Yesterday thousands of United States Mint customers were shocked when they received an email notification stating that the 2010 Proof Silver Eagle was sold out. Calls placed to the US Mint's customer service number and a subsequent email notification have confirmed that the initial email was sent in error and the coins are not sold out.
Prior to the email, there had already been some apprehension about the availability of the 2010 Proof Silver Eagle, which is scheduled for release on November 19. The collector version of the .999 fine one ounce silver coin represents one of the Mint's most popular annual offerings. Last year the product was canceled due to high demand for the bullion version of the coin. This year Silver Eagle bullion coin sales recently moved into record territory, as the price of silver has risen to a 30 year high.
The US Mint has been accepting orders for the proof Silver Eagle through their subscription program, which allows customers to sign up to receive the next product released in the series. Apparently all customers who signed up for the American Silver Eagle proof coin subscription received an email stating:
Greetings from the United States Mint. Thank you for ordering from the United States Mint. We regret to inform you that the item(s) listed below are currently sold out. A customer service representative will be happy to assist you in finding an alternative item.
The product details below the message indicated the product code and description for the 2010 Proof Silver Eagle.
Customers who called the US Mint customer service line run by Pitney Bowes Government Solutions were told that the email was sent in error, originating from the US Mint's IT Department in Washington, DC. More than 2,000 phone calls from frustrated customers were received in the first few hours following release of the email.
Late yesterday evening, a second email was sent:
On Wednesday, November 10, 2010, The United States Mint sent email notifications out to customers notifying them that some backordered and subscription items were canceled. This was an error. We are diligently working on a resolution to this issue. We sincerely apologize for the confusion and inconvenience this may have caused.
Requests for comment from the United States Mint have not yet been answered. The last available details for the 2010 Proof Silver Eagle indicate a product release date of November 19, 2010 with a product price of $45.95 and household ordering limit of 100.
Update (2:50 PM ET) The US Mint has provided the following statement regarding yesterday's situation:
Related posts:On November 10, 2010, email notifications were sent out to United States Mint customers notifying them that some backordered and subscription items were canceled. Approximately 100,000 orders were impacted, primarily for Mount Hood quarters bags and rolls and the 2010 American Eagle Silver Proof Coin. We are in the process of reinstating these orders and expect corrections to be completed by noon on Saturday, November 13, 2010. All impacted customers have been notified that the original cancellation was in error. The United States Mint is looking into the cause of this error and deeply regrets any inconvenience it has caused.
There have got to be soe very unhappy Mint customers. I received the email from the Mint and then checked eBay. Within the spans of an hour or so, pre-sale Eagles went from $55 to bidding at over $200 (there is going to be some folks who aren’t happy). Apparently, as word got out the email was in error, the bidding price went back to “normal.” I still have not received an email from the Mint on the error, but I did call them.
I got the same e-mail messages for the 2009 DC/Territories Quarters Silver Proof Sets I ordered last week. I’m still wondering if they did sell out (again) or if it was sent in error. I called the Mint and they were of no help. The lady on the phone told me they sold out several months ago…clueless to the end.
One thing that is sure to happen with a sellout of this coin with the very same annual maximum mintage limit of 750,000 is all previous Proof Silver Eagles will become more valuable than this 2010 coin due to less mintages in previous years. Simple supply and demand economics are in play here.
-Richard Stinchcomb
Who else but the government would invent anti-capitalism! In 2009 the demand is overwhelming and the decision is made to NOT produce any product to meet it. In 2010, an email error (which I received) and a correction (which I have NOT received as yet). A case study for business schools in how to run an enterprise and keep your customers happy.
I received the same error. My correction email from them went into my SPAM folder for some reason. I wouldn’t be surprised if the mint a limited quantity and then just back order them until Jan 1st so they don’t have to make any more.
Any individual dealing with the US Mint is almost gauranteed to get burnt. The mint sells the silver eagles for almost twice the value of the metal to the peons but you can bet your last dollar that they offer much better deals to the big coin dealers. It has happened to me in the past so I will invest my money in other areas.
I know it costs more money to create proofs and I would love to see some real figures on what the mint charges re-sellers if in fact they really sell that way. And, I have had to ship coins back to the mint for extremely poor QA/QC on more than one occasion so I often come away from these purchases feeling like I’m getting hosed. But, I buy the proofs for the beauty, artwork and history, not because I am trying to make money from them by selling right away. To each his own but we gotta have a little faith that honest people are running the establishment until caught intentionally with “their pants down” so to speak.
I have been a subscriber for many years well since they started the subscription program and I am very disappointed in the U.S. Mint for cancelling my subscription for the 2010 proof issue. The day I received the email I called and was told that my credit card had expired. I updated my credit card information with the customer service representative who placed my order for the 2010 issue. The order was never entered and I did not receive my coin. this is not the first time this has happened to me either because I didn’t get the Westward Ho nickel set that is so sought after now. But, what can you do? They are the U.S. Mint and the dealers mean more to them than the little guys who just want to build there collection without paying an arm and a leg for a coin. It aint right!