Plummeting silver prices sprung sales suspensions for three United States Mint silver products.
On Tuesday, silver values sank to a multi-year low. As a result, the following three numismatic silver products were taken off sale pending pricing adjustments:
- 2013-W Proof American Silver Eagle
- 2012-P Chaco Culture National Historical Park Five Ounce Silver Uncirculated Coin
- 2012 Annual Uncirculated Dollar Coin Set with a 2012-W Uncirculated American Silver Eagle
A double-digit decline in silver’s value precipitated the suspensions. The London Fix for silver today dropped to $23.54 an ounce, marking a fall of $3.86, or 14.1%, from last Friday’s silver Fix of $27.40 an ounce.
Visitors to the affected numismatic silver product pages on the U.S. Mint’s website now see this statement: "This product is temporarily unavailable for product repricing."
When the products return or at what prices is not known. In the past, the U.S. Mint has tended to wait for silver to stabilize before resuming sales.
The 2013-W Proof American Silver Eagle has been the Mint’s most active numismatic product since it launched on January 24, 2013. It has one ounce of 99.9% pure silver and had a price of $62.95 before its suspension. For a perspective of how silver prices have changed, the London silver Fix on the day of the Eagle’s release was $31.85 an ounce, or $8.31 higher than today’s price.
Before taken off sale, the Chaco Culture Five Ounce Uncirculated Silver Coin was offered at $229.95 and the 2012 Annual Uncirculated Dollar Coin Set was sold for $59.95. These two products had their prices raised in October after consistently higher silver prices.
Currently unaffected by the suspensions are other numismatic silver products, including:
- 2013 Girl Scouts of the USA Centennial Silver Dollars (Proof and Uncirculated)
- 2013 Five-Star Generals Silver Dollars (Proof and Uncirculated)
- 2012 Making American History Coin and Currency Set with a 2012-S Proof American Silver Eagle
- 2012 Limited Edition Silver Proof Set with a 2012-W Proof American Silver Eagle
- 2012 – 2013 America the Beautiful Quarters Silver Proof Sets
Pricing of U.S. Mint numismatic silver products is not directly tied to market activity as are numismatic gold and platinum products. On a weekly basis every Wednesday, the U.S. Mint averages the price of gold and platinum to decide if its related products should have prices adjusted — very likely happening this Wednesday. Conversely, only sharp changes in silver prices have caused suspensions and re-pricing of silver products.
I wish the Mint would have a weekly price adjustment arrangement for silver, as they do for gold.
i have noticed other sites dropping silver (eagles and sets) Now i di not know this as a fact but doesn’t some of the PROFIT from the mint go to our ever so lovely goverment??????????????????????????