Are you ready for the next U.S. Mint sell-out?
By Chris Bulfinch for CoinWeek …..
Proof 2021-W American Silver Eagles (ASEs) with a new reverse design and enhanced security features will be available to the public on July 1 and will almost certainly sell out in minutes.
The release of the new coins comes soon after multiple blisteringly rapid product sellouts, and collector/public interest in the new design guarantees another. The new reverse is the second type of the perennially popular silver bullion coin; Type I was produced from 1986 to 2021.
Recent U.S. Mint Releases
Those wishing to buy a coin from the Mint will have to be both lucky and patient.
The last Proof Type I ASE, 2021-W, was released on February 11 and sold out within minutes. The Mint set the product limit at 327,440 coins yet no household order limit was imposed. At $73, the price for the Type I Proofs was the same as the upcoming Type II Proofs. About 10 minutes after the coins were put on sale, they were marked “currently unavailable”, indicating that the inventory had all sold.
On May 24, the Mint released the first two 2021-dated Morgan dollars, which featured privy marks imitating “O” and “CC” mint marks under the wreath on the release. 175,000 of each dollar were authorized to be struck. Priced at $85 each, the coins both had initial household ordering limits of 25 coins that were lowered to 10 after public backlash.
But despite the new ordering limits, the coins sold out in under half an hour.
The Mint’s website slowed to a crawl and many people were unable to place their orders. After both of these 2021 releases, angry collectors took to web forums and the comments sections on numismatic websites to express their frustration. The Mint offered guidance in advance of the release of the Morgan dollars, encouraging collectors to ensure that their payment information is up to date, though clearly this advice does not answer for the Mint’s inability to complete orders in process for some customers during the crush of orders at the launch of both programs.
Expect this problem to reoccur on July 1.
Plans for a redesign of the ASE date back years. In 2014, the Citizens Coinage Advisory Committee (CCAC) proposed a new reverse design, a flying eagle similar to the reverse of the 1836 Gobrecht dollar. The CCAC’s proposed design ultimately appeared on the reverse of the 2015-W $100 American Liberty gold coin.
The need for security features to deter and prevent counterfeiting was apparent by the mid-2000s. Reports of counterfeit ASEs sold online flooded collector forums and numismatic publications. In 2018, a survey conducted by the Anti-Counterfeiting Task Force (ACTF) found that the ASE was the “most counterfeited bullion coin,” with 43.3% of the U.S. dealers surveyed reporting that someone had tried to sell them counterfeit ASEs in the past year.
Then-Secretary of the Treasury Steve Mnuchin gave the green light for a redesign of the ASE in 2019, with an emphasis on adding security features.
Adolph Weinman’s Walking Liberty design remains on the obverse; the Mint’s listing for the 2021-W Type II says “Thanks to modern design technology, the updated obverse is a closer reflection of Weinman’s original vision and includes the addition of his traditional artist mark.” The mark “AW” appears in the lower-right field on the obverse.
The new design of the ASE was created by U.S. Mint Artistic Infusion Program artist Emily Damstra and depicts an eagle coming in for a landing clutching an oak branch. Mint Medallic Artist Michael Gaudioso sculpted it.
New security features include a “reeded edge variation”.
The new designs were unveiled in October 2020. Naturally, some expressed concerns about the design change undermining public confidence in the coins since former Mint Chief Engraver John Mercanti’s design had served for 35 years, while others were glad to see a more dynamic eagle.
The coins being released on July 1 were struck at the West Point Mint and bear the facility’s “W” mint mark. The 2021-W Type II ASEs will go on sale July 1, 2021, at noon EST. Each coin costs $73, with a household ordering limit of 25 coins.
A Proof version of the 2021 Type II ASE struck at the San Francisco Mint facility will be released on August 16. Reverse Proof versions struck at West Point and San Francisco will be released August 24, and Uncirculated ASEs struck at West Point will be released on September 9.
What to Expect
For those trying to order this historic first issue of the Type II Silver Eagle, CoinWeek recommends that collectors make sure they have an online account with up-to-date payment information on file and be logged in before noon on July 1. Expect the site’s performance to be slow and refresh the page multiple times to successfully complete your transaction. Still, know that your order might not go through.
Collectors intent on adding the coins to their sets should be ready to pay more than the issue price on the secondary market; the coins will surely begin appearing in online auctions almost immediately after the near-inevitable rapid sellout. However, coins may become available later directly from the Mint as a result of canceled orders or payment issues.
The release of the remaining 2021 Morgan and Peace dollars was delayed as a result of their lightning-fast sellout, but as of the time of this writing, the sale of the Proof 2021-W Type II ASE is still on.
No matter what the mint does to curb against slow servers and 404-errors, the number of coins released still remains to be very low compared to demand.
Therefore, the complainers will always be a part of the picture in any of these low mintage coin releases.
Then again, what most of those whining (about being unable to get any) don’t understand, is that if the mint were to release sufficient quantities of these coins where everyone who wants one (or more) gets their way, the supply will meet demand, and accordingly, the value of these coins will suffer thereby making them less desirable and less worthy.
I disagree, the mint should produce as many standard issue coins necessary to fulfill public demand. If you want rarity from a freshly minted coin then purchase a proof or special issue variety. Win/win.
I agree with you, without scarcity and a little hard work to get these coins there is no value and no point to the hobby. I feel for those who have had a coin in their cart and had it removed by the US Mint – it’s happened to me more than once and it’s so wrong but it won’t change until someone takes the leap and writes an attorney general and DOJ complaint. That being said, I want to say the writer of this article has listed every precaution and effort you can make to have the best chance possible with this less than perfect system and deserves credit for that. I have also found that just buying 1 coin and not attempting to corner the market increases your chances. At noon the clock is ticking and these things are flying off the shelf – it’s a race and you need to treat it as such.
We the People, are not only not ready for yet another premature sell-out of U.S. Mint products, we frankly don’t care. The only mission of the U.S. Government ought to be re-visiting classic, beloved designs of the past and incorporating them into a line of coinage for circulation in time to honor the country’s 250th Anniversary (2026) or sestercentennial, of the signing of the Declaration of Independence. Any residual problems regarding design competition, engraving, mintage production and distribution of coinage anticipated today ought to be effectively resolved by then.
I give up on our mint. And coin collecting its no fun anymore.
You’re done yet you still read and make comments on coin websites. Come the next sure fire sellout like 7/1 or the Peace Dollar or the next 3 Morgans, you’ll be in line with the rest of trying to make an easy profit. Hypocrite.
I think the mint trick’s the public into thinking new Coins are more scarce they really are.this way they can manipulate the price.it’s a real shame that they rip off the public this way.i for one refuse to play there little game.
Exactly. Smart investors and collect original certified coinage (pre 1964). Even the lowest montage new collectible coins will never be rare. If you like beauty and history collect coins like Morgan Dollars (1878-1921) that have potential investment value and are part of American history.
I collect bitcoins now. Bye
The problem is an easy fix, and I’m amazed the solution hasn’t been implemented long ago. Augusta National (home of the Masters Tournament) solved the demand for their highly sought after tickets to “The Masters Tournament” as well as the practice rounds by having a lottery.. I apply every year and have won the right to purchase the tickets. Do you hear me Mint? Call Augusta National and duplicate the system/process they use and change your process to make it fair.
Hell, the mint can’t even keep their orders straight. Can you imagine the backlash of them screwing up a lottery system. And they are immensely understaffed.
I disagree with To Clarify. True coin collectors first thought about newly minted coins isn’t the future value of the coin, it’s the coin itself. Can I keep my collection complete without paying three, four or five times the initial cost. It seems to me the mint caterers to the big dealers who make the large profits and not to the collectors. To most of us collecting is a enjoyable hobby, take the enjoyment out and there will be no hobby and no dealers. I would think the mint could do a better job on figuring mintages and limits that would satisfy both hobbyist and dealers.
Like maybe offering at least one coin to loyal collectors that have been purchasing coins annually for many years. I and many others purchase numerous coins and sets from mint each year but had little chance of obtaining even one. Believe me I tried and after 30 years of collecting from mint was disgusted and only wanted one of each coin. Will try again I am sure but know probably in vain, definately need better system of rewarding lifelong customers of mint.
With mintage so low, the Mint should again set a limit of 1 per household, 2 maximum. That way the “True collectors” have a chance to buy instead of the whore hounds that don’t collect and are only in it to turn a quick buck are limited!! Too many “Non-collectors” buying all they can to screw true collectors over on the secondary market!!!!!
These flippers have no respect for the hobby or collector and no knowledge of the products. I cringe every time I see one of them holding a proof silver coin in their hand in an ebay ad photo but it’s also the easiest way to spot a scammer – I automatically avoid like he plague any seller who’s hand is on the product and in the photo – it’s just a big red flag.
Curious: 2021 Morgan – Why take pre-orders to see what the demand will be if you already set the “total mintage” at 175,000 for each mintmark? Makes No sense.
They collected shipping fees up-front and this could easily exceed half a million dollars setting in the US Mint bank account earning interest months before they even have a product – criminals and price gougers do this every day on feebay but what kind of message does this send when the US Mint (US Government) is taking advantage of Civilians in this manner? Again, they tapped into the psychology of our hobby – we all have FOMO = Fear-of-Missing-Out and why is every Government Mint uniformly charging $85 and ounce or more for Silver. When did we become willing to pay a 400% price-gouging mark-up on Silver? If the grid went down tomorrow and my neighbor came over and said he would give me a dozen of these Morgans for one of the steaks in my freezer – I can tell you right now my neighbor is going to go hungry – has anyone ever really really thought about this ??
It’s such a DAMNED SHAME to have US TRUE collectors knocked out of being able to acquire coins of interest by the hoarding resellers!!!!!
Get a grip on understanding TRUE collectors values and help US!!!!!!
SUCH A DAMNED SHAME HOW THE RESELLER’S GET LARGE AMOUNTS TO RESELL AT EXORBITANT PRICES AND THE US MINT DOES NOTHING TO HELP US TRUE COIN COLLECTORS!!!!
I agree 100%
You summed it all up perfectly.
Great image at the top of this article!
Between Lady Liberty holding a yo-yo, and the Eagle flying off with a computer keyboard – that pretty sums up the US Mint’s handling of it’s ordering system.
Stop selling to those guys on tv.
They are the ones ruining the hobby
I’m confused that nobody mentions you coin releases from the past the experiences shared in this post are no different than those in the past. It’s just Government at its best what do expect, total incompetence! I’m sure if there was an investigation into this matter we would see how some companies and individuals are benefiting from these sales.
The resellers have bots and whatnot and the fastest cpu’s out there. So that basically means that us average Joe’s and Jane’s are going to be extremely lucky to get an order through. The Mint should implement a lottery system I have myself participated in lotteries for everything from shoes to concert tickets. It shouldn’t be like having to win the lottery literally just to collect some coins. If Footlocker and Ticketmaster can have a lottery system so can our Mint. They just don’t care they just want to sell out and whatever happens after that doesn’t matter.
I wrote the mint after Morgan’s I had in my cart 9:16am PST after many errors etc finally had them in my cart, tried to check out error, I didn’t get the one one of each I wanted. They replied that they were postponing the remainder of Morgan’s & Peace until they get their system to no and not allow bots to buy during the coin sales, so I’m hopeful just may not happen for this coin, but remainder of Morgan’s etc. Best way for these are enrollment if Morgan’s were enrollment I wouldn’t need to worry, like I told the mint silver dollar are silver dollar’s if I’m in all the silver dollar enrollments you should get anything that comes available V75, etc. So will see if the bots get ousted next Morgan’s or if we are allowed to enroll or enrollment covers them, one more chance on Morgan’s and I’ll take up another hobby or another country’s coins.
So let me get this straight.. they stop the release of the Morgans, giving the reason that their website needs an overhaul to handle traffic during big releases. But here is another big release, yet they still aren’t doing the Morgans. Something doesn’t quite seem to be adding up here.
I just checked the US Mint website and enrollments are not allowed for this product at this time and current enrollments are not allowed to be increased if you chose a number less than the 25 allowed IN OTHER WORDS THIS PRODUCT IS ALREADY SOLD OUT BEFORE IT EVEN GOES ON SALE!