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Silver Prices Increased At The United States Mint

Silver United States Mint
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EDITOR NOTE: The US Mint is about to reprice 15 products to the upside in order to cover production costs. The price rise will be substantial, and it's set to take place tomorrow, October 13. The coins are listed below, and it’s always interesting to check if any of these products are in your ownership. As the price of spot silver increases, numismatic premiums are going to rise well above their current rates. We’re at the dawn of a potentially large silver bull market. As silver recovers from its current dip, the pullback provides a strategic opportunity to load up on more of the metal.

The prices for 15 numismatic products the U.S. Mint offers that contain .999 fine silver are being hiked substantially, according to an announcement posted online Oct. 8 in the Federal Register.

Although that announcement does not include a scheduled date for the price increase to go into effect, the U.S. Mint posted on its Facebook page that the increases is effective Oct. 13.

“The United States Mint recently adopted a new strategy for pricing products in its silver numismatic products portfolio,” according to the Facebook post. “As a result, prices for products containing silver will change EFFECTIVE October 13, 2020, with release of the 2020 American Eagle Silver Proof Coin with ‘S’ mint mark (20EM). The new pricing will affect prices for silver products already on sale (including prior year) and those remaining to be released in 2020.

“In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.”

Leading the list of products with prices to be increased are the Presidential 1-ounce silver medals, only one of which was issued in 2020, honoring Andrew Jackson.

Production at the Philadelphia Mint and release of the Presidential medals depicting Martin Van Buren, William Henry Harrison and John Tyler is pushed to calendar year 2021 because of the impact of COVID-19. The price of the Presidential silver medals is being hiked to $65, from the current $46.

The Presidential silver medal series was introduced in August 2018 with medals for George Washington and John Adams, priced at $39.95 each. The same price was charged in 2019 for medals depicting Thomas Jefferson, James Madison, James Monroe and John Quincy Adams.

The remaining 14 price adjustments affect these items:

➤ America the Beautiful Quarters Silver Proof set, currently $46, will climb to $60.

➤ Proof American Eagle 1-ounce silver dollar, currently $64.50, will climb to $73.

➤ Uncirculated American Eagle 1-ounce silver dollar, currently $54, will rise to $67.

➤ Proof American Eagle 1-ounce silver dollar, Bulk Pack (bulk packs are 40-coin options offered at discount to dealers), will be raised to $2,920.

➤ American Eagle One 1-ounce silver dollar, Bulk Pack, will be raised to $2,680.

➤ Limited Edition Silver Proof set, was $149.95 for 2019 set, will climb to $201.

➤ Silver Proof set was $63.25, will rise to $105.

➤ Uncirculated America the Beautiful 5-ounce silver coin, currently $178.25, is boosted to $229.

➤ Proof End of World War II 75th Anniversary American Eagle silver coin, goes on sale Nov. 9 with first pricing at $83.

➤ End of World War II 75th Anniversary 1-ounce silver medal, first pricing, $75.

➤ 2019 America the Beautiful Quarters Silver Proof set, was $36.95, climbs to $60.

➤ 2019 American Liberty, High Relief silver medal, currently $99.95, climbs to $175.

➤ 2019 Congratulations set, released at $56.95, increases to $75.

➤ 2019 Silver Proof set, released at $54.95, increases to $105.

Earlier price increases

The price increases announced for the United States Mint’s silver numismatic products follow similar increases announced in September for the Mint’s bronze medals program.

The U.S. Mint is scheduled to more than quadruple the price for its 3-inch bronze medals, to $160 from the current $39.95, and to almost triple the price, going to $20 from $6.95, for its 1.3125-inch and 1.5-inch bronze medals.

The announcement of those price increases, particularly that for the 3-inch medals, has led to negative comments from Mint customers.

Originally posted on Coin World

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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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