Mint resumes silver Eagle bullion coin sales November 17
- Published: Nov 11, 2014, 3 AM
The United States Mint expects to have more than 1 million 2014 American Eagle silver bullion coins available Nov. 17 when it resumes sales to authorized purchasers on an allocation basis.
The authorized purchasers were notified by Mint officials Nov. 10 concerning the sales resumption.
Mint officials announced Nov. 5 that sales were suspended because the available inventory was depleted. The U.S. Mint has experienced significantly increased investment demand over the past several weeks. Through Nov. 10, the Mint recorded cumulative sales of 39,381,000 of the 1-ounce, .999 fine silver bullion Eagles.
U.S. Mint officials did not disclose whether all of the production to be available Nov. 17 will be from West Point Mint output or include production from the San Francisco Mint, which has been augmenting West Point production.
U.S. Mint officials still anticipate offering 2015 American Eagle silver bullion coins beginning in early January as planned.
Collecting Basics: What is a bullion coin?
"The recent volatility in silver prices, with silver dropping to five-year lows in the $15 per ounce range, has resulted in an increase in sales of United States Mint American Eagle silver bullion coins," said Tom Jurkowsky, director of the U.S. Mint's Office of Corporate Communications. "The weekly average sales of American Eagle silver bullion increased to 1.16 million ounces in the weeks since October 1, up from 586,000 per week in the July-September quarter. This represents an increase of approximately 98% in a time span of just over one month. Calendar year (CY) to date, the Mint has sold 39,381,000 American Eagle Silver bullion coins. The Mint sold a record 42,675,000 coins in CY 2013.
"When bullion demand exceeds the supply of ready-to-ship finished inventory, the Mint institutes a policy to allocate available American Eagle silver bullion Coins to its authorized purchaser distribution network. The allocation policy was in effect from January through May of 2014.
"Over the last five years, the Mint has dramatically increased the supply of American Eagle Silver bullion coins with the majority of the raw material silver blanks coming from two suppliers — Sunshine Minting and Leach/Garner.
"Near the end of every calendar year, the Mint plans the production transition to coins dated with the upcoming year. The Mint began the transition to build inventory of 2015-dated silver bullion earlier this fall. With demand for immediate delivery of 2014-dated coins exceeding supply, we are shifting all resources back to 2014 production."
The bullion coins are not sold directly to the public, but through a series of authoirzed purchasers who buy the coins for the closing spot price of the metal per troy ounce on a given day plus a premium of $2 per coin. The coins may the be sold to the public and other dealers for a small markup.
Note: This article was updated at 8:45 a.m. Nov. 11.
Check out other recent precious metals coverage:
More from CoinWorld.com:
US Coins Jul 3, 2020, 6 PM
World Coins Jul 3, 2020, 3 PM
US Coins Jul 3, 2020, 2 PM
US Coins Jul 3, 2020, 1 PM