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Are 2008-W Uncirculated Platinum Eagles Overpriced, or Simply a Good Buy?

Solo

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#1
Are 2008-W Uncirculated Platinum Eagles Overpriced, or Simply a Good Buy? (link)

Who's up for a laugh tonight ;)? For those of you who don't know, the 2008-W (aka 'burnished') platinum eagle coins are comprised of some of the lowest mintage coins produced by the mint in the last 100+ years. Having learned my lesson from missing a steal at the last coin show, and being somewhat energized from a 2006-W 1/2oz purchase this past week (thanks again HC!), I went to a show this past weekend on the hunt. I managed to pick up a 2007-W $10 plat eagle slabbed pcgs ms70 first strike (the best of the best) for only $220. I don't have any of the 2008-W's yet, but hopefully I'll find one at the next show if lady luck smiles again. Anyway I thought I would post an old article asking whether or not it's worth it to buy the 2008 W coins. Considering the half, quarter, and tenth ounce coins all sell for twice their melt value I'd say it was worth it.

:bear_w00t:

2008-American-Eagle-Platinum-Uncirculated-Coin.jpg

The United States Mint is selling collector 2008 American Eagle platinum uncirculated coins with the "W" mintmark at significant premiums over their bullion content. But factors such as mintage totals are worthy of scrutiny before completely dismissing the coins as overpriced.



The US Mint offers one-ounce 2008-W American Eagle platinum uncirculated coins for $1,214.95, which is $372 higher than Tuesday’s New York closing spot platinum price of $843 an ounce. The difference is an unpalatable deterrent for making a purchase, which is further complicated given the still volatile commodity market.

In the last 30 days alone, platinum has been as high as $1,036 an ounce and as low as $756, with analysts all over the map on where it would or will go. Collectors who purchased a one-ounce uncirculated eagle toward the crest of the 2008 record platinum price of $2,250 and the peak US Mint price of $2,349.95 can best describe the hurt an unstable market can deal.


So why consider an eagle purchase now when platinum has been far from stable, on top of Mint markups that some equate to price gouging?

2007-W and 2008-W American Eagle One-Ounce Mintage Figures

For one thing, an eagle platinum mintage of only 1,584 stands out, as do other 2008 uncirculated "W" one-ounce bullion coins. The Mint has sold over 392,000 American Eagle Silver and over 4,400 American Eagle Gold collector coins.

In contrast, final mintage totals for the same 2007 coins were 563,771 silver eagles, 24,902 gold eagles and 4,425 platinum eagles. Naturally, sales of the 2008 coins are still occurring. But the contrast of gold and platinum quantities is already striking, with some 20,000 fewer gold and nearly 2,900 less platinum uncirculated coins minted to date.

Factors to consider in buying

Clearly, high US Mint premiums have lowered 2008 sales. As has the inability to purchase coins during Mint periods of suspended sales — in some cases, for several months — to readjust prices in the wake of bullion swings.

In addition, there is the Mint’s recent memo indicating that 2008 platinum bullion coins ( non "W" mintmark coins sold to authorized dealers) are being produced from remaining blank supplies, and will cease when depleted. The availability of blanks for collector versions would appear to be in question. The Mint already removed the 1/10th ounce Eagle Platinum proof coin.

These factors provide a greater expectation that far fewer platinum collector eagles will be produced, and offer a better prospect of rising in value in the coming years.

Also for consideration, the 2008 American Eagle platinum coins bear the final “Judicial Branch” design within the three-year platinum coin series entitled "The Foundations of American Democracy." Starting in 2006, each year celebrated one of the three branches of government.

The bottom line…

A coin’s true value is what someone is willing to pay for it. To date, fewer collectors are judging the platinum eagle as valuable as its listed price. Tomorrow may be another matter.

There is no crystal ball foreseeing where platinum prices are headed. Nor is it known when the Mint will halt 2008 sales. Spending nearly $400 above a modern coin’s intrinsic bullion value based solely on the chance of an eventual price increase is risky. Yet, sometimes risk pays off with rewards.

The Mint’s current price is likely most bearable to collectors who enjoy the uncirculated platinum series and have actually paid more to purchase one of coins in the past.
 
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hernancortes

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#2
Most dealers go by greysheet and unlike almost all other moderns right now the burn. plats are being neglected --- that is why it is still possible to score the occasional one for agood deal. Speculating on these requires the patience of Jobe but for me it's no biggie because I intend to leave most of the $50 '08-w's to the kids.
 

silverbusa

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#3
I have some of the 1oz bought from the mint just before they sold out........the fractional 08's may not be under valued,,,,
but I think the 1oz sure is.
 

Solo

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#4
Speculating on these requires the patience of Jobe
Indeed! Personally I'm not looking to buy stacks of Pt eagles (although that would be nice ;)), but I would like to put together sets of the 1/2, 1/4, and 1/10oz coins from the changing reverse burnished coins a few years ago. While a few already have a significant premium I have done well so far even though platinum has cratered since I started buying just a month or so ago.
I just received a lot of three coins from a stamp/coin dealer who listed a ton of Pt eagles on eBay a few weeks ago. I noticed he didn't price the burnished coins differently, or even mention it in the description, so I e-mailed the seller and offered to buy the coins outside of eBay for his opening bid. Thankfully he said yes so I picked up the 2007W 1/2, 2007W 1/4, and 2008W 1/4 for $2k shipped when Pt was roughly 1900 at the time. The 2008W 1/4 has a mintage of 2,481 so I'm stoked to have purchased it for only $25 over melt at the time.

Hopefully I'll find another '08W at the show next weekend, but I'm not counting on it :cool:.
 

Solo

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#6
Oct. 2 '08-w $50 MS70 sold for $3400. First Strike of course.:flute:
I think it would be interesting to start a thread regarding registry collectors as they're the ones driving prices through the roof on certain "first strike" coins IMO. I wonder what that coin would have sold for if the graders didn't have registries available. I'd like to think that even if I was independently wealthy I wouldn't spend big money just for a label, but it would be nice to have that option ;).

Anyway just thought I would bump this thread as I just scored the the big daddy of the plat eagles!

EXTREMELY RARE PLATINUM EAGLE 2008 W BU 1/2 OZ $50 COIN, BRILLIANT UNCIRCULATED!
plat_half2008w_reverse.jpg

That's just a few hundred more (roughly a 30% premium) than a random date 1/2oz plat from most online dealers so it's a steal IMO. I wish it were graded already, but for the price I was willing to take a chance. I just need the 2006-W and 2008-W 1/10th coins to complete my fractional burnished plat eagle set although I would like to upgrade my 2007 $50 as it has a few blemishes. Today was a good eBay day indeed!

:thrasher::lol04::ridinghorse:
 
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HistoryStudent

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#8
Platinum is a third precious metal: with gold and silver numbers one & two.

Like old GREAT Grandma's letter from 1928 from Brooklyn, NY to Los Angeles, CA.

"Do you have any JEWELRY I am totally broke and JEWELRY is as good as cash."


What do you think a graded authorized guaranteed platinum coin will be worth when the same
situation hits America in the next few months to years?

I consider it PLATINUM a great third choice if you have enough gold and silver.
 
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Solo

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#9
That reverse would make a beautiful UHR. I've never looked at it before.
I love the images on the changing reverse coins from '06 - '08. I don't like the obverse at all, but the reverses are striking IMO.

The 2006 Proof Platinum Eagle began a new three year series of designs known as “The Foundations of Democracy,” which will represent each of the three branches of government. The first design from Joel Iskowitz features the Legislative Muse. Eagles are perched on columns representing the chambers of Senate and the House of Representatives. Here's the reverse on the proof coin:
plat_ounce2006proof.jpg

The 2007 Proof Platinum Eagle featured the second design of “The Foundations of Democracy” design series. The reverse was designed by Thomas Cleveland and engraved by Phebe Hemphill. It features a representation of the Execustive Branch in the form of a Bald Eagle behind a shield with its wings spread. Here's the burnished reverse:
plat_half2007w_reverse.jpg

The 2008 Proof Platinum Eagle featured the third and final design of “The Foundations of Democracy” design series. The reverse was designed by Joel Iskowtiz and engraved by Charles Vickers. It features Lady Justice with scales suspended from a finger of her right hand. Her left hand holds a sword and an eagle is pictured in the background. Here's the burnished reverse:
plat_half2008w_reverse.jpg
 

shallow_explorer

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#10
Anyway just thought I would bump this thread as I just scored the the big daddy of the plat eagles!
You would have gotten it for $50 cheaper if not for me. Congrats, good score.


:mad:
 

Oldmansmith

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#11
Wow, thanks for the thread, some nice looking coins! Maybe time to buy the "other white meat."

My only "other" PM's are two palladium Maple Leafs, which are wonderful save that ugly mug on the Obverse and the fact that I have to write "PALLADIUM" in indelible marker on the plastic flips so that I don't sell them as junk silver when it hits $100.00
 

HistoryStudent

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#12
I'm with Richard Maybury

there are three PRECIOUS METALS:

Gold first
silver second
platinum third
 
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HistoryStudent

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#13
Wow, thanks for the thread, some nice looking coins! Maybe time to buy the "other white meat."

My only "other" PM's are two palladium Maple Leafs, which are wonderful save that ugly mug on the Obverse and the fact that I have to write "PALLADIUM" in indelible marker on the plastic flips so that I don't sell them as junk silver when it hits $100.00
PALLADIUM is nice but really not one of the top three


GOLD


then


Silver


then

Platinum

in that order...


GOD BLESS YOU PEA-PICKIN' MASSACHUTTES HEART
 

Solo

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#14
You would have gotten it for $50 cheaper if not for me. Congrats, good score.
YOU OWE ME $50:mad:!

J/K of course :p. It is interesting that someone else here other than HC actually cares about plat eagles. Are you hoarding the 2008-W $50, or do you have an interest in plat eagles? I'm simply curious and would like your opinion if you care to share it.

:shine:
 

Solo

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#15
Wow, thanks for the thread, some nice looking coins! Maybe time to buy the "other white meat."
If there was ever a time to buy your first ounce of platinum, this may be it as it's well under gold now. I think everyone should simply have an ounce or two of it for a bit of diversity. Gold and silver should be the main focus, but I really, really dig the burnished plat eagles (probably read Jordan's book one too many times :p) so I've been working on a set for a while. Hopefully I find the last two coins I need at the FUN show in a couple months :cool:.
 

hernancortes

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#16
My least favorite reverse is the '07 hands down, but if you find a PR with with the "Frosted Freedom" reverse you are in the money big time. Most denominations with this error/variety are scarce enough to register on the Sheldon scale of rarity.
 

WhyKnow

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#17
The PR '07 is the only one I have. I was unimpressed with both sides, but the price was right. He had the whole set and when I went back, only the ounce size was left. He hasn't had any Pt since then and that was bout a year ago.
 

shallow_explorer

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#18
YOU OWE ME $50:mad:!
J/K of course :p. It is interesting that someone else here other than HC actually cares about plat eagles. Are you hoarding the 2008-W $50, or do you have an interest in plat eagles? I'm simply curious and would like your opinion if you care to share it.
Solo, I apologize for the tardy reply. I missed your response. I get a kick out of HS's infatuation for the uglies. Gold might be the #1 PM, but the uglies (spouses), are UGLY. In comparison, the proof platinum eagles are beautiful. There's not a reverse that I don't like, at least of the fractionals (ok, I agree, the '07 is the weak sister). While the platinum price has come down the last 12 months, the relative price of PF-70 graded coins has fallen even further. There's a comparison of the 2005, 2006, and 2007 Proof P$25 coin NGC listed stats below.

I see lots of interesting trends, the most important being that the premium for "perfect" proof platinum coins has narrowed significantly. I love Eric Jordan's book on Modern Commemoratives that HS got us all to buy. You'd have to be brain dead to miss the primo spot Jordan gives to the potential for the platinum proofs. I concentrate on the fractional coins, as those sets are fixed for life (and they are also cheaper on an individual coin basis). While I have a set of the P$10's, I prefer the P$25 and P$50 coins as their sizes are more appealing and their premiums to spot are lower. While I prefer the proofs to the burnished coins, the burnished coins are unbelievable values based on their pitiable mintages... For the three proof 2005-2007 coins below, I have bought NGC-70 versions in the last month for $490-$540. If you watch closely, you can find the early, higher mintages, NGC-70 coins for less than what the ungraded coins sell for. The UHR double eagle and the four non-spouses are the only modern coins that compare for beauty, IMHO. As a full set, the fractional Pt Proofs stand alone. As for the 2008 proof coins, I buy them when I can find them reasonably priced. They have lower mintages than the 2004 coins, but sell for less. Go figure. It's all a function of how many coins have been graded. As a comparison, for the P$25 coins, 80% of the 1,000+ '08 coins that NGC has graded have been PF-70, whereas NGC has graded <500 of the '04 coins, and of those, only 70% have been PF-70. So even though there were 20% less '08 P$25 minted, there are actually twice as many NGC-70 '08 coins floating around. Because of this, I really like to buy the ungraded 2004 coins when I can find them reasonably priced. The burnished coins might have the most upside for the patient investor. Their availability and pricing are both very erratic.

proof platinum.jpg
 

shallow_explorer

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#20
That's an awesome price for $50 '08 burnished coin. If I could only have one platinum eagle, it would be the '08 $50 burnished, there's only 2,253 of them.

My best burnished deal this year was three $10 '08 NGC MS-70er for under $700. I did find a PCGS-70 $50 '08 for $1,500, seems high, but I think I got a deal. Also got a $100 '07 burnished PCGS-70 for $1900.
 

HistoryStudent

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#21
With EXPENDABLE incomes going down NATIONWIDE because of hidden inflation (dollar dropping by printing and things you need to live NOT on the C.P.I.) mixed with gas pump prices;
many deals will be coming to the marketplace.
 
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Solo

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#23
Scored yet another '08-w $50 burnished--- raw in OGP--- at my local show for $1150. Pretty stoked. Sure hope the kids appreciate it someday.:grin10:
I've been to around 10 shows in the last two years and have yet to find one, but I have scored other burnished plat fractionals based on melt so I'm not complaining :). Congrats on the score HC :beer1:.

cpthnsolo, where arrre you?
I don't know where that clown is at, but hopefully he stays there ;):p
 

jogslvr

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#25
I haven't played the Plats much. I did buy a 2008W $10 "judicial" MS69 a long time ago. Only found one eBay comp for it today, and it hasn't appreciated much at all since I bought it. (BIN $359) :thumpdown: Guess this one will be a hand-me-down to one of youngest grandchillins.
 

michael

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#26
I picked up another 2008-w Burnished platinum eagle $50 pcgs ms69 for $1400 yesterday. Probably overpaid a little but I think this coin is a huge winner as time goes on. Its one of my favorites along with the 99-w gold eagle $10. I actually am always looking for any of the burnished platinum coins, I think they get no respect at all but I have to say it has seemed that activity on Ebay has really picked up on these coins in the last few months.
 

HistoryStudent

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#27
I picked up another 2008-w Burnished platinum eagle $50 pcgs ms69 for $1400 yesterday. Probably overpaid a little but I think this coin is a huge winner as time goes on. Its one of my favorites along with the 99-w gold eagle $10. I actually am always looking for any of the burnished platinum coins, I think they get no respect at all but I have to say it has seemed that activity on Ebay has really picked up on these coins in the last few months.
I like the 2006 to 2008 W burnished PT coin in all versions. Unbelievable LOWEST mintage in MS type 220 year history.

Very expensive to most collectors.

Michael:

I DO study these as I study the spouses and the ATBs as far as what FAD, INTEREST, CATCHING ON, PRICES, COLLECTOR turn-offs and turn-ons, ETC.

IMVHO

Certain things take a long time and UNLIKE the UHR which jumped up a few years later - may never catch on collector popular wise.

They do carry a great hedge however as they really are rare especially under 5,000 mintage in PF and 4,000 mintage in MS anything gold or platinum.

In silver under 20,000 anything is tremendously low - and under 15,000 is unbelievably low.


See Jordan's first book to see the tables therein "Modern commemorative coins."
 

Solo

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#28
I picked up another 2008-w Burnished platinum eagle $50 pcgs ms69 for $1400 yesterday. Probably overpaid a little but I think this coin is a huge winner as time goes on. Its one of my favorites along with the 99-w gold eagle $10. I actually am always looking for any of the burnished platinum coins, I think they get no respect at all but I have to say it has seemed that activity on Ebay has really picked up on these coins in the last few months.
That's a good buy, but possibly a great buy if the coin looks like it has a shot of upgrading. I'm real keen on pcgs FS 69 coins as I have had a fair amount of luck upgrading to ngc 70s and even a pcgs 70s before. I believe in the burnished plats over the long term, but I'm also keen on the quarter and tenth proofs if you can find them for melt based pricing.
 

EO 11110

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#29
the 2008 ouncers get little respect on that auction site (compared to the fracs)
 

hernancortes

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#30
Plat eagle connoissuers/snobs/aficionados, currently at apmex you can purchase a common date 1/2 oz. plat eagle for $70 over spot or an '06-w burnished 1/2 oz'er in pcgs 69 for $200 over. That's a type coin with a sub-2600 mintage, and unlike spouses not too shabby looking either.