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October 27, 2011

Is today sellout day?

The Mint begins offering on its website the American Eagle 25th Anniversary Silver Coin Set at noon Eastern Time.

I will say, yes, the set will sell out, but it will take longer than a day to achieve that goal.

I declare this with all the confidence of someone who last week attempted to guess the issue price.

The Mint might tend to agree with me, though. There is a limit of five sets per household, but this applies only for the first week. Perhaps this is an indication that the Mint thinks sales will be wrapped up in a week.

If there were a danger of the coins disappearing in a single day, the order limit probably would have been one set per household.

Now about that issue price. My guess of $289.95 was $10 below the actual $299.95. Must be that darn reverse proof that adds the extra 10 spot to the price.

With its $4.95 postage and handling charge, the Mint will take in a cool $30 million and a little change if it sells all 100,000 sets. That’s no small potatoes, but eminently doable when collectors are gung-ho for something.

The five coins in the set include the reverse proof from Philadelphia that I mentioned, plus a regular West Point proof and a “W” uncirculated Eagle. San Francisco kicks in two coins, but only one carries the “S” mintmark. The other will simply be a bullion coin that looks like the 36 million other 2011 Eagles that have already been sold this year in the investor market.

A lacquered hardwood box houses the five coins.

Will the box turn into an investment in its own right as the cherrywood box that housed the six-coin 1986 Statue of Liberty coins did?

No. I think that would be pushing it.

Paying $100 for a box on the secondary market 25 years ago is just one of those crazy, inexplicable things we collectors did when we were younger.

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Recent Comments
On October 27, 2011 Byron Wood said
Well I got my 5 sets, took me until 1216 EST to get my order confirmation number on the internet. I talked to a sales rep later in the day and he said that around 1700 EST they were already putting people on a waiting list. By the way, I spent $60 on a first spouse 4 coin box issued the first year they were released, it goes nicely with my 4 spouseless gold coins.
On October 28, 2011 Forrest said
I also got my 5 sets, took me till 1:11 ET to break into the server.  It took longer than that to get the Lincoln Heritage set bought!  3 hrs 15 minutes for that one.  The 25th anni set is the bomb!  Best investment I ever made!
On October 28, 2011 Mark Hedden said
Does anyone think that since the sets sold out in just 5 hours, that they might revise the "5 set order limit" to "1 set per customer?" It would sure be nice to think that maybe some of the thousands of people on the "waiting list" might actually have a chance to be able to purchase just 1 set to actually keep, because they still like coin collecting, instead of missing out to all of the greedy, money grubbing animals, who fight like mad to grab up all they can. Why would the Mint take so many names down on a waiting list? I thought that the "mission" of the Silver Eagle Program, was supposed to produce sufficient quantities as to satisfy public demand/interest? What happened to that? I think they should go ahead and produce 400,000 more sets! That should satisfy demand and slow down the greedy flippers a little..... Sorry, I'm just really upset that I will not be able to own one of these sets, just because I wasn't fortunate enough to be able to fight my way through in time to get in an order. I just wanted to add to my little collection, not to see how much I could get from some other looser.

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About the Author
David C. Harper has been a coin collector since 1963. He joined the Krause Publications editorial staff in 1978 and is currently editor of Numismatic News and World Coin News. He also edits two books annually, North American Coins & Prices and Coin Digest. He is the author of the Class of '63 column that runs each week in Numismatic News. His first bylined numismatic article appeared in the June 1971 issue of Coins Magazine and his various Krause Publications assignments included a stint as editor of the magazine 1980-1983. Harper received a bachelor of science degree from the University of Wisconsin-Oshkosh in 1977. He had a double major of journalism and economics.

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