US Mint to Cut Prices on Gold Coins, Silver Sets as Melt Values Fall

by Mike Unser on May 21, 2013 · 9 comments

It looks like it will be a busy day for the United States Mint on Wednesday, May 22, given new expectations that it will cut prices on an array of gold coins and annual silver sets since their melt values continue to fall.

US Mint Gold and Silver Products

In the center is the 2013-Proof American Buffalo Gold Coin. Its price will be set Wednesday in preparation for its launch on Thursday. The other two products are among the many expected to receive price cuts.

U.S. Mint precious metals products for collectors have always carried a significant premium over their melt values. Still, the bureau tends to adjust their prices when there are large swings in the value of silver, gold or platinum.

Update: The U.S. Mint reduced prices on the below silver sets by 12:00 noon ET on Wednesday, May 22. It did NOT reduce prices on gold coins as the Wednesday London PM directional gold Fix soared to $1,408.50 an ounce even as spot gold prices plunged back toward $1,372 an ounce shortly afterward.

Lower Prices for Annual 2012 – 2013 Silver Sets

In an unusual announcement scheduled for public release through the Federal Register on Wednesday, the U.S. Mint said it will trim prices on four collector sets with coins composed from silver. Typically, silver products that are scheduled for re-pricing are first suspended from sale. That is not the case in this instance.

Currently, spot silver is at $22.33 an ounce. The silver sets with their new prices:

  • 2012 and 2013 America the Beautiful Quarters Silver Proof Sets will drop to $36.95 from $41.95 for a $5 reduction. Combined, the five 90% silver quarters in each of the sets have 0.90420 troy ounces of silver. These silver sets have a melt value of $20.19 each.

  • The 2013 Silver Proof Set will be offered for sale at a lower price of $60.95. That marks a $7 cut as the set is currently priced at $67.95. Seven of the fourteen coins in this popular set are composed from 90% silver for a total weight of 1.34 troy ounces of silver. The 2013 Silver Proof Set a melt value of $29.88.

  • The 2013 Congratulations Set will go to $59.95 from $64.95 for a $5 trimming. The Congratulations Set has a one-ounce, 99.9% pure American Silver Eagle coin. The 2013 Congratulations Set a melt value of $22.33.

For always updated melt values, visit our partner website for coin melt values on older U.S. silver coins and modern silver sets.

Generally, the U.S. Mint tends to make new pricing live for collector silver products on the day its notice is published on the Federal Register. That last happened on May 2 when the Mint reduced prices on silver coins.

Lower Prices for Gold Coins, 2013-W Proof Buffalo Price Set

Unlike silver coins and silver sets, U.S. Mint gold and platinum products for collectors can undergo pricing changes every Wednesday. It happens when the weekly average for London fixings in gold and platinum shift into a different level of cost-setting tables established by the U.S. Mint.

Prices on gold coins were most recently adjusted last Wednesday when the weekly average for gold fell into the range of $1,400 to $1,449.99. London fixings for tomorrow must still be evaluated but gold is currently well within a lower coin-pricing tier of $1,350 to $1,399.99 an ounce. If gold stays within that range, there will be a $50 cut in price for every ounce of gold in a coin.

Based on current conditions, the following pricing adjustments are likely to occur (this article will be updated with what actually happened):

Products From To
2013-W Proof American Buffalo Gold Coins (1 oz) N/A* $1,740.00
2013 Proof 5-Star Generals $5 Gold Coins $454.05 $441.90
2013 Uncirculated 5-Star Generals $5 Gold Coins $449.05 $436.90
2012 Proof First Spouse Gold Coins $915.00 $890.00
2012 Uncirculated First Spouse Gold Coins $895.00 $870.00
2013-W Proof American Eagle Gold Coins (1 oz) $1,760.00 $1,710.00
2013-W Proof American Eagle Gold Coins (1/2 oz) $895.00 $870.00
2013-W Proof American Eagle Gold Coins (1/4 oz) $460.00 $447.50
2013-W Proof American Eagle Gold Coins (1/10 oz) $195.00 $190.00
2013-W Proof Gold Eagle Four-Coin Set $3,260.00 $3,167.50

 

*On Thursday, May 23, at noon Eastern Time, the 2013-W Proof American Buffalo Gold Coin goes on sale for the first time.

The U.S. Mint tends to adjust gold coin prices on Wednesday, when needed, at around noon Eastern Time.

Price for Proof Platinum Eagle

Platinum has shown less volatility over the last several days. It is very unlikely that the weekly average for London Fix platinum will move outside of its current range of $1,450 to $1,499.99 an ounce. As such, the price for the Mint’s only platinum coin, the 2012-W Proof Platinum Eagle, is expected to stay at $1,850.00.

{ 9 comments… read them below or add one }

george glazener May 21, 2013 at 12:57 pm

Swell,
And I JUST TODAY got my Silver Proof Set in the mail….So if I return the damn thing, and re-order it at the lower price, the savings will be eaten up by my combined shipping charges….I thought the MINT didn’t reduce prices on silver bearing sets like this. WTF?

george glazener May 21, 2013 at 1:51 pm

Mike;
Could you check your dates in the article? Something’s wrong there. Thanks!

Mike Unser May 21, 2013 at 1:57 pm

George, thanks! Only one of the dates was suppose to be May 2.

Ron May 21, 2013 at 6:46 pm

Yeah, all of us LOYAL subscribers get screwed every time the prices drop. They should SET a price and stick to it. Like George wondered… WTF??

Unai May 21, 2013 at 11:13 pm

I bet you are all happy when the price goes up and you buy first.

george glazener May 22, 2013 at 8:44 am

Unai:
Not at all; it troubles me greatly when that happens. In cases like that, I always return the item to the US MINT right away, and then re-order at the new higher price. I even spring for priority shipping and insurance just to be sure it gets there as fast as possible. I even followup with e-mails and phone calls pleading with them to raise prices on other items so I can return them too. I’ve actually lost sleep worrying that I might be acquiring these precious coins too inexpensively. Sometimes I even just send cash to the US MINT in anonymous envelopes to make sure I’m doing my part to keep them solvent..!!

Rick of Ohio May 22, 2013 at 9:58 am

Looks like gold (London PM price fix) went up just at the right time to cause gold unchanged pricing at the mint. When does the mint plan to lower silver pricing in article?

Mike Unser May 22, 2013 at 10:24 am

Today’s gold fixings were certainly unexpected with Tuesday’s PM at $1,360.75. The Wednesday AM moved up to $1,385.25 and then the Wednesday PM, which is used as a directional component that can trigger or stop coin pricing changes, soared to $1,408.50. The latter is a very sharp contrast to the $1,374.60 spot price as of 11:10 AM ET. The weekly average ($1,370.75) came well into the lower coin pricing tier, but that jump in the PM fixing will block the change in gold coin prices. I wouldn’t expect strong collector gold coin sales in the next several days… unless gold pops much higher.

As to the timing for when prices will fall for the silver sets, I’m expecting that to happen before the end of the day. If it doesn’t, I’ll see if I can get a firm time from the Mint.

Mike Unser May 22, 2013 at 10:34 am

The U.S. Mint has halted online ordering for the silver sets for re-pricing so they will be back at lower prices by noon ET.

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