Pictured Rocks and Apostle Islands 5 Oz. Silver Bullion Coin Release Dates Announced

Pictured Rocks National Lakeshore Quarter - reverse
Michigan’s Pictured Rocks quarter depicts Chapel Rock and the white pine tree that grows atop. This same design is featured on companion 5-ounce silver coins.

The United States Mint on Friday, Feb. 9, told its network of Authorized Purchasers (APs) when ordering will open for the first two of five 2018-dated America the Beautiful 5-Ounce Silver Bullion Coins.

The first coin, celebrating Pictured Rocks National Lakeshore in Michigan, goes on sale Monday, Feb. 26. The second issue, honoring Apostle Islands National Lakeshore in Wisconsin, launches on Monday, April 16.

The two are the 41st and 42nd issues under the Mint’s 5-ounce bullion coin program. They bear matching designs to the Pictured Rocks and Apostle Islands America the Beautiful quarter dollars. (See images and release dates of all five 2018 quarters.)

Like other bullion products, the U.S. Mint sells 5-ounce bullion coins only to APs. These players consist of major coin and precious metals dealers, brokerage companies and other participating financial intermediaries. APs have to buy at least 100 coins at a time. They pay the LBMA Silver Price for each ounce plus a fixed $9.75 premium per coin.

The collector uncirculated version of the 5-ounce Pictured Rocks silver coin debuted this past Friday, Feb. 9. The U.S. Mint sells this collectible directly to the public (online here) for $154.95.

"The current authorized mintage limit for both numismatic and bullion 2018 America the Beautiful Five Ounce Silver Coins honoring Pictured Rocks National Lakeshore is 100,000 units," the U.S. Mint said in a news release.

"The maximum potential mintage limit for the America the Beautiful Five Ounce Silver Uncirculated Coin–Pictured Rocks National Lakeshore has been set at 20,000 units."

A release date for the uncirculated Apostle Islands 5-ounce coin has yet to be announced.

Both uncirculated and bullion editions have a diameter of 3.0 inches, weigh 5.0 ounces and contain .999 fine silver.

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First time “P” released before bullion–interesting.


Chuck – that is a very interesting observation. I wonder if they wanted to make all attempts to sell as many proofs as possible before the bullion version was released. 20,000 mintage on the bullion – seems low. So all Authorized Purchaser’s (AP’s) have to pay $91.85 per bullion coin as per today’s going LBMA rate. You would have to sell a crap ton of coins to make any form of meaningful profit. Minimum purchase order for this product alone is 100. Would make sense (shifty sense) for a motivated AP to buy as many, if not all of the… Read more »


In theory, there would be 80,000 bullion pieces for the dealers which is much higher than the sales to them in the past many years. So, there likely would not be a shortage of bullion ones. The 20,000 limit set for the “P” is also higher than recent sales. So, IMHO, they wanted to get what they could for the “P” (since they raised price) and perhaps counting on a “big increase” in silver price prior to selling to dealers.