Staring sales for collector 2013-W Proof American Gold Eagle Coins turned out stronger than debut sales from last year’s issues.
How sales opened was going to be interesting given that the coins launched during a week in which gold prices plunged. Supportive, though they do not carry high premiums like collector coins, demand is soaring for companion investment-grade bullion Gold Eagles. April sales for these bullion coins are already the highest for a month since December 2009.
The big question was, would collectors wait on the sidelines for possible coin pricing cuts this Wednesday, or buy their proof Gold Eagles early to get them in hand sooner? For those in the latter camp, the proofs were at least already cheaper than last year’s issues.
Released on Thursday in four individual coin sizes and a four-coin set, buyers by Monday snapped up 9,370 coins for a total of 4,480 ounces. In contrast, last year’s Gold Eagles opened with sales of 8,369 coins for a total of 4,235 ounces.
This year the smallest 1/10 oz coin had the strongest starting unit sales at 2,000. Normally the largest 1 oz coin leads. Here is a table with various debut categories showing how the 2013 Proof Gold Eagle Coins opened:
|Debut Sales for 2013 Proof American Gold Eagle Coins|
|PRODUCT LIMIT||MINTAGE LIMIT||DEBUT PRICES||DEBUT SALES (UNITS)||DEBUT SALES (COINS)||DEBUT SALES (OUNCES)||DEBUT SALES ($)|
|Total Coins Sold||5,893||9,370||4,480.15||$8,168,348|
*The four-coin set includes one proof Gold Eagle in each size.
2013 Proof American Gold Eagle Coins may be ordered through the U.S. Mint website located here. Orders may also be placed by calling 1-800-USA-MINT (872-6468).
As it turns out, it seems likely that the U.S. Mint on Wednesday, April 24, will cut prices on its collector platinum and gold coins, which include the new West Point minted Proof Gold Eagle products.
Last Wednesday, the Mint adjusted prices for its coins based on a weekly average of platinum and gold that fell to between $1,450 and $1,499.99 an ounce. To calculate the average, the bureau uses daily London fixings from the earlier Thursday AM through to the current Wednesday AM. The Wednesday PM fixing is also used as directional component.
While tomorrow’s London fixings still need to be considered, current averages for both gold and platinum are in a lower $1,400 to $1,449.99 range. This would call for lower coin prices of $50 per ounce of gold or platinum content.
Based on current conditions, the following table offers the most likely price cuts:
Update: The U.S. Mint did reduce coin prices and to the expected levels. The new prices are found in the "To" column below.
|2013 Proof 5-Star Generals $5 Gold Coins||$466.20||$454.05|
|2013 Uncirculated 5-Star Generals $5 Gold Coins||$461.20||$449.05|
|2012 Proof First Spouse Gold Coins||$940.00||$915.00|
|2012 Uncirculated First Spouse Gold Coins||$920.00||$895.00|
|2012-W Proof Platinum Eagle||$1,850.00||$1,800.00|
|2013-W Proof Gold Eagle Coin (1 oz)||$1,810.00||$1,760.00|
|2013-W Proof Gold Eagle Coin (1/2 oz)||$920.00||$895.00|
|2013-W Proof Gold Eagle Coin (1/4 oz)||$472.50||$460.00|
|2013-W Proof Gold Eagle Coin (1/10 oz)||$200.00||$195.00|
|2013-W Proof Gold Eagle Four-Coin Set||$3,352.50||$3,260.00|
This coin news article will be updated to show what actually happened. The U.S. Mint tends to make gold and platinum coin pricing adjustments, when needed, around 12:00 noon ET on Wednesdays.