Unaudited sales of the 2013 West Point Silver Eagle Set retreated to 235,689, the U.S. Mint said in an email late Friday.
This revised sales total marks how many sets were purchased during its four-week ordering window from May 9, 2013 to June 6, 2013. It’s a drop of 45,621, or 16.2%, from the 281,310 figure that was last published by the Mint on June 7.
A downward sales adjustment was expected at some point but the amount is larger than most thought and without precedence. As a comparison, the final unaudited sales of last year’s 2012 San Francisco Silver Eagle Set went to 224,981 from 251,302 for a smaller decline of 26,321, or 10.5%.
Why did sales fall? Returns and cancellations, mostly. During its four-week sales window, collectors could order as many as they liked and as often as they liked. Since the sets did not start shipping until after the sales deadline, it opened a wider door for volume cancellations. That door swung all the way open when delivery dates for some sets were pushed many weeks back after the Mint ran out of custom packaging materials and had to re-order more from overseas.
Recent Secondary Market Values
Included with the set are two West Point struck American Silver Eagles, a reverse proof and an enhanced uncirculated. The enhanced uncirculated Silver Eagle was the huge attraction for most collectors. American Silver Eagles debuted in 1986 but an enhanced uncirculated version had never been produced until this year and that’s because the technique was only just developed.
Secondary market values for the sets have dropped a bit in recent weeks, and that could change. The lower sales revision may spark more interest and competition.
In some recent prices paid, realized eBay auctions using the keywords "2013 West Point Silver Eagle Set" and searching through the two-week period ended Oct. 22 show:
Ungraded sets averaging $164.12, with the low end at $148.75 and the high point at $199.99. That compares to an average of $179 in the two-week period ended Sept. 19.
Graded PCGS PR70 & MS70 sets averaging $303.38, with the low end at $239.83 and the high point at $335.00. That compares to an average of $316 in the two-week period ended Sept. 19.
Graded NGC PF70 & SP70 sets averaging $236.58, with the low end at $220.00 and the high at $249.00. That compares to an average of $268 in the two-week period ended Sept. 19.
Graded PCGS PR69 & MS69 sets averaging $155.00, with the low end at $150.00 and the high at $159.99. That compares to an average of $188 in the two-week period ended Sept. 19.
Graded NGC PF69 & SP69 sets averaging $166.79, with the low end at $149.00 and the high point at $199.95. That compares to an average of $168 in the two-week period ended Sept. 19.
U.S. Mint pricing for the set, which it dubbed the 2013 American Eagle West Point Two-Coin Silver Set, was $139.95.