Silver prices averaged over $14.50 an ounce for 2009, but this did not stop investors from buying up a record number of 2009 American Eagle Silver Bullion Coins from the US Mint before they were placed on sell-out status by the Mint on January 12, 2010.
According to the latest figures released by the Mint, an astonishing 28,766,500 of the one ounce coins were purchased last year, an increase of 9,183,000 over the amount sold in 2008, which itself was an annual record since the coins were first introduced in 1986. Before this time sales were typically below 10 million a year with only two exceptions, 2002 and 2006, both of which only barely made it above that mark.
Investor demand has been high for all precious metals but what makes the 2009 record even more amazing is the fact that the Mint could not keep up with demand. From January 1, 2009 through June 15, 2009, the Mint had sales of the Eagle Bullion on an allocation program limiting what authorized purchasers could order. Add to that the complete sales suspension of the Eagles for nearly two weeks in late November to early December, and sales over 30 million would have been extremely likely.
The Mint creates the 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.
This requirement is good news for investors, but was bad news for collectors last year. Since the Mint could barely keep enough silver blank supplies on hand for striking the bullion coins, it was forced to completely cancel the proof and uncirculated American Silver Eagles that it normally produces each year. It is still unknown if the collector versions will make a return anytime soon.
Investors were still purchasing the remaining inventory of 2009 Silver Bullion Eagles into the first part of this year adding 367,500 to the number of 2009 dated coins sold (for a total of 29,134,00) before their removal, with the Mint announcing that the new 2010 version of the coins would be available for ordering beginning January 19, 2010.
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