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US Mint Suspends Production of More Gold and Silver Coins

 
The Jurist
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03/23/2009 03:15 PM
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US Mint Suspends Production of More Gold and Silver Coins
31 U.S.C. § 5112 (h)(i)(1) (Denominations, specifications, and design of coins) (Notwithstanding section 5111(a)(1) of this title, the Secretary shall mint and issue the gold coins described in paragraphs (7), (8), (9), and (10) of subsection (a) of this section, in quantities sufficient to meet public demand, and such gold coins shall - •(A) have a design determined by the Secretary, except that the fifty dollar gold coin shall have - •(i) on the obverse side, a design symbolic of Liberty; ...).
[link to www4.law.cornell.edu]

US Mint Suspends Production of More Gold and Silver Coins [link to goldandsilverblog.com]

March 14, 2009 | Filed Under US Mint [link to goldandsilverblog.com]

The United States Mint has officially announced the suspension of another slate of gold and silver products. The affected products are 2009 dated American Gold and Silver Eagle coins produced for collectors. These coins are considered collectible versions of the bullion coins. Although these are collectible coins, they represent a sizable amount of precious metals sales and represent a method of gold and silver investment for many individuals. Last year, the US Mint sold 1,157,911 ounces of silver in the form of Silver Eagle coins minted for collectors. They also sold 155,740 ounces of gold in the form of Gold Eagle and Gold Buffalo coins minted for collectors.

The following message was posted on the US Mint's website in the space where the collectible Gold Eagle coins typically appear. The proof coins has been offered uninterrupted since 1986. The uncirculated version has been offered since 2006.

Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins "in quantities sufficient to meet public demand . . . ." The United States Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products. Additionally, as a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced.

A similar message is posted in the section where collectible American Silver Eagle coins would typically appear. The proof coins have also been offered uninterrupted since 1986 and the uncirculated coins since 2006. Production of United States Mint American Eagle Silver Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Silver Bullion Coins. Currently, all available silver bullion blanks are being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins "in quantities sufficient to meet public demand. . . ."

The United States Mint will resume the American Eagle Silver Proof and Uncirculated Coin Programs once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products.

This adds to the lengthy list of 2009 dated precious metals products that have been "temporarily delayed" or suspended by the US Mint. In my previous post Actions of the US Mint Discourage Gold Ownership [link to goldandsilverblog.com] , I mentioned the delayed release of 2009 Gold Eagle fractional coins, 2009 Gold Buffalo coins, and all 2009 Platinum Eagle coins. The delay, which was first announced in November 2008, continues with no further explanation provided.

For those keeping track, here is a list of the US Mint's 2009 precious
metals products that have been "temporarily delayed" or suspended:

* 2009 American Gold Eagle 1/2 oz. (bullion)
* 2009 American Gold Eagle 1/4 oz. (bullion)
* 2009 American Gold Eagle 1/10 oz. (bullion)
* 2009 American Platinum Eagle 1 oz. (bullion)
* 2009 American Platinum Eagle 1/2 oz. (bullion)
* 2009 American Platinum Eagle 1/4 oz. (bullion)
* 2009 American Platinum Eagle 1/10 oz. (bullion)
* 2009 American Gold Buffalo 1 oz. (bullion)
* 2009-W Proof American Gold Eagle 1 oz. (collector)
* 2009-W Proof American Gold Eagle 1/2 oz. (collector)
* 2009-W Proof American Gold Eagle 1/4 oz. (collector)
* 2009-W Proof American Gold Eagle 1/10 oz. (collector)
* 2009-W Proof American Gold Eagle 4 Coin Set (collector)
* 2009-W Uncirculated American Gold Eagle 1 oz. (collector)
* 2009-W Proof American Silver Eagle (collector)
* 2009-W Uncirculated American Silver Eagle (collector)

In addition, the following precious metals related products were discontinued by the US Mint for 2009. These discontinuations were announced in November 2008. Amidst the environment of unprecedented demand for precious metals, the US Mint determined that these products were "unpopular."

* Uncirculated American Gold Eagle 1/2 oz. (collector)
* Uncirculated American Gold Eagle 1/4 oz. (collector)
* Uncirculated American Gold Eagle 1/10 oz. (collector)
* Unriculated American Gold Eagle 4 Coin Set (collector)
* Uncirculated American Gold Buffalo 1 oz. (collector)
* Uncirculated American Gold Buffalo 1/2 oz. (collector)
* Uncirculated American Gold Buffalo 1/4 oz. (collector)
* Uncirculated American Gold Buffalo 1/10 oz. (collector)
* Unriculated American Gold Buffalo 4 Coin Set (collector)
* Proof American Gold Buffalo 1/2 oz. (collector)
* Proof American Gold Buffalo 1/4 oz. (collector)
* Proof American Gold Buffalo 1/10 oz. (collector)
* Proof American Gold Buffalo 4 Coin Set (collector)
* Uncircualted American Platinum Eagle 1 oz. (collector)
* Uncircualted American Platinum Eagle 1/2 oz. (collector)
* Uncircualted American Platinum Eagle 1/4 oz. (collector)
* Uncircualted American Platinum Eagle 1/10 oz. (collector)
* Uncircualted American Platinum Eagle 4 Coin Set (collector)
* Proof American Platinum Eagle 1/2 oz. (collector)
* Proof American Platinum Eagle 1/4 oz. (collector)
* Proof American Platinum Eagle 1/10 oz. (collector)
* Proof American Platinum Eagle 4 Coin Set (collector)

That makes a total of 38 precious metals products which have been delayed, suspended, or discontinued by the US Mint.

As it currently stands, investors or collectors looking to purchase newly minted American Eagle or American Buffalo precious metals products have only two options available. These are the 2009 1 oz. American Gold Eagle and the 2009 1 oz. American Silver Eagle. Both of these products continue to be subject to rationing.

* * * * * * *

"Educate and inform the whole mass of the people... They are the only sure
reliance for the preservation of our liberty." -Thomas Jefferson

Last Edited by The Jurist on 03/23/2009 03:16 PM
`
(Be) Divide(ed) and (be) Conquer(ed)...

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:damned: Doom is optional. There is good news abounds.
Anonymous Coward
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03/23/2009 03:22 PM
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Re: US Mint Suspends Production of More Gold and Silver Coins
What's a good way to buy gold now?

I always thought those coins, etc, are overpriced. Plus there are per-coin fees, aren't there?

Maybe I'm being lazy and should do a search for old threads...
The Jurist (OP)

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03/23/2009 07:16 PM
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Re: US Mint Suspends Production of More Gold and Silver Coins
bump
`
(Be) Divide(ed) and (be) Conquer(ed)...

Don’t listen to what they say, watch what they do.

~There is Tranquility in Ignorance, but Servitude is its Partner. —me
~What luck for Rulers that Men do not Think. —Adolf Hitler

:damned: Doom is optional. There is good news abounds.
Anonymous Coward
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03/23/2009 07:20 PM
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Re: US Mint Suspends Production of More Gold and Silver Coins
I heard the US Mint is going to produce proof quality Lady Liberty RFID microchips in unlimited quantities.
Omega

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03/23/2009 07:22 PM
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Re: US Mint Suspends Production of More Gold and Silver Coins
Good info.

:bmpstack:
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Disarmament is the precursor to Genocide.

Better to take action now rather than chances later. Your choice.
Anonymous Coward
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03/23/2009 09:43 PM
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Re: US Mint Suspends Production of More Gold and Silver Coins
United States will Declare Insolvency by months end.
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