1878 silver dollars Updates
Featured Paper Money ArticleBurnished Gold and Silver Eagles - US Mint Keeps Collectors Guessing
By Michael Zielinski
In 2006 the US Mint started offering collectible versions of the popular Gold and American Eagle silver dollars. These collectible versions have two main distinctions from the standard bullion versions of the coins. First, they are struck on specially burnished blanks. Second, they carry the 'W' mint mark to designate mintage at the West Point Mint. These burnished versions seem to present a good opportunity for collectors since they usually end up with mintages significantly lower than for the regular bullion version. This year's sales have followed a less than typical path that have kept collectors guessing about the series.
Burnished Gold Eagle Sales
Sales of the Burnished Gold Eagle coins have been impacted by the rising price of gold. Since the Mint sells the coins at fixed prices, if the price of gold rises too much, sales are suspended until they can reset prices to more appropriate levels. Sales have been suspended twice this year- first in October and most recently on November 5th. As of today, Burnished Gold Eagle sales are still suspended at the Mint.
The Mint website lists the following message for the Burnished Gold Eagle:
Due to the increasing market value of gold, the American Eagle Gold Uncirculated Coins are temporarily unavailable while pricing for this option can be adjusted; therefore, no orders can be taken at this time.
Will the 2007-W Burnished Gold Eagles ever go back on sale? If not, the coins will end up with some incredibly low mintages, which may drive higher prices in the secondary market. The suspensions have reduced the amount of time the coins have actually been on sale and the most recent suspension has dragged on much longer than expected.
Burnished Silver Eagle Sales
Sales of Burnished Silver Eagle coins have been impacted by packaging issues and an unexpected product offering. The coins had been selling briskly throughout the year, and then on November 22, they appeared to be sold out at the Mint. Many collectors thought that this would be the last time the coins would be available directly from the Mint at the standard issue price.
On December 3, the Mint released a batch of new Presidential Dollar products. One of the products was the 2007 Uncirculated Dollar Coin Set, which includes the 2007-W Burnished Silver Eagle. This unexpected product meant that collectors could still obtain the Burnished Silver Eagle from the Mint by purchasing this set.
On December 21, the Mint put the individual option of the Burnished Silver Eagle back on sale. According to a widely read coin publication, the brief halt of sales was due to a packaging issue. The issue had been resolved and the coins went back on sale.
This constant guessing game with the Burnished Silver Eagles has frustrated many collectors. With sales in two different options continuing to drive mintages and distribution, this year's coin probably will not experience the significant secondary market price increase seen for last year's coin.
While the guessing game with the Mint has potentially created opportunities via the Burnished Gold Eagles, it has also created a roller coaster ride for the Burnished Silver Eagles. When the sales are officially closed out for these offerings, it will be interesting to see where mintages and secondary market prices end up.
About The Author
Michael Zielinski is an internet entrepreneur and coin collector. For further information on Gold Eagle coins visit Certified Gold Eagles. For up to date news on new offerings from the US Mint, visit Mint News Blog.
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