Nearly 3 Million Silver Eagle Bullion Coins Sold in July 2010
During July 2010, the United States Mint recorded sales of 2,981,000 of the one ounce American Silver Eagle bullion coins. This amount is almost exactly in line with the average monthly sales level for the year to date, which is 3,021,357.
The highest monthly sales recorded so far during 2010 was achieved in May when 3,636,500 coins were sold. The lowest monthly total for this year was 2,050,000 coins sold in February. Through July 31, 2010, total silver bullion sales were 21,149,500.
Despite the relatively high sales level, the US Mint is still not meeting full public demand for the 2010 Silver Eagle. The available supply of coins each month is allocated to the Mint’s authorized purchasers based on past sales performance and other factors.
Difficult months may lie ahead for the US Mint when the begin issuing a brand new series of American the Beautiful Silver Bullion Coins. These will each contain five ounces of silver and will be sold through the authorized purchaser network. Production of 500,000 of the coins is anticipated for this year. The US Mint also may attempt to strike 2010 Proof Silver Eagles, with production of 820,000 coins by year end. Will these additional products cause additional problems for the American Silver Eagle bullion coins?
2010 Proof Silver Eagles
Although still far from certain, there is renewed hope that the United States Mint might produce 2010 Proof Silver Eagles. Last year, the collectible versions of the American Silver Eagle had been canceled due to excessive demand for the bullion version.
Edmund Moy, Director of the United States Mint, recently delivered testimony at a House subcommittee meeting on “The State of U.S. Coins and Currency.” His testimony included mention of a proposed change in law that the subcommittee was already considering, which would allow the production of Proof Silver Eagles.
Under current law, the US Mint is required to produce American Silver Eagle bullion coins in quantities sufficient to meet public demand. The Mint has not been able to meet the full demand, so they have sourced all precious metals blanks supplies to the production of bullion coins, in an effort to satisfy as much demand as possible. Accordingly, they have foregone production of the collectible uncirculated and proof versions of the coin.
The change in law would allow the production of collectible versions of the coin, even if full demand for bullion coins was not met. If enacted, Director Moy stated that the Mint could produce 200,000 collectible Silver Eagles per month. Assuming production could begin in September, this would result in about 830,000 coins produced by the end of the year.
June 2010 Silver Eagle Sales Top 3 Million
For the fourth time this year, monthly silver bullion sales at the United States Mint exceeded the 3 million mark. The 2010 Silver Eagles continue to be in strong demand from precious metals investors and collectors.
During the month of June 2010, the US Mint recorded sales of 3,001,000. This is down from the 3,636,500 achieved in the prior month, but still remains extremely high on a historical basis.
Before this year, there had only been two months when US Mint silver bullion sales exceeded 3 million. So far for 2010, monthly sales have exceeded 3 million on four occasions.
The total American Silver Eagle sales to date have now reached 18,168,500. This is well on the way to exceeding last year’s record annual sales of 28,766,500. The 2010 Silver Eagle will likely also see a record high mintage.