2010 Proof Silver Eagle Sold Out?
Is the 2010 Proof Silver Eagle sold out? That was the question collectors were asking yesterday when the US Mint sent thousands of emails out to its customers stating that the hotly anticipated product is sold out. Since the product has not even gone on sale yet, the emails caused a great deal of confusion.
The availability of the 2010 Proof Silver Eagle was announced by the US Mint in October. The offering was priced at $45.95 with a household ordering limit of 100. The on-sale date was indicated as November 19, 2010.
The email was sent to customers who had signed up to purchase the coin through the US Mint’s subscription program. This program automatically bills and ships for each year’s release so customers don’t have to worry about trying to purchase the coin on the opening day of sales. The cancellation email was sent in error and later redacted by a second email, but it might have some lingering effect on sales.
Will customers perceive the premature sell out announcement as a sign of limited quantities? Or will they get fed up with the US Mint’s miscommunications?
Silver Eagle Bullion Sales October 2010
Sales of the United States Mint’s American Silver Eagle bullion coins rose in the latest month. After selling less than 2 million in the previous month, for October 2010, sales rose to 3,150,000.
This represents the fifth time this year, when monthly sales have broken the 3 million level. So far there has been no indication that the latest surge in sales has stressed the US Mint’s supply of Silver Eagles. On other occasions, a jump in bullion coin demand has resulted in sales suspensions or the implementation of a rationing program.
2010 Silver Eagle Bullion Sales
| January | 3,592,500 |
| February | 2,050,000 |
| March | 3,381,000 |
| April | 2,507,500 |
| May | 3,636,500 |
| June | 3,001,000 |
| July | 2,981,000 |
| August | 2,451,000 |
| September | 1,880,000 |
| October | 3,150,000 |
| Total | 28,630,500 |
For the year to date, sales have now reached 28,630,500. This is nearly the same amount as the entire number of coins sold during 2009.
Collectors are eagerly awaiting the release of the 2010 Proof Silver Eagle. Hopefully, demand for the bullion coins won’t result in problems for the popular offering. In the previous year, all collector Silver Eagles were canceled so the US Mint could produce as much bullion coins as possible.
September 2010 Silver Eagle Sales
It was an interesting month for sales of the United States Mint’s most popular bullion coin. The American Silver Eagle recorded the lowest monthly sales total for the year to date, as the long running rationing program was put to an end. At the same time, spot prices of silver vaulted higher.
The US Mint recorded sales of 1,880,000 of the 2010 Silver Eagles to its authorized purchaser network. This was the lowest monthly sales total recorded since September 2009, when 1,703,000 coins were sold.
The sales figures for each month of 2010 appear below.
2010 Silver Eagle Bullion Sales
| January | 3,592,500 |
| February | 2,050,000 |
| March | 3,381,000 |
| April | 2,507,500 |
| May | 3,636,500 |
| June | 3,001,000 |
| July | 2,981,000 |
| August | 2,451,000 |
| September | 1,880,000 |
| Total | 25,480,500 |
Year to date sales have now reached 25,480,500 of the one ounce silver bullion coins. This is fast approaching the record annual sales achieved in 2009 when 28,766,500 coins were sold. With three months left to go, it seems fairly certain that the record will fall.
In the meantime, we will have to watch and see if the low monthly sales total for September proves to be a temporary phenomenon or the start of a trend.