Eagles Start With a Bang|
January 24, 2013
This article was originally printed in Numismatic News.
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It took just 10 days, but buyers of silver American Eagle bullion coins cleaned out the Mint’s supply of the 2013 coins and sales were suspended Jan. 17 at least until Jan. 28.
The Mint was prepared for a 21 percent increase in demand from last year’s record January sales figure of 6,107,000 coins, but that apparently was not enough.
Tom Jurkowsky, the Mint’s director of public affairs, said when the coins became available Jan. 7, buyers took 34 percent more coins in the first week than in the equivalent period last year.
When the sales period began, the Mint had an inventory of 4.2 million 2013 coins and projected January production will add another 3.2 million coins.
When all is said and done the 2013 January sales number is likely to be 7.4 million coins, almost 1.3 million more than that of January 2012.
The Mint will begin rationing supplies when it has more silver Eagles to sell. An allocation formula will divide available coins among the Authorized Purchasers. Jurkowsky did not forecast how long it would be rationing available supply.
“The market wants more,” he acknowledged. “At these volumes we are in uncharted territory.”
Currently, the Mint is striking silver Eagle bullion coins at a rate of 800,000 to 1 million coins a week, he said, which is as fast as it can find supplies of silver blanks.
The supply situation is better for gold American Eagle bullion coins. Demand is running high for those as well, but Jurkowsky said he did not expect the Mint to run out of coins.
As of Jan. 22, buyers had taken 107,000 1 ounce 2013 coins compared to 84,500 sold in all of January 2012.
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