US Mint Reduces Prices on 2016 Sets

by Mike Unser on January 21, 2016 · 15 comments

Nixon, Ford Presidential $1 Coins

Photos of the 2016 Presidential $1 Coins featuring Nixon and Ford. The Reagan $1 design will be unveiled Feb. 6.

The United States Mint has trimmed prices on eight annually issued collector sets. The sets are varied in makeup, ranging from coins in qualities of proof and uncirculated to coins composed in clad and silver.

What they do have in common are Presidential dollars, and that’s why their prices are lower than last year.

Coins of former presidents have been issued at the rate of four per year since the dollar series kicked off in 2007. The series ends this year with only three presidents left to commemorate — Richard M. Nixon, Gerald Ford and Ronald Reagan. The Mint’s new pricing exactly reflects the reduced number of dollars in each set.

US Mint Pricing for Sets with 2016 Presidential $1 Coins

Release Date 2016 Price Change from 2015
2016 Proof Set TBD $31.95 -$1.00
2016 Silver Proof Set TBD $52.95 -$1.00
2016 Mint Set TBD $26.95 -$2.00
2016 Presidential $1 Coin Proof Set Feb. 16 $17.95 -$1.00
2016 Presidential $1 Coin Uncirculated Set Mar. 29 $14.95 -$2.00
2016 Annual Uncirculated $1 Coin Set TBD $45.95 -$1.00
2016 Presidential $1 Coin Set – Philadelphia August $11.95 -$1.00
2016 Presidential $1 Coin Set – Denver August $11.95 -$1.00

 

The new pricing information comes via a document dated Jan. 13, 2015 and published Wedneday in the Federal Register, the official source of notices by government agencies and a daily journal of their proceedings.

{ 15 comments… read them below or add one }

Ron January 21, 2016 at 2:52 pm

WOW!! They reduced it dollar for dollar! Unc. dollars sell for over $3 each and proofs go for over $4.50 each. Shouldn’t the discount match those prices??
Also… Silver and gold have almost hit bottom. Will the mint wait until the end of the year to reflect this decline in their silver coin/set offerings, after most sets have sold??
Have to wait and see, I guess……

jim January 21, 2016 at 3:28 pm

I guess now we know how much packaging really costs for each of these coin sets.

Mike January 21, 2016 at 3:39 pm

Just like big business, you waste no time inflating prices to keep ahead of the market. When prices fall they take a very long time dropping prices. Less collectors, lower sales, very costly to keep up with collection, you wonder when the us mint will wake up and realize they will sell more and make more at lower prices that reflect market pricing for precious metals than high prices and lower sales. Any collector would buy more than one or a different set if they didn’t have to mortgage their house to afford over inflated coins from the mint.

Tinto January 21, 2016 at 6:25 pm

@Mike

Seeing the way the Mint has been operating, I think the Mint doesn’t really care squat about true collectors. IMO they have to be seen as also catering to collectors in order to avoid Congress, etc. coming down on their heads but they’ve been favoring the big buyers and the authorized purchasers. For example they introduce this new version of a 1oz Liberty which would become the first of a new “line” (can’t find the right word) of Liberties and one would think they would keep initial HH limits reasonable like 5 or so, but no they up it to 50, a quantity no regular collector household could or would want to buy. And they hype up interest by saying it was going to be an Ultra High Relief, and that there would also be a silver version …. and a few months later, no Ultra High Relief, and no silver medal version …

To me it seemed like a bait and switch and left a bad taste in my mouth since I was thinking of buying a gold Liberty when it was first announced as UHR (and before the design was chosen) and at least one or two silver medals. I will not buy the “new” gold HR Liberty (still on sale by the Mint at the FUN show despite all that hype) and I will not buy the silver medal when they come out (supposedly) this year. This year is the last I will buy any meaningful $ amount (for me), the Mark Twain gold, the silver proof and unc, the NPS gold both finishes, the NA EU C&C, the Reagan C&C and the TR puck (P and bullion) … I had been interested in the gold “Centennial” dime and quarter but I think I will pass, I’m just turned off by the Mint’s shenanigans and ineptness.

Seth Riesling January 21, 2016 at 7:30 pm

With base metals at multi-year lows & silver hitting a 6-year low last month, these $1& $2 per coin 2016 coin set price decreases are absurd! Thanks for the New Year “Gift” U.S. Mint.! lol Yet the Mint charges its silver American Eagle bullion coin “Authorized Purchasers” just $2 over the spot price of silver for each coin but price gouges the public on it Numismatic Program coins. Both AP dealers & all of us regular collectors are both U.S. Mint customers & should be treated fairly for our loyalty. The MInt raised prices on three of the sets in the listing in this article lsst year when base metals & silver were at multi-year lows & now wants to bless us within a $1 or $2 discount !? Simply asinine! I have been a U.S. Mint customer for 40 years & expect to be treated fairly is all I ask for spending my hard-earned money with them. I buy what I like & try to kerp a series going for my collection, but these prices are simply out of line with production costs which are lower in the past few years due to much lower copper, nickel.& silver & other base metals used for the coins in the sets listed in this article!

-NumisDudeTX q

Jp January 21, 2016 at 10:18 pm

Hmmmm…Me thinks we are not a bunch of “Happy Campers” here United States Mint. Pay attention. Those “Reductions” are truly insulting to say the least.

Jp January 21, 2016 at 10:20 pm

Could be worse though…just check out the prices from the Canadian Mint. OUCH!!!!

daactaa January 24, 2016 at 9:43 am

Couldn’t help but notice the $100 liberty gold was exactly $50 more than the $50 buffalo. They just slap a face value on it then collect the real difference from us.

jim January 24, 2016 at 10:58 pm

Buying 1 oz of gold in each but paying $50 more for the anorexic liberty coin? The buffalo aside from the price is a much more attractive and historic coin way more worth buying than the anorexic liberty, even without all the scratches, etc.

billymac11 January 25, 2016 at 11:40 am

Less packaging, less price, especially on the annual sets. Mint set, especially, should be priced for beginner collectors.

Tinto January 25, 2016 at 2:59 pm

@jim
“..the anorexic liberty …”

Yup, I would also add “Listless Liberty” the Mint totally blew it on this one IMO and then they along with others try to hype it to the high heavens (along with a “generous” HH limit to try to engineer a fast sellout .. didn’t happen)

RonnieBGood January 25, 2016 at 7:22 pm

FYI:
The law that authorized the minting of the HR Liberty was only for a Gold mintage and never included language for a silver mintage. The mintage of coins are authorized from laws that are written by our state elected officials. The Mint has some flexibility but must produce to the written requirements.

Tinto January 25, 2016 at 8:50 pm

@RonnieBGood

The Mint’s own news release says that the Secretary of the Treasury was authorized to mint these gold coins under Federal law 31 U.S.C. Section 5112 (i)(4)(C) (got that from the Mint’s website) and from what I read in blogs, etc he can set the mintage of this HR gold coin without having to follow a number given by Congress.

Here’s the link to the Mint’s news release.

https://www.usmint.gov/pressroom/insidethemint/?action=high-relief-gold-1

I read that the Mint was also going to issue silver medal versions of the gold coins, but I didn’t hear any stuff on the Mint producing silver coins .. even though I would have preferred a silver coin (or two) instead of this HR gold.

For me it was not only the crappy design, but also the fact that the Mint had touted this HR initially as an Ultra High Relief then switched it to HR (the item number is designated UH8) . They also heavily implied the silver medal version was also going to be released in 2015 but then abruptly yanked it without any explanation (sound familiar). If I remember it was even posted in their 2015 product schedule as “TBD” but it then disappeared.

Such is the US Mint and their workings …

Seth Riesling January 26, 2016 at 1:39 am

RonnieBGood & Tinto –

You both make good comments on the American Liberty high relief $100 gold coin from last year, but that is not the full story behind the scenes. The only reason it was minted was due to a “deal” made between the U.S. Mint & congressional aides & the members of the U.S. Citizens Coinage Advisory Committee & U.S.Commission of Fine Arts (very powerful advisory people in Washington D.C.) It was not a commemorative coin & not a bullion version coin either & had no special packaging & was only an Uncirculated “business strike” without any special finish either. So what was the reason for it being issued? It is a long story, but i will try to cut to the chase. Former U.S. Mint Chief Sculptor-Engraver John M. Mercanti (who retired a few years ago ) broke tradition & designed a coin for the Perth Mint of Australia in 2014. He is most famous for his design on the reverse of the U.S. Mint’s most popular coin – the silver American Eagle $1 coins. His “defection” to work with a foreign Mint was seen by many as a slap in the face of the U.S. Mint & the powers that be in D.C. The members of the CCAC & CFA were so upset that they asked the U.S. Mint for & received design candidates for a new reverse design for the ASE to replace his original design used on all versions of the ASE since they were introduced in 1986. After much debate & reflecting on the wild success of the ASE coins & record sales in 2013 & 2014 of the coins, many members decided it would be crazy to change the design of a cash cow, but a few hardliners were adamant that his design be replaced for being a “traitor” so a deal was made to produce what all members of both advisory groups could agree would be a new high-relief gold coin with a new Lady Liberty design & a new eagle design on the reverse (the design of a new eagle that hardliners wanted to be the new ASE reverse design). The U.S. Mint also agreed with both committees that a “companion” high-relief silver medal with the same design would be issued to placate the hardliners. Everything went as planned until the Mint backed out of producing the “companion” silver medal in 2015 saying it might produce the medal at a later time the next year. By that time the gold coins were being struck & the hardliners were pissed off that the complete deal wasn’t followed through with, but they couldn’t do anything about the messy situation so late in the Mint’s production year schedule. The gold coins didn’t sell out immediately like Mint officials & advisory committee members thought even with a ridiculously high 50-coin per household limit at about a $400 premium over spot gold prices & very cheap packaging & even still had some coins left to take to the FUN coin show in Florida the first week of this month! The number of coins returned due to low quality (scratches, rim dings etc) was high making this whole debacle a bureaucratic nightmare for the Mint & all involved in its inception! This is the result of a silly, petty venture to save face in the city known for backroom deals gone bad – Washington D.C. The Mint was stuck in the middle of all this with Congress & all involved basically wanting to wash their hands of the nightmare they created. U.S. Mint coins & medals rarely are issued without some major controversy in the planning stages & this coin is no exception. Hopefully all involved in this damn mess can move forward & learn a good lesson about humility. I hope this information is useful to everyone here on this numismatic blog website. Thanks for reading my short version of the history of this particular coin. I welcome any questions you may have.

Happy numismatic collecting everyone!

-NumisDudeTX

Jp January 26, 2016 at 5:27 am

Numisdude-
Wow, now that is a good story! Thanks for the dirt on Liberty. I don’t know where you find this info from, but keep it up! That just tells you how petty people are.
I guess the bottom line here is, follow the MONEY! The US Mint is a business. We all complain about the prices and quality etc, but in the end it’s a money making venture. No one is forcing us to buy anything. It’s all a bunch of “shiny metal objects”. I think my kids will appreciate the collection I continue to put together, but after my demise I’m sure they will just look at it and say, there’s a whole pile of money here the old man has. Let’s cash it in and blow it on something even more ridiculous than he did. That’s human nature.
Love the story about Liberty though. Hey I thought this was supposed to be about the presidents coins?

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