It would appear that Activision’s claim that Call of Duty: Modern Warfare 2 would be the biggest video game launch in history are proving to be accurate, with word that the company is confirming that over 5 million copies were sold on the first day of release.

According to those in the know, the 5 million plus number that were sold only account for copies sold in North America and the U.K. The 5 million in sales equates to about $310 million in sales in the first 24 hours since release. The number of copies sold is, of course, higher than 5 million, as other countries have yet to report their first-day sales numbers and the accounting gurus at Activision have not tallied the entire count yet worldwide.

Our sources whisper to us that they fully expect that the total first week of sales of Call of Duty: Modern Warfare 2 could top between 7 and 8.5 million before it is all said and done. These sales numbers are just staggering for a video game title.

One other piece of news worth noting is that store staff that we spoke with since the launch has indicated that the number of video game trade-ins toward Call of Duty: Modern Warfare 2 have been exceptionally heavy. What has been unexpected is that many of the titles that have been traded in include some of the most recent titles released in the past month or two.

The trade-in numbers have been especially brisk and include the first Call of Duty: Modern Warfare, Call of Duty: World at War and Halo 3 ODST. The heavy supply of these titles could lead to them being blown out at some great prices before the holidays end. Sources tell us that the number of trade-ins shows that the bad economy has caused many to trade in newer titles in an effort to save money on their purchase of Call of Duty: Modern Warfare 2.