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American Silver Eagle Coin Sales in October Score 4th Best Month
November 1, 2014 by Darrin Lee Unser · Leave a Comment
Bullion American Silver Eagles demand was exceptionally strong in October, pushing sales to the highest monthly total of the year and the fourth best ever in the history of the program. Conversely, silver prices continued a downward spiral in October to a new four and a half year low that was punctuated by significant losses during the last week.
Demand for silver coins soared in October
For October, silver futures recorded a decline in prices of 5.6% following a 6.3% weekly drop. Silver for December delivery closed the month on Friday at $16.11 an ounce, actually recovering from earlier trading in the day which bottomed at $15.64. Silver prices have plunged 16.9% in the year to date.
Other New York precious metals futures in October were as follows:
- Gold for December delivery closed October at $1,171.60 an ounce, falling 3.3% in October and down 2.63% for the year
- Palladium for December delivery finished the month at $791.80 an ounce, an increase of 2.2% for October and 10.2% so far in 2014
- Platinum for January delivery posted a close of month price at $1,235.20 an ounce, down 5% for the month and 10.1% for the year
LBMA Silver Price Silver Prices
Across the Atlantic, precious metal prices in London had similar results with silver posting a 5.3% decline in October as it shed $0.91 in the period. Silver had a fix on the 31st of $16.20 an ounce. It has fallen 16.9% on the year so far.
Other London precious metals fixings include:
- Gold at $1,164.25 an ounce lost $52.25 in October for a decline of 4.3%
- Palladium closed October at $784 an ounce, up $9 an ounce for the month for an increase of 1.2%
- Platinum finished October at $1,227 per ounce, down $73 an ounce, or -5.6%
Year-to date finds gold at -3.1%, palladium up 10.3% and platinum down 9.7%.
United States Mint Sales of Bullion Silver Coins
As mentioned, demand for bullion American Silver Eagles was robust in October with sales at their highest monthly total of the year. For the month, the United States Mint recorded total bullion Silver Eagle sales at 5,790,000.
Not only astonishing for its comparison year-to-date, the October sales were also notable for being the fourth best ever for the Silver Eagle program since its debut in 1986. The top ten months for the program are shown in the table below:
Top Ten Monthly Sales of American Silver Eagles
| January 2013 | 7,498,000 |
| January 2011 | 6,422,000 |
| January 2012 | 6,107,000 |
| October 2014 | 5,790,000 |
| March 2014 | 5,354,000 |
| January 2014 | 4,775,000 |
| September 2011 | 4,460,500 |
| July 2013 | 4,406,500 |
| November 2010 | 4,260,000 |
| September 2014 | 4,140,000 |
Year-to-date, the U.S. Mint has recorded bullion American Silver Eagle sales of 38,041,000. At that level, 2014 already qualifies as the third best year ever for the program, coming behind 2011 and the all-time record set last year. For reference, 2013 sales through October were at 39,175,000.
Sales of America the Beautiful Five Ounce Silver Bullion Coins
America the Beautiful Five Ounce Silver Bullion Coin advanced 5,100 in October, not one of the best months this year but then no new issues were released. This increase is most surprising due to the fact that no new releases were issued in the month.
October five ounce bullion coins had these sales in October:
- 2014 Great Smoky Mountains National Park 5 Ounce Silver Coins remained sold out at 33,000
- 2014 Shenandoah National Park 5 Ounce Silver Coins climbed 900 to 22,400
- 2014 Arches National Park 5 Ounce Silver Coins stayed at 22,000
- 2014 Great Sand Dunes National Park 5 Ounce Silver Coins gained 4,200 to 16,200
The last 2014 America the Beautiful Five Ounce Silver Bullion Coin, honoring Everglades National Park, is scheduled to be released on Monday, November 3.
Melt Values of US Silver Coins
As the price of silver continues to drop, so does the associated melt value of silver coins. This is exemplified by the chart below which offers the melt values of common U.S. silver coins which many investors and collectors hold for their compositions of silver.
The table compares the melt values of the coins at the end of September versus the end of October. (SilverCoinsToday.com also offers a melt calculator for more personal comparisons.)
| US Silver Coins | Melt Values (9/30/2014) |
Melt Values (10/31/2014) |
Net Change |
|---|---|---|---|
| 1942-1945 Jefferson Silver Nickels | $0.96 | $0.91 | -$0.05 |
| 1892-1916 Barber Silver Dimes | $1.24 | $1.17 | -$0.07 |
| 1916-1945 Mercury Silver Dimes | $1.24 | $1.17 | -$0.07 |
| 1946-1964 Roosevelt Silver Dimes | $1.24 | $1.17 | -$0.07 |
| 1892-1916 Barber Silver Quarters | $3.09 | $2.93 | -$0.16 |
| 1916-1930 Standing Silver Liberty 25c | $3.09 | $2.93 | -$0.16 |
| 1932-1964 Washington Silver Quarters | $3.09 | $2.93 | -$0.16 |
| 1892-1915 Barber Silver Halves | $6.19 | $5.86 | -$0.33 |
| 1916-1947 Walking Liberty 50c | $6.19 | $5.86 | -$0.33 |
| 1948-1963 Franklin 50c | $6.19 | $5.86 | -$0.33 |
| 1964 Kennedy Half Dollars | $6.19 | $5.86 | -$0.33 |
| 1965-1970 Kennedy Half Dollars | $2.53 | $2.40 | -$0.13 |
| 1878-1921 Morgan Silver Dollars | $13.23 | $12.53 | -$0.70 |
| 1921-1935 Peace Silver Dollars | $13.23 | $12.53 | -$0.70 |
| 1971-1976 Silver Eisenhower $1s | $5.41 | $5.12 | -$0.29 |
| 1986-2013 American Eagles | $17.11 | $16.20 | -$0.91 |
| 2010-2014 ATB Silver Coins | $85.55 | $81.00 | -$4.55 |
The table above uses the London Fix for silver at the end of September and October to create the comparisons.
