March 29, 2024

2009-W Uncirculated Silver Eagles Canceled

Continuing coverage of the fallout from yesterday’s US Mint announcement, the 2009-W Uncirculated Silver Eagle has been canceled. The 2009 Annual Uncirculated Dollar Coin Set, which would have contained this coin has similarly been canceled.

These represent coins which are typically produced for collectors as opposed to the bullion coins produced primarily for precious metals investors. The uncirculated collector versions of the coin have been produced since 2006, when similar offerings were also introduced for Gold Eagles and Platinum Eagles. The coins can most easily be differentiated from the bullion coins by the “W” mint mark on the reverse of the coins. Bullion coins do not have a mint mark. The collector coins are sometimes referred to as “Burnished Silver Eagles” since they are struck on specially burnished blanks.

The collector coins are also sold directly by the United States Mint in special packaging at fixed prices which represented a generally higher premium above the value of the silver content. By contrast, the bullion coins are sold through the US Mint’s network of authorized bullion dealers. These dealers can purchase the coins for the spot value of silver plus a small mark up, and then resell the coins to other precious metals dealers or the public.

While not as popular as the Proof Silver Eagles, the Uncirculated Silver Eagles did sell a fair amount of coins and had begun to acquire a collector base. According to Silver Eagle Guide, the US Mint sold approximately 470,000 of the coins in 2006, followed by 653,878 in 2007, and 517,967 in 2008. The 2008 Uncirculated Silver Eagles still remain available for sale at the US Mint as part of the 2007 Annual Uncirculated Dollar Coin Set.

The US Mint had actually offered the coins through their subscription program, which automatically ships and charges customers for the coins when they are released. The US Mint sent the following message to subscribers to inform them that they would not receive the coins for 2009:

Dear United States Mint Customer,

Production of the United States Mint American Eagle Silver Proof and Uncirculated Coins was suspended this year because of unprecedented demand for American Eagle Silver Bullion Coins. All available silver bullion blanks are being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins “in quantities sufficient to meet public demand …”

The United States Mint will resume the American Eagle Silver Proof and Uncirculated Coin Programs once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products. However, due to the continued, sustained demand for American Eagle Silver Bullion Coins, 2009-dated American Eagle Silver Proof and Uncirculated Coins will not be produced.

You do not need to re-subscribe to the 2010 American Eagle Silver Proof and Uncirculated Coin Programs. Prices may change during the course of your subscription. Should the price change for the 2010 coins, the new prices will be listed on your 30-day pre-fulfillment notification.

Please review your notification carefully.

Based on the US Mint’s statements, they will attempt to revive the offering with the 2010 Silver Eagle, but collectors will be left with an unfortunate gap in their collections.

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