April 28, 2024

2009 Proof Gold Buffalo Coin

October 16, 2009 by Leave a Comment

In addition to bullion coins, the United States Mint will also be producing a collectible proof version of the 2009 American Gold Buffalo. The status of this product was uncertain for much of the year, until the tentative release of the coin on October 29, 2009 was finally announced in early October.

In the prior year, the US Mint had offered a wide array of collectible products related to the Gold Buffalo. This had included a full range of proof coins in one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce sizes with a four coins set. The same range of options were available for a collectible uncirculated version of the coin with the “W” mint mark. Additional products included a Double Prosperity Set, which contained the one-half ounce collectible uncirculation version of the coin, and the Buffalo Celebration Coin, which was a specially packaged one ounce bullion coin.

All of these products were discontinued at the end of 2008, except for the one ounce proof version. When the American Gold Buffalo series had first been launched in 2006, the US Mint had only offered this one collectible option. After the great expansion of products during 2008, the situation had reverted back to the starting point.

The 2008 Gold Buffalo products have now become a favorite of collectors. The collectible proof and uncirculated coins are in constant demand and sell for premium prices. Following the announced discontinuation many collectors gained a new appreciation for these products, which would now represent a single year issue with relatively low mintages.

The one ounce 2009 Proof Gold Buffalo is expected to be in high demand. Pricing and ordering limits for the product have not yet been announced by the United States Mint.


Filed Under: Gold, US Mint Tagged With: ,

2009 Gold Buffalo Bullion Coins

October 16, 2009 by Leave a Comment

After nearly one year of suspension, the United States Mint recently resumed production of the 24 karat American Gold Buffalo Bullion coins. This coin series had been introduced in 2006 as the US Mint’s second gold bullion coin program. As opposed to the existing American Gold Eagle Coins, which are struck in 22 karat gold, the Gold Buffalo Coins would be struck in a composition of 24 karat gold. Numerous world mints produce bullion coins in 24 karat gold, and the composition is preferred by some investors.

In September 2008, the US Mint had suspended production of the Gold Buffalo coins amidst heavy demand for precious metals. Sales resumed more than a month later when the final remaining inventory of 2008 Gold Buffalo coins was offered for sale. Subsequently production was announced as temporarily suspended for the 2009 dated coins.

In the following months, there was much uncertainty about the status of the program. A widely read numismatic periodical reported that the US Mint would not be producing the 2009 Gold Buffalo, but the following week reported that the coins would be produced. The US Mint also issued a brief statement that production of the coins is required by law, and as a result, they would develop a plan to produced and release the coins soon.

Official announcement of the availability finally came on October 6, 2009, when the US Mint announced that the 2009 Gold Buffalo coin would be offered in bullion and proof version. The bullion coins would be available from October 15 through the US Mint’s network of authorized purchasers. These purchasers are able to buy the coins directly from the US Mint for the spot price of gold plus a mark up. In turn, they resell the coins to other dealers and the public, as well as facilitate a two way market for the coins.

The 2009 Gold Buffalo can currently be purchased from bullion or coin dealers. The coins are produced in one ounce size only.

Filed Under: Gold, US Mint Tagged With: ,

2009 Proof Platinum Eagle

October 14, 2009 by Leave a Comment

Despite the fact that the 2009 Platinum Eagle bullion coins have been canceled, the US Mint announced their intention to release a collectible Proof 2009 Platinum Eagle later this year. Each year since 1997, the US Mint has produced a collectible proof version of the platinum bullion coin for collectors. Since 1998, the coins have featured a unique reverse design, which changes each year.

The 2009 Proof Platinum Eagle offerings will be curtailed from previous years. From 1997 to 2008, the US Mint had offered a full range of coins including 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz coins, plus a 4 Coin Set. From 2006 to 2008, they had supplemented the offerings with collectible uncirculated coins produced in the same range of individual coins with a 4 Coin Set. At the end of 2008, the US Mint announced all but the one ounce proof coin discontinued.

The design for this year’s proof Platinum Eagle will be an interpretation of the theme “To Form a More Perfect Union.” Early in 2008, several design concepts were produced by the United States Mint and sent to the Commission of Fine Arts and the Citizens Coinage Advisory for comment and review. The CFA eventualy endorsed a design featuring a smal tree with thirteen leaves. The CCAC favored a design featuring four faces representing the diversity of America. The final design choice has not yet been announced by the US Mint.

The 2009 Proof Platinum Eagle has a tentative release date of December 3, 2009. Pricing and ordering information have not yet been announced. Based on a pricing grid used for the 2008 Platinum Eagles, the price of the one ounce proof coin is projected to be $1,692 based on an average price of platinum between $1,350.00 to $1,449.99. If the average price of platinum falls into a different $100 increment, the price would be adjusted accordingly.

Last year, the US Mint sold 5,030 of the 2008 Proof Platinum Eagles. Projected demand for the 2009 coin is expected to be higher, due to the curious circumstances surroudning the coins release. How many coins the US Mint sells may actually just boil down to how many they can produce.

Filed Under: Platinum, US Mint Tagged With: ,

2009 Platinum Eagle Bullion Coins Canceled

October 14, 2009 by Leave a Comment

For the first time since Platinum Eagles were introduced, the United States Mint will not produce platinum bullion coins. This comes after nearly a year of suspension and uncertainty.

The American Platinum Eagle was introduced in 1997 as the first and only investment grade platinum coin issued by the United States Mint. Sales of the coin began strong, with more than 300,000 ounces of platinum sold in the first three years of the program. The US Mint offered a range of weights to accommodate different investment levels. This included one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce coins. During these early years of the program, the average price of platinum was below $400 per ounce.

As the price of platinum began to move higher in the following years, the US Mint sold fewer and fewer Platinum Eagle bullion coins. Between the years 2003 to 2007, less than 10,000 of the one ounce bullion coins were sold each year. Sales figures finally perked up in 2008, after the price of platinum fell by more than half. After selling more than double last year’s level of coins, the US Mint announced the depletion of their inventory and the delayed release of the 2009 coins.

Last week, the 2009 Platinum Eagle bullion coins were finally announced as canceled. In contrast to the actions of the United States Mint, the Royal Canadian Mint actually revived their platinum bullion coin program beginning in 2009. They had previously canceled the program in 1999, citing low demand for the products. The line was quickly revived this year when the RCM recognized a high level of interest from distributors. Sales of the 2009 Platinum Maple Leaf have reportedly been strong throughout the year.

Despite the cancellation of the bullion version of the coin, the US Mint will offer a collectible proof 2009 Platinum Eagle. These coins are minted for collectors and sold at a higher premium to the precious metal value compared to the bullion coins.

Filed Under: Platinum, US Mint Tagged With: ,

2009-W Uncircualted Gold Eagles Canceled

October 13, 2009 by 1 Comment

The United States Mint expanded its line of collectible American Gold Eagle coins in 2006. They introduced the collectible uncirculated Gold Eagle, sometimes referred to as “Burnished Gold Eagles.” These coins are struck on specially burnished blanks and carry the “W” mint mark. As opposed to bullion coins, these were sold directly by the US Mint and not through the network of authorized bullion dealers.

Coins were issued in 2006, 2007, and 2008 with low or declining mintages, making some coins secondary market winners. The 2008-W $10 Gold Eagle had a mintage of only 9,200 coins, the lowest for any American Gold Eagle coin.

For all three years, the US Mint had offered the coins in 1 oz, 1/2 oz, 1/4 oz, and 1/2 oz sizes. Additionally, a 4 coin set was available which contained one of each weight.

Near the end of 2008, the US Mint announced that the fractional weight coins and 4 coin set would be discontinued at the end of the year. The US Mint tentatively planned to produced only the 1 oz. 2009-W Uncirculated Gold Eagle.

These plans slowly unraveled in the following year. The US Mint announced in March that production of the collectible 2009 Gold Eagle was “temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins.” Because the US Mint was required to produce these coins in quantities sufficient to meet public demand, they were sourcing all incoming 22 karat gold blanks to the production of bullion coins, rather than collector coins. The US Mint did not issue any updates on the situation during the course of the year.

Finally, last week the US Mint announced that the 2009-W Uncirculated Gold Eagle was canceled, along with several other collectible Gold and Silver Eagle products. With the demand for precious metal bullion coins continuing, the future of this product remains in doubt. The US Mint states that they will attempt to build a supply of precious metals blanks for the production of 2010 Gold Eagle collector coins.

Filed Under: Gold, US Mint Tagged With: ,

2009 Proof Gold Eagles Canceled

October 8, 2009 by Leave a Comment

The United States Mint has offered proof versions of the American Gold Eagle since 1986. These collectible versions of the popular bullion coins are minted using a special process where the coin is struck multiple times with specialized dies. The resulting coins feature sharp details and a cameo contrast of frosted raised elements and mirrored fields. Typically, the proof coins have been offered in 1 oz, 1/2 ounce, 1/4 ounce, and 1/10 ounce sizes, with a complete 4 Coin Set also offered. According to an announcement from the US Mint released this week, Proof Gold Eagles will not be minted during 2009.

The coins were canceled as a consequence of the high worldwide demand for precious metal bullion coins. The US Mint is required to produce Gold bullion coins for collectors in quantities sufficient to meet the public demand. During the last year, they have struggled in this task. Sales of the gold coins have been periodically rationed and even completely suspended for brief periods of time.

Because the US Mint cannot meet the full public demand, they have been allocating all available precious metal blanks for the production of bullion coins in lieu of collector coins. The production of proof gold eagles for collectors has been suspended. On October 6, 2009, they finally announced that 2009 Proof Gold Eagles were officially canceled.

This comes as a severe disappointment to collectors who have been buying the series for the past twenty two years. While the US Mint does not sell nearly the amount of coins through its collector coin programs as the bullion programs, the proof coins still generated a fair amount of sales. During 2008, the US Mint has sold 29,399 1 oz coins, 27,864 1/2 oz coins, 28,301 1/4 oz coins, and 29,155 1/10 oz coins. The highest sales for a proof gold eagle occurred in 1986 when 446,290 coins were sold by the US Mint.

Filed Under: Gold, US Mint Tagged With: ,

2009-W Uncirculated Silver Eagles Canceled

October 7, 2009 by Leave a Comment

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.

Filed Under: Silver, US Mint Tagged With: ,

2009 Proof Silver Eagle Canceled

October 7, 2009 by Leave a Comment

Yesterday, some very significant news broke which put to rest long standing speculation about the status of some of the United States Mint’s bullion and collector coin product offerings. Essentially, the United States Mint canceled all collectible 2009 Gold and Silver Eagle Coins, but announced the limited production of collectible proof 2009 Platinum Eagles and Gold Buffalo Coins, as well as bullion fractional Gold Eagles and one ounce Gold Buffalo coins. I will be breaking this announcement down into several posts over the next few days.

The United States Mint has offered Proof Silver Eagles since their bullion counterparts were first released in 1986. This coin has become a modern favorite for collectors and has been one of the US Mint’s core numismatic product offerings.

Last year, the US Mint was forced to end sales of the 2008 Proof Silver Eagle coin around August 2008. The coins are typically available through the end of the year and have been a highlight of the US Mint’s holiday gift offerings. The unannounced and unexplained unavailability of the coins was later revealed to be related to the “unprecedented demand” for silver bullion products.

Under law the United States Mint is required to produce American Silver Eagle bullion coins in quantities sufficient to meet public demand. During 2008, higher demand taxed the resources of the US Mint and they had been forced to briefly suspend sales and subsequently impose a rationing program which limited coin sales at the dealer level.

As long as the US Mint was unable to meet full public demand for bullion coins, they believed it was their requirement by law to source all incoming silver blanks to the production of bullion coins and suspend production of collector coins.

The situation continued into the following year, but seemed to be abating when the US Mint finally lifted bullion coin rationing programs in June. Since this time, the US Mint has apparently been unable to build up enough inventory of silver blanks to produce collector coins.

The announcement marks a tremendous disappointment for collectors who have been assembling the Proof Silver Eagle series since 1986. There will now be a gap in the collection of at least one year. The US Mint states that they will attempt to obtain a greater supply of silver bullion blanks so production of collector coins can resume with the 2010 Silver Eagles.

Filed Under: Silver, US Mint Tagged With: ,

Where are the 2009 American Platinum Eagles?

August 19, 2009 by 1 Comment

The year is nearly three-quarters of the way completed, and there have been no 2009 American Platinum Eagle coins available from the United States Mint in any form.

Last year on October 25, 2008, the US Mint had announced the sale of the final inventory of 2008 Platinum Eagle bullion coins. They later announced on November 24, 2008 that their inventory had been depleted and the release of 2009 dated platinum bullion coins would be delayed. Since this date, I am not aware of any communication or update issued by the US Mint with regards to their platinum coin offerings.

During this ten month time period, the price of platinum has recovered from its lows and posted more than a 50% gain. The price of platinum hit its low right around the time the US Mint stopped selling it.

Chart- Kitco.com

This is not the only bullion or collectible bullion coin that the US Mint has delayed this year. Among the list of expected 2009 precious metals coins expected, but still not issued are: fractional Gold Eagle bullion coins, 24 karat Gold Buffalo bullion coins, collectible proof and uncirculated Gold Eagles, collectible proof Gold Buffaloes, collectible proof and uncirculated Silver Eagles, and collectible proof Platinum Eagles. For the missing gold and silver coins, the US Mint has offered blanket explanations about a tight supply of precious metals blanks. (These explanations were posted earlier in the year, when the arguments actually made sense.) There has been no explanation offered for the missing platinum coins.

Incidentally, the Royal Canadian Mint has been selling their platinum coin, the Platinum Maple Leaf, for most of the year. This coin program had actually been suspended after 2002 amidst a lack of demand. The RCM revived the program this year amidst strong demand . Incidentally, this was a coin program that had been suspended since 2002. It was revived in 2009, amidst strong demand from distributors.

Filed Under: Platinum Tagged With: ,

US Mint Gold and Silver Rationing Ends

June 17, 2009 by Leave a Comment

The United States Mint unceremoniously ended the allocation programs which had been limiting the number of Gold and Silver Eagle bullion coins that authorized purchasers could order. The announcement came in the form of a memorandum sent to authorized purchasers on Monday.

June 15, 2009

MEMORANDUM TO ALL AMERICAN EAGLE GOLD AND SILVER BULLION
AUTHORIZED PURCHASERS

SUBJECT: American Eagle Gold and Silver One Ounce Bullion Coin Allocations

Effective immediately, the United States is lifting the allocation process.

You may place your orders under the standard ordering procedures. The ordering minimum and incremental quantities apply.

Thank you for your patience during this past year. We appreciate your continued support.

Amidst high demand for precious metals and a constrained supply of precious metals blanks, the US Mint had implemented allocation programs for Gold and Silver Eagle bullion coins. The allocation program for the American Silver Eagle began on April 21, 2008 when the price of silver was $17.88 per ounce. The allocation program for American Gold Eagle began on August 15, 2008 when the price of gold was $786.50.

The United States Mint had also taken other measures to deal the physical precious metals shortage. First, they had restricted production to only one ounce gold and one ounce silver bullion coin options. Typically a range of fractional bullion coins including 1/2 ounce, 1/4 ounce, and 1/10 ounce coins is offered. Second, they had announced the temporary delay of production for platinum bullion coins and 24 karat Gold Buffalo coins. Third, they delayed the production of gold and silver coins produced for collectors in order to divert all precious metals blanks to the production of bullion coins.

The US Mint has not announced whether production fractional bullion coins, 24 karat gold bullion coins, platinum bullion coins, and gold and silver collector coins has resumed.

Filed Under: Gold, Silver, US Mint Tagged With: , ,