Proof Eagle Takes Flight

Does absence make the heart grow fonder? Collectors get to answer the question in 2010, as the proof version of the Gold Eagle returns after the US Mint canceled last year’s offering.

Congress authorized the production of gold and silver bullion coins to provide investors with an easy and cost effective method for investing in precious metals. The bullion coins were distributed through a network of primary dealers, who could purchase the coins directly from the United States Mint and resell them to others. The coin’s design featured the obverse of the classic Saint Gaudens Gold Double Eagle, while the reverse featured a newly created rendition of a family of eagles.

Since the start of the program, the Mint also struck proof versions of the coins. These were packaged in display cases and sold directly to the public. The proof Gold Eagles carried fixed prices and reflected higher premiums due to the specialized minting process and higher quality of the coins. For the first year, only one ounce proof coins were struck. The following year one ounce and one-half ounce coins were available. For subsequent years until 2008, a full range of four sizes and a 4 Coin Set were available for collectors.

The cancellation of the popular collectible Gold Eagles in 2009 was the result of demand for gold bullion coins. The increased level of demand stressed, the Mint’s supply chain and not enough planchets were available. Since there was no legal requirement to offer proof coins, these were foregone in favor of making as many bullion coins as possible.

Production limits for the 2010 Proof Gold Eagle reflect slightly higher levels than the last time the coins were available, but will it be enough? Record gold prices and continued focus on materials of lasting value and beauty might make the coins a hot ticket.

Posted on October 12, 2010 at 11:19 am by admin · Permalink
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