no 2009 sae proof or uncirculated coins

[ritter]

the u.s. mint has announced today that they will not be making the 2009 sae proof coins or the uncirculated coin.this also applies to sets also.you can read up on this on the u.s. mint website. just wondering how people feel about this decision by the mint.

[Old Pueblo]

Sad, but it's true. They (US Gov) must be paying off those nearly worthless t-bills in gold and silver.

But, Hey you can still get the Buffalo Gold!

 

[astrostu]

Saves me $$$ this year for the new camera I bought.

[Old Pueblo]

Maybe some mint employee like the infamous "Samuel Brown" will secretly mint a handful of ASE then announce it 5 years later. Finally a bonifide ASE rarity!

[kbsig106]

The fractional uncirc. AGE's will be hot coming out on 12/3 - I wonder how long they'll stay for sale and if they make a 2010 version. This could be the last of the fractionals and it makes me wonder how to play it.

[WoodenJefferson]

I'm confused with the wording of that statement:

 

Update: Due to the continued, sustained demand for American Eagle Silver Bullion Coins, 2009-dated American Eagle Silver Uncirculated Coins will not be produced.

 

 

It makes no sense to me, there is no reasoning for the halt of production?

 

What gives here?

[gmarguli]

I'm confused with the wording of that statement:

 

Update: Due to the continued, sustained demand for American Eagle Silver Bullion Coins, 2009-dated American Eagle Silver Uncirculated Coins will not be produced.

 

 

It makes no sense to me, there is no reasoning for the halt of production?

 

What gives here?

 

The Mint is required to mint the bullion to demand and only after that the collector versions.

 

Why mint something that brings in $10 profit per coin when you can mint something that brings in $1 profit per coin.

 

Why is the US broke again?

[DC Dawg]

I'm confused with the wording of that statement:

 

Update: Due to the continued, sustained demand for American Eagle Silver Bullion Coins, 2009-dated American Eagle Silver Uncirculated Coins will not be produced.

 

 

It makes no sense to me, there is no reasoning for the halt of production?

 

What gives here?

 

The Mint is required to mint the bullion to demand and only after that the collector versions.

 

Why mint something that brings in $10 profit per coin when you can mint something that brings in $1 profit per coin.

 

Why is the US broke again?

Because they can make more money when they get 1.6 percent on over 20 million bullion coins versus 15 percent on 1.5 million coins. Production numbers are FY2008. The Mint has produced over 20 million silver eagles YTD October 2009.

 

Scott

[WoodenJefferson]

So, is the Mint still striking 2008 ASE's

[astrostu]

So, is the Mint still striking 2008 ASE's

 

No. Not sure where you're thinking this, so I'll attempt to explain what's going on:

 

Last year (2008), the Mint produced 3 ASE products: Bullion, Uncirculated (W), and Proof. By law, they are only required to produce the bullion ones.

 

This year (2009), the Mint has been producing the bullion coins, and according to Scott's numbers, they have so far produced over 20 million of them. Due to demand and limited supply of silver blanks, and the requirement that they produce the bullion variety sufficient to meet demand, they will NOT be making the Uncirculated nor Proof versions.

 

As to profits, with Scott's numbers, 1.5% profit on 20 million coins vs. 15% profit on 1.5 million coins is a profit ratio of 30:22.5. While the individual uncirculated and proof varieties will make the Mint more money, because of the volume of the bullion coins, they will make more producing those. Perhaps your confusion came in where Scott was quoting 2008 fiscal year numbers of coins and % profit as opposed to 2009 (since we're still in 2009).

[WoodenJefferson]

So it was just the "W" mint mark and Proofs that have been suspended with a 2009 date.

[bsshog40]

This really sux in a way. I like collecting these. As far as I'm concerned the Bullion SAE's are only good for Danscos. The W's are for collectors. I would almost bet that the 2010's will become a high mintage coin. They will probably try to make up for the lost year.

[bsshog40]

So it was just the "W" mint mark and Proofs that have been suspended with a 2009 date.

Yes, 2009 bullion coins were out early this year. It's the W's that we will not see.

[ldhair]

Wow, no 2009 Proof.

Watch out, they may make one and only offer it in a gold set.

[bsshog40]

23 yrs of consecutive proofs and now a hole in the set!!

[Old Pueblo]

Outrage! Feels like mint-abandonment! Where's the loyalty to your clients! Heck, your the biggest coin dealer in the world!

I have been a loyal collector of this coin, registry, the whole bit (except the 1995w).

I was hoping for limited production of the 2009s, maybe 30,000?

Nope!

[Dwaine]

Anything is still possible but I doubt we will see any collector silver eagles.

[Conder101]

23 yrs of consecutive proofs and now a hole in the set!!

I know, I've been building a set to give to my brother and his wife for their 25th (silver) wedding anniversary, one from each year. Now I'm going to have fill the 2009 hole with a bullion piece.

[DC Dawg]

23 yrs of consecutive proofs and now a hole in the set!!

Well, if you collect other large dollars, like Morgans and Peace Dollars, there are holes in those sets, too.

 

Scott

[RareSov]

I can't believe the US Mint's stupidity, personally.

 

The country is in financial crisis. And they won't mint a collector coin like this that will actually sell well ?

 

They could mint 100,000 proofs, sell them for 50 bucks each, and make a bit of money. Hell they could charge much more, almost whatever they wanted, if they minted 20,000 or less. Creating a rarity would be the way to go.

[bsshog40]

23 yrs of consecutive proofs and now a hole in the set!!

Well, if you collect other large dollars, like Morgans and Peace Dollars, there are holes in those sets, too.

 

Scott

Yea but you're talking a hundred years ago when technology wasn't even thought about what we have today. Also Morgan and Peace dollars were circulating coins at the time. The SAE's we're meant to be collector coins.

[DC Dawg]

23 yrs of consecutive proofs and now a hole in the set!!

Well, if you collect other large dollars, like Morgans and Peace Dollars, there are holes in those sets, too.

 

Scott

Yea but you're talking a hundred years ago when technology wasn't even thought about what we have today. Also Morgan and Peace dollars were circulating coins at the time. The SAE's we're meant to be collector coins.

No Peace Dollars were produced from 1929 through 1933. A bit less than 100 years ago. No large dollars were produced from 1937 through 1971--not counting the 1964-D Peace Dollars whose entire mintage was allegedly melted.

 

That being said, I am not happy with the Mint's decision. I will have a blog post on this shortly. The numbers show the Mint's incompetence!

 

Scott

[RareSov]

I can't think of ANYONE who would be happy with this decision..

[Old Pueblo]

My letter to the Mint is on my desk ready for the mail Monday or Tuesday.

 

Customer Service Center

United States Mint

2799 Reeves Road

Plainfield, IN 46168

 

 

 

[Conder101]

They could mint 100,000 proofs, sell them for 50 bucks each, and make a bit of money. Hell they could charge much more, almost whatever they wanted, if they minted 20,000 or less. Creating a rarity would be the way to go.

Sounds good, but they can't do that. Believe it or not they ARE restricted to how much of a profit they can charge on what they sell. I'm not sure if the same rules apply but the way it used to work was the face value, plus the marrket cost of the metal, plus packaging, advertising, and a catch all called expenses. (Expenses was where they through everything they could think of. Design cost, die production, office space, office furnature, office supplies, utilities etc. This was a good one because the office space and office furnature already belonged to the government. Need more space, the government owns plenty of vacant offices, and the furnature, callthe GSA and they will bring what you need out of the government warehouses. But the cost of what a business woud have to pay for that floor space and furnature is charged off against the coin program. Use the same office and personnel for more than one program and it gets charged to all three of them. And not pro-rated.) Add all that up and then they are allowed a 20% markup no more than that.

 

Now making fewer coins does help because you are dividing the "expenses" among fewer coins so the price does go up, but as the price rises the number of units sold goes down and that can reuce profits as well. Look at it this way. When the sold the 2006 proof 1 oz gold buffalos they were $600. The 2009 proof UHR double eagles have been around $1,200. The mint probably made more on the Buffalos than they will make on the UHR. Why? Because although the price is twice as high, they've only sold a third as many units.

[World Colonial]

The only thing I would add is that even if the mint could charge as much as the market would accept, this coin would not be remotely rare with a mintage of 20,000. Any coin with that many high grade suvivors is absurdly common. It just so happens to be from one of the world's most popular series which is why the 1995-W holds the dubious distinction as being the most absurdly overpriced coin on the planet.

[Roeshad]

I for one will be buying if they do release fractional gold.MY belief is gold is a safe bet in the long run if ya got a few bucks to spare.

Roeshad here