The 2010 Silver American Eagles have proven to be extremely popular with investors for the bullion versions of the coin. In fact, that intense interest led to no proof Silver Eagles being released through the first ten months of the year, and a complete cancellation of the uncirculated Silver Eagles.
As far back as 2008, investor demand for the bullion coins was at record levels. Unfortunately, the Mint has been unable to keep up with that demand since then. To help alleviate some of the pressure, the Mint initiated a rationing program for the strikes which resulted in the Mint’s authorized purchasers of the bullion Eagles only being able to obtain a portion of the total number of the strikes that they ordered. The rationing program was lifted in 2009, only to be re-instated later in the year with the Mint still following that policy mid-way through 2010.
The worldwide demand for investment silver has played a large role in the Mint’s inability to strike enough Eagles. Even with the slight decline seen in the silver market in 2009, demand for the coins sky-rocketed. Silver itself has shown some renewed vigor in the first half of 2010. The lowest the precious metal averaged for a day during the first six months of the year came in at $15.14 an ounce. Comparatively, the highest it showed was $19.64 an ounce. Later in the year, silver reached 30-year highs.
Below is a table showing the monthly totals for bullion coins sold (this table reflects only the total number of coins sold each month and may include strikes minted in other years):
2010 Bullion Silver Eagles Sold
By law, the Mint is required to strike the bullion Eagles to meet demand. Unfortunately this requirement has caused several issues for collectors. In 2009, the Mint was forced to cancel Proof and Uncirculated Silver Eagles as it directed all the available silver planchets to bullion production. This meant that for the first time since the creation of the Eagle Program which started in 1986, a proof Silver Eagle was not struck. This left those who collected Eagles annually with an unfilled slot for the year.
Uncirculated Silver Eagles were only minted for the first time in 2006 but did appear annually from that point until no coin was struck in 2009. Once again, collectors were left with hole in their collection.
The 2010 Proof Silver Eagles would be released on November 19, 2010 as the Mint was able to triple its blank planchet supply enabling it to produce enough of the collector proof coins to issue them. A price of $45.95 was put in place for the strikes.
2010 Silver Eagle Mintages
2010 Silver Eagle Specifications
|Weight:||31.101 grams (1.000 ounces)|
|Diameter:||1.598 inches (40.60 mm)|
|Thickness:||0.117 inches (2.98 mm)|
|Composition:||99.93% silver, 0.07% copper|
2010 Silver Eagle Design
|Mint Mark:||Bullion – None, Proof –W|
|Obverse Designer:||Adolph A. Weinman|
|Reverse Designer:||John Mercanti|
2010 Silver Eagles on eBay