US Mint Indicates 2010 Proof Silver Eagles Still A Possibility During Congressional Hearing
Silver Coins, United States Coins Friday, July 23rd, 2010
It may take an act of Congress to achieve it, but the US Mint, through Mint Director Ed Moy, has indicated a possibility that 2010 Proof Silver Eagles could be still be struck and available for collectors yet this year.
This will come as welcome news to those who seek out the Silver Eagles as part of their coin collecting hobby. The Proof Eagles were first struck back in 1986 when the Eagle Program debuted and were available annually until 2009. Up to that point, many added the proof coins to their collection each year.
However, last year, the Mint was forced to cancel the Proof Silver Eagle production due to what it called "overwhelming demand" for the bullion version of the coin. By law, the Mint is required to strike the bullion coins to meed demand and last year that demand was at record levels.
Consequently, Proof Eagle collectors were left with a blank spot representing 2009. And, so far this year, it appears the 2010 will also be a blank as bullion demand remains high.
In an effort to return to Proof Eagle production despite not being able to adequately strike the bullion versions to meet demand, Congress is considering an amendment to the law. In the amendment, the Treasury Secretary would be allowed to authorize the striking of Proof Eagles.
In his testimony to the House Subcommittee on Domestic Monetary Policy and Technology, US Mint Director Ed Moy had the following comments about the possibility of being able to strike the Proof Eagles.
"American Eagle coin collectors and our many other customers who purchase these products as gifts would likely welcome such a change," stated Mint Director Moy. "Indeed, such a change would be one of the most positive customer satisfaction measures that could be taken to benefit your coin collecting constituents without having an effect on American’s ability to acquire investment-grade silver bullion."
Continuing on, Moy informed the subcommittee of the urgency of their action if the 2010 Eagles were to be possible:
"...however, such a change needs to be enacted soon," continued Moy. "We can mint 200,000 per month, and if we can begin by September, we will be able to produce about 830,000 one-ounce silver American Eagle coins to meet collector demand for this product in the remaining months of 2010."
No further action was taken, as of yet. However, if Congress acts soon, there still will be a possibility of 2010 Proof Silver Eagles being struck by the US Mint.
Related World Mint Coins articles:
- 2008-W Uncirculated American Silver Eagles Sell Out in 2010
- 2009 American Silver Eagles Break Record
- June 2010 US Mint Gold and Silver Bullion Coin Sales
Posted by World Mint Coins Staff
on Jul 23 2010. Filed under Silver Coins, United States Coins.
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