U.S. Mint Slashes American Platinum Eagle Price
Source: Coin News, Rhonda Kay (6/23/11)
"The 2011 coin's debut price was the highest in its history."
The United States Mint today reduced the 2011 Proof American Platinum Eagle price by $100. The Platinum Eagle launched on May 27 for $2,092.00. It is low listed for $1,992.00.
The United States Mint each Wednesday will calculate changes in precious metals over the previous seven days and, if necessary, adjust the price of its collector coins composed of gold or platinum. When the 2011 Proof American Platinum Eagle was released in May, its price was fixed based on an average of platinum that fell between $1,750.00 and $1,849.99 an ounce. The latest average dropped a few dollars below $1,750.00 an ounce, triggering the price cut.
The Platinum Eagle is the most expensive product offering from the Mint, and its debut price was the highest in its history. That did not seem to deter too many buyers initially as 6,786 of the available 15,000 sold during the first four days. Sales have since slowed.
Declining sales are actually typical for most numismatic coins since those who want them tend to make a purchase soon after their release. The coin's higher price tag, however, likely resulted in at least some drag in the numbers.
Platinum would have to have a sustained drop below $1,650 an ounce for another $100 price cut to go into effect. Likewise, the proof coin's price will go back up by $100 should platinum make continued daily gains above the $1,750 an ounce level.
The Proof American Platinum Eagle first debuted in 1997. It is the only United States Mint coin composed of .9995 fine platinum.