Why is there a surge in sales of American Eagle Silver Coins?
The prices of silver and other precious metals rose sharply in the world markets in 2008. Silver prices alone averaged $13.28 per ounce that year. This upsurge was replicated in a spike in sales of the American Eagle Silver Coins. As a result, the US Mint had to match the increased demand for the Silver Eagle Coin, boosting its mintage to a record high of more than 20.5 million in bulk uncirculated bullion and an estimated proof production of over 700,000. The 2008 bullion mintage level is nearly double that of the previous record high of more than 10.4 million produced in 1987, the second year of the silver eagle coin.
Even with the sharply increased US Mint production of the American Eagle Silver Coins in 2008, the supply was unable to cope with demand and so there was an unexpected sellout in August that year. There was a brief suspension of sales to stabilize the market, and when selling resumed, these were subjected to allocation. Still, the end result was a quick escalation of the coins’ prices in the secondary market.
Proofs of the 2008 Silver Eagle Coin were minted at the US Mint facility in West Point, New York, and thus, feature a “W” on the coin proof’s reverse. These 2008-W Silver Eagle Coin proofs stand in the third year in which uncirculated coins were offered for sale to collectors.
The 2008 proof mintage sports some other features distinctive in the Silver Eagle Coin series. For instance, the reverse dies of the 2007 coins were used to strike a small quantity of the 2008-W Silver Eagle Coins. This variety is known in the market as the 2008-W Silver Eagle Reverse of 2007. As soon as collectors caught wind of such a distinction, there were strong demands and prices of these coin proofs rose quickly.
Even prior to the prize bonanza in 2008 Silver Eagles, these coins are already highly valued in the market, especially among collectors. After all, no less than the government of the United States guarantees the weight, purity and content of the series, the only silver bullion with this type of government assurance.
Every American Silver Eagle Coin is composed of .999 fine silver, with a weight of 1.000 troy ounce for a silver content of 0.999 troy ounces. Copper accounts for the rest of the coin’s component and is added for coin durability and better resistance to design tarnishing. The diameter of the coin is 1.598 inches while thickness is 0.117 inches. The Silver Eagle has a reed edge, with its obverse side featuring the “Walking Liberty” designed by Adolph A. Weinman and the reverse showing a heraldic eagle rendered by John Mercanti.
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