With a shortage of products in 2009, the Mint at the last minute released the 1 Ounce Platinum Proof Eagle for collectors. The set was limited to 5 units per household at an offering price of $1,792.00 at a time when platinum spot price was around $1450 / ounce. With the dearth of any other coin options for the many collectors, the set sold out within two weeks of the offering. During the offering period, the price of platinum fell precipitously and would have been granted a price adjustment had it not sold out.
Although some people think that speculators and resellers were the cause of the quick sell-out, I agree with Michael over at the Mint News Blog. He thinks the lack of other options had collectors purchase this coin in lieu. With the high price and less than ideal mintage (for quick appreciation), he is right in that speculators and flippers would not tie up so much capital.
A More Perfect Union
Looking at the design though, I feel that this coin will grow faster than the secondary market is factoring in currently. With the numerous ethnicity makeup of this wonderful country, it shows everyone looking with hope and excitement at tomorrow. It’s quite beautiful to behold. It is the beginning of a 6 year series on the core concepts of American democracy. Next year’s theme is “to Establish Justice”.
I can’t wait to see the candidates for the next coin. Here is the full list of the themes for the series:
- 2009–To Form a More Perfect Union, SOLD OUT
- 2010–To Establish Justice,
- 2011–To Insure Domestic Tranquility,
- 2012–To Provide for the Common Defence,
- 2013–To Promote General Welfare, and
- 2014–To Secure the Blessings of Liberty to Ourselves and our Posterity.
Looking at the last coin in the series, assuming that the words will be inscribed on the coins, I believe they might have two coin set? Maybe they’ll put it around the rim to have it fit.