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Proof American Silver Eagle coin production Stopped!

August  2008

 

The U.S. Mint has stopped production of the 2008 proof silver eagle dollars, maybe permanently, for this year. 

Why stop minting proof 2008 silver eagles?

An unidentified US mint spokesman said that the mint is experiencing extreme problems in obtaining silver coin blanks.  (Silver coin blanks are the punched out 1 ounce round pieces of silver that the mint uses to make 1 oz silver coins.) 

2008 proof silver eagle dollar coin z86

According to this spokesperson the mint contracts with various refineries and suppliers to provide coin blanks that meet government required purity and weight.  The recent volatile precious metal prices have caused disruptions in the supply chain and backed up refinery capacity. 

Coin delays abound

For several months large coin dealers have postponed delivery of 2008 silver eagle dollars to their customers because the mint is behind on delivering them to the coin dealers.  Some dealers have reported delays of over a month or two.  Many collectors and investors have reported discouragement and concern in promptly receiving their orders from coin dealers.  Additionally, the buy and sell prices for 2008 US silver coins have jumped considerably due to the low supply in the market place.  Some coin dealers are buying 2008 American Eagles at more than their original costs from other dealers, just to be able to supply their customers with inventory.

Proof American Silver Eagles vs. bullion coins

The US mint spokesperson said that they have decided to stop production and sales of the Proof version of the 2008 American Eagle silver coins in order to devote their limited silver coin blank inventory to fulfilling the orders for the bullion (Uncirculated) versions of the 2008 silver eagle dollars.  Proof 2008 US silver eagle coins are no longer for sale at the mint.

The spokesperson also implied that if the mint is not able to quickly purchase more silver eagle coin blanks, then sales of the 2008 bullion American silver coins may also have to cease.   

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 Gold Eagle coins also affected

Sales of the 2008 American Eagle 1 ounce Gold Bullion coins have also been stopped, due to the same reasons.  Inventory of 1 oz Gold coin blanks are in short supply at the mint.  No word from the mint on whether they will resume 2008 coin production this late in the year or not. 

Perhaps 2008 will be a good year for investing in American gold and silver eagle dollars.   If nothing else, it proves to be an interesting year.

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