The first half of 2025 has been brutal for US Mint bullion sales. American Eagle gold and silver coin numbers are down across the board compared to the same period last year. We dug into the actual sales figures year to date for both 2024 and 2025, and here’s what’s really going on.
Side by Side Numbers: January–June
Here’s the side-by-side:
| Denomination | Jan–June 2024 | Jan–June 2025 | % Change |
|---|---|---|---|
| 1 oz Gold Eagle | 182,000 | 96,000 | -47% |
| 1/2 oz Gold Eagle | 16,500 | 9,500 | -42% |
| 1/4 oz Gold Eagle | 16,500 | 9,000 | -45% |
| 1/10 oz Gold Eagle | 30,500 | 12,500 | -59% |
| 1 oz Silver Eagle | 14,250,000 | 8,083,500 | -43% |
What the Numbers Actually Mean
- It’s a rout for every denomination. No “flight to small gold” like we’ve seen in other tough years; even 1/10 oz Eagles fell off a cliff (-59%).
- Silver Eagles dropped 43%. That’s less than gold, but still over 6 million fewer coins sold. For the most recognizable silver bullion coin in the world, that’s massive.
- The biggest loser: The 1/10 oz Gold Eagle, usually considered the “safe haven” for small buyers, got hammered. Retail buyers are clearly more price sensitive than ever—or they’ve just moved on from Mint products.
Anomalies and Skeptical Take
Let’s be honest: There’s no credible “bullish” read here for US Mint Eagles.
- No supply chain excuses. The Mint has not reported significant delays, planchet shortages, or production bottlenecks for these SKUs in 2025.
- Premiums aren’t crazy. Dealer markups on Eagles are lower than they were during pandemic mania. This is true demand weakness.
- Retail buyers are MIA. The usual pattern—running to fractional gold when 1 oz is “too expensive”—isn’t showing up. All sizes are down hard.
- Market share loss. The Mint is losing out to private mints and other sovereigns (Canada, UK, Australia, South Africa) that sell at lower premiums and with more reliable supply.
Why Is This Happening?
- Gold and silver prices are still near all-time highs. Many small buyers are being priced out, and larger buyers are opting for cheaper options.
- Stackers have options. Generic rounds and bars, or foreign sovereigns, deliver metal at a lower cost per ounce. The “patriotic premium” isn’t worth it for most buyers.
- Dealer inventories are high. Resellers aren’t panicking for more stock. The supply pipeline is not empty, but clogged.
For Investors: This a Buying Opportunity
- If you’re a bargain hunter: Watch premiums. If this trend continues, Eagles could see the lowest new-issue premiums in years, especially if dealers need to clear inventory.
- If you’re a collector: A low-mintage 2025 Silver Eagle might become a future key date if sales don’t rebound in the second half.
- Don’t mistake US Mint pain for market pain. Physical bullion demand globally is still strong—just not for overpriced US government coins.
The Takeaway
The US Mint isn’t dead, but its sales model is outdated. Investors and stackers have evolved. If the Mint continues to phone it in, expect further erosion of its market share. 2025 is already a year to watch for scarcity and future premiums—but only if the Mint doesn’t ramp up sales in the second half.
