While speaking at a public forum during the recent American Numismatic Association’s National Money Show, US Mint Director Ed Moy said that it is possible that the Mint will not produce collector American Eagle coins. The US Mint cancelled the American Eagle Proof program “[because] of unprecedented demand for American Eagle Gold and Silver Bullion Coins.”
It is being reported that the demand for gold and silver bullion coins remain high making it possible that collector American Eagle coins may become extinct in 2010. Moy was quoted as saying:
I will tell you that in the last five weeks or so, we caught up to gold demand. And so with that, we’ve been storing gold coins. We’re still waiting to see if there’s going to be another spike in the near future. Silver unfortunately is still red hot.
As I had previously noted, the US Mint reported a 40-percent reduction in the coins they produced in 2009 costing 1.1-percent more than it did to produce more coins in 2008 while claiming that they introduced new efficiencies in their business process. Then why did the reporters who attended this forum not ask Moy why the resources could not be added to the production of Eagles?
Why is the numismatic press not pressing Moy for answers? Moy is an appointed official of the United States government. It is the job of the fourth estate to keep politicians accountable for the jobs they do on behalf of the American people. Unfortunately, it appears that numismatic journalists have abrogated their responsibility to serve their readers.