United States Mint Has Sold 30 Million Silver American Eagles in 2020

In its latest bullion sales report, the United States Mint is now reporting that over 30 million silver American Eagle bullion coins have been sold in 2020. That is well over double the amount sold in 2019.

In total 30,089,500 ounces of silver American Eagles have been sold this year. Given that the coin is a one ounce coin, that means the same number of coins have been sold. That is over double the 14,863,500 coins that were sold in 2019. The sharp increase – which has been challenging for the Mint to keep up with through the year – is largely due to the COVID-19 pandemic. The Mint, like other Mints around the globe, have seen strong demand for bullion products as collectors and investors look to precious medals to combat volatility in the financial markets.

For those who are curious, the strong demand for bullion has extended to gold too. In 2019, the Mint sold 371,000 gold coins which includes all fractional and one ounce coins. This year the Mint has sold 1,253,500 gold coins.

These strong sales figures will likely continue through to at least mid-2021 for two main factors. First, the COVID-19 pandemic continues to rage, particularly here in the United States. That is putting pressure on local, state and federal government economies. This pressure will continue until the vaccine for the virus is readily available which will take at least until mid-2021 for wide availability. Fortunately the inoculation is rolling out to all 50 states today but distribution will take time.

Second, the American Eagle itself if undergoing its first change. Both the gold and silver coins will see new Reverse designs in the summer of 2021, meaning that collectors will want to collect both the inaugural design early in the year and the new design later in the year.

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