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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The United States Mint’s online product pages no longer offer or display 2008 American Eagle platinum coins. All platinum coins to include individual and sets within the uncirculated and proof categories are gone. No message is currently in place to indicate why or whether they will return.

The hope is that the Mint has pulled the products in order to downward adjust prices to make them more inline with current platinum prices.

In recent weeks, the price of platinum has plunged dramatically in the wake of concerns and data regarding car production and sales figures. Platinum is used in vehicle catalytic converters and that purpose accounts for some 50% of the world’s demand for the metal.

At its worst on Monday, Aug. 4, U.S. Mint American Eagle platinum proof coins had premiums between 59%-79%. Premiums around the 30% range have been more the norm for such coins, and reflective of what they were when the Mint first released this year’s proof batch in May of 2008.

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The United States Mint is showing they’re extremely proud of their 2008 American Eagle Platinum Proof coins with premiums running between 58.7% and 79.1%.

The price of platinum has taken a beating as gloomy car industry data continues to take its toll. About half of the global platinum supply is used in vehicle catalytic converters, and U.S. car sales slipping to a 16-year low is no good news for platinum’s demand.

Today, New York platinum futures dropped to $1,563 an ounce, or another 5.6%, to a fresh six-month low. The metal has been giving up ground since the middle of July.

With such a southerly, multi-week turn, expectation would lead platinum coin buyers to expect lower prices too. That hasn’t been the case. At least not for the U.S. Mint’s 2008 American Eagle Platinum Proof coins.

For whatever reason, the Mint seems content in selling coins that once had premiums marked in the 30% range, but are now marked up between $124-$1,700. The following tables reflect prices and premiums.

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The United States Mint resumed sales of 2008 American Eagle Platinum Proof coins Thursday and the new prices are mind-blowing. One coin’s premium is marked up a whopping 63%. The popular one-ounce platinum coin is $796 higher than yesterday’s platinum price. What was the Mint thinking?

The 2008 platinum collector coins come in bullion sizes of one ounce, one-half ounce, one-quarter ounce and one-tenth ounce. There is also a four-coin set available that includes each coin size.

The Mint temporarily suspended sales of the proof versions in late June “due to the increasing market value of platinum.” They were expecting prices to go even higher. At that time, an ounce of platinum (New York) was around $2,070. Yesterday, when coin sales resumed, an ounce was actually LOWER and closed at $1,713.80.

In fact, platinum prices are now lower than when 2008 proof platinum coins first went on sale! Yet, the Mint raises prices?

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The United Sates Mint released a press statement today officially — or at least more publicly — announcing the release of their 2008 American Eagle Platinum Uncirculated Coins. Today was not their first day of sale. The Mint began accepting orders for the 99.95 percent pure platinum coins on July 1 at noon.

The 2008 platinum coin’s reverse features the final design in the three-year series entitled, “The Foundations of American Democracy.” (See images and initial CoinNews availability article.) The ending to the design series alone is worth the Mint’s press announcement, even though delayed.

Platinum down in price, proof coins no longer listed

While the price of London platinum was $2,075 an ounce when the Mint started offering the coins, platinum has since dropped by $182 to today’s close of $1,893 per ounce. The coin prices have remained unchanged since July 1, most likely making a buying decision harder for many collectors.

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Uncirculated 2008 American Eagle Platinum Coins were launched today by the U.S. Mint. These 99.95 percent pure platinum coins for collectors bears the "W" mint mark, indicating they were minted at the Mint’s West Point facility.

Like their proof counterparts, each coin depicts the final Judicial Branch design from the three-year series entitled The Foundations of American Democracy.

The 2008 platinum coins come in bullions sizes of one ounce, one-half ounce, one-quarter ounce and one-tenth ounce. There is also a four-coin set available that includes each coin size.

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The British Royal Mint has announced the sale of the extremely limited 2008 UK Queen Elizabeth I £5 Piedfort Platinum Proof Coin, and only days after releasing the four-coin silver proof Piedforts.

The platinum coin, like its sister silver version, has the piedfort-style double weight and thickness. It’s on sale for a whopping £5250 (~$10,264 USD). Too high? Set aside the coin’s beauty and consider only its limited 150 issuance and 3 ounce platinum content. You might just reconsider.

And you may want to hurry. The Royal Mint’s two previous years’ platinum Piedforts sold out.

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Today the United States Mint made their official announcement for the release of 2008 American Eagle Platinum Proof coins.

This year’s coins mark the last"Judicial Branch" design within the three-year platinum coin series entitled “The Foundations of American Democracy.” Starting in 2006, each year celebrated one of the three branches of government.

Along with pricing and design descriptions, which has already been discussed in last week’s CoinNews article entitled "2008 American Eagle Platinum Proof Coins and Pricing," the Mint also listed the mintage and product limits for the one-ounce, one-half ounce, one-quarter ounce, one-tenth ounce and four-coin platinum set.

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The United States Mint has set the release date and prices for the 2008 series of American Eagle Platinum Proof coins that are the final design in the three-year series entitled, “The Foundations of American Democracy.” This year’s collector proof coins are available on Monday, May 5, 2008 and feature a Judicial Branch design.

The limited mintage coins will be available in four sizes with the following weights: One-ounce, one-half ounce, one-quarter ounce, one-tenth ounce. There is also a four-coin set containing one coin in each denomination. The one ounce proof coin is priced at $2,299.95.

The Foundation of American Democracy designs

2006 began the new platinum three-year coin series entitled “The Foundation of American Democracy,” which celebrates the branches of government with a new reverse or tails design every year.

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The U.S. Mint has reopened sales of the American Eagle 10th Anniversary Platinum Coin Set. The set was on a near two month hiatus, having been suspended for sale due to the surging price of platinum.

Collectors will be less than thrilled with the new $2,649.95 price tag, which is $700 higher than when the coins first went on sale December 13, 2007. However, the set’s percentage premium above the price of platinum is very close to that of the time when the coins were first sold. Feelings of sticker shock really highlight the increase in precious metals prices since December 2007.

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