March and April 2020 saw the American Eagle Silver Coin experience some of the highest demand among investors since the Great Recession. As the COVID-19 pandemic swept the globe, countless countries went into nationwide lockdowns and economies around the world ground to a halt. As the coronavirus became more serious in the United States, the same impact shuttered the largest economy in the world and sent ripples through the stock market that sent investors flocking to precious metals. One of the first industries to experience the side effects of this surge was precious metals. Demand for gold and silver skyrocketed, and in the process, the United States Mint sold out its entire allotment of available 2020 American Eagle Silver bullion coins. Read about the background on the special Emergency Issue 2020 (P) American Eagle Silver Coins in this week’s Provident Metals blog.
Story behind the Sell Out
One of the most promoted means of combating the coronavirus is the new term “social distancing.” After the West Point Mint sold out its allotment of available 2020 American Eagle 1 oz Silver Coins to provide authorized dealers, the effects of the pandemic hit the West Point Mint’s home state of New York. While the West Point Mint tried to ramp up production to meet demand, the mint first had to decrease staffing to meet social distancing standards and keep its coining presses in action.
This was followed by a seven-day shutdown at the West Point Mint as New York state ordered its residents to stay home to slow the spread of the virus. Just before the shutdown at the West Point Mint, the US Mint had enlisted the help of the Philadelphia Mint to help strike more coins to meet demand. From April 8th to April 20th, the Philadelphia Mint struck a total of 240,000 more 2020 American Eagle 1 oz Silver Coins to supplement the slowed efforts of the West Point Mint. This coining period overlapped the seven-day closure of the West Point Mint (April 15-21).
Emergency Issue from the Philadelphia Mint
The 2020 (P) American Eagle 1 oz Silver Coins struck at the Philadelphia Mint do not have an identifying mint mark. In fact, to maintain homogenous appearance and style, all American Eagle Silver Bullion coins are struck to the same standard regardless of the mint that issues the coins. However, the 2020 (P) American Eagle Silver Coins struck in the Emergency Issue are identifiable to authorized dealers by the serial numbers and signatures on the Monster Boxes. The coins were packaged in Monster Boxes of 500 coins each at the Philadelphia Mint with serial numbers from 400,000 to 400,479.
Bulk 2020 (P) American Eagle Silver Coins
There are two options for investors looking to purchase the Emergency Issue 2020 (P) American Eagle Silver Coins. First, you can purchase 2020 (P) American Eagle Silver Monster Boxes. Each one of the coins in this box of 500 is in Brilliant Uncirculated condition. All coins are packaged in groups of 20 inside of 25 individual acrylic tubes from the US Mint. Second, there is the option of purchase a 2020 (P) American Eagle NGC Silver Gem Roll. The roll is a unique acrylic tube from the NGC and all coins qualified for the Early Release label, meaning the specimens were received by the NGC within 30 days of release by the US Mint.
Certified 2020 (P) American Eagle Silver Coins
In addition to the bulk options, individual Certified 2020 (P) American Eagle Silver Coins can be purchased that have certifications from the NGC or PCGS. All of these coins have either an MS69 or MS70 grade from the Numismatic Guaranty Corporation or Professional Coin Grading Service. A smaller set of the coins have the Early Release and First Strike labels from the NGC or PCGS, respectively, with both labels pointing to the arrival of the coins for certification within 30 days of release. Perhaps most unique are the set of certified coins with the First Day of Issue label. A brief breakdown of some of these terms might help:
- Mint State 70 – A perfect specimen with full, original mint luster and no detracting flaws.
- Mint State 69 – A near-perfect coin with full, original mint luster and a maximum of two minor detracting flaws. Examples of acceptable flaws include only minuscule contact marks or hairlines.
- First Day of Issue – Coins that were received by the PCGS or NGC within 24 hours of initial release from the Philadelphia Mint.
Background on the Philadelphia Mint and American Eagles
The last time the Philadelphia Mint produced an American Eagle Silver Coin was in 2000. The Philadelphia Mint was the home of production for Proof American Eagle Silver Coins from 1993 to 2000, and more briefly, the home of coining for BU American Eagle Silver Coins in 1999 and 2000. The 2020 (P) American Eagle Silver Coin Emergency Issue marks the first time in two decades the Philadelphia Mint produced the BU version of the coin.
The Philadelphia Mint is the nation’s oldest branch mint facility. When the United States Mint was founded in 1792 with passage of the Coinage Act of 1792, Philadelphia was the nation’s capital and a suitable home for the first branch mint location. The modern Philadelphia Mint building was built in 1969 and is the fourth structure to serve as the Philadelphia Mint.
Investing with Provident Metals
The Emergency Issue 2020 (P) American Eagle Silver Coins are currently on presale with Provident Metals and will be available by the end of May to purchase. If you need assistance when purchasing, please contact Provident Metals customer service for help. We are available at 800-313-3315, online through our live chat, and via email. Keep checking our blog each week for in-depth looks at new product releases and follow us on Facebook for daily updates and weekly contests.