2011 Silver Proof Set Sales Start Slower

by CoinNews.net on February 1, 2011 · 4 comments

The 2011 Silver Proof Set started out of the sales gate slower than in past years, continuing a weakened trend of demand for United States Mint annual products.

US Mint 2011 Silver Proof Set

Collectors ordered 209,367 sets — a solid number nevertheless, between their release on Tuesday, January 25, through to Sunday, January 30.

At a price tag of $67.95, which was $11 more than the previous year’s issue and certainly helped in cutting into demand, the US Mint took in more than $14.2 million dollars in revenue for the sets during the six-day period. In contrast, last year’s issue had opening four-day sales of 241,656 which accounted for $13.7 million in revenue.

While the US Mint is pulling in more money with fewer sets sold, it is also paying substantially more to produce the 2011 Silver Proof Set as compared to other years. It is actually netting much less despite the set’s price increase. That is because the Mint is paying much more to acquire silver for coin production. Each set includes 1.34 troy ounces of the precious metal, giving them a melt value of $37.90 at today’s London Fix silver price of $28.32 an ounce. Exactly one year ago the London Fix for the metal was $16.23 an ounce, which translates to a silver melt value of $21.72 per set.

Annual proof sets are always popular with coin collectors, as the following table of past sales shows:

2008-2011 US Mint Silver Proof Set Debuting Sales

Year Price # of Coins Issue Date 1st Sales Date 1st Reported Sales Last Reported Sales
2011 Set $67.95 14 Jan. 25, 2011 Jan. 30, 2011 209,367 209,367*
2010 Set $56.95 14 Aug. 26, 2010 Aug. 29, 2010 241,656 529,093*
2009 Set $52.95 18 July 17, 2009 July 19, 2010 271,372 694,406
2008 Set $44.95 14 Aug. 26, 2008 Aug. 31, 2010 292,004 774,874

*US Mint sales figures as of Sunday, January 30.

The 14-coin Silver Proof Set is not completely unique in terms of coins. The five America the Beautiful Quarters®, the five dollars, the nickel and the penny can be acquired through other US Mint 2011-dated products. However, the set is the only way to get the 2011-S Roosevelt Dime and the 2011-S Kennedy Half Dollar in silver. These two coins, like the quarters, are struck from 90 percent of the precious metal.

The current and 2010-dated sets may be purchased online at the Mint’s website (http://www.usmint.gov/), or by calling 1-800-USA-MINT (872-6468).

The US Mint 2011 product schedule shows the next silver issue will be the America the Beautiful Quarters Silver Proof Set. It is scheduled to launch on March 29 for $39.95.

{ 4 comments… read them below or add one }

RonnieBGood February 1, 2011 at 2:57 pm

No one should be surprised that opening figures are low. With a price tag of $67.95 it pushes the limit of affordability for many collectors. With an increase of $11 per set for 2011, no one will be crying that the mint has only taken in 14.2 million to date!

Bill Okeson February 2, 2011 at 11:09 am

Also watch sales on Feb. 8th. You can order the silver proof set, the regular proof sets, and the mint sets. That way you get them all shipped to you for $4.95 shipping. To be honest with you, these 3 sets are the only thing that I am buying from the mint this year. Do not need the other over produced items.

88 February 2, 2011 at 3:20 pm

I don’t know why they are starting off slower. The price should not be so high, and despite the fact that they’re pricey, they are in PR65 condition, and so a MS/PR65 has higher demand to collectors.

Bill February 3, 2011 at 10:03 am

Everything new grades a PF69 or PF70. They are nice coins but you only need one of each for your collection. There is tons of it and you will not live long enough to see it increase in value. That is why I now only collect older coins that are high grades.

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