Purchasers snap up 1 million American Eagle silver bullion coins
- Published: Sep 11, 2015, 7 AM
When the U.S. Mint informed its authorized purchasers Sept. 8 that the weekly allocation of American Eagle silver bullion coins was 1 million pieces, orders were immediately placed for 909,500 of the total allotment.
That left authorized purchasers a paltry 90,500 coins available until the next weekly allocation announcement Sept. 14. Those 90,500 coins were sold Sept. 10, bringing September’s cumulative sales to 1,245,000 coins.
Cumulative calendar year 2015 American Eagle silver bullion coin sales reached 33,495,000 coins.
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The U.S. Mint does not sell the American Eagle silver bullion coins directly to the public. Instead, the bullion coins are sold through a network of 13 authorized purchasers in the United States, Europe and Japan, who buy the coins based on the closing London PM spot price per troy ounce on a given day, plus a $2 premium per coin.
The coins are then resold, at a further markup, to other customers.
The U.S. Mint has been allocating American Eagle silver bullion coins for more than six months to it authorized purchasers as the bureau continues to struggle to secure sufficient planchets for production to meet investment demand.
The American Eagle silver bullion coins are struck at the West Point Mint in New York, but do not bear the facility’s W Mint mark.
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