Mint resumes American Eagle silver bullion sales
- Published: Apr 26, 2019, 5 AM
The United States Mint resumed sales April 1 of American Eagle silver bullion coins to its authorized purchasers, under allocation, as West Point Mint production increases to restock depleted inventories.
The U.S. Mint temporarily suspended sales Feb. 21, after orders exceeded the inventory of struck coins the West Point Mint had on hand.
According to U.S. Mint spokesman Michael White, via email, “The U.S. Mint’s American Eagle Silver Bullion Coin Program is currently under an allocation system while we continue to re-build our inventories of silver blanks. The current allocation system typically sees the mint issuing a American Eagle Silver Bullion Coin allocation to its Authorized Purchasers one to two times per month.
“For the month of April, the mint allocated coins on Monday, 4/1/19. The next American Eagle Silver Bullion Coin allocation will be Monday, 4/29/19.”
April sales of American Eagle silver bullion coins through April 24 totaled 550,000 of the coins.
The Feb. 21 sales suspension is not the first time the U.S. Mint has interrupted bullion coin distribution for lack of inventory. The last time the Mint formally suspended sales was July 7, 2015, when the Mint was averaging monthly sales of more than 3.6 million American Eagle silver bullion coins.
The Mint has also suspended general sales of the Proof and Uncirculated versions of the coin on several occasions, including in 2009 when none were struck because of a need to meet bullion coin demand.
The U.S. Mint does not sell its bullion coins directly to the public. Instead, the bullion coins, such as the American Eagle silver bullion coin version, are offered to a group of Mint-approved buyers who can provide a two-way market, buying and selling the coins to and from their customers. These authorized purchasers buy the coins from the Mint based on the closing PM price of the metal per troy ounce on the London market on a given day, plus a $2 per coin premium.
The authorized purchasers then resell the coins to coin collectors, investors and other dealers for a small markup.
Connect with Coin World:
MORE RELATED ARTICLES
US Coins Nov 11, 2019, 7 PM
US Coins Nov 11, 2019, 3 PM
Paper Money Nov 11, 2019, 2 PM
US Coins Nov 11, 2019, 12 PM