Advance American Eagle sales offered for bulk dealers
- Published: Mar 5, 2021, 11 AM
The U.S. Mint’s Authorized Bulk Purchaser Program allowed a number of select U.S. coin dealers to order and pick up thousands of Proof 2021-W American Eagle, Reverse of 1986 silver dollars on Feb. 8, three days before the numismatic product was offered to collectors and the general public online.
While the dealers were able to place advance orders for the Proof American Eagle silver dollars, they were required to pay a 5% premium above the $73 per coin retail price from the Mint, plus costs of picking up the coins in Memphis, Tennessee.
U.S. Mint officials have not disclosed how many ABPP dealers participated in the advance sales nor how many coins the sales involved.
U.S. Mint sales totals reflect overall sales of 359,976 coins — 297,243 in the single-coin option, 35,613 in the Congratulations set, and 27,140 coins from the sale of 678 of the 40-coin bulk discount packages with coins housed in plastic capsules.
The coin as a single-coin option or packaged as part of the 2021 Congratulations set became unavailable within minutes of the two packaging options going on sale online at noon Eastern Time Feb. 11, rankling thousands of Mint customers who were shut out of successfully placing orders.
The U.S. Mint is scheduled to release in limited numbers, later this calendar year, two more Proof 2021 American Eagles, but with the new Reverse of 2021 rather than the Reverse of 1986 design on the first release. Neither is to be offered under the ABPP.
Don Keopple, from Ace Coins in Moline, Illinois, told Coin World March 2 that he was informed by U.S. Mint officials that the mintage for the Proof 2021-W American Eagle, Reverse of 2021 silver dollar, to be struck at the West Point Mint, will be a maximum of roughly 225,000 coins. The Proof 2021-S American Eagle, Reverse of 2021 silver dollar, to be struck at the San Francisco Mint, will be limited to a release of roughly 140,000 coins.
Some collectors who signed up for the Mint’s enrollment program to guarantee having their orders confirmed claim the Mint unilaterally canceled some of the orders without explanation.
The bulk purchase orders placed for the Feb. 8 pickup in Memphis are the first such orders that could be picked up in person from the Mint’s order distribution center, operated by PSFWeb in Memphis, Tennessee.
It has not been revealed how many of the 18 ABPP participants placed orders for the Proof American Eagle silver dollars and made the pilgrimage to Memphis to retrieve them.
The advance orders were for only the single-coin option, and none for the Congratulations sets.
To participate in the ABPP advance product offerings, a dealer is required to have purchased more than $500,000 in specific numismatic products each of the past two consecutive calendar years, according to Keopple.
The ABPP participants are notified by the U.S. Mint by email before a product becomes available for advance purchase. The number of advance coins available to an ABPP participant totals 10% of the number of coins each purchased in 2020.
Keopple said he was able to place an advance order for 1,666 of the single Proof 2021-W American Eagle, Reverse of 1986 silver coins from the allotment, packaged in presentation cases and boxed in cartons of 100 coins each.
ABPP participants, as of March 3, were able to place orders for the gold Proof American Eagle, Reverse of 1986 coins, going on public sale March 11, which they can pick up in Memphis March 8.
Coin Vault, the cable TV numismatic sales program owned and operated in Winchester, Indiana, by SilverTowne, was offering examples of the advance purchased silver Proof American Eagles on the program March 1.
These silver coins were graded and encapsulated Proof 70 Ultra Cameo by Numismatic Guaranty Corp. and included grading labels pedigreeing the coins to the ABPP offering.
Brock Abel, president of SilverTowne, said March 2 that the coins sold on Coin Vault were purchased from other secondary market dealers, since SilverTowne’s product buying from the U.S. Mint was just under the threshold for ABPP participation.
Abel said he was able to place three separate orders for the maximum 99 coins per order online on Feb. 11 for the single coins and a single order for 332 of the Congratulations sets.
Abel said March 2 he was still waiting for delivery of those coins from the U.S. Mint.
MORE RELATED ARTICLES
US Coins Dec 3, 2021, 2 PM
US Coins Dec 3, 2021, 1 PM
US Coins Dec 2, 2021, 8 PM
US Coins Dec 2, 2021, 3 PM