The Coin Collecting Den

The Mint announced today that the 24-karat American Buffalo Proof gold coin will begin sales on Thursday, October 29 at 12:00 pm Eastern Standard time. If gold remains between $1,050 and $1,099.99 per ounce, the coins will be priced at $1,360 each. There is no order limit and no announced mintage limit, apparently the Mint is not suffering any shortage of 24-karat blanks, in contrast to the 22-karat blanks used for the American Eagle coins. Demand seems likely to be high for this coin! This could mean the production figures for this coin will be relatively high, which in turn could limit the secondary market value compared to last year’s more limited mintage.

On a related note, the Mint has already sold 86,000 American Buffalo bullion coins as of today (10-22-09) since they went on sale October 15. That is a very robust figure, particularly in comparison to 2008, when 172,000 coins were sold in the entire year. This is a definite indication of strong demand that seems likely to include the proof coins as well.

The Mint today announced that all gold and silver American Eagle proof and uncirculated coins are canceled for 2009. They also announced the cancellation of the American Eagle platinum bullion coins for 2009.

The cancellation means the following collector coins and sets will not be produced in 2009:

• 1 0unce American Eagle silver proof coin
• 1 ounce American Eagle silver uncirculated coin
• 2009 US Mint uncirculated dollar coin set
• American Eagle gold proof coins (1 ounce, 1/2 ounce, 1/4 ounce, and 1/10 ounce)
• American Eagle gold proof 4 coin set
• 1 0unce American Eagle uncirculated coin

The reason for the cancellations was, “The unprecedented demand for American Eagle gold and silver bullion coins,” which the Mint is required by law to produce “in quantities sufficient to meet public demand.” Since the public demands all the gold and silver coins the Mint can stamp, no blanks are left for us, the collectors. One more reason to hope for economic recovery to pick up steam, so investors will turn back toward other options and quit hogging all the precious metals!

The Mint did throw a small bone to the numismatically minded however, as they announced a one-ounce American Buffalo Gold Proof coin and one-ounce American Eagle Platinum Proof coin for 2009. The American Buffalo coin is tentatively scheduled for an October 29 release, with the American Eagle Platinum coin scheduled for December 3.