Sales trickled in for the 2011-P Gettysburg National Military Park Five Ounce Silver Uncirculated Coin as compared to the prior five issues in the America the Beautiful Five Ounce Silver Uncirculated Coin series.
Launched Thursday at the same $279.95 price as the previous coins but with higher per household limits of five instead of one, buyers snapped up 9,549 through to Monday according to the latest United States Mint sales figures. Given that the Mint suspended sales of many silver products on Monday, including that of the Gettysburg uncirculated coin, next week’s sales figure may be challenged further unless a re-release happens soon and at a cheaper price.
For reference, the first four coins in the series have sold out. The fifth, Mount Hood Five Ounce Silver Uncirculated Coin, also started a few weeks ago slower than its three previous issues, but collectors at least purchased a bit more than half of its 27,000 mintage at 14,759 — albeit, the number includes one extra sales day. As of Monday, Mount Hood’s weekly sales advanced 580 for a total of 22,452, leaving a possible 4,548 remaining.
Hindrances to Sales
Gettysburg’s launch did suffer from intractable obstacles. Three come to mind, with the third a serious hindrance which likely had the biggest impact in slower opening sales.
The Gettysburg uncirculated coin has a higher mintage of 35,000. The previous five issues each had maximum mintages of 27,000. Simply put, collectors prefer coins that are scarcer. Some may be waiting on the sidelines to see how many coins are sold before jumping in to make a purchase.
Number of Releases in 2011
Despite being the first 2011-dated America the Beautiful Five Ounce Silver Uncirculated Coin, Gettysburg’s release marks the sixth launch this year since all five of the 2010-dated coins also debuted in 2011. CoinNews.net readers have more than once commented on how difficult it is to budget for so many coins in one year when each is priced at $279.95.
Price and Plummeting Silver Market
Gettysburg’s release came in the midst of silver’s worst four-day rout since 1983. The London Fix for silver was at $40.25 an ounce on the day before the coin’s launch. The metal plunged $12.09 to $28.160 an ounce by Monday, pushing Gettysburg’s premiums out of the park. Each Gettysburg uncirculated coin contains five ounces of .999 fine silver. Already considered too high by many collectors, Gettysburg’s premium on the day prior to its launch would have been $78.70. The premium on Monday shot up to an unbearable $139.15.
As a minor point, buyer attention tends to drift as a coin series expands and additional releases can often get overlooked.
The United States Mint also produces investment-grade five ounce silver coins. The Gettysburg version sold out on May 16 with a mintage of 126,700. These bullion coins are intended for investors as they do not have the special finish of the uncirculated coin and they lack the ‘P’ mintmark denoting their production at the Philadelphia Mint.
When available again, the 2011-P Gettysburg National Military Park Five Ounce Silver Uncirculated Coin may be purchased directly from the United States Mint website at http://www.usmint.gov/catalog or by calling the bureau directly at 1-800-USA-MINT (872-6468).