2017-W Proof American Platinum Eagle Poised for 10,000 Sell-Out?

by Mike Unser on July 19, 2017 · 16 comments

2017-W Proof 20th Anniversary American Platinum Eagle coin and case

Sales of the 2017-W Proof Platinum Eagle hit 8,044 coins through July 16

Is a sell-out in the works for the 20th anniversary 2017-W Proof American Platinum Eagle? It now seems possible.

Buyers scooped up another 2,084 coins during its first full week of release, lifting its 11-day sales total to 8,044 coins for 80.4% of the allotted 10,000 mintage.

Ordering opened July 6 for the 1-ounce, .9995 platinum coin. Its first-day sales reached 5,230 coins, and then another 730 sold through the first weekend for combined sales of 5,960 coins. On the following day, July 10, the U.S. Mint lifted its initial 1-coin per household limit. That’s likely the biggest spark igniting last week’s 2,000+ gain.

A smaller component in the mix included some collectors who initially remained on the sidelines in wait for a potential price cut. Early last week with platinum trending lower, there was a chance that the Platinum Eagle’s $1,300 price could drop by $50. However, the precious metal steadied and, as a result, the coin’s original price is here for some time — minimally, at least until July 26.

Last year’s proof American Platinum Eagle also had a 10,000 mintage. It sold out within an hour of launching. The coin from 2015 had a smaller mintage of 4,000. It reached sell-out status in seven minutes. The pair of rapid sellouts was supported by their unique designs, an attraction to the proof Platinum Eagle series which had featured annually changing reverses. In celebration of 20 years, this year’s proof has the same designs as the very first coin from 1997.

Ordering

Order the platinum coin from the U.S. Mint using its American Eagle product page.

{ 16 comments… read them below or add one }

Tinto July 19, 2017 at 7:48 pm

Would be interesting to see how much of the sales after the lifting of the HHL was due to big boy buyers and flippers … too bad Coin World did not ask the US Mint about how many numismatic coins were purchased by big buyers .. no need to name them just .. how many orders above a certain quantity .. eg. 10 proof APE (how many coins would a collector want???) .. of course after a period of time, say a month .. would be interesting ..

Seth Riesling July 19, 2017 at 10:10 pm

Mint officials are shocked that this 20th anniversary platinum coin has not sold out yet. They will be selling them at their booth at the ANA coin show & convention August 1-5 in Denver (the largest coin show in the world held each summer in a different USA city). They should be able to get rid of the almost 2,000 coins left unsold.

-NumisDudeTx

NW Robert July 19, 2017 at 10:22 pm

It would have been great if they had a special design for the 20th anniversary. It didn’t knock my socks off like the first time I saw the flowing hair on the Draped bust large cent design. That flowing hair.. amszing.

joera July 20, 2017 at 3:09 am

And some people did not think it would sell out.

Joe Brown July 20, 2017 at 8:05 am

Mint made ten thousand Platinum Eagles, not ten million, I don’t know what planet some of U’s are on. But this world that’s rare. Look at history of the Platinum Eagle, they always don’t sell out, but they do over time. It’s not over kill, mint knows what there doing on this 1. & what on earth is wrong with the flip of coins, it’s part of the package of a good collecter. I read over the years, sounds to me they should go to prison,all legal. I’m going to give all my coins to my kids & grand kids when i cross over. Great nice if loaded, let them piss throw it. All gone before the first tolip spouts in front of your tombstone. GROW a set, try it some time. Just don’t cover your ass, be a man, when your wrong, your wrong. Ask my wife, she won’t get off my ass until I say I’m wrong even when I’m not wrong I’ll say it. Just get off my back. 30 years, she has never been wrong. I married the perfect woman now that’s very rare. I know I spell 2 words wrong, I a mitt it, for I am a MAN. Good day Peace.

Joe Brown July 20, 2017 at 11:54 am

O,ya walk your talk don’t pat your self on the back for a blog you wort earlyer , and turns out your not correct Stand up and take a good long piss. I hate self prays, look & listen to our president. HE needs a 12 step program soon throw the grace of GOD only. The o world, is going to kiss there ass good by. For the bible tells me so,by by miss American Pie. I know i’ll be on the last train for the cost, with the fater, son & holy ghost. I,m at peace with GOD & MYSELF. first thing first, SAVE YOUR SELF. E Z DOES IT.

jim July 20, 2017 at 5:41 pm

Seth –
Really? Mint officials are shocked? When they did absolutely nothing with the coin except take an old design and put this year’s date on it? That amount of inaction and boring repeat of an old design deserves an yawn reaction, not a shocked reaction.

And what did they do with the 10th anniversary of the gold buffalo coin? Exactly the same thing – same design only new date. They didn’t even notice the anniversary had come and passed. And still they sold more than twice the platinum coin max mintage and at $300+ more per coin too.

Mint management seems to be blissfully unaware of how poorly they’re managing the collectable coin division.

Seth Riesling July 20, 2017 at 9:44 pm

jim –

Mint sales officials are not numismatists, believe it or not. They need no coin hobby/industry experience to get hired. They usually transfer in from other government generic desk jobs. That is one reason why Congress started the CCAC committee to advise them (even though the Mint rarely listens to them). Mint marketing staff really believe every product they offer will sell out at some point. It is absolutely crazy! But, they do have a monopoly as the only producer of USA legal tender coinage. They don’t have to worry about any competition, since most collectors in the USA collect mostly USA coins.
No pressure in their easy jobs!

-NumisDudeTx

Tinto July 20, 2017 at 10:49 pm

Seth

And the Mint folks are getting paid in full, I’d guess .. whether they do a little (most likely) or a lot … maybe these non-numismatic Mint folks should get a little exposure to numismatic … maybe they’re getting it from the big buyers/dealers/etc.

jim July 21, 2017 at 2:13 am

Seth –
I don’t doubt this is what’s happening. But I don’t believe they need to have any knowledge or understanding of coin collecting to manage the marketing arm of the US Mint. What they do need is marketing skills and knowledge and expertise. For example knowing your customer. I’ve gotten a lot of surveys over the years and all they care about is packaging and delivery. They don’t care about how well or poorly they’re doing their job or methods of improving sales or retaining customers or even what their customers like. They do have a little competition from Perth and Ottawa and still don’t seem to be aware of what kinds of products they offer and the methods they use to retain customers and sell new products. This is all marketing stuff, not numismatic stuff so I don’t mind that they don’t know coin collecting but I do mind when they put no house hold limit on a product offering such as the Congratulations set that allows it to sell out within minutes of the opening of sales. I guess that shows they do know who their dealer customers are, but not who their collector customers are – assuming they know what a coin collector is.

Scott the Robot July 21, 2017 at 11:48 am

I love the Platinum Eagle series. However, the Platinum Eagle series really shows how mintage means nothing – it is all about number of collectors. If you had a silver eagle with a mintage of only 10,000 (for example, the 1995-W has a mintage of more than 30,000) it would command an enormous premium over spot. However, since there just aren’t as many Platinum Eagle collectors, 10,000 will only command a small premium over spot. This prospect should be a bit unsettling if you are hoping your coins will increase in value over time. In essence, you are betting on the number of coin collectors of a particular coin growing over time.

jim July 21, 2017 at 9:16 pm

The number of platinum collectors may rise because baby boomers are older and may have higher spending capability so that may not be an unfounded hope (disregarding how few people have any savings at all these days). However metal prices have gone up too. The first platinum coin cost $700 compared to $1300 today. So wait for platinum to go up and your platinum stash will rise too.

Joe Brown July 21, 2017 at 10:33 pm

I LOVE ROBOTS if I could go to the junk yard & put one together and have it work I would. But with my 2 brain cells chasing each other, I don’t think so. They always crack me up, ever cents lost in space. Is that where you are. Who put you together & program you. You must be new. When you have time, go to the lieberry, o,ya you don’t have to. Just tone in all the coin books you can. Roll a BIG fat one, O,ya I forgot. Ice cold Tall boy of 10W40, it”s hot out there, and chill. I bet your faster than Evalin Wood at this. Start on page #1 & scan them all front to back. Look at mintage # of all the coins all around the world & every year as far back as you can. Check out all the prices. Some are a big hit soon & some times they fizzel then slowley cliimb back up. If you can program your self all the old coin books compare them with the new books. All coins know matter how many light years away. Have there day in the SUN. You should be around for neons if you keep your self tuned up to see all this lucky B. I bet you could tweet the the BOOB or whatever that is he doe’s and hang your ass out there,if you have 1. I think he lives in a very old white house, He might have some old russian mint state platinum coin for sale. Good BY Will Rogers the robot said.

Seth Riesling July 24, 2017 at 7:28 pm

These coins are now being sold for below issue price ($1300) at $1163.63 with free S & H by MCM in Sarasota, Florida. Amazing!

-NumisDudeTx

Tinto July 25, 2017 at 7:30 pm

Seth

That 2017-W APE had a purely recycled design dud (thanks to the Mint’s laziness and inability to gauge the remaining collector base for platinum) and I am surprised that they have sold as much as they have … almost 9,000 but I betcha a lot of the huge increase was due to big buyers and flippers rushing in thinking they could pull a rabbit our of the hat on this one hoping that there would be a quick “sold out” notice at the Mint to spur demand but as someone said the proof APE collector base seems to be around 5 to 6,000 … I might buy one if they start selling it at melt ..

Seth Riesling July 26, 2017 at 11:22 am

Tinto –

You are right about this coin being a loser. They may sell out at next week’s ANA coin show August 1-5 in Denver where the Mint will have a sales booth at the largest coin show in the world. But, if someone really wants one, they are available for under issue price from some dealers now.

-NumisDudeTx

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