On September 27, the United States Mint began offering the 2023-W Palladium Eagle (Buy on eBay) coin for $2,150 each with a household order limit for the first 24 hours of 10 coins, which was lifted after that.
These coins have an Uncirculated finish and a “W” mint mark for the West Point Mint. They have an authorized maximum mintage of 6,000 coins. This does not mean the Mint produced all those coins before the release. First-day sales for the coin were strong at 56% of the maximum or 3,352 coins.
In advance of the release of the coins to the public on September 7, eighteen dealers who are part of the Mint’s Authorized Bulk Purchase Program were able to purchase a total of 600 of the coins. This numismatic release is the only palladium coin the Mint plans to release this year as there are no plans for a bullion version this year, as was issued in 2017 and 2022.
Although all versions of the coin are produced at the West Point Mint, only the numismatic coins feature the “W” mint mark for the West Point Mint.
In addition, the U.S. Mint is still selling the numismatic versions from 2019 through 2022; however, when the price of those coins was lowered to $2,150 like that of the 2023-W Palladium Eagle, the prior years’ coins became unavailable. The 2017 bullion and 2018 Proof versions both sold out very quickly and saw their market values increase.
There was hope among collectors of this newest series of American Eagles that the 2023-W, because of its lower mintage than that of most prior numismatic or bullion releases of these coins, would be a quick sellout and see its market value increase. The 2023 coin could certainly still sell out.
Prices for palladium coins have been lower in the past year because the spot price of the metal has declined from its recent higher levels to about $1,300 per ounce. While that is good news for collectors and palladium investors, some of them feel the premium added by the Mint to the cost of the coin is very high.
2023 Palladium Eagle Specifications:
- Designer: Adolph A. Weinman
- Composition: 99.95% platinum
- Diameter: 34.06 mm (1.34 inches)
- Weight: 31.120 grams (1.005 oz)
- Edge: reeded
- Mint Mark: West Point
2023 Palladium Eagle Mintage:
- Uncirculated: 4,726
Mintage based on U.S. Mint sales figures as of November 6, 2023.