Unlike the market for classic United States coins, where the market is becoming increasingly picky about quality, the market for modern coins still in their government packages is more about supply and demand than connoisseurship.

The past several months have seen wild fluctuations in the prices of Proof American Eagle gold coins and to a lesser extent the Proof American Eagle silver counterparts. Heavy demand at the wholesale level is driving this market.

At the apex of the Proof American Eagle market several months ago, dealers were paying $2,200 per ounce for Proof American Eagle gold coins in their original boxes with certificates of authenticity.

The prices fell rapidly in January to a low of $1,425 several weeks ago and have rebounded to a more stable $1,580 per ounce at present. It does not appear that the wild market that brought $2,200 per ounce gold American Eagles will return anytime soon.

The recent decline in metal prices also affected Proof American Eagle silver coins, dropping wholesale buy prices to $42 per coin at one point – again assuming that the coins have original boxes and COAs. Today, the Proof American Eagle silver coins are trading for $52 at the wholesale level, with some room to move up.

The premiums on the Proof 2008 American Eagle silver coins have relaxed a bit, as has the market's appetite for 2008-S Proof sets.

Another robust area is in key-date Mint State American Eagle $25 half-ounce gold bullion coins. These have low mintages and are difficult to acquire in any quantities.

For example, while dealers typically purchase common American Eagle gold $25 bullion coins for $620, a major wholesaler is paying $1,075 for 1990 examples and $1,600 for 1991 issues, and he is willing to buy one to 100 of them, certified or not.

The 1990 and 1991 issues have very low mintages, 31,000 and 24,100 respectively. In contrast, nearly 600,000 were struck in 1986. Retail prices will adjust accordingly.

The Mint is releasing 2010 American Eagle silver bullion coins, although the delivery dates to authorized purchasers were delayed. Wholesalers are selling 2010 issues for $2.75 over the spot price of silver.