It has now been over 5 weeks since the Elizabeth Monroe First Spouse Gold Coins went on sale at the US Mint. Sales are tracking lower than any other prior offering in the series.
As of April 3, 2008, Mint Statistics indicate that 6,180 proof coins have been sold and 3,632 uncirculated coins have been sold. This places total sales at 9,812 or roughly 25% of the total authorized mintage.
Collectors will recall that the first three coins of the First Spouse Gold Coin Program each sold out at the Mint in less than one day. The fourth coin offered honoring Dolley Madison is still currently available at the Mint, but sales have slowly been working their way upwards. As of April 3, 2008, 17,377 proof coins have been sold and 10,776 uncirculated coins have been sold.
A large drag on the Elizabeth Monroe sales has to be the Mint’s odd pricing. As covered in previous posts, the Dolley Madison and Elizabeth Monroe coins are both being offered for sale at the same time, but Dolley Madison prices are $90 less per coin. I think this is acting to discourage sales of the Elizabeth Monroe coins and perhaps encourage sales of the Dolley Madison coins.
Other factors impacting sales are the recent slide in the spot price of gold, which is now trading in the low $900’s, and the natural inclination for interest in a series to wane as time moves on.
A recent commenter of this blog mentioned that we may have another 1997-W Jackie Robinson Gold in the making. This coin had lackluster sales when it was offered by the Mint, leaving it with a mintage of only 5,174. Once collectors realized the coin’s scarcity, prices spiked. The First Spouse Gold series definitely bears watching for a repeat of this situation.
PCGS & NGC Elizabeth Monroe Coins.
The US Mint recently published the upcoming release date of the next coin in the First Spouse Gold Coin Program. The coin honoring Louisa Adams will be released on May 29, 2008.