The United States Mint did not issue the 2009 Proof Silver Eagle. The popular annual offering was canceled as a result of the Mint's inability to source enough silver blanks to satisfy demand for the bullion version of the coins.
Under Public Law 99-61, the US Mint is required to produce American Silver Eagle bullion coins in quantities sufficient to meet public demand. Throughout most of the year, the supply of bullion coins was rationed to the US Mint's network of primary distributors. Since full demand was not being met, all incoming silver blanks were sourced to the production of more bullion coins. The production of collector offerings such as the 2009 Proof Silver Eagle were suspended.
It seemed as though the collector coins might be produced around mid year, when demand for physical silver investment abated and rationing programs were lifted. The US Mint began preliminary steps for the production of Proof Silver Eagles including the preparation of coin dies, packaging, and certificates of authenticity. Coin images (shown above) were also released to the public.
A surge in demand during the fourth quarter once again led to the rationing of the bullion versions of the coins. The US Mint announced the cancellation of the 2009 Silver Eagle proof coin on October 22, 2009. Despite efforts from collectors and a member of Congress, production of the coin was not initiated before year end. An annual tradition of more than twenty years was broken and collectors were left with a permanent gap in their collections.
During 2009, the price of silver rose steadily with a few brief pull backs. The opening price for the year was $11.08. By year end, the price had risen to $16.99 per ounce.
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US $56.99
