The United States Mint sold 2.48 million 2010 American Silver Eagle bullion coins within two days of their Jan. 19 launch, representing more than 8.6% of the total sold as compared to the record-breaking sales in 2009.
Why was there such a significant surge? Eagle demand had built up as a result of their delayed release. Newly dated issues are normally available at the very beginning on January. However, the US Mint decided to continue striking 2009-dated eagles late into last year as a result of high demand, and then sell that inventory until depleted. Their supply was exhausted on Jan 12, which meant buyers had to wait almost an entire week for the 2010-dated silver coins.
Those circumstances along with the desire to own and sell the new issues helped spur demand. Rising silver prices was also a factor.
Combined, buyers purchased a total of 2,847,500 Silver Eagles for the month, as of Jan. 20 (2.48 million of the 2010s plus 367.5K of the 2009s).
The Mint does not sell bullion eagles directly to the public, but instead to a small group of authorized purchasers who in turn resell them to precious metal providers, investors, dealers and collectors. These coins do not have a mintmark, unlike their numismatic counterparts.
The Mint strikes bullion Eagles for investors as dictated by the Bullion Coin Act of 1985. Congress created the law with the intention to provide investors with precious metal options that were guaranteed by the government for purity and content. Law also stipulates that the Mint must strike enough of the bullion coins to meet public demand.
No announcement has been made by the Mint as to when these numismatic proof and uncirculated eagles will be available. The 2009 collector coins were canceled due to high demand for the bullion coins.
For more information on the bullion coin, click on the image above or visit the World Mint Coin page: American Eagle Silver Coin.
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