‘S’ is for sellout

Though the U.S. Mint will not put the “S” mintmark on one-ounce 2011 silver American Eagle bullion coins that it strikes there, the Western mint’s iconic letter will still appear on a silver Eagle this year. It will be part of a 25th anniversary set to be issued sometime in October.

Deputy Mint Director Richard Peterson announced this new set at a news conference Friday at the American Numismatic Association’s World’s Fair of Money in the Chicago suburb of Rosemont.

The anniversary set will include five one-ounce silver Eagles in it. There will be an uncirculated San Francisco coin with the “S” mintmark. A reverse proof will be struck at Philadelphia and carry a “P” mintmark. West Point will weigh in with a proof and an uncirculated coin, each with a “W” mintmark.

And the fifth coin will be a standard bullion/investor American Eagle issued as all are without a mintmark.

Mintage is somewhat indefinite. Peterson says the Mint will produce up to 100,000 sets, but that number could edge somewhat higher.

At least initially, there will be an order limit of five sets per household when these anniversary sets go on sale.

Because bullion is fluctuating so widely, price will not be announced until just days before the set becomes available.

Collectors already burdened with buying costly 2011 bullion coins and/or the proof and mintmarked uncirculated versions for their collections now have to save up for more.

But come up with the funds they will.

Why?

I think they smell another sellout even with the somewhat indefinite mintage number.