More stress for J.P. Morgan.

Regards - VHF

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1st U.S. Mint proof-quality silver bullion coin offering since ‘08 sends sales soaring

Overwhelming consumer demand since the long anticipated debut of the 2010 Proof Silver Eagle Coin on November 19th has overloaded the U.S. Mint's online store and call center.

Dorothy Kosich

November 24, 2010

RENO, NV -

U.S. Mint customers ordered a total of 273,212 2010 Proof Silver Eagles coins in less than three full days after the coin was initially released on November 19, 2010, after a two-year absence.

A collector's version of the official U.S. Mint American Eagle Silver Bullion Coin, the Proof Silver Eagle has not been issued since 2008 when 700,979 coins were sold.

The 2010 American Eagle One Ounce Silver Proof Coin is being offered at a sale price of $45.95.

In October the U.S. Mint announced it would issue a collector-grade .999 fine silver American Eagle Silver Proof coin. U.S. Mint Director Ed Moy said the Mint "worked very hard with vendors" to triple the number of silver blanks available. This allowed the Mint to continue to produce bullion eagles and still offer a proof version.

The Mint warned customers that they anticipated "usually high demand" for the American Eagle Silver Proof Coin. There is a household limit of 100 coins. Production of the 2009 version of the coin was canceled last year because of high demand for the American Eagle Silver Bullion Coin.

"Legislation mandates that American Eagle Silver Bullion Coin production take precedence over the numismatic version of the coin," the Mint said. ‘Economic conditions drove investor demand for the United States Mint's silver bullion coin to unprecedented highs in both Fiscal Years 2009 and 2010."

The collector proof coin features the West Point "W" mintmark. Bullion coins do not have the mintmark not a brilliant finish. The bullion coins are not sold directly by the Mint.

As of November 22nd, 32,405,500 bullion Silver Eagle Coins have been sold so far this year.