Collectible Silver Eagle Coins Canceled for 2009
American Silver Eagles are the official silver bullion coin of the United States. These coins have been issued since 1986 and contain one ounce of silver. Both bullion versions and collectible versions have been offered by the United States Mint. In 2009 demand for silver bullion coins resulted in the cancellation of the collectible versions of the coins. Collectors wonder if the same thing might happen for 2010.
The bullion coins are offered through a network of authorized purchasers. These bulk buyers are able to purchase the coins directly from the United States Mint and then resell them to other bullion dealers and the public. Their purchase price is based on the spot price of silver plus a fixed mark up.
The American Silver Eagle collector coins have recently been offered in two different versions, proof or uncirculated. The proof coins feature a cameo like appearance created through a specialized minting process. The raised design elements are frosted and the background fields are mirrored. The uncirculated coins are struck on burnished blanks and carry the "W" mint mark for West Point.
Based on statements from the United States Mint, they are legally required to produce the bullion coins in quantities sufficient to meet public demand. There is no legal requirement to produce the coins for collectors. Based on their interpretation of the law, the US Mint sourced all incoming precious metals blanks to the production of bullion coins.
An official announcement was made in October 2009 that the US Mint would not be producing the collector versions of the American Silver Eagle for 2009. The reason cited was the legal obligations which favor the production of bullion coins. The US Mint announced that they were working to secure greater supplies of precious metals in the future, so that hopefully production of collector coins could resume.
The US Mint was recently forced to suspend the sale of silver bullion coins amidst another surge in demand. Sales to authorized purchasers were resumed shortly thereafter, but under an allocation program, which limited the number of coins that could be purchased. Collectors are hoping that the US Mint can reverse the situation soon so that the 2010 collector coins may be produced. - 23310
The bullion coins are offered through a network of authorized purchasers. These bulk buyers are able to purchase the coins directly from the United States Mint and then resell them to other bullion dealers and the public. Their purchase price is based on the spot price of silver plus a fixed mark up.
The American Silver Eagle collector coins have recently been offered in two different versions, proof or uncirculated. The proof coins feature a cameo like appearance created through a specialized minting process. The raised design elements are frosted and the background fields are mirrored. The uncirculated coins are struck on burnished blanks and carry the "W" mint mark for West Point.
Based on statements from the United States Mint, they are legally required to produce the bullion coins in quantities sufficient to meet public demand. There is no legal requirement to produce the coins for collectors. Based on their interpretation of the law, the US Mint sourced all incoming precious metals blanks to the production of bullion coins.
An official announcement was made in October 2009 that the US Mint would not be producing the collector versions of the American Silver Eagle for 2009. The reason cited was the legal obligations which favor the production of bullion coins. The US Mint announced that they were working to secure greater supplies of precious metals in the future, so that hopefully production of collector coins could resume.
The US Mint was recently forced to suspend the sale of silver bullion coins amidst another surge in demand. Sales to authorized purchasers were resumed shortly thereafter, but under an allocation program, which limited the number of coins that could be purchased. Collectors are hoping that the US Mint can reverse the situation soon so that the 2010 collector coins may be produced. - 23310
About the Author:
Looking to find more information on the 2010 Silver Eagle, then visit www.silvereagleguide.com to find all the details on coins of the Silver Eagle coin series.
posted by Mr. Forex at
6:12 AM
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