US Mint May Cut Gold Eagles, Other Numismatic Coin Prices

by Rhonda Kay on April 24, 2012 · 0 comments

2012-W $50 Proof American Gold Eagle Coin

On Wednesday, the U.S. Mint may cut prices on its numismatic gold coins, including the newly released proof Gold Eagles

There is a chance that the United States Mint will reduce numismatic gold coin prices on Wednesday, if the trend of gold prices on the London Fix continues to ride under the $1,650 per ounce marker.

The U.S. Mint uses a London Fix weekly gold average to determine whether to keep gold coin prices the same or adjust them up or down. The average is calculated from the Thursday AM Fix through to the Wednesday AM Fix, and then it is compared against the Mint’s pre-set coin price grid. The final indicator is the Wednesday PM number. It is used as a directional tool.

[Update: By 12:00 noon ET on Wednesday, the United States Mint cut prices on all of its numismatic gold coins. The new prices are displayed in the "Possible Prices" column below.]

Under the current circumstances, if gold’s average remains under the $1,650.00 to $1,699.99 an ounce range, AND the Wednesday PM Fix is also below that range, then the U.S. Mint will lower its gold coin prices, including those of the newly released proof American Gold Eagles. Since the average so far this week is near $1,640 an ounce, tomorrow’s PM Fix will be the most important and determining factor.

It could be close, given the fact that Tuesday’s AM and PM fixings were $1,638.75 and $1,649.50, respectively.

As long as Wednesday prices do not jump, then collectors will pay less for U.S. Mint collector gold coins, and the decrease will range between $5 and $92.50 as demonstrated in the table below.

Possible U.S. Mint Commemorative and Gold Coin Price Cuts

United States Mint Numismatic Gold Coin Current Prices Possible Prices Price Reduction
Uncirculated First Spouse Coins $991.00 $966.00 $25.00
Proof First Spouse Coins $1,004.00 $979.00 $25.00
2011 & 2012 American Buffalo $1,960.00 $1,910.00 $50.00
2012 1 oz Proof American Eagle $1,935.00 $1,885.00 $50.00
2012 1/2 oz Proof American Eagle $981.00 $956.00 $25.00
2012 1/4 oz Proof American Eagle $503.00 $490.50 $12.50
2012 1/10 oz Proof American Eagle $215.50 $210.50 $5.00
2011 & 2012 Proof American Gold Eagle 4-Coin Set $3,585.50 $3,493.00 $92.50
2012 Star-Spangled Banner $5 Commemorative – Proof $510.00 $497.85 $12.15
2012 Star-Spangled Banner $5 Commemorative – Uncirculated $500.00 $487.85 $12.15
2012 Star-Spangled Banner Commemorative Two-Coin Set $560.00 $547.85 $12.15

 

Notes:

  • The column that is representing the possible prices is based on a gold average between $1,600.00 and $1,649.99 an ounce.

  • Uncirculated and proof First Spouse Gold Coins for sale by the United States Mint at the time of this writing honor Lucretia Garfield, Lucy Hayes and Eliza Johnson. The uncirculated coin honoring Julia Grant is also available.

  • If pricing needs to change, then the United States Mint will temporarily suspend sales of the applicable gold coins. This usually occurs between 11:00 a.m. and 12:00 p.m. ET on Wednesday and lasts about 30 minutes or less until all of the changes are made and tested.

Proof Platinum Eagle Not Affected

Unfortunately for collectors, platinum has been staying within the range between $1,550.00 and $1,649.99 an ounce, which is where it has remained for several weeks. Thus, the price of the 2011-W Proof American Platinum Eagle will stay at $1,892.00.

March 28, 2012, when the Platinum Eagle price was reduced, was the last time the United States Mint adjusted prices of its numismatic coins made of gold or platinum.

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