U.S. Mint sells last 2016 American Eagle platinum bullion coins

(September 1, 2016 - by Paul Gilkes, CoinWorld)

The U.S. Mint has sold the last of its 2016 American Eagle 1-ounce .9995 platinum bullion coins to its authorized purchasers. The bureau took orders on Aug. 26 for the final 1,000 coins available.

The Mint made only 20,000 coins available for purchase when the coins first went on sale July 25.

2016 is the first year since 2014 for the U.S. Mint to offer American Eagle 1-ounce platinum bullion coins. It sold 16,900 of the coins in 2014. Before that, the Mint last sold American Eagle platinum bullion coins sale in 2008, when the Mint offered the 1-ounce version as well as the fractional sizes: half-ounce, quarter-ounce, and tenth-ounce coins.

On the first day of sales July 25 for the 2016 American Eagle platinum coins, 17,100 of the total were recorded sold. Orders for an additional 1,300 coins were placed July 26. Another 300 coins were sold on July 27 and again on July 28, bringing the cumulative sales total to 19,000 coins.

No more coins were sold until orders for the final 1,000 coins were placed Aug. 26.

The U.S. Mint does not offer its American Eagle platinum bullion coins directly to the public. The coins are offered instead to a network of approved firms, who are referred to as "authorized purchasers," and who offer a two-way market buying and selling the coins. 

The authorized purchasers buy the coins from the Mint based on the closing London PM spot price of the metal per troy ounce on a given day plus a 4 percent premium.

The coins are then resold to other dealers, collectors and investors for a further markup.