bullion situation, it always seems that another sell out, suspension, or depletion takes place. According to a statement released to authorized purchasers today, the 2010 Gold Buffalo bullion coins have sold out. Additional inventory of 2010-dated coins will not be made available.

The latest figures indicate that 209,000 of the one ounce coins have been sold since the start of sales on April 29, 2010. This number may not reflect the final total, but it is the number currently provided on the Mint’s website.

The US Mint had managed to bring their bullion offerings closer to a state of normalcy this year, which led to progress with collector offerings. The Gold Buffalo and fractional Gold Eagles had been released earlier in the year, and rationing was lifted first for Gold Eagles, then for Silver Eagles. Until now, the only bullion product still disrupted was the Platinum Eagle, which has not been offered in bullion format since late 2008.

With the 2010 Gold Buffalo sold out, the US Mint is now missing two products from their bullion line up. Collectors are also still awaiting the release of the 2010 America the Beautiful Silver Bullion Coins.

The sell out of the bullion version of the Gold Buffalo does seem to make the availability of the 2010 Proof Gold Buffalo more uncertain. However, there’s no telling how many of the proof coins the US Mint has left and how long they might last. In 2009, the US Mint sold out of the bullion version of the Gold Buffalo on December 4, 2009, but it took until March 29, 2010 for the proof version to sell out. Last reported sales for the 2009 Proof Gold Buffalo were 49,388.

In recent weeks, the pace of sales for the 2010 Prof Gold Buffalo has showed a marked increase. Over the past four weeks, sales of 5,426 coins were recorded. As of September 19, total sales had reached 31,896.

Legislation was recently introduced which finally seeks to address the legal hurdle for the production of Proof Silver Eagles and technical stumbling blocks for the 5 oz. America the Beautiful Silver Bullion Coins.

The bill known as H.R. 6162 Coin Modernization, Oversight, and Continuity Act of 2010 was introduced by Rep. Melvin Watt on September 22, 2010. The bill primarily addresses the issue of the composition of circulating U.S. coins by authorizing the Secretary of the Treasury to conduct research and development necessary to make recommendations to Congress related to coin composition. You can read more details on this aspect of the bill on Coin Update News.

The portion of the bill which would allow the production of collectible American Gold and Silver Eagles seeks to adjust the language of current law. Rather than the US Mint being required to produce the coins in “quantities sufficient to meet public demand”, they would be required to produce the coins in “qualities and quantities that the Secretary determines are sufficient to meet public demand’.

Presumably this would mean that in times when public demand for bullion coins exceeds precious metals blank supplies, the Secretary of the Treasury could determine the proper quantities of bullion coins, collectible uncirculated coins, and proof coins that should be produced. Under the US Mint’s interpretation of the current law, they allocate all precious metals blanks to the production of bullion coins at times when bullion demand exceeds precious metals blank supply.

The introduction of the bill seems a bit late. At the House subcommittee meeting in July when such legislative changes were discussed, Director Moy mentioned that a change in law would need to be enacted “soon” and provided a production time line for 2010 Proof Silver Eagles beginning in September. Subsequent to the hearing, the Silver Eagle bullion coin rationing program was ended, suggesting some slack in the blank supply that could possibly be used to strike proof coins. Meanwhile, the release of 2010 Proof Gold Eagles has already been confirmed with a release date of October 7, 2010. Nonetheless, if the bill is enacted, the changes in law would ensure continuity for collectors in future years.

The portion of the bill dealing with the America the Beautiful Silver Bullion Coins would change the design requirement from “exact duplicates” to “likenesses” of the quarter dollar designs. The required diameter would be changed from “3.0 inches” to a diameter “determined by the Secretary that is no less than 2.5 inches and no greater than 3.0 inches”. Finally, the requirement for incuse edge lettering indicating the weight and fineness of the coin would be removed.

The changes allowed by the bill may already be irrelevant. Although the US Mint did encounter numerous problems with the over sized bullion coins earlier this year, they must have managed to overcome the issues. According to a story from Numismatic News, production of the coins is already underway. If the coins are currently being produced they would have to comply with the existing law

WASHINGTON – The United States Mint is pleased to announce that it will issue 2010 American Eagle Gold Proof Coins on October 7, 2010, at noon Eastern Time (ET).  Available coin options and their mintages are as follows:

Pricing for the coins will be based on the United States Mint’s pricing structure for precious metals products.  For current pricing information, visit http://usmint.gov/pressroom/index.cfm?flash=yes&action=goldplat  

Orders will be accepted at the United States Mint’s Web site, http://www.usmint.gov/catalog, at the toll-free number, 1-800-USA-MINT (872-6468), and at various United States Mint sales centers (when available).  Hearing- and speech-impaired customers may order by calling 1-888-321-MINT (6468).  A shipping and handling fee of $4.95 per order will be added to all domestic orders.  There is no order limit.

The American Eagle Gold Proof Coins are struck in 22-karat gold.  The coins’ obverse (heads side) features Augustus Saint-Gaudens’ rendition of Liberty holding a torch in her right hand and an olive branch in her left.  The coins’ reverse (tails side), designed by sculptor Miley Busiek, features an image of a male eagle carrying an olive branch, flying above a nest containing a female eagle and her hatchlings. 

American Eagle Gold Proof Coins are struck multiple times for a frosted cameo image specially made for collectors.  Each coin is sealed in a protective capsule and mounted in a handsome, satin-lined velvet presentation case.  A Certificate of Authenticity signed by the United States Mint Director is included.

The United States Mint, created by Congress in 1792, is the Nation’s sole manufacturer of legal tender coinage.  Its primary mission is to produce an adequate volume of circulating coinage for the Nation to conduct its trade and commerce.  The United States Mint also produces proof, uncirculated and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

Note: To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of October 7, 2010, noon ET shall not be deemed accepted by the United States Mint and will not be honored.  For more information, please review the United States Mint’s Frequently Asked Questions, Answer ID #175.

An article from CoinWorld has broken the story that the United States Mint will be offering 2010 Proof American Gold Eagles. The popular collector coins will be available in mid-October, across the standard range of options.

As collectors are well aware, the 2009 Proof and Uncirculated Gold Eagles were canceled as a result of demand for bullion coins. By law, the US Mint must produce American Eagle gold and silver bullion coins in quantities sufficient to meet public demand. For an extended period, the US Mint fell short of meeting full demand and accordingly sourced all incoming blank supplies to the production of bullion coins. Collector versions of the Gold and Silver Eagle, which are not legally mandated, were not produced.

As explored in a previous post, throughout the current year, the US Mint had shown that they were catching up with demand for gold bullion coins. The US Mint ended the allocation program in effect for one ounce Gold Eagles in March. The following month, 2010 Gold Buffalo bullion coins were offered, followed by the proof versions of the coin. Fractional Gold Eagle bullion coins were also available by mid year. As the US Mint is now presumably satisfying full public demand for American Gold Eagle bullion coins across options, they are clear to produce collector versions of the coin.

According to the CoinWorld article, maximum mintages have been set at 64,000 one ounce coins, 54,000 one-half ounce coins, 55,000 one-quarter ounce coins, and 66,000 one-tenth ounce coins. This takes into account the separate maximums established for individual coins and 39,000 of each coin allocated to 4 Coin Sets.

Although the maximum mintages seem high, they are basically in line with the maximum limits established for the 2008 Proof Gold Eagles. However, for that year, final sales fell far short of the maximum levels established. The table below shows the combined maximum mintage for each of the 2008 Proof Gold Eagles, along with the final audited mintages.

It has not yet been confirmed whether household ordering limits will be imposed for the 2010 Proof Gold Eagles. Pricing will be determined based on the average London Fix price of gold during the week leading up to the release. Once these details are available, they will be explored in a future post.

The CoinWorld article also mentions that the 2010 Proof Silver Eagles are “still in limbo”. While demand for gold bullion has abated, demand for silver bullion is still running at high levels. For the year to date, the US Mint has sold 23,600,500 of the one ounce silver bullion coins. If the current pace of sales continues, the annual total for 2010 will mark a fresh all time high.

Recently, it was revealed that the US Mint was hoping for legislative action to allow them to produce 2010 Proof Silver Eagles for collectors. Within testimony delivered during a House subcommittee meeting, Director Moy discussed a potential change in law that would allow production of Proof Silver Eagles even if full demand for bullion coins remained unmet. He mentioned specific mintage levels if production could begin in September. To date, I have not seen any progress on the legislative front and silver bullion demand remains stubbornly high.

In my opinion, without quick legislative action or a dramatic decline in silver bullion demand, the 2010 Proof and Uncirculated Silver Eagles still seem unlikely.