The U.S. Mint’s 2008 Gift Catalog announcement on Monday contained a glaring omission. There were no collector 2008-W American Eagle Silver proof coins. Did the Mint simply forget to list these mainstay one-ounce silver coins? Not likely.
The die is cast and this year’s run of the coins is likely ended. Despite hope, collectors are not likely to see a 2008 comeback similar to the platinum eagles’ return on Friday. Three factors reinforce this line of reasoning:
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Prior Mint catalog announcements have always included silver proof eagles (see 2007, 2006 Spring, 2006 Fall, 2005)
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The Mint halted sales of these eagles in August and they have never resumed
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Available silver blank inventories are used to mint bullion American Eagles silver coins, not the collector versions bearing the "W" mintmark
The first reason is self-evident, the second a matter of fact and the third bluntly explained by the Mint earlier this year.
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Gold snapped its pessimistic losing streak on Monday, digging ever so slightly out from a seven-day tomb of death. The yellow metal finally made a stand and rose above the turmoil with oil prices. New York silver, gold and platinum futures gained 3.7 percent, 0.3 percent, and 1.3 percent, respectively.
November crude posted its second straight session gain, rising $2.40, or 3.3 percent, to close at $74.25 per barrel.
December silver rose 35 cents to close at $9.69 an ounce.
January platinum gained $11.50 to end at $892.50 an ounce.
Gold for December climbed $2.30 to settle at $790 an ounce.
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Casting aside the glum economic specter hovering over the fast approaching holiday season, the United States Mint on Monday reminded everyone that they have a collection of coins to joyfully consider for that special gift-giving occasion.
"Our gift catalog showcases the exceptional artistry of genuine United States Mint coinage," said United States Mint Director Ed Moy. “The featured products are well crafted and make exceptional gifts. We encourage customers to place their orders early."
The Mint’s 2008 catalog is set for release on October 27 and it will include a series of new commemorative coins as well as old favorites, most of which are already available for purchase directly from the Mint’s website.
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The 2008 Philadelphia $2 Single Note sold out within hours, replicating previous collector $2 note sell out performances. The Bureau of Engraving and Printing (BEP) placed the limited 10,000 notes on sale at 9:00 AM and they were gone before 11:30 AM.
The sale of Philadelphia notes were initially delayed by the BEP in June due to system maintenance. Whether their postponement helped heighten their demand is difficult to know given past $2 banknote offering from the Reserve Banks Atlanta, New York, San Francisco, Chicago, Dallas, Richmond and Cleveland also sold out within a few short hours.
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The Reserve Bank of Fiji’s new awareness campaign promoting the modernization of coins and the elimination of the one and two cent coins began in September and was further clarified Friday by Governor Savenaca Narube.
The issuance of Fiji’s two smallest coins ceased as of Monday, October 13, and were eliminated because of lack of use, according to the Governor.
"The major reason why the circulation of one and two cents will cease is not so much because of the cost of minting them but more so because these coins hardly circulate any longer.
Due to the rise in incomes and prices, these coins have lost their value and therefore when issued into circulation they do not change hands or circulate like other denominations. Instead, as we all do, we accumulate them in jars, bottles and containers at our homes and offices.
This signals clearly to us that their value is virtually insignificant and people do not need them any longer. The cost of minting them therefore becomes an unnecessary burden."
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