American Eagle silver $1 sales strong despite allocation decrease
- Published: Aug 25, 2015, 7 AM
The investing and collecting public is consuming the output of American Eagle 1-ounce .999 fine silver bullion coins as fast as the U.S. Mint can strike and release them.
Currently, the coin are struck only at the West Point Mint in New York.
The U.S. Mint's network of authorized purchasers continue to place large orders for the coin despite a decrease in the weekly allocation of available coins. The weekly allocation for the week beginning Aug. 24 dipped to 812,500 coins, after several weeks of weekly allocations of 1 million or more coins. Authorized purchasers placed orders Aug. 24 for 601,000 of the coins, bringing the total ordered in August to 3,968,500.
Since the 2015 American Eagle silver bullion coins went on sale in the first week of January, the U.S. Mint reports it has sold a combined total of 31,283,500 of them.
The American Eagle silver bullion coins are not sold directly to the general public, but rather to a network of authorized purchasers, who provide a two-way market for the coins.
The authorized purchasers buy the coins from the U.S. Mint based on the closing Londom PM spot price of the metal per troy ounce on a given day plus a $2 premium per coin. The coins are then distributed for a small premium to other dealers, collectors and investors.
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