US Gold Mint Likely to Produce 2010 Proof Gold Eagle
The American Gold Eagle numismatic coin has been in circulation since the passing of the Gold Bullion Coin Act of 1985. Since their first release in 1986, these coins have been in high demand by both collectors and investors. The US gold mint is now expected to produce a proof version of this coin, targeted specifically for coin collectors.
These coins come with a guarantee from the US government to contain the standard amount of actual gold, which can be 1/10oz, 1/4oz, 1/2oz or 1oz. According to the law, the precious metal to be used in the making of these coins must come from American soil alone. The design of the coin has not gone through many alterations over the years. Its obverse contains the full length figure of Lady Liberty. It had been designed by Augustus Saint-Gaudens and shows her standing in front of the Capitol Building, holding a torch in the right hand and an olive branch in her left. The reverse is simpler and had been designed by sculptor Miley Busiek. It features the image of a flying male eagle, carrying an olive branch above a nest filled with eggs and a female eagle.
The 2009 batch of these coins were cancelled by the US gold mints, as they planned to focus their attention on available resources and increasing the production of bullion coins.
Recent Announcements from the US Gold Mint
The US gold mints have confirmed the production of at least 200,000 collectors 2010 Silver Eagles. This development is bound to affect the gold coin production as well, since it reflects a change in policy. Defending this decision, Ed Moy, director of the US Mint, said that by redirecting a portion of silver bullion production towards the creation of proof and uncirculated silver dollars would benefit both the economics of the mint and also be a boon to coin collectors. Several numismatic gold coin collectors have welcomed these sentiments, as they are expecting similar developments for the 2010 Proof Gold Eagle.
Factors that are likely to lead to the Production of the 2010 Proof Gold Eagle by the US Gold Mint
The demand for silver has been at an all time high. This has probably been the motivating factor for the announcement regarding the silver numismatic by the US Mint. However, the difference between the two is not that wide. With the release of Gold Eagles, the US Mint will be able to increase the sales and also bank in on the good market of gold.
In late March 2010, Moy commented, “Any time that we get ahead of demand, we are storing away blanks. If demand catches up, that’s when we have to use the blanks. I will tell you that in the last five weeks or so, we caught up to gold demand. And so with that, we’ve been storing gold coins. We’re still waiting to see if there’s going to be another spike in the near future. Silver unfortunately is still red hot.” This statement clearly states that the mints are all set for production and are only waiting for the right time.
However, the biggest sign of production lies in the US Gold Mint records. If the mintage levels have to be equal to those of 2008, the Mint will have to produce at least 60,000 of 1oz; 35,000 of 1/2oz; 51,000 of 1/4oz and 65,000 of 1/10oz 2010 proof Gold Eagles. The US Gold Mints produced a larger number of coins in under five days when they released the bullion fractional 2010 Gold Eagles.