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Too Many Proof Gold American Eagles?
October 22, 2010

Yesterday marked the end of the second week of availability for the 2010 proof gold American Eagle coins.

None of the sales options has reached a sellout level. Will any of them ever get there?

The one with the best chance of doing so is the one-ounce coin, which reached at last report a sales level of 19,195 coins out of a possible 25,000.

I expect that these buyers were the most eager. They have ponied up over $30 million to purchase these coins.

How many other buyers will join them? That is the question.

With 5,805 to go, it will take more than $9 million more to acquire them.

That’s a lot of money to take out of the hobby, but it isn’t just hobbyists who are doing the buying. Retirement plans are also participating in the action.

The decline in the price of gold of the last few days probably doesn’t inspire the fence sitters to jump into the purchasing fray.

So what is the bottom line?

Well, even if it takes another two weeks or a month to do it, the ounce will likely post a sold out sign.

The other options might never reach that point. There are still 81 percent of the half ounce coins available, as well as 78 percent of the quarter ounce, 68 percent of the tenth ounce and 74 percent of the four-coin sets.

Those figures mean there is still a lot of supply.

If you are one of the fence sitters, what will it take to get you to make a purchase of the proof gold American Eagles?

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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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