Prices were cut late Wednesday afternoon for First Spouse Gold Coins and American Buffalo Proof Coins to better match the recent gold decline.
According to the U.S. Mint’s gold pricing criteria, if the London Fix weekly gold average between Thursday AM and Wednesday AM moves out of the current range and the Wednesday PM price is in the same direction as the new average, then the Mint will adjust their numismatic gold prices accordingly.
This week the average became $1,193.42 and Wednesday’s PM price was $1,191.50 — both below the $1,200.00 marker — and that triggered a reduction in US Mint collector gold coin prices.
The following were the figures the Mint used to arrive at a weekly average:
London Fix Gold
|7/21/2010 – Wednesday||1191.25||1191.50|
|7/20/2010 – Tuesday||1181.50||1183.00|
|7/19/2010 – Monday||1190.25||1181.00|
|7/16/2010 – Friday||1204.75||1189.25|
|7/15/2010 – Thursday||1211.75||1208.00|
The changes that occurred were:
- Uncirculated First Spouse Coin prices from $766.00 to $741.00
- Proof First Spouse Coin prices from $779.00 to $754.00
- American Buffalo Proof Coin prices from $1,510.00 to $1,460.00
The one-half ounce first lady coins move in $25 increments when price adjustments occur as a result of $50 gold swings, while the one-ounce proof Buffalo coin prices move up or down in $50 increments.
Similar price corrections were not made to the Mint’s bullion American Gold Eagles and American Buffalo Gold. Non-collector pieces do not have a fixed weekly price like proof and uncirculated gold products, but instead are sold for a small amount over the current spot price of gold.
First Spouse Gold Coins weigh one-half ounce each, have a face value of $10 and are struck from 24 karat, or .9999 fine gold. The coins series began in 2007. Each gold piece is issued in the order that a first lady served and on the same schedule as the Presidential dollars.
American Buffalo Proof Coins are made of one full ounce of .9999 fine gold, have a face value of $50 and have been in production since 2006.
The Mint adjusted prices six previous times in 2010, including:
- January 27 decrease
- February 24 increase
- April 14 increase
- April 21 decrease
- May 5 increase
- May 12 increase
Prices usually change on Wednesdays and typically between 11:00 AM -12:00 PM Eastern Time, but yesterday the price cuts occurred near the end of the afternoon.