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Eagle sales come on strong

(Image courtesy usmint.gov)

Don’t read too much into this, but silver American Eagle bullion coins have had their best September sales figure since the record-setting year of 2015.

Back in 2015, the U.S. Mint sold 47 million silver Eagles. So far in 2018, it hasn’t managed 12 million.

However, the September 2018 number of 2,432,500 coins is the best since 2015’s 3,804,500.

Perhaps it would be better to write that September has been a bad month in more recent years.

Just last year, the Mint sold only 320,000 silver Eagles in September. In 2016, the monthly tally was 1,675,000.

Since 2018 has been a down year for the precious metal, it is possible this month is a turning point. Silver is at bargain prices just over $14 an ounce. It has fallen by 16 percent since it ended 2017 trading at $17.06.

The Mint ran out of silver Eagle bullion coins Sept. 6. Sales resumed Sept. 17.

Supplies as they are produced are being rationed. The Mint expects this situation to continue through the end of 2018.

The Mint calls rationing “allocation.” The biggest regular buyers get the biggest allocations among the official Authorized Purchasers.

Collectors cannot buy the bullion American Eagle coin directly from the U.S. Mint. Only the collector proofs and uncirculated coins can be purchased by them directly. Authorized Purchasers must meet strict Mint financial requirements to obtain the designation.

News of silver Eagles going on allocation perhaps makes them seem like a forbidden fruit among buyers, something to be obtained at any price.

As the Oct. 16 issue of Numismatic News was being prepared, there were still two business days left in the month. However, if buyers are taking coins as fast as they are becoming available, the September sales figure will not change.

 

This article was originally printed in Numismatic News. >> Subscribe today.

 

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