Collectible Silver Eagle Coins Canceled for 2009
by: Dylan Chase
Date: Mon, 11 Jan 2010 Time: 8:12 AM
American Silver Eagles are the official silver bullion coin of the United States. These coins have been issued since 1986 and contain one ounce of silver. Both bullion versions and collectible versions have been offered by the United States Mint. In 2009 demand for silver bullion coins resulted in the cancellation of the collectible versions of the coins. Collectors wonder if the same thing might happen for 2010.
The bullion version of the coin is distributed by the United States Mint through their authorized purchaser network. These large scale buyers purchase the coins directly based on the price of silver plus a fixed mark up. The authorized purchasers distribute the coins to other bullion dealers and sell the coins to the public, and provide an outlet for resale.
The collector coins are sold directly by the United States Mint. Recent offerings have consisted of a proof version of the coin, which features frosted raised elements and mirrored background elements to produce a cameo effect. These high quality strikes are sold at a premium price. A second offering is the collectible uncirculated coin. These are struck on specially burnished blanks and carry a "W" mint mark to signify mintage at West Point.
Legally, the United States Mint is required to produce the bullion coins in quantities sufficient to meet full public demand. Unfortunately, there is no such legal requirement to produce the collector versions of the coins. Due to the limited number of precious metals blanks, the US Mint was forced to prioritize the production of the bullion coins.
An official announcement was made in October 2009 that the US Mint would not be producing the collector versions of the American Silver Eagle for 2009. The reason cited was the legal obligations which favor the production of bullion coins. The US Mint announced that they were working to secure greater supplies of precious metals in the future, so that hopefully production of collector coins could resume.
In recent months, American Silver Eagle bullion coin sales were suspended at the authorized purchaser level. This suspension was followed by a resumption of sales on a rationed basis. Since the supply is begin rationed, the US Mint is obviously not meeting full demand, causing collectors to doubt the status of collectible versions of the coins for 2010.
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