Soaring demand for the 2013 American Eagle Silver coins has forced the US mint to suspend the sale of these coins. The US mint had to take this decision after it ran out of its stock for the newly minted coins in the first two weeks itself.
The American Eagle silver coin is one of the highly popular bullion coins. First minted in the year 1966, the Silver Eagle features the “ Walking Liberty” design which was originally created by Adolph Weinman for the 1916 US half dollar. The reverse side of this coin displays the heraldic eagle and shield of the Great Seal of the United States. These coins are minted in one Troy ounce of 99.9% pure silver and their content is guaranteed by the US government.
The US mint has informed its authorized dealers in a mail that supplies will resume by end of January once the inventory of these coins is replenished. These coins are minted at the West Point, New York facility of the US mint. The stupendous demand for the fresh minted coins is largely attributed to the investors opting for investment in bullion coins in the backdrop of the economic problems surrounding the US. In normal scenario, it is the collectors who buy these coins. Another reason why the demand for 2013 American Silver Eagles was strong is that the Mint’s inventory of 2012 dated coins was exhausted on December 19 itself leaving the dealers with no supply at all.
The sale of silver eagles in the first fifteen days of 2013 exceeded 5 million ounces and was expected to surpass the earlier monthly high of 6.1 million ounces recorded in January 2012. The growing demand for physical coin in the end months of 2012 is attributable to investor fears of a possible recession in the US. Economists have been warning of a severe downturn in the US if the Congress fails to take steps to improve the country’s fiscal position.
The demand for bullion coins has remained strong for several years now. This forced the US mint to allocate sale of these coins to its authorized dealers. The mint is also due to start taking orders for silver proof coins from the general public. These coins are aimed at collectors and will fetch around $63 each.