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    Stretched by COVID-19, the US Mint Turns to the Philadelphia Mint for Silver Eagles

    Posted on May 28, 2020

    The American Silver Eagle coins are produced by the United States Mint with no mint marks on the Brilliant Uncirculated condition. All of the bullion versions of the coin are struck to look indistinguishable from one another. However, there are cues that identify the mint of origin for Silver Eagles. With the coronavirus surging across the US in March and April, the United States Mint acknowledged the need to issue the bullion version of the American Silver Eagle at the Philadelphia Mint for the first time since 2000. Learn all about the Emergency Issue 2020 American Silver Eagle coin options from the US Mint.

    Surging Demand

    As the COVID-19 pandemic reached American shores and states shutdown, the economy was shuttered and stock values plummeted. The demand for gold and silver surged, sending interest in the American Silver Eagle through the roof. After just one week of increased demand, the West Point Mint sold out of its available 2020 Silver Eagles in stock to provide to authorized dealers. As a result, the West Point Mint got to work striking more 2020 Silver Eagles to meet the continued demand.

    However, as the West Point Mint resumed production, lockdown orders in the state of New York stressed the coining capacity of the West Point Mint. Safety measures forced the mint to reduce staffing to protect against the spread of the virus. A further hiccup came along when the West Point Mint was forced to shut down from April 15-20. Fortunately, the United States Mint enlisted the Philadelphia Mint to help meet demand for the coins. From April 8th to April 20th, the Philadelphia Mint produced an additional 240,000 2020 Silver Eagles to get more coins out to investors.

    Emergency Issue 2020 (P) American Silver Eagles

    The Emergency Issue 2020 (P) American Silver Eagle coins were produced and shipped in Monster Boxes to authorized dealers and additionally provided to the NGC and PCGS for certification of the coins. JM Bullion denotes these coins in our online listings as 2020 (P) American Silver Eagle Coins, but as bullion specimens in the series, none of these 2020 American Silver Eagles have a mint mark to distinguish which mint actually struck the coins. The Philadelphia Mint Emergency Issue coins in the 2020 Silver Eagle Series came from US Mint Monster Boxes with tracking numbers from 400,000 to 400,479. This is how the coins are identified as Philadelphia Mint specimens.

    Bulk Option

    There are two options available for purchasing the Emergency Issue 2020 (P) American Silver Eagles. JM Bullion has the coins available in US Mint Monster Boxes with a total of 500 silver coins. The coins in the Monster Box are housed inside of 25 individual tubes of 20 coins each. We also have 2020 (P) American Silver Eagle Coins inside of NGC Gem Rolls with an Early Release label. All 20 coins in the tube are sealed together for long-term storage and come with the ER label denoting the arrival of the coins at the NGC for grading within 30 days of the original release in April from the Philadelphia Mint.

    Certified Versions

    Large volumes of 2020 (P) American Silver Eagle coins were certified by the Numismatic Guaranty Corporation and Professional Coin Grading Service. Each of the coins comes with a protective plastic slab. The coins come with the following labels available:

    • NGC or PCGS MS70 FDOI – A Mint State 70 coin with a First Day of Issue label. MS70 coins have full, original mint luster and no detracting flaws. First Day of Issue coins were received for grading within 24 hours of release by the mint.
    • NGC MS70 ER or PCGS MS70 FS – Also Mint State 70 coins, each one of these options also have an Early Release/First Strike label. Issued by the respective grading houses, these labels refer to coins received for grading within 30 days of release by the Philadelphia Mint.
    • NGC MS69 or PCGS MS69 – A Mint State 69 coin has full, original mint luster and no more than two minor detracting flaws. Examples of acceptable flaws at this level include only minuscule contact marks or hairlines located outside the primary focal points.

    History of Philadelphia Mint Silver Eagle Coining

    The Philadelphia Mint was first established in 1792 when the Coinage Act of 1792 formed the foundation of the United States Mint. The Philadelphia location was chosen because the city was the nation’s capital at that time. The first mint building in the city was used until 1833, the second from 1833 to 1901, the third building from 1901 to 1969, and the current building has been in operation since 1969.

    From 1993 to 2000, the Philadelphia Mint coined the proof version of the Silver Eagle. In 1999 and 2000, it briefly struck the bullion version of the coin as well. The Emergency Issue of 2020 American Silver Eagles marked the first coining of bullion American Silver Eagles in Philadelphia in 20 years.

    Grab Your 2020 (P) American Silver Eagles from JM Bullion

    All of the 2020 (P) American Silver Eagles produced as an Emergency Issue at the Philadelphia Mint are now available for presale online at JM Bullion. If you have any questions, please contact JM Bullion customer service. We are available at 800-276-6508, online using our live chat, and via our email address. Don’t forget to follow us on Facebook for daily updates and weekly contests, and remember to visit our blog each week for new updates on products.

    All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.