2013 Silver Proof Sets at 166,710 in Debut Sales

by Mike Unser on May 7, 2013 · 8 comments

2013 Silver Proof Set

Sales of the 2013 Silver Proof Set opened at 166,710

Newly released data from the United States Mint offers first glance sales figures for the 2013 Silver Proof Set.

Collectors ordered 166,710 between its launch on Thursday, May 2, through to Monday, May 6. That is comparable and perhaps a touch better than the sales start for last year’s set. For it, the U.S. Mint noted orders of 189,628 between its release on a Monday through to the following Monday, a reporting period that includes three more days of sales.

This table offers columns of information on recent sets, including prices, various sales levels and premiums over melt values:

Debut and Current Sales of 2008-2013 Silver Proof Sets

Year Price Melt Value on Release Premium Above Melt on Release # of Coins Release Date Debut Sales Date Debut Sales Final Sales
2013 Set $67.95 $31.70 $36.25 14 May 2, 2013 May 6, 2013 166,710
2012 Set $67.95 $36.64 $31.31 14 June 4, 2012 June 11, 2012 189,628 395,443
2011 Set $67.95 $35.73 $32.22 14 Jan. 25, 2011 Jan. 30, 2011 209,367 574,175
2010 Set $56.95 $25.57 $31.38 14 Aug. 26, 2010 Aug. 29, 2010 241,656 585,414
2009 Set $52.95 $19.99 $32.96 18 July 17, 2009 July 19, 2010 271,372 694,406
2008 Set $44.95 $17.46 $27.49 14 Aug. 26, 2008 Aug. 31, 2010 292,004 774,874

 

With its seven 90% silver coins combined with silver’s sharp fall this year (down $6.20), the 2013 Silver Proof Set feels pricier than any other given its premium above melt. That certainly pressures sales. Collectors have been selective in spending their money, looking for the best bargains.

Yet interestingly, and while it may not look like it, pricing for the sets in previous years have not been altogether different when adjusted for inflation and in accounting for gains in silver. As an example, the cumulative average for silver in 2008 was $14.99 an ounce, touching a low of $8.88 an ounce on October 24. At that point, the 2008 Silver Proof Set would have seemed exceptionally pricey. It still achieved very high final sales.

{ 8 comments… read them below or add one }

Ken May 7, 2013 at 10:17 pm

Shoot me, I’m just a collector………

jim May 8, 2013 at 1:07 am

Sorry, but being on a fixed income I don’t get inflation adjustments so if the price goes up it’s more money out of my pocket percentage wise and less for me to spend on the other things that make my life worth living.

Boz May 8, 2013 at 10:19 am

You can see there are another quarter million former collectors who also have the same fixed income issues, and have dropped out of the market. This doesn’t speak well for the future of coin collecting.

RonnieBGood May 8, 2013 at 10:25 am

Hi Jim, If you receive fixed income from Social Security you do get an inflation adjustment (for years there is calculated inflation). SS recipients received a 1.7% SS increase in January this year (myself included). Even so this is arguably not real inflation as several important items such as auto gas are not included in the inflation adjustment calculation.

It is a difficult paradigm for the US Mint. Coins minted in Silver and Gold has a much greater collectability factor. But the cost of owning coins minted in Silver and Gold have become out of the reach of older Americans on fixed incomes and younger Americans with a limited disposable income for themselves and/or their young families.

Arguments can be made for the Circulating State and ATB quarter series and the presidential series available at banks but these have no precious metals value and collectors will soon lose interest. How many kids/grandkids lost interest in filling their State quarter series books before the series ended?

The hobby is at risk of losing both new and old generations by being priced beyond the average American’s reach. The greatest risk being the loss of new generations to the hobby.

jim May 9, 2013 at 9:50 am

RBG – you’re right. New coins in my collection tend to be mostly silver these days. Now I look at a coin’s rarity or uniqueness to other similar coins (for example the two-coin silver eagle set available today) before buying. Commemoratives are another area for uniqueness (can’t wait to see the final designs for the Baseball and US Marshal commemoratives) or historical markers like the last Canadian proof and uncirculated sets to contain a penny. Because these kinds of coins tend to show up only once or twice a year budgeting the money for them is a lot easier. And I’m already putting a little aside each year, getting ready for the eagle 30th and buffalo 10th anniversaries in 2016. I think they will contain something special.

Griffin May 9, 2013 at 12:09 pm

I just did some quick math based on the cart above. The mint raises its premium a set percentage over the spot melting price, right? Well they need to change their policy because they are loosing sales and money. When the sale price was 44.95 at a premium of 27.49 over spot, they sold 774,874 units which = $34,830,586.30. Now when they sold them for 67.95 at 31.31 over spot they sold 395,443 units which = $26,870,351.85. If they had kept the premium at say 27.49 over spot they may have sold the same number of units and still profited over 34 million dollars. Instead they made $7,960,234.45 less. What kind of business strategy are they using over there???

mike May 9, 2013 at 1:39 pm

2013 SILVER EAGLE WEST POINT SET —– US Mint web site crashes, phones backed up, orders now shipping late July. Wow they must only be minting 100,000 of these sets. Better get them while you can before they pull the plug!

jim May 9, 2013 at 4:29 pm

Griffin – answer to your first question – not for silver products. They follow the pricing guide for gold and platinum coins but there’s no published pricing guide for silver coins. How they price silver products is apparently a closely kept secret. Probably why they have to shut down sales so they can have a meeting to discuss what the new prices should be. Inefficient if you ask me, but then what else do the deputy director and his immediate minions have to do anyway?

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