Platinum Eagle Proof Values Robust

by Darrin Lee Unser on August 11, 2010 · 0 comments

The United States Mint will launch the 2010 American Platinum Eagle Proof Coin on Thursday, August 12, 2010.

Platinum Eagle Proof Coin

The release will mark the first Platinum Eagles available from the U.S. Mint since last year’s proof was issued on December 3, 2009. Collectors wasted no time in obtaining those strikes as the entire 8,000 mintage was sold in just over a week.

Several factors undoubtedly played into the fast sell-out and will also likely affect sales of this year’s 2010 proof platinum issue — as well as their later values.

Most notably, the absence of the bullion versions. With record numbers of bullion Gold and Silver Eagles struck by the Mint to meet public demand, bullion Platinum Eagles have been pushed out of the picture. The last time the Mint sold any of the one ounce, .9995 platinum bullion coins was back in October 2008, and there is no indication as to when the Mint might re-start production.

Secondly, the Mint discontinued several of its Platinum Eagle offerings when it trimmed its product portfolio in late 2008. Among the items slashed were fractional proof Platinum Eagles, and uncirculated Platinum Eagles, including the one ounce and the fractional sizes. For collectors, this left only the proof version last year (which could very likely be the case again this year).

Outside the few days American platinum coins were on sale at the Mint, the secondary market has been the only source for those seeking them. From the results shown on eBay during the last 30 days, the market does not appear to be flush with the strikes. And those available have sold for a pretty penny. eBay is typically a good indicator of the current market conditions, but the online auction site only had a few hundred proof Platinum Eagles up for auction in the last month. Of those, just over 50% resulted in a successful sale. The remainder had starting or reserve prices that were apparently too high to garner coin collectors’ interests.

Proof Platinum Eagle Values

Despite having been available since 1997, a majority of the Platinum Eagles listed on eBay are last year’s issues. These coins also achieved the highest prices overall in the last 30 days. Topping the list for the $100 face value coins were two 2009 specimens that were PCGS graded "PR70 – First Strikes." Both sold for a remarkable $2,999.99. Following on their heels was a NGC graded "PF70" 2009 Platinum Eagle proof that went for $2,849.95.

Even ungraded Platinum Eagles in their original Mint packaging are selling quite well, with several realizing more than $2,300. The best deal to be had on a 2009 example sold for $2,075, with the seller quick to disclaim that a small scratch was apparent on the coin despite having never been out of its capsule.

All of the results confirmed a healthy return on investment. Especially when taking into account their Mint issue price of $1,792.

Of course, prior year issues were also auctioned during the same time. The biggest winner was a 2008 Proof Platinum Eagle still in the original Mint packaging. It went for $2,557.97. Coming in second was a NGC graded "PF70 – Ultra Cameo," selling for $2,450.

Fractional Platinum Eagle proofs from past years proved to achieve significant premiums. One example was a 2008 1/2 ounce NGC graded "PF70." It sold for $1,525.05.

It should be noted that the average cost of an ounce of platinum for the year is currently in the $1,580 range, making these auction results for a modern coin all the more impressive.

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