US Mint Numismatic Gold Coins Poised for Price Increases

by CoinNews.net on February 15, 2011 · 0 comments

The American Buffalo Gold Proof Coin and all First Spouse Gold Coins are poised for prices increases Wednesday, based on the United States Mint’s policy to adjust its numismatic gold products depending on the prevailing price of gold.

[CoinNews Editor’s Update: The US Mint raised prices before noon ET on Wednesday, February 16.]

2010 American Buffalo Gold Proof Coin
The US Mint is expected to raise numismatic gold coin prices, including the Buffalo coin, shown here.

The threshold for the US Mint’s current numismatic gold coin pricing is based on a London gold Fix weekly average of between $1,300.00 and $1,349.99 an ounce.

The current average is well above $1,350 an ounce. Unless gold plunges under $1,249 an ounce for Wednesday’s AM Fix or the Wednesday PM Fix dips below $1,350 an ounce, expect all First Spouse Gold Coins to rise by $25 and the American Buffalo Gold Proof Coin to increase by $50.

For a perspective of those odds, the most recent gold PM Fix was $1,372.75 an ounce and New York gold futures prices closed Tuesday afternoon at a six-week high of $1,374.10 an ounce.

Based on past adjustments, the US Mint will likely freeze sales of the affected products and change their prices around 11 a.m. ET as the London PM Fix is out by 10 a.m. ET.

The expected coin changes include:

  • Uncirculated First Spouse Coins from $816.00 to $841.00,
  • Proof First Spouse Coins from $829.00 to $854.00, and the
  • Proof American Buffalo Gold coin from $1,610 to $1,660

The Mint’s published pricing policy does not include information on gold commemorative coins, which means it is not expected to change what it charges for the recently issued 2011 U.S. Army Commemorative $5 Gold Coins.

The US Mint last updated numismatic coins on January 26 when it reduced prices following a slump in precious metals.

US Mint bullion coins, which have a different finish and do not carry a mint mark like their numismatic counterparts, have their prices adjusted daily.

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