Philadelphia Mint: Emergency Issue Silver Eagles

[bigjarofwasps]

In the midst of a global pandemic, the West Point Mint, which usually strikes bullion Silver Eagles, was facing a temporary shutdown due to COVID-19 complications, production of Eagles was shifted to the Philadelphia Mint for JUST two weeks from April 8th to April 20th.

Just 240,000 Silver Eagles were struck at the Philadelphia Mint during this short timeframe. These “Emergency Issue” Silver Eagles are now the SECOND lowest mintage in the bullion series following the 2015 (P) Bullion American Silver Eagles.

 

Edited May 10, 2020 by bigjarofwasps

[bigjarofwasps]

A New Modern Rarity: 2020 (P) American Silver Eagles

An unexpected modern rarity has emerged as a result of the impact of the coronavirus pandemic on production of the United States Mint’s flagship silver bullion coin series, the American Silver Eagle.

Most production of American Silver Eagle bullion coins is done at the U.S. Mint’s West Point Mint and sometimes at the San Francisco and Philadelphia Mints, too. Because of recent temporary closures at the latter two minting facilities due to safety and health concerns related to the coronavirus, the U.S. Mint had its Philadelphia facility supplement production of the very popular bullion silver coins as needed to meet demand and fill gaps in manufacture and logistics.

According to documentation from the Mint, those American Silver Eagle coins were struck between April 8 and 20, and monster boxes of 500 such coins were all packaged manually for the Mint’s network of Authorized Purchasers, who purchase the coins directly from the United States Mint and then sell them retail and to other dealers.

Demand for American Silver Eagle bullion coins has exploded during the pandemic as investors have flocked to silver coins – the most popular and widely traded coins in the world being the American Silver Eagle. This year, demand for the coins has risen strongly compared to the last couple years in response to lower spot silver prices and safe haven demand from the massive economic dislocation cause by the pandemic.

The 2020 (P) Silver Eagle coins made at the Philadelphia Mint are physically indistinguishable from coins made at other mints, and they do not carry mint marks indicating where they were struck. Instead, when graded they are given parentheses around the “P”. In addition to this, NGC and PCGS are including “Emergency Release” and “Emergency Issue” respectively on their certification labels.

The coins made at the Philadelphia Mint can be identified by hand-written labels and markings that are affixed to Monster Boxes of such coins and which include tracking numbers that correspond to which mint produced the coins.

The 2020 (P) Silver Eagle Emergency Issue

U.S. Mint officials stated in late April: “Monster boxes of 2020 American Eagle Silver Bullion Coins minted in Philadelphia were affixed with a typed label containing the box tracking number; additionally, box tracking numbers were handwritten directly on the boxes. Box tracking numbers 400,000 through and including 400,479 were used on boxes of coins minted in Philadelphia.”

Using those numbers, it was determined that 240,000 2020 (P) Silver Eagles were struck at the Philadelphia Mint.

On May 1, NGC announced that “Eligible coins will be identified by NGC with the description “Struck at Philadelphia Mint, 2020(P) Eagle S$1, Emergency Production.” With a mintage of just 240,000 coins, the 2020(P) Struck at Philadelphia Mint Silver Eagle is the second-rarest issue in the 34-year history of the bullion American Silver Eagle series. Coins identified with the “2020(P) Struck at Philadelphia Mint, Emergency Production” attribution will be listed separately in the NGC Census.” Below, you can see how NGC has decided to label these silver bullion coins.

To be eligible to be identified by NGC as 2020 (P) American Silver Eagles, coins must be submitted to the grading service in unopened Monster Boxes with the correct handwritten labels and markings.

PCGS and other grading companies soon after issued similar announcements and offer similar labels for coins that meet the criteria.

 

https://coinweek.com/bullion-report/a-new-modern-rarity-2020-p-american-silver-eagles/

 

 

 

Edited May 10, 2020 by bigjarofwasps

[bigjarofwasps]

[bigjarofwasps]

[peter monahan]

A pity there are no identifying marks on the coins themselves.  Call me a cynic, but I can see a booming trade in these 'rarities' in the not too distant future, when some entrepreneur marries up his colour printer and a felt pen with a supply of the plastic boxes, which I assume are used for other coin issues as well.

[bigjarofwasps]

22 hours ago, peter monahan said:

A pity there are no identifying marks on the coins themselves.  Call me a cynic, but I can see a booming trade in these 'rarities' in the not too distant future, when some entrepreneur marries up his colour printer and a felt pen with a supply of the plastic boxes, which I assume are used for other coin issues as well.

I entirely agree with you, there will always be scope for faking, such a shame the mint didn’t add a P. 
But as long as a would be collector, sticks to reputable graders like PCGS or NGC they can be assured that they have a genuine example.

 

[bigjarofwasps]

Well my "First Strike" Emergency issue silver eagle finally arrived my courier this morning.

Didn't pay an arm and a leg for it like I've heard of other collectors having to do. But was interesting is the journey it's taken, would be interested to hear other UK based collectors experiences of buying eagles from the US.

 

 

This is the journey my eagle took......

 

14th May bought from a dealer in Ramsey New Jersey (Ebay transaction).

15th May 13:41 Accepted at the USPS facility Ramsey.

15th May 19:22 Arrived at USPS facility Teterboro New Jersey.

15th May 22:55 Departed USPS facility Teterboro New Jersey.

15th May 23:30 Arrived USPS facility Jersey City New jersey.

16th May 07:00 Departed USPS facility Jersey City New jersey.

16th May 21:29 Arrives at USPS facility Cincinnati Ohio

17th May 06:38 Departed at USPS facility Cincinnati Ohio

17th May 06:38 Arrives at USPS facility Erlanger Kentucky

20th May 16:00 Departs at USPS facility Erlanger Kentucky

24th May in transit

25th May arrives at my address.

 

 

Am curious to know whether this is a usual or whether this somewhat indirect route is something to do with the current COVID situation?

 

 

[Chris Boonzaier]

I would pay real money for one with Trump with "MS13" on it ?

[bigjarofwasps]

Interesting recent article on the 2020 P Silver Eagle, which is worth a read.

 

https://www.valuewalk.com/2020/05/2020-silver-eagles-coin/amp/