US Mint Ends Silver Eagle Rationing Policy

The US Mint announced on Monday an end to the Gold and Silver American Eagle bullion rationing policy that was instituted in April 2008.

This is great news for those interested in the bullion coins as premiums should ease further, but it could be of even greater interest to those waiting for the collector Silver American Eagle Proof and Uncirculated coins.

In a memo to bullion authorized purchasers, the Mint stated in part:

Effective immediately, the United States is lifting the allocation process. You may place your orders under the standard ordering procedures. The ordering minimum and incremental quantities apply.

Required by law to produce the bullion coins "in quantities sufficient to meet public demand", the Mint was forced to suspend production of collector 2009 Silver Eagle Proof and Uncirculated coins to divert blanks for bullion silver coins.

With silver eagle bullion sales at record levels (albeit with some slowdown in May), the end of the allocation policy has come as a bit of a surprise. Through June 17, the Mint has sold 13,024,500 of the coins. If they keep that pace up, it will be the best year since the Silver Eagle bullion’s introduction in 1986.

As already mentioned, this change of policy could be great news for collectors of Silver American Eagle Proof and Uncirculated coins. It now seems likely the Mint may begin striking them sooner instead of much later in the year. It should be noted, however, that the Mint has made no official statement on the likelihood of this occurring.