US Mint Raises Price on Proof Platinum Eagle, Gold Coins Unchanged

by CoinNews.net on January 18, 2012 · 0 comments

2011 Proof American Platinum Eagle

2011 Proof Platinum Eagle

Collectors will now have to pay $100 more for a 2011-W Proof American Platinum Eagle after the United States Mint raised its price Wednesday from $1,692.00 to $1,792.00.

Pricing for the proof Platinum Eagle had most recently been reduced on December 21 when the PGM metal fell within the Mint’s coin price setting range of between $1,350.00 and $1,449.99 an ounce. But precious metals have been on the rise this year. Platinum alone jumped $101 since the start of 2012.

Since Thursday, the average climbed just above $1,500 an ounce and that fell into the Mint’s higher coin pricing setting range of between $1,450.00 and $1,549.99 an ounce, triggering the $100 increase for the .9995 fine proof Platinum Eagle. The new price is still quite a distance from the coin’s all-time high. When the Eagle was released on May 26, it was listed for $2,092.00 or $300 more than today.

Despite generally higher prices, sales of the Platinum Eagle have reached 12,471 as of Tuesday, January 17. The United States Mint has authorized a maximum mintage of 15,000.

The 2011 Proof American Platinum Eagles may be purchased directly from the United States Mint at http://www.usmint.gov/catalog and by phone at 1-800-USA-MINT (872-6468).

An increase in the Platinum Eagle price generally follows higher numismatic gold coin prices. That did not happen in this case, but just barely. The United States Mint raised prices on the gold coins as recently as last Wednesday when London gold landed between $1,600.00 and $1,649.99 an ounce. The newest weekly average for gold actually moved a few pennies above $1,650 an ounce and would have triggered increases, but the Wednesday PM fixing was at $1,647. The Mint uses the PM Fix as a directional component in coin pricing. Since it remained below $1,650 by $3, prices for American Gold Eagles and First Spouse Gold Coins were held steady.

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