The United States Mint has hit an all-time record partially inspired by uncertain economic times.
Sales of American Eagle silver bullion coins reached 28,766,000 in 2009, on the back of increasing demand from investors looking to diversify their portfolios.
American Eagle silver bullion generated US$372 million in revenue in 2009, a 21.4% increase from 2008’s total of 19,583,000 coins worth US$306.4 million.
“This is an important milestone for the American Eagle silver bullion coin program,” said Michael DiRienzo, executive director of the Silver Institute, in a press release. “Even better, it looks like 2010 is off to a strong start, with over 3.5 million American Silver Eagles sold in January compared to 1.9 million last year.”
Silver has, at times, been valued as a hedge against a declining dollar and inflation, according to industry association, the Silver Institute.
However, the leap in sales created some problems for the Mint.
Production didn’t quite meet demand, forcing the Mint to ration delivery of bullion coins to dealers. Mid-year, the Mint disappointed collectors and investors with plans to not offer “proof ” versions of the coin.
“Even with the Mint’s West Point facility increasing its output, there were a lot of disappointed people,” said DiRenzio in a press release.
The American Bullion Coinage program started in 1986.
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