For the first time in the series, the demand for Silver Eagle bullion coins began to impact the collector offerings. The 2008 Proof Silver Eagle saw its production halted and sales suspended well before the end of the year. Problems would persist for the following two years, as the 2009 issue was canceled and the 2010 issue was significantly delayed.
The offering began under typical circumstances, with sales accepted by the United States starting on January 3, 2008. The offering price was $31.95 per coin, reflecting an increase of $2 from the prior year and the second annual price increase in a row. There were no household ordering limits imposed and no stated maximum mintage.
In February 2008, the US Mint abruptly suspended sales of bullion versions of the Silver Eagles when their inventories became depleted. Eventually sales would be reinstated, but on a rationed basis. The impact on Proof Silver Eagles was not apparent until later in the year in August when sales of the collector coins were suspended. Since the US Mint was required to strike bullion coins in quantities sufficient to meet public demand, they diverted all blanks intended for the collector offerings.
Sales of the 2008 Proof Silver Eagle were never resumed since the US Mint could not catch up with the demand for bullion coins. The abrupt and unexpected conclusion of sales caused this issue to immediately begin selling for a premium on the secondary market. The final adjusted mintage was 700,979.
During the first few months of the year, the market price of silver rose to exceed the $20 level, after that it sold off and traded within the $16 to $18 range until August, when the price moved decisively lower. Silver closed the year at $10.79 per ounce.
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US $65.95
