In an end to what has been a rollercoaster of availability, excitement, and even some resentment, the United States Mint has announced a sell-out of the 2009 American Eagle Silver bullion coins.
Departing from tradition, the Mint was still selling the 2009 dated coins into the first part of this year due to the overwhelming demand placed on them. Typically, the US Mint stops production of a year's Eagle bullion coins in November to begin striking and building a stock-pile of the next years coins for a release the first part of January.
However, as 2009 saw record sales of the one ounce silver coins, the Mint was not afforded that luxury. Selling 28,766,500 last year, 9 million plus over the previous annual record, the Mint had to keep striking the 2009-dated coins in an attempt to equal demand, as required by law.
Just looking at the first 12 days of this year, the time before the 2009 coins were removed from availability, the Mint showed 367,500 of the 2009 dated Eagles were sold. With purchases at such a high level, it did not allow much time for the Mint to build up a supply and when the 2010 dated coin is released on January 19th, it will likely find itself on an allocation program for quite some time.
The Mint is no stranger to rationing the bullion Eagles, it did just that for almost the entire first half of 2009. Also, with the unprecedented interest in the investment coins, the Mint was forced to cancel the 2009 uncirculated and proof Silver American Eagles citing a lack of silver blank availability. Their entire silver blank supply was being diverted to bullion coin production.
While investors were happy to see the Mint producing the bullion coins at the best levels it could, collectors were understandably upset by the unexpected cancellations. There is no word yet on if the collector grade 2010 coins will return.
For more information on the silver coins, to include specifications, check out 2009 American Silver Eagles.
Related posts:
