The United States Mint halted production and will no longer ship 2008 one-half ounce and one-quarter ounce American Eagle gold coins to authorized dealers, it was announced Monday. Additional gold and platinum coins will be halted when their blank inventories are depleted.
"Due to the extreme fluctuating market conditions for 2008, as well as current market conditions, gold and silver demand is unprecedented and the demand for platinum is unusually high," the U.S. Mint said in a memorandum.
"The U.S. Mint has worked diligently to attempt to meet demand, however, blank supplies are very limited and it is necessary for the U.S. Mint to focus remaining bullion production primarily on American Eagle Gold one-ounce and Silver one-ounce coins," the Mint said.
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Overwhelming demand forced the United States Mint to suspend one-ounce American Eagle gold coin sales to their network of Authorized Purchasers on August 17.
The suspension of the investment gold coins has been lifted — at least on a limited basis, according to a U.S. Mint memo to its authorized dealers on August 22.
“The unprecedented demand for American Eagle gold one-ounce bullion coins necessitates our allocating these coins among the authorized purchasers on a weekly basis until we are able to meet demand."
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The Gold Anti-Trust Action Committee (GATA) reported Friday that the United States Mint has suspended sales of American Eagle gold coins to their network of Authorized Purchasers.
The suspended coins are bullion coins (non collector versions) the Mint will not sell directly to the public, but instead to Authorized Purchasers who can then sell to the public.
At the time of this writing, fractional collector proof and uncirculated American Eagle gold coins are still available through the Mint’s website, although the sharp drop in gold prices without a similar reduction in coin prices has resulted in much higher premiums for collectors to assume.
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U.S. Mint Director Ed Moy treated the press to a golden experience today by providing a glimpse inside the United States Mint at San Francisco to behold the new gold, two-coin 8-8-08 Double Prosperity Set.
The set includes two gorgeous uncirculated one-half ounce gold coins — the 22-karat American Eagle and the 24-karat American Buffalo. Both are packaged within an "elegant hardwood box."
“The 8-8-08 Double Prosperity Set presents a once-in-a-lifetime opportunity for coin collectors and the general public," said Directory Moy.
"The date 8-8-08 (August 8, 2008) occurs only once every 100 years. To mark this occasion, this is also the first time the United States Mint has paired two gold coins in custom-designed packaging, making this set a unique product for the Asian-American community.”
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The United States Mint today announced the introduction of a new coin product named the 8-8-08 Double Prosperity Set. The set includes two, uncirculated one-half ounce gold coins — the 22-karat American Eagle and the 24-karat American Buffalo.
The two-coin set is priced at $1,298.95, and will go on sale at the Mint’s online website on August 1, 2008 at noon (ET).
The prosperity set is the second offering in the United States Mint Celebration Series, which is an experimental program to explore the viability of coins "that are packaged and positioned to celebrate special gift-giving occasions and celebratory events."
The Mint’s first product in the series was launched in February to celebrate the 2008 Lunar New Year with an American Buffalo 2008 Celebration Coin.
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The United States Mint has announced the pricing for 2008 American Eagle Gold Uncirculated collector coins and their release date of April 1st.
These uncirculated coins are available in four sizes – one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce, as well as a four-coin set containing one of each coin. (The proof versions of these gold coins went on sale March 5, 2008.)
The U.S. Mint began production of the American Eagle Gold coins in 1986. However, these uncirculated coins are the newer collectible versions of the popular American Eagle bullion coins. They were first offered in 2006 and bear the “W” mint mark to indicate they were minted at the Mint’s West Point facility.
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The United States Mint opened orders for the always eagerly awaited American Eagle Gold Proof Coins. 2008 marks the twenty-second year for the collector series of four 22-karat coins.
Each of the four sized collector gold proof coins bear the "W" mintmark to indicate they were minted at West Point - the facility responsible for the entire family of American Eagle proof and uncirculated coins in gold, silver, and platinum.
Coin designs, sculptors and themes
The coin bears the distinctive designs of Augustus Saint-Gaudens‘ rendition of Liberty, recognized as one of the world’s most beautiful designs, and sculptor Miley Busiek’s equally majestic golden eagle scene meant to symbolize family tradition and unity.
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The 2008 American Buffalo Coin is now available for purchase from the U.S. Mint. The coin is the first from a new program titled, the United States Mint Celebration Series.
The program will offer several coin products that are packaged and released to celebrate special gift-giving occasions and events.
The American Buffalo 2008 coin celebrates the 2008 Lunar New Year – a traditionally important gift-giving time of year for Asian-Americans. It contains one ounce of 24-karat, .9999 fine gold.
A Mint statement regarding the American Buffalo celebration coin said:
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It’s always nice to hear about the generosity of one’s neighbors. It’s perhaps more special — and certainly unique — for collectors when you hear of a collectable coin freely donated during the holidays.
In this case, a one-half ounce American Eagle Gold coin was dropped into a Salvation Army kettle. There’s was no word on whether it was a Proof or Uncirculated coin, but you’d suspect it was the latter.
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