US Mint Considering Lower Prices on Silver Coin Products

by Mike Unser on June 26, 2013 · 12 comments

The United States Mint reduced prices today on 17 gold and 1 platinum coin products and it is considering cutting prices on a range of numismatic silver coins and silver sets.

2013-P Great Basin National Park Five Ounce Silver Uncirculated Coin

In the wake of sharply lower silver prices, the U.S. Mint has postponed the release of its next silver coin product, the 2013-P Great Basin National Park Five Ounce Silver Uncirculated Coin. It is considering lowering prices on other silver coin products.

A decision is yet to be announced, but in the meantime the U.S. Mint has postponed its release of the 2013-P Great Basin National Park Five Ounce Silver Uncirculated Coin. The 99.9% pure silver coin was scheduled to launch Thursday at a price of $179.95.

"Due to the recent decrease in the price of silver, the United States Mint is considering lowering prices on several silver coin products," a statement from the Mint noted. "As a result, we have postponed the launch of the 2013 America the Beautiful Five Ounce Silver Uncirculated Coin for Great Basin National Park that was scheduled to go on sale June 27. The new prices will go into effect after being published in the Federal Register and after a new on-sale date has been determined."

Precious metals have plunged in the last week with silver and gold near three-year lows. In pricing its gold and platinum products produced for coin collectors, the U.S. Mint watches and averages London fixings for gold and platinum over a several-day period and compares the results to a coin pricing grid. Based on sharp drops from last Thursday to today, the Mint cut its gold coin prices by $100 per ounce of gold content and dropped its price for the proof Platinum American Eagle coin by $50.

It does not have the same system in place for its silver coins and related products. In the past when silver has moved sharply lower or higher by several dollars, the U.S. Mint has tended to suspend certain silver product sales until the precious metal has stabilized and until, if necessary, the Mint has published new pricing on the Federal Register. As of this writing, the Mint continues to sell its silver coin products at the same prices through its website (www.usmint.gov).

The London silver Fix today was at $18.67 an ounce, marking the lowest price for silver since August 2010. For the week, month and year so far, silver prices are respectively down 6%; 17.3% and 37.7%.

{ 12 comments… read them below or add one }

Mark Hall June 26, 2013 at 5:05 pm

When is the Federal Registery published? Excited :D

Joe June 26, 2013 at 6:40 pm

I received my two – coin sets from West Point Mint today. They look great.

Tim June 26, 2013 at 7:49 pm
Mark Hall June 26, 2013 at 8:09 pm

Yeah after I bit of googling I found it. How long do you think it will take them to determine the price changes, if any? How long has the process taken in the past?

Kevin June 26, 2013 at 10:33 pm

Isn’t it time for silver to be re-priced weekly by the Mint, just as it does gold? Whatever prevents that from happening should be changed.

sean7k June 27, 2013 at 6:05 am

Why would you buy these 5 oz coins from the mint? They are $60 less at a dealer (Provident metals). The mint is not making much sense here.

Mark Hall June 27, 2013 at 7:24 am

Well I got a coupon for up to 10% (up to $100) off 1 item on eBay that is good until 6/30 11.59 PM PST (I think, could be EST, better double check that) and APMEX on eBay has 10x ATB 5 oz Silver Bullion Mint Direct (supposedly directly from the Mint and not cherry picked, sealed directly after receiving from the mint, which is a huge bonus) in sealed taper proof Mint tubes for at the time of this posting are are WM $1,175.75, PV $1,175.75 and Vicksburg $1,126.82. I done cut of the possibility of Vicksburg (with its 58.1k mintage) and debating between the WM and the PV. With my coupon (-$100) and shipping (+$4.95), they would cost $1080.70 which would be $108.70 each and $21.614/ozt. I can’t find a better deal than that. The coupon helps. I’ve heard Prov does cherry pick and they dont but I like the fact of of a sealed Mint Tube. :) I’m hoping the spot price of silver continues to go down so the price goes down but even right now I think its a great deal (was -$10 yesterday for a little bit, they updated prices every 15 mins or so it seems).
The question before me is should I go with with WM or PV, WM Bullion is already higher than 2012 bullion totals (27k 5/12-6/25 ), PV (14.2k 6/2-6/25), GB (not an option unless I can talk AMPEX into it but at 9.9k 6/23-6/25) – I want to pick the winner (lowest mintage/highest demand) as these are an investment for my 13 month old daughter. Not sure on those actual Bullion dates they wen on sale or for how long the US Mint sales them or if they have a mintage limit on the Bullion versions as they do on the UNC P ones, if anyone could clarify.
As I wrote in another post, I got into coins and silver shortly after my daughters birth and the 5 Oz ATB Series came to my series too late. I missed the design I wanted most of all, the Hawaii, and only have the 2012 CC (bought direct from US Mint) and Acadia (bought from MCM) and the first 2 2013s. I was going to cancel my subscription to the series because of the metal meltdown and only only buy 1 at 2-3 weeks so I could at least get 1 FS GB P but I was buying at least 2 of each. I am glad the Mint may be reducing their pricing because I agree. Since my last 2012 ATB P purchase of the CC, I have left them in the US Mint shipment box instead of opening them in the event I ever get them graded (I know FS is a scam but if ppl will pay extra…) I can get the FS labels. My Acadia was already open (likely sold to me by MCM because they though it would grade poorly but I think it looks good and it was cheaper than what the US Mint sold it for at the time).
I would really like it if APMEX would let me go ahead and buy the Mint Direct Tube of WM or VP and just ship me GB instead instead as I think that one will be of those 3 the best one in the long term followed by the last 2 of 2013. Would love to hear your opinions on it. Also I bought extra 2013s P because I though the mintage’s of the ATB P series would continue to decline and after a few years the lower mintage’s have a higher value than the earlier ones? You guys think so? Think Ill ever be able to trade one of my unboxed 12/13s for an Hawaii? lol
Sorry for all the questions. Just very excited. By the time I got done writting this and double checking my numbers the price on those went up to $1,183.99 (+$7.24) lol :)

Wdg5 June 27, 2013 at 12:22 pm

@Sean, the difference being that dealers sell the bullion version of 5Oz while the mint sells the numismatic version of the same (hence the higher price). The difference in quality can be substantial, especially given all the complaints with scratches on most recent bullion version of Perry Victory puck. I got my mint version of the same yesterday- flawless!

Lopital June 27, 2013 at 5:18 pm

I would like to see silver products price revised weekly like other metals. I understand the difference between numismatic and bullion versions, but the argument weakens as the difference in price keeps increasing. There should be a fair way of revising prices.

sean7k June 28, 2013 at 7:05 am

WDG5,
The Great Basin National Park, Nevada America the Beautiful coin contains 5 troy ounces of .999 fine silver and arrives in brilliant uncirculated condition.

Single coins will arrive in a plastic capsule, multiples of 10 will ship in original US Mint ATB tubes and multiples of 100 coins will arrive in original mint strapped “Monster Boxes.”
That is the spec sheet from provident. You are being sold a bill of goods.

Kahoola June 28, 2013 at 2:46 pm

Have bought silver eagles from authorized resellers. A good part of the time they are spotted or otherwise impaired. Am certain that they are cherry picking the best to grade and sell at a premium, selling the rejects as regular bullion. It hardly seems fair as one pays a premium for the eagle over bullion bars. Have tried the “mint sealed” approach, coins are much better quality. Not all of the resellers ship unsearched US bullion coins.
Mint sold coins are much better quality but even then have gotten some zingers. You really do have to inspect each coin when you get them. Have sent more than a few back. The mint takes them back without question and even refunds postage. You have to give them the credit for customer service.

Coin Monger June 28, 2013 at 10:12 pm

The Mint won’t lower their prices in face of lowering costs of operation and wonders why they aren’t selling more coins during this period of time? People shop where they get the best deals and right now it isn’t from the US Mint.

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