By Hubert Walker for CoinWeek ….
The United States Mint announced this morning that another one million ounces of its popular American Silver Eagle bullion coin had been allocated for the week of January 25, 2016. This brings year-to-date allocation totals up to six million ounces.
Four million American Eagle 1oz silver bullion coins were allotted to authorized vendors the first week of sales starting January 11. According to a statement from the U.S. Mint, 2,756,500 ounces (coins) were sold out of that allotment on the first day. By the time of that week’s State of the Mint Coin Sales Report on Wednesday, Jan. 13, 3,146,000 ounces (coins) had been sold.
The week of January 19 saw a drop from the initial release, with one million ounces allotted. The most recent State of the Mint report, published on January 19, lists 4,950,000 ounces (coins) sold as of that date.
At the time of writing, current Mint figures stand at five million even, which accounts for the entirety of the first two weeks’ allocation. Contrast this with December sales figures, when only 2,333,500 ounces were sold. Production of the 2015 Silver Eagle bullion coin stopped on December 11 so that the Mint could begin work on the 2016 issue.
Demand for the 2016 Silver Eagle is expected to be high due to the program’s 30th anniversary and the special issue being minted this year. A recent law has authorized the Treasury to strike 30th anniversary Silver Eagle coins with commemorative edge lettering.
And while it’s still too early to tell, Silver Eagle retail sales appear to be on track for another record-setting year, perhaps topping the 47 million ounces (coins) sold in 2015 (despite the abbreviated December output).
Weekly allocations are distributed via the Mint’s network of authorized dealers. This network consists of a group of sellers (including coin dealers, precious metals traders, financial companies and various other sellers) approved by the U.S. Mint to distribute bullion product.
