Dramatic Increase in American Silver Eagle Coins in October.
American Silver Eagle coin (ASE) sales through mid-October are 2,775,000 up from 1,675,000 ASEs sold in September and 1,280,000 sold in August. After selling an average of more than four million one ounce American Silver Eagle coins (ASEs) during the first six months of the year, the U.S. Mint sales of fell to under two million in each of July, August and September.
October sales reflect a dramatic rebound from the prior three months’ sales.
September sales of ASE’s rebounded from August lows. The sales increase may have reflected an increase in retail sales as U.S. Mint’s Authorized Purchasers begin to replenish their inventory after building massive inventories earlier in the year when they were scooping up the U.S. Mint’s one million a week ASE allocation. October’s sales appear to be more than a replenishment of inventory but rather purchases by Authorized Purchases in response to increased demand.
In the first week of October the price of silver fell over 10% in a week. The price drop set off a buying frenzy in American Silver Eagle coins.
As of October 17 2016, the U.S. Mint had sold 33,350,500 which is about 10% less than the mint sold through mid October 2015. Last year, the U.S. Mint set a record by selling 47 million American Silver Eagle coins.
American Silver Eagle 2016 Sales Projection
American Silver Eagle Sales No Longer On Pace for Another Record in 2016
Sales of American Silver Eagles have hit records in each of the past three years. Last year the U.S. Mint sold 47,000,000 ASEs up from the prior record of 44,006,000 sold in 2014 which was up from a record 42,675,000 sold in 2013.
If sales of one ounce American Silver Eagle sales continue at the pace set through the first nine months of 2016, on average of 3,397,278 per month, sales will exceed 40,000,000 in 2016. Sales in the past three months have averaged under 1.5 million, so unless sales pick up dramatically, 40 million would be an unrealistic projection. If sales continue at the same pace of the past two weeks for the remainder of the year, sales may reach 37-39 million American Silver Eagles in 2016.
A Record First Half For American Silver Eagle Sales in 2016
Sales of American Silver Eagles in the first quarter of 2016 were 23% higher than first quarter 2015 sales. The U.S. Mint sold 14,842,500 ASE’s from January through March 2016. In 2015 during the comparable period the U.S. Mint sold 12,071,000 ASEs. Record first quarter sales of ASEs were followed by record first half sales of ASEs in 2016 of 26,250,500. July- September’s low sales were a sharp departure from the elevated sales of earlier in the year. October sales so far appear to be a return to the robust American Silver Eagle demand of the first half of the year.
First Quarter 2016 sales of American Silver Eagles Were Higher than Entire Year Mintages of Each of 1986-2007
About the American Silver Eagle coin
American Silver Eagle coins are .999 pure silver (ASE’s contain .0007 copper), rather than .9999 silver. The obverse of an American Silver Eagle coin boasts the same design as the obverse of the “Liberty Walking” U.S. $.50 piece that was minted from 1916-1947 of 90% silver and 10% copper. The front of a Liberty Walking Half Dollar and an American Silver Eagle coin features a walking lady liberty depiction designed by Adolph A. Weinman who also worked with Augustus Saint Gaudens, whose design appears on the U.S. gold Double Eagle coin (1907 – 1933) and the contemporary American Gold Eagle coin (1986 – present)
American Silver Eagle sales data from USMINT.GOV
This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.