It looks like it will be a busy day for the United States Mint on Wednesday, May 22, given new expectations that it will cut prices on an array of gold coins and annual silver sets since their melt values continue to fall.
U.S. Mint precious metals products for collectors have always carried a significant premium over their melt values. Still, the bureau tends to adjust their prices when there are large swings in the value of silver, gold or platinum.
Update: The U.S. Mint reduced prices on the below silver sets by 12:00 noon ET on Wednesday, May 22. It did NOT reduce prices on gold coins as the Wednesday London PM directional gold Fix soared to $1,408.50 an ounce even as spot gold prices plunged back toward $1,372 an ounce shortly afterward.
Lower Prices for Annual 2012 – 2013 Silver Sets
In an unusual announcement scheduled for public release through the Federal Register on Wednesday, the U.S. Mint said it will trim prices on four collector sets with coins composed from silver. Typically, silver products that are scheduled for re-pricing are first suspended from sale. That is not the case in this instance.
Currently, spot silver is at $22.33 an ounce. The silver sets with their new prices:
2012 and 2013 America the Beautiful Quarters Silver Proof Sets will drop to $36.95 from $41.95 for a $5 reduction. Combined, the five 90% silver quarters in each of the sets have 0.90420 troy ounces of silver. These silver sets have a melt value of $20.19 each.
The 2013 Silver Proof Set will be offered for sale at a lower price of $60.95. That marks a $7 cut as the set is currently priced at $67.95. Seven of the fourteen coins in this popular set are composed from 90% silver for a total weight of 1.34 troy ounces of silver. The 2013 Silver Proof Set a melt value of $29.88.
The 2013 Congratulations Set will go to $59.95 from $64.95 for a $5 trimming. The Congratulations Set has a one-ounce, 99.9% pure American Silver Eagle coin. The 2013 Congratulations Set a melt value of $22.33.
For always updated melt values, visit our partner website for coin melt values on older U.S. silver coins and modern silver sets.
Generally, the U.S. Mint tends to make new pricing live for collector silver products on the day its notice is published on the Federal Register. That last happened on May 2 when the Mint reduced prices on silver coins.
Lower Prices for Gold Coins, 2013-W Proof Buffalo Price Set
Unlike silver coins and silver sets, U.S. Mint gold and platinum products for collectors can undergo pricing changes every Wednesday. It happens when the weekly average for London fixings in gold and platinum shift into a different level of cost-setting tables established by the U.S. Mint.
Prices on gold coins were most recently adjusted last Wednesday when the weekly average for gold fell into the range of $1,400 to $1,449.99. London fixings for tomorrow must still be evaluated but gold is currently well within a lower coin-pricing tier of $1,350 to $1,399.99 an ounce. If gold stays within that range, there will be a $50 cut in price for every ounce of gold in a coin.
Based on current conditions, the following pricing adjustments are likely to occur (this article will be updated with what actually happened):
|2013-W Proof American Buffalo Gold Coins (1 oz)||N/A*||$1,740.00|
|2013 Proof 5-Star Generals $5 Gold Coins||$454.05||$441.90|
|2013 Uncirculated 5-Star Generals $5 Gold Coins||$449.05||$436.90|
|2012 Proof First Spouse Gold Coins||$915.00||$890.00|
|2012 Uncirculated First Spouse Gold Coins||$895.00||$870.00|
|2013-W Proof American Eagle Gold Coins (1 oz)||$1,760.00||$1,710.00|
|2013-W Proof American Eagle Gold Coins (1/2 oz)||$895.00||$870.00|
|2013-W Proof American Eagle Gold Coins (1/4 oz)||$460.00||$447.50|
|2013-W Proof American Eagle Gold Coins (1/10 oz)||$195.00||$190.00|
|2013-W Proof Gold Eagle Four-Coin Set||$3,260.00||$3,167.50|
*On Thursday, May 23, at noon Eastern Time, the 2013-W Proof American Buffalo Gold Coin goes on sale for the first time.
The U.S. Mint tends to adjust gold coin prices on Wednesday, when needed, at around noon Eastern Time.
Price for Proof Platinum Eagle
Platinum has shown less volatility over the last several days. It is very unlikely that the weekly average for London Fix platinum will move outside of its current range of $1,450 to $1,499.99 an ounce. As such, the price for the Mint’s only platinum coin, the 2012-W Proof Platinum Eagle, is expected to stay at $1,850.00.