2010 Proof Silver Eagles on Sale November 19

The United States Mint on Monday said 2010 Proof American Silver Eagle coins would go on sale November 19, 2010, at noon ET.

"We have worked very hard with vendors to increase the quantity of precious metal planchets available to us," said U.S. Mint Director Ed Moy. "That hard work has paid off."

The collector proof Silver Eagles will have a price tag of $45.95, which is $14.00 higher than when the one-ounce .999 fine 2008 Proof Silver Eagle was issued.

However, silver prices started 2008 at $14.93 an ounce and fell to $10.79 an ounce by year’s end. Since then, demand for the bullion versions of the Silver Eagle jumped to unprecedented levels and the cost of silver has soared to $22 an ounce.

2009 Proof Silver Eagles were not available "because of high demand for the United States Mint’s 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. Adding that "economic conditions drove investor demand for the United States Mint’s silver bullion coins to unprecedented highs in both Fiscal Years 2009 and 2010."

In addition to the Mint tripling its supply of silver planchets from 2007 levels, demand for bullion 2010 Silver Eagles has retreated during the last two months. These events assisted in diverting silver planchets toward proof versions, according to the Mint:

"Although the demand for precious metal coins remains high, the increase in supply of planchets-coupled with lower demand for bullion orders in August and September-allowed the United States Mint to come off allocation and shift some capacity to produce numismatic versions of the one ounce American Eagle Silver Proof Coin."

The 2010 Proof Silver Eagle release will negate the need for recently passed House legislation, at least for this year. H.R. 6162, which made its way through the House on September 22, 2010, and is now awaiting action in the Senate, has a provision that enables the Mint to strike collector proof coins even when it would cut into the production of bullion versions. The topic was brought up in July during Congressional hearings, which led to specific language in H.R. 6162 that would change current coin law.

The Mint will not produce uncirculated Silver or Gold Eagles this year. These collector coins were introduced in 2006. The bullion and proof American Silver Eagles debuted in 1986.

On November 19, the 2010 Proof Silver Eagle will be available directly from the United States Mint website (http://www.usmint.gov) or by calling the toll free number 1-800-USA-MINT (872-6468).

Household limits of 100 will be enforced. A shipping and handling fee of $4.95 will be added to all domestic orders.