What's the deal with the platinum proof eagles?

LincolnCentMan · September 20, 2003 4:43AM

I buy a half oz (lowest pop) and tenth oz (highest demand) proof platinum eagle every year. Last year the halves were $395 and the tenths were $95. This year the halves are $587 and the tenths are $170. I checked the price of platinum, it's about $100 an oz more than it was last year. Even so, those are some pretty HEAFTY price increases. Anybody know the reason for this?

David

trozau · September 20, 2003 4:49AM

Just a WAG - Last year, they probably still had left over planchets bought at a lower price of platinum and for this year all the planchets were bought at the much higher platinum spot.

JohnZ · September 20, 2003 4:51AM

Price gouging by the US mint. Plain and simple. Let's see how many of them they actually sell.

BillJones · September 20, 2003 5:27AM

And the interesting part if that these platinum coins are NOT very popular among most collectors.

A couple of years ago I took a one ounce piece in trade as part of a deal. Most of the dealers made the sign of the cross (as one would act toward a vampire) when I tried to sell the coin to them. Finally I sold the piece for a couple of bucks over its melt value to dealer who specilized in bullion.

The mintages are low for the coins, but from what I can see so is the collector interest.

TheNumish · September 20, 2003 6:00AM

I thinkit's a combination of platinum going up and the dealer bulk program. Dealers who buy over X amount get a 4% discount published prices. Then if they spend over X amount over the course of the year they get another 5% rebate. Then I guess the mint bumbed the price more just because the could.

Bill--

There is a whole world out there that love these coins you never see at coin shows. It's like at the TNA coin show I had 5 MS-69 State Quarters in my case. Very few people noticed them and the ones that did laughed at me when I priced them. Had no problem selling them using different channels.

supercoin · September 20, 2003 6:27PM

It will be interesting to see if they have their day in the sun. I've been collecting them since 1997 and paying mint prices to ensure I can get nice examples.

They are a very interesting series with the ever-changing reverses, I think the problem with demand, particularly with the higher denominations, is simply that they are expensive.

But, often things that don't do well contemporaneously are the things that do well later. I hope.

MJCoin · September 21, 2003 7:07AM

I still remember when collectors balked at paying $150.00+ for the 1995W proof silver eagle from the anniversary gold set. Only time will tell.

BillJones · September 21, 2003 7:19AM

Yes, but silver Proof eagles are a widely collected series. The platinum coins hae never caught on with collectors the way that that the silver eagles have. When the 1995-W coins came out there were a lot of negative comments from silver eagle collectors about the way the coins were distributed. The trouble with the platinum coins is that it's not just one coin, it's the whole series.

wallstreetman · September 21, 2003 7:56AM

Beautiful coins with low mintages and getting more and more popular, sounds like a series to collect!

wallstreetman · September 21, 2003 7:58AM

In other words, supply and demand is the answer to your question!

What's the deal with the platinum proof eagles?

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