US Mint Silver Products Return, Commemorative and Gold Coin Prices to Drop

by Rhonda Kay on March 6, 2012 · 5 comments

Proof and Uncirculated 2012 Star-Spangled Banner $5 Gold Coins

The newly released $5 commemorative coins are among those that will have the prices cut based on the U.S. Mint’s pricing policy

Today, March 6, the United States Mint is again selling silver products which were suspended nearly 1 1/2 weeks ago after silver prices climbed sharply. Silver has since plunged, resulting in these silver products returning to availability.

Gold has tumbled as well, which means collectors can expect lower prices beginning Wednesday for U.S. Mint products struck from the yellow metal, including the newly released Star-Spangled Banner $5 Gold Commemorative Coins. American Buffalos, American Eagles and First Spouse coins will also have their prices cut due to the Mint’s policy to adjust product prices when gold moves significantly.

[Update: The U.S. Mint at noon ET on Wednesday cut coin prices by two tier levels. The latest prices are shown below in the Price Tier 2 column.]

Current coin prices are based on a London Fix weekly gold average which sits between $1,750.00 and $1,799.99 per ounce. That average was last calculated on Wednesday, February 29 — just hours before precious metals began spiraling south. Gold has dropped so much since then that coin prices could actually fall by two tier levels instead of one. The determining factors will be the Wednesday AM and PM London gold fixings.

Pricing cuts for gold coins could range:

  • At least from $5 to $92.50 as long as the Wednesday PM Fix stays below $1,750 an ounce (see Tier 1 column below for per coin price cuts)

  • As much as $10 to $185 if the Wednesday AM fixing is under $1,702.46 an ounce and the PM Fix is below $1,750 an ounce (see Tier 2 column below for per coin price cuts)

Current and possible prices for the Mint’s gold coins are outlined in the following table:

U.S. Mint Commemorative and Gold Coin Price Cutting Tiers

United States Mint Numismatic Gold Coin Current Prices Price Tier 1 Price Tier 2
Uncirculated First Spouse $1,041.00 $1,016.00 $991.00
Proof First Spouse $1,054.00 $1,029.00 $1,004.00
2011 American Buffalo $2,060.00 $2,010.00 $1,960.00
2011 1/10 oz Proof American Eagle $225.50 $220.50 $215.50
2011 Proof American Gold Eagle 4-Coin Set $3,770.50 $3,678.00 $3,585.50
2012 Star-Spangled Banner $5 Commemorative – Proof $529.30 $517.15 $505.00
2012 Star-Spangled Banner $5 Commemorative – Uncirculated $519.30 $507.15 $495.00
2012 Star-Spangled Banner Commemorative Two-Coin Set $579.30 $567.15 $555.00

 

Notes:

  • To determine coin prices, the United States Mint tabulates daily London fixings from the previous Thursday to the following Wednesday, calculates their average and then checks where that average falls within a pre-defined pricing range. The PM fixing on Wednesday is then used as a directional indicator that can trigger or stop adjustments.

  • Price Tier 1 represents a range based on a gold average of between $1,700.00 and $1,749.99 an ounce. Price Tier 2 indicates a range of between $1,650.00 and $1,699.99 an ounce.

  • The uncirculated and proof First Spouse Gold Coins currently for sale by the United States Mint honor Lucretia Garfield, Lucy Hayes, Julia Grant and Eliza Johnson.

The last time the United States Mint updated prices on its collector gold coins was on February 29 when prices increased. Based on it and other past adjustments, it is anticipated that the United States Mint will temporarily halt sales of the affected numismatic products around 11:00 a.m. – 12:00 p.m. ET and reintroduce them several minutes later at lower prices.

U.S. Mint Silver Products Return

Numismatic silver coin prices are not adjusted like their gold counterparts. Instead, when silver makes sharp movements, the U.S. Mint will temporarily suspend sales of all or some of its coins that include the white metal. These coins will be held in a holding pattern until silver stabilizes and, if needed, prices changed. The process can take several days to weeks.

Most recently, silver product sales were frozen late in the day on February 23 when silver surged over $35 an ounce. The suspended products included the 2011-W Uncirculated Silver Eagle and all five of the 2011-dated America the Beautiful 5 Oz. Silver Uncirculated Coins.

Today, the U.S. Mint resumed sales of these silver products without a change in their price as silver has declined several dollars from its recent peak and is now below $33 an ounce. The Eagle is still $45.95 each and the five ounce coins are still $204.95 each.

Platinum Eagle Not Affected

Last week the U.S. Mint also increased the price of the 2011-W Proof American Platinum Eagle by $100. Platinum, however, has not fallen enough to result in the Eagle coming back down. The coin’s current price point will remain at $1,992.00 as long as the weekly average for platinum stays within $1,650.00 and $1,749.99.

{ 5 comments… read them below or add one }

Alex March 7, 2012 at 12:19 am

Thats the stupidest thing I have ever heard why would you suspend selling a product when it is going up in value!!!!!

jim March 7, 2012 at 9:30 am

One would think that after years of gold and platinum repricing the idea would have gone through their dense heads to do the same for silver. But obviously they haven’t and so once again the collector has to suffer while the Mint dithers and twaddles over what to do with silver product pricing. As you said, that’s the stupidest thing.

george glazener March 7, 2012 at 9:44 am

You’re both right…!! And I’m sick and tired of this crap..!! We need a Senate Sub-Committee hearing to investigate this willful abuse of power and flagrant mismanagement. We need a US MINT Czar. Legislation must be drafted immediately! No time to run it through normal channels, just rush it to the President and we can read what’s in it later. Time is of the essence! Think of the children! Think of the economy! Think of the jobs that hang in the balance..!! Think of the economic crash that is just weeks away if we fail to act IMMEDIATELY..!!

RonnieBGood March 7, 2012 at 12:04 pm

Keep them real George!!

RonnieBGood March 7, 2012 at 12:09 pm

The Mint really does need to price their Silver products as they do Gold.

The markets swing so wildly at times that by the time the Mint reacts, the prices have again changed significantly!

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