Proof silver Eagle sales start strong

The first report of Mint sales of the 2010 proof silver American Eagle is a strong one. From noon Eastern Standard Time Friday when sales opened to the end of the reporting period of Sunday, the Mint says collectors snapped up 273,212.

It looks like we could be on the way to achieving the one million mark, which if it happens, would put it among the most common of the issues since they began in 1986. Only two years have achieved such a high total, 2006 and 1986.

The question then becomes one of whether collector demand and Mint output will lead to a new record surpassing the 1986 total of 1,446,778.

That’s a fairly high bar to clear.

I would have to say probably not.

Sure, collectors missed the 2009 issue that never was and a sense of unfulfilled demand accompanies the current offer.

That is enough fuel to surpass demand in most prior years. The current underlying uptrend in silver bullion also helps.

Hindering potential demand is the dramatically higher price of $45.95. Collectors who want the coin are certainly paying full price for the privilege.

A new record is something to watch for, but when the sales period closes, the 1986 proof total will likely remain unchallenged.

That’s what I think.

How about you?