June 19, 2024

2010 Proof Silver Eagle Sales Begin

For the first time in more than two years, Proof Silver Eagles are available for purchase from the United States Mint. In recent years, the availability of the collector coins has been prevented by the high demand for physical precious metals.

The US Mint produces American Silver Eagles for both precious metals investors and collectors. The bullion version of the coin is distributed through a network of authorized purchasers, who are able to purchase the coins based on the market price of silver plus a specified premium (currently $2.00 per coin). The authorized purchasers then resell the coins to other bullion dealers and the public, as well as create a two way market for the coins to ensure liquidity. By law the US Mint is required to issue the bullion coins in quantities needed to meet public demand.

The collector versions of the coin are sold by the US Mint directly to the public. Traditionally, a proof version of the coin has been offered to collectors each year. For various occasions, collectible Silver Eagles have also been incorporated into various numismatic products. More recently, a collectible uncirculated version of the coin was offered. Silver Eagles produced for collectors have been offered at fixed prices, generally reflecting a large premium above the value of the silver content. There is no legal requirement for the US Mint to produce or issue collector coins.

Proof Silver Eagles were last available in August 2008. After that point sales of the 2008-dated coins were suspended, never to be resumed. In the following year, the offering was long delayed and eventually canceled. Due to high demand for the bullion version of the coin and the US Mint’s legal requirement to meet public demand, during this period silver planchet supplies were used exclusively to strike bullion coins for this extended period of time.

This year, the US Mint managed to reconcile their legal obligation to precious metals investors and their traditional obligation to coin collectors and sell a record number of bullion coins and offer the collector coins.

The 2010 Proof Silver Eagles are priced at $45.95 each. A limit of 100 coins per household has been imposed by the US Mint for at least the first week of release. Order fulfillment is expected to begin by December 1, 2010.