US Mint Silver Product Price Increases Start October

by Mike Unser on October 3, 2012 · 18 comments

Price increases are underway for a range of United States Mint silver products that are produced for coin collectors.

US Mint 2012 Annual Uncirculated Dollar Coin Set

The 2012 Annual Uncirculated Dollar Coin Set and other U.S. Mint silver product prices are moving higher

Consistently higher silver prices over the last two months were the catalysts. Product price increases were triggered, the Mint states,

"Because silver has been trading in a range of $30.00 – $35.00 per ounce since August 23, 2012."

The London Fix for silver on Monday hit $34.85 an ounce, the highest price since March 2. It did retreat 13 cents today, October 3, but most analysts appear more bullish than bearish as to where silver is headed in the near term. The white metal has been on a roller coaster so far this year, up 15.1% in the first quarter, down 16.5% for the next three months and then surging 28.0% in the most recent quarter.

These U.S. Mint silver products have been temporarily suspended and will be re-introduced at the following prices:

  • 2012-W Proof American Silver Eagle from $54.95 to $59.95
  • 2011-W and 2012-W Uncirculated American Silver Eagles from $45.95 to $50.95
  • 2011-P and 2012-P America the Beautiful Five-Ounce Silver Uncirculated Coins from $204.95 to $229.95.
  • 2012 Annual Uncirculated Dollar Coin Set from $54.95 to $59.95

While offering the new price points, the U.S. Mint did not state how long the products would be suspended. It could be minutes, hours or days, based on past silver product price adjustments. The Mint did say that no other products were "impacted by this change."

[Update: The silver products returned for sale during the morning of October 10, 2012.]

Two weeks ago, CoinNews.net published an article on how premiums for U.S. Mint silver coins had dropped as their melt values climbed. A table in that article compared silver product premiums. For reference, an updated one with new prices is shown below. The price of London silver on the product’s release day was used to calculate figures in the "Release Premium" column. London fixing for silver at $34.72 an ounce on October 3 was used to calculate the figures in the "Current Premium" column.

US Mint Silver Product Date of Release Price on Release Current Price Release Premium Current Premium
2012 America the Beautiful Quarters Silver Proof Set January 10, 2012 41.95 41.95 15.10 10.56
2011 Vicksburg ATB 5 Oz Silver Uncirculated Coin January 12, 2012 204.95 229.95 52.05 56.35
2011 Chickasaw ATB 5 Oz Silver Uncirculated Coin February 9, 2012 204.95 229.95 35.95 56.35
2012 Infantry Soldier Silver Dollar Defenders of Freedom Set February 16, 2012 51.95 51.95 26.29 25.11
2012 Infantry Soldier Uncirculated Silver Dollar  February 16, 2012 44.95 49.95 19.29 23.11
2012 Infantry Soldier Proof Silver Dollar  February 16, 2012 49.95 54.95 24.29 28.11
2012 Star-Spangled Banner Uncirculated Silver Dollar March 5, 2012 44.95 49.95 18.51 23.11
2012 Star-Spangled Banner Proof Silver Dollar March 5, 2012 49.95 54.95 23.51 28.11
2012 American Eagle Silver Proof Coin April 12, 2012 59.95 59.95 28.48 25.23
2012 El Yunque ATB 5 Oz Silver Uncirculated Coin May 29, 2012 204.95 229.95 63.70 56.35
2012 Star-Spangled Banner Bicentennial Silver Dollar Set June 1, 2012 53.95 53.95 32.77 27.11
2012 Silver Proof Set June 4, 2012 67.95 67.95 31.31 21.49
2012 American  Eagle San Francisco Two-Coin Silver Proof Set July 2, 2012 149.95 149.95 95.23 80.51
2012 Chaco Culture ATB 5 Oz Silver Uncirculated Coin July 9, 2012 204.95 229.95 68.75 56.35
2012 American Eagle Silver Uncirculated Coin August 2, 2012 45.95 50.95 18.53 16.23
Making American History Coin and Currency Set August 7, 2012 72.95 72.95 44.95 38.23
2012 Acadia ATB 5 Oz Silver Uncirculated Coin August 13, 2012 204.95 229.95 64.70 56.35
2012 Annual Uncirculated Dollar Coin Set September 6, 2012 54.95 59.95 22.08 25.23

 

{ 18 comments… read them below or add one }

Boz October 3, 2012 at 4:00 pm

I am surprised that the silver proof sets didn’t go up. They look relatively like a better deal now.

Victor October 3, 2012 at 4:45 pm

Well, I only have one more silver coin to buy, this year. The 5oz 2012-P Hawaii Quarter. Shoulda known this was gonna happen.

Victor October 3, 2012 at 4:50 pm

Oops! Correction on my last post. It’s the Dinali 5oz Silver Quarter, 2012-P. I just received my Unc Dollars for 2012, Silver proof sets, and all other silver coins sold, this year.

annie October 4, 2012 at 11:09 am

silver proof set, quarter silver proof set, commemorative silver dollar proof and uncirculated, 9-11 commemorative silver medal are not going to increase its prices. cause they were overpriced. now all silver products were exactly priced at $35.00 an ounce. if the silver continue to rise said another $5.00 an ounce. then all these products and other increased products will be up accordingly.

Blue October 4, 2012 at 12:56 pm

The mint is having issues selling these 5oz silver coins, raising prices is not going to help. I know I will not purchase at these higher prices. So I will wait until silver makes a correction and the mint lowers prices.

Zaz October 4, 2012 at 7:48 pm

Well, the price correction had been looming since early Sept., and I agree with Blue, the 5oz. pucks weren’t strong sellers @ $204.95, adding $25 to the price will just keep them in the Mint’s inventory that much longer. Now the bullion pucks are a better deal.

Silver T. Rader October 4, 2012 at 10:32 pm

Are we sure this is not a silver delivery / supplier problem?
The price of silver may be controlled by those with the huge positions and a regulatory agency that condons the practice of keeping silver prices contained. However, the premiums have been rising and the delay times for deliveries have been increasing. Silver may be capped at $35.20 on the paper trading market. But, what happens if the premiums go up to make up the difference?
Are the sets being re-introduced with higher premiums to cover the replacement cost?

Joe October 5, 2012 at 11:23 am

Can they do that?

jim October 6, 2012 at 4:30 pm

Once again the mint is loathe to disclose their pricing chart for silver based products. Gold and platinum based products are priced fairly straight forward but silver? I think a multitude of sins are hidden in the pricing of silver products. And why the $.95? Does anybody seriously believe that pricing a proof silver eagle for $59.95 is going to make a collector more inclined to buy it than if it was priced at $60.00? The lack of intelligence in the marketing arm of the US Mint boggles the mind.

bill October 7, 2012 at 9:53 pm

“”Silver may be capped at $35.20 on the paper trading market. But, what happens if the premiums go up to make up the difference?””

ask the hunt bros 😉

imo, thieves run the govt. and they made it legal for themselves to do it

Bubba October 8, 2012 at 2:35 pm

Prices at mint are rising and silver is down today. By the time they get the process out there, they will be dropping them again. It would be nice if they had a published plan on increases for silver coins to help collectors decide. It would also be nice if mint warned people before they billed for coins on things that won’t be shipped out for a few months after they are sold. One of my orders for the 2 coin SF sets was cancelled because I didn’t have the money in my account on a particular day. It was in there the next day. They weren’t supposed to ship till end of Oct. It feels like they are trying to get cancellations on that set for some reason. $11 an oz premium on the 5 oz coins seems kind of high.

Bubba October 8, 2012 at 2:37 pm

I think the actual mintage of the 2 coin SF set is going to be a lot lower than originally stated.

jim October 8, 2012 at 8:46 pm

I use a credit card to buy from the Mint. Never a worry about money being available when the mint might want to bill and ship. At least the Mint doesn’t bill until the product is shipped (or put into the fulfillment process). Blame Dep Dir Peterson for being overwhelmed in the job and not capable of doing even a mediocre performance for erratic shipping dates/deliveries.

Fred October 10, 2012 at 6:57 pm

What’s up with this price increase? Does the gov see something we don’t or do they just like collecting 33% profit on their uncirculated silver eagles. The timing is a little ironic too, just as silver goes sub 3400 they jack the price to 51 dollars. Anyone else smell something fishy?

jim October 10, 2012 at 10:08 pm

As I said earlier there’s a multitude of sins hidden in the pricing of silver products. That’s probably where the extra cost of all the billions of cost-more-to-make-than-they’re-worth pennies are funded for example. Penny production was up in September so silver prices have to go up to cover the added expense. Notice they have a pricing grid for gold and platinum but not one for silver? Until they open the books to the public who knows why the prices of the silver products are what they are.

Homer October 15, 2012 at 2:56 pm

Silver is down under $33. Now the premium on the 5 oz coins is over $60. You are right, Credit Cards are a better option with mint since they don’t warn you before they bill you. How long before they lower premiums again? I imagine they will be very slow doing that.

Homer October 15, 2012 at 3:22 pm

I don’t think it is anything fishy about the price increases. The mint is just slow doing things. Why it would take a couple days to change prices on a computer doesn’t make sense to me? You just change the number that is used to calculate the price. Their system must be archaic. Maybe the way they do it
keeps more people employed. If they are concerned with changing price of metal, they should just use the real-time value of the metal at checkout to figure out the price. Depending on the product, they could have a different mutiplying factor. How many sales does the mint lose due to system being down. Likewise who is going to buy coins with the premiums going higher when they weren’t exactly selling very fast with smaller premiums? Maybe on the bright side, it will slow down sales of the 5 oz ones and give people longer to get the money for them. The mint doesn’t seem to take into consideration that collectors have a budget when they realease things.

jim October 15, 2012 at 8:12 pm

Homer –
I think they use pencil and paper to calculate prices…and their fingers for counting.
A simple spreadsheet would do the trick.
His last year in office Dir Moy implemented a full year schedule with collectors and their budgets in mind. As soon as Dep Dir Peterson was put in charge all that went out the window and the mint went back to the old way. Peterson also cancelled improvements to the web site and order processing speed. This guy only knows how to do things the old way and is so backwards in his thinking it’s mind boggling.

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