While it would be foolish to purchase commemorative and other collector coins and sets for their intrinsic value ("melt value"), it can be quite interesting to calculate the price of silver within said coins to see how their intrinsic values change.
It is often surprising to learn how much silver is within certain coins and sets and how that can affect price. Why does the US Mint charge $23 more for the 18-coin 2009 Silver Proof Set than the 18-coin Clad Proof Set? Obviously, the cost of silver within the set plays a role in price. (See silver coin melt values.) But $23 worth?
The Silver Proof Set has six quarters, dime and a half-dollar. All are struck in 90% silver — like older 90% silver coins — and actually includes a touch more than 1.5 ounces of silver. Or, more closely, right about $25.99 worth of silver at the London Silver price of $17.11 an ounce (the fixed price on Friday, Sept. 18.)
That is hardly insignificant. If all things were equal in numismatic terms, the silver set — not the clad — is the best bargain. That, of course, can change with the flow of the daily bullion market.
In another example as to why it’s not a bad idea to watch intrinsic values, consider that silver was priced at $10.79 an ounce on Dec. 31, 2008. Comparing that to Friday’s silver price reveals a $6.32 difference. That increase adjusted to the 2009 Silver Proof Set equates to an intrinsic value jump of $9.60.
The following tables shows how melt values have changed for US Mint silver coins between their issue date and to Friday.
|Issue Date||Intro Price||Final Price||London Silver Price on Issue Date||Total Silver Included (troy oz)||Melt Value on Issue Date||Melt Value on Sept. 17||Melt Value Increase|
|Lincoln Silver Dollar – Uncirculated||Feb. 12||$31.95||$33.95||$13.34||0.773||$10.32||$13.23||$2.91|
|Lincoln Silver Dollar – Proof||Feb. 12||$37.95||$41.95||$13.34||0.773||$10.32||$13.23||$2.91|
|Quarters Silver Proof Set||Mar. 23||n/a||$29.95||$13.76||0.868||$14.93||$18.57||$3.64|
|Braille Silver Dollar – Uncirculated||Mar. 26||$31.95||$33.95||$13.60||0.773||$10.52||$13.23||$2.71|
|Braille Silver Dollar – Proof||Mar. 26||$37.95||$41.95||$13.60||0.773||$10.52||$13.23||$2.71|
|2009 US Mint Silver Proof Set||Jul. 17||n/a||$52.95||$13.16||1.519||$19.99||$25.99||$6.00|
Learn more about silver coins through sister site SilverCoinsToday.com.