Silver American Eagle bullion coin sales resume with vengeance
- Published: Jul 28, 2015, 12 PM
When the United States Mint resumed sales July 27 of 2015 American Eagle silver bullion coins to its authorized purchasers after a three-week interruption, it sold 1,323,500 of the coins in a single day.
The authorized purchasers followed up those totals with 1,221,500 more coins purchased on July 28.
The two-day sales total of 2,545,000 coins brings the July monthly total to 5,254,000, 8.6 percent higher than all of June.
Tom Jurkowsky, director of the Mint's Office of Corporate Communications, told Coin World July 28 that the two-day total left the Mint with just 455,000 more coins in stock to offer to authorized purchasers, on an allocation basis, through the end of July — July 29, 30 and 31 .
The U.S. Mint suspended sales July 7 after its inventory of available 1-ounce .999 fine silver dollars was depleted.
The West Point Mint cranked up its production output to meet the public’s demand for the coins.
All 2015 American Eagle silver bullion coins are from the West Point facility.
The July 7 suspension of sales of American Eagle silver bullion coins to authorized purchasers was the second sales suspension in nine months. Production was suspended for 12 days in November 2014 to restore inventory levels.
Collectors and investors have clamored for the American Eagle silver bullion coins as the spot price of silver has stayed well below $15 per troy ounce in recent weeks.
Sales of the coins to authorized purchasers have been on an allocation basis for much of 2015.
The public can’t buy the American Eagle silver bullion coins directly from the U.S. Mint.
The coins are instead sold through a network of approved authorized purchasers who purchase the coins for the closing PM spot price of the metal on the London market on a given day, plus a premium of $2 per coin.
The authorized purchasers may then resell the coins to other dealers and the public for a small markup.
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