Press Release From The US Mint Today At Noon!

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Author	Replies: 9 / Views: 2,306
Morgans Dad Pillar of the Community United States 5604 Posts	Posted 10/06/2009 10:19 pm Mint News Blog -------------------------------------------------------------------------------- 2009 Proof and Uncirculated Gold and Silver Eagles Canceled Posted: 06 Oct 2009 11:11 AM PDT "Today at Noon, the United States Mint issued a press release with some shocking and disappointing news. The collectible 2009 Proof and Uncirculated Gold and Silver Eagles will not be offered this year. As partial consolation, the press release also announced plans to offer the 2009 Proof Gold Buffalo, the 2009 Proof Platinum Eagle, and fractional weight Gold Eagle bullion coins. As it now stands, the following collector coins are now canceled: - 2009 Proof Silver Eagle - 2009-W Uncirculated Silver Eagle - 2009 Annual Uncirculated Dollar Coin Set - 2009 Proof $50 Gold Eagle (one ounce) - 2009 Proof $25 Gold Eagle (one-half ounce) - 2009 Proof $10 Gold Eagle (one-quarter ounce) - 2009 Proof $5 Gold Eagle (one-tenth ounce) - 2009 Proof Gold Eagle 4 Coin Set This is in addition to many other collector gold and platinum coins that had previously been announced as discontinued. On the bullion front, the US Mint has canceled all 2009 American Platinum Eagle bullion coins. These coins are typically available in one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce sizes. The following collector coins will be offered: - 2009 Proof $50 Gold Buffalo (release date October 29) - 2009 Proof $100 Platinum Eagle (release date December 3) The reason cited for the canceled products is a familiar one: "the unprecedented demand for American Eagle Gold and Silver Bullion Coins." This reason has been cited on numerous occasions over the past two years to explain bullion coin rationing, bullion and collector coin suspensions, and bullion and collector coin cancellations. Under law, the United States Mint is required to produce Gold and Silver Eagle bullion coins in quantities sufficient to meet public demand. Accordingly, the US Mint has been using all 22-karat gold and silver blanks to produce bullion coins, in lieu of collector coins, which they are not legally required to produce. The status of this year's collectible Gold Eagles, Platinum Eagles, Silver Eagles, and Gold Buffaloes has been a topic of constant discussion and speculation. Way back in January, I had mentioned the possibility that these coins might not be issued in 2009. My reasoning was validated a few months later when the US Mint finally announced that the products were suspended (see posts here and here). In mid-June, there was a brief revival of hope for the collector coins when the US Mint finally ended bullion allocation programs, but apparently this was to no avail. This is clearly an unhappy resolution to the situation for collectors. I will have further thoughts on this situation in the coming days." Just thought I would also share this, not good news for the "Collectors"....Mike Report this Post to the Staff

Coin_Guy Valued Member United States 143 Posts	Posted 10/07/2009 01:18 am This news does sadden me very much! I have a question though. Why would the mint decide to produce the gold proofs instead of the silver proofs. It cannot be because of costs because last time I checked gold spot was a little higher than that of silver ;) And also, couldn't the mint sell far more silver proofs than gold proofs considering the are less expensive? Seems like a bad move for the mint. I know I won't be buying any gold (It's far to expensive!) Report this Post to the Staff
eaglefoot Pillar of the Community United States 6326 Posts	Posted 10/07/2009 08:16 am Report this Post to the Staff
TheForce Pillar of the Community United States 4867 Posts	Posted 10/07/2009 08:41 am At least this news has no effect on me! I can't afford those things anyways! :) Report this Post to the Staff
biokemist6 Bedrock of the Community United States 12437 Posts	Posted 10/07/2009 10:50 am Quote: Why would the mint decide to produce the gold proofs instead of the silver proofs It has nothing to do costs but it does have everything to do with metal supply. The Mint can barely keep up with the Silver Eagle bullion production and all silver planchets are being used for that purpose since they are mandated by law to produce the bullion coins to demand. There is no such mandate for the collector versions. The Mint does have a sufficient quantity of 24kt gold planchets to be able to produce the Buffalo proofs, remember that the Gold Eagles are only 22kt so they use different planchets. Report this Post to the Staff
TheForce Pillar of the Community United States 4867 Posts	Posted 10/07/2009 11:55 am On that note, who supplies the mint with the bullion planchets? Report this Post to the Staff
biokemist6 Bedrock of the Community United States 12437 Posts	Posted 10/07/2009 12:53 pm Sunshine Minting in Idaho is the primary supplier of the silver blanks but they also supply other world mints too(Canada, Austria, and probably a few others). Report this Post to the Staff
Morgans Dad Pillar of the Community United States 5604 Posts	Posted 10/07/2009 4:33 pm It would seem to be to much of a coincidence that the Mint can NOT keep up and deliver the silver UNC'S and proofs to us, but the Big time dealers got all they could ask for and more, now we as a "small minority" get the scraps, which this time around, is nothing. I know the mint has no "legal" obligation to serve the collectors, but that said, we are always being mentioned for this release or that release, to much for some, not any for most. Sure you can buy the gold, in this economy I wonder who is thinking with who's wallet...... U S Mint unopened rolls are all over the flee bay site and not a roll has sold for less than 450.00.......sad.. Report this Post to the Staff
DAN505 New Member United States 25 Posts	Posted 10/07/2009 7:58 pm Bullion/Coin buyers can save money by deleting ebay from your bookmarks. I guess once in a while you can get a good deal but usually not I buy my bullion at APMEX, but prices are on the rise ATM http://www.apmex.com/Product/48687/..._Eagles.aspx Report this Post to the Staff
markapsolon Valued Member United States 207 Posts	Posted 10/07/2009 8:05 pm I think if we all were to petition the mint they might make The American Silver Eagles for 2009. I really would like a 2009 buffalo but the price is going to be really higher because of spot Report this Post to the Staff
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