Mint Pulls American Eagle Platinum
By Mike Unser
The United States
Mint’s online product pages no longer offer or
display 2008 American Eagle platinum coins. All
platinum coins to include individual and sets
within the uncirculated and proof categories are
gone. No message is currently in place to
indicate why or whether they will return.
The hope is that the Mint has pulled the
products in order to downward adjust prices to
make them more inline with current platinum
In recent weeks, the price of platinum has
plunged dramatically in the wake of concerns and
data regarding car production and sales figures.
Platinum is used in vehicle catalytic converters
and that purpose accounts for some 50% of the
world’s demand for the metal.
At its worst on Monday, Aug. 4, U.S. Mint
American Eagle platinum proof coins had premiums
between 59%-79%. Premiums around the 30% range
have been more the norm for such coins, and
reflective of what they were when the Mint first
released this year’s proof batch in May of 2008.
Ironically, platinum has climbed since Monday.
New York platinum closed today to $1,610 an
ounce. But to highlight the price disparity at
even this price, the American Eagle platinum
proof coin (one ounce) was priced at $2,509.95.
Such high premiums do not make U.S. Mint
customers happy. Especially when the Mint has
been so quick to suspend bullion coin sales when
precious metal prices increase.
As examples, in the most recent CoinNews article
asking whether the United States Mint was
justified in selling coins with these mark-ups,
two CoinNews readers responded:
August 6th, 2008 at 12:48 am
No, but do you really expect fairness and fiscal
responsibility from any branch of the U.S.
government? People who buy these coins either
don’t care about money or are really, really
Tom (COIN MAN at Blogspot.com) says:
August 6th, 2008 at :19 am
I’ll sound like a broken record here but there
is a lot of truth in AJP’s comment. Platinum
goes up $50 maybe $75/ounce and suddenly the
proof platinum coins have to be repriced.
Platinum drops $500 and no action needs to be
taken. They’re just refusing to take a loss on
the platinum that they bought and it really
Let’s hope the Mint resumes platinum coin sales
again, but at prices collectors are willing to
pay or can at least understand.