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Proof Eagles on way

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Proof gold American Eagle coins with the 2010 date are being struck by the U.S. Mint to be sold to collectors in October, the Mint has confirmed.

No decision has yet been made about production of proof silver American Eagles. The Mint has asked Congress to authorize it to take up to two million silver blanks for proof Eagle production each year, but the Congress has not yet acted.

Under present law by the Mint’s legal interpretation, all silver blanks it buys must be coined into silver American Eagles and sold to investors through its authorized distributors as long as demand exists.

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However, demand from investors has begun to ease and on Sept. 3, rationing of supplies of standard American Eagles to investors ended.

There is some question, with the end of rationing, whether enough silver planchets can be gathered in time to offer proofs to collectors this year.

No such problem exists with gold. Investors have been taking fewer coins than the Mint can supply.

Maximum mintages for the proof gold American Eagle coins have been set this year at levels slightly higher than what prevailed in 2008, the most recent prior year of issue, but in that year collectors did not buy all of the coins available.

For the 2010 issues, collectors will be able to buy up to 25,000 one-ounce coins individually and another 39,000 in four-coin sets, for a total of 64,000. That is up from a possible 60,000 in 2008, though only half, 29,399, were sold that year individually and in sets combined.

In addition to the 39,000 in the four-coin set option, collectors will be able to buy another 15,000 2010 half-ounce proofs, 16,000 quarter-ounce proofs and 27,000 tenth-ounce proofs individually for total maximum mintages in 2010 of 54,000, 55,000 and 66,000, respectively, as compared to 2008 ceilings of 50,000, 51,000 and 65,000.

The Mint increased the maximum number of four-coin sets to 39,000, up from the 35,000 in 2008. In 2008 only 13,072 four-coin sets were actually purchased.

Prices for the 2010 proofs have not yet been set by the Mint.

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