Sales of the United States Mint’s American Silver Eagle bullion coins moved into record territory today after authorized purchasers ordered their full weekly allocation of 500,000 coins. Total sales for the year to date have now reached 40,175,000 ounces, which exceeds the prior annual record of 39,868,000 ounces reached in 2011.
Demand for the one ounce silver bullion coins has been intense throughout the entire year. When sales for the 2013-dated coins began on January 7, 2013, opening day orders totaled 3,937,000 coins, which seemed to represent the highest ever one-day sales for American Silver Eagles.
After only ten days of sales on January 17, the US Mint was forced to announce a temporary sell out as their entire inventory had been depleted. Sales were resumed on January 28, subject to an allocation process which rationed available coins amongst authorized purchasers. The US Mint uses this allocation process in times when demand for bullion coins exceeds the available supply.
Silver Eagle bullion coins have remained subject to allocation for the entire year. As such, sales figures are not a reflection of full market demand for the coins, but rather a reflection of the US Mint’s production capacity. During the current year, Silver Eagle bullion coins have been struck at both the West Point and San Francisco Mint facilities in an effort to expand the supply of coins available to the market.
The US Mint recently provided information on year end availability and the 2014 release details for American Silver Eagles. The final allocation of 2013-dated coins will occur on December 9, 2013. Initial orders for the 2014-dated coins will be accepted on January 13, 2014 under the allocation program.