US Coins

Silver American Eagle ordering restrictions lifted by Mint

Authorized purchasers may now order American Eagle silver bullion coins without limit after ordering allocations were lifted June 2.

Images courtesy of United States Mint.

The U.S. Mint’s authorized purchasers may now order as many American Eagle 1-ounce silver bullion coins as they want, since the June 2 removal of ordering restrictions.

Silver American Eagle bullion coins had been on allocation to authorized purchasers since Jan. 28, according to U.S. Mint spokesman Michael White.

The allocation restricted the pool of available American Eagle silver bullion coins weekly, with distribution based on previous ordering patterns by the individual authorized purchasers.

“The United States Mint will continue to monitor its Silver Eagle Bullion Coin demand and adjust its bullion coin production accordingly,” according to a memo sent May 30 by the Mint to the authorized purchasers.

Currently, approximately 80 percent of the American Eagle silver bullion coin production is being executed at the West Point Mint. The remaining production is being carried out at the San Francisco Mint, which began augmenting the American Eagle silver bullion coin output in May 2011.

The United States Mint does not sell its bullion coins directly to the public. The Mint sells the coins to a series of approved authorized purchasers, who purchase the coins from the Mint based on the spot price per troy ounce on a given day, according to the London PM fix, plus a $2 premium per coin. The coins are then resold into the secondary market.

Authorized purchasers must place minimum orders of 25,000 coins, according to the U.S. Mint website.

Currently 13 authorized purchasers can purchase American Eagle silver bullion coins. 

According to White, the authorized purchasers may place orders until 3 p.m. Eastern Time Monday through Friday, except holidays.

For example, orders placed on a Monday are priced on Tuesday according to the closing London PM fix, for Thursday pickup. The authorized purchasers must arrange for the shipment and transport of their orders.

White said the authorized purchasers must arrange for picking up the coins at the West Point Mint. San Francisco Mint American Eagle silver bullion coin production is also shipped to the West Point facility for pickup. 

The Mint facility of production for bullion coins is documented on the strapping around the 500-coin “monster” boxes.

Planchets

Three contracted vendors supply American Eagle silver planchets.

The silver planchets supplied are universally used, not only for the bullion versions, but also for the Uncirculated and Proof versions.

The Uncirculated and Proof versions bear the Mint mark of the facility that struck them. The bullion coins do not bear a Mint mark.

The planchets and dies for the Proof and Uncirculated versions may receive special treatment before production. For the Proof, the planchets and certain portions of the dies are polished to a mirrored finish.

The Proof and Uncirculated silver American Eagles are sold by the U.S. Mint directly to the public as numismatic products.

The bullion issues are primarily sold as investment coins, although collectors acquire the coins by date and, if known, by Mint.


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