U.S. Mint at West Point Temporarily Suspends Production

by CoinNews.net on April 15, 2020 · 16 comments

U.S. Mint at West Point

A CoinNews photo of the West Point Mint

Due to the increasing number of COVID-19 cases in Orange County, New York, and out of an abundance of caution, the United States Mint has temporarily suspended production at the Mint facility at West Point.

This action is being taken to further reduce the risk of Mint employee exposure to COVID-19. The Mint will resume production once it is deemed prudent to do so.

"My commitment to the health and safety of the Mint workforce is unwavering and continues to be my highest priority," said Mint Director David J. Ryder. "These are challenging and unprecedented times, and decisions on Mint operations are made with the best interests of Mint employees first and foremost."

During this temporary shutdown, the entire West Point facility will be thoroughly cleaned in accordance with Centers for Disease Control and Protection (CDC) guidelines.

The Mint facility at West Point produces investment grade gold, silver, platinum and palladium bullion coins. The United States Mint does not sell its bullion coins directly to the public. Instead, they are distributed through a network of official distributors called "authorized purchasers" who, in turn, create a two-way market buying and selling to precious metals wholesalers, private investors, and local bullion coin dealers. Mint bullion coins are sold based on the prevailing market price of gold, silver, platinum or palladium plus a small premium to cover minting, distribution and marketing costs.

For more information about the United States Mint’s bullion program, please visit https://catalog.usmint.gov/coins/precious-metal-coins/bullion-coins.html.

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chuck

Wonder what impact this will have on the dealers prices (their markups)? FYI, see the mint has a new sales report out 4/12/2020.

Seth Riesling

The West Point Mint previously closed down for 3 days in late March because an employee tested positive for COVID-19, but didn’t work in the coin production area.
This closure will not cause the 5 ounce silver puck bullion version coin production to stop as it is done on a dedicated coin press at the Philadelphia Mint. So, don’t overpay coin dealers for this type of coin since there is a good supply available to the Mint’s bullion coin Authorized Purchasers.

NumisdudeTX

Seth Riesling

According to U.S. Mint spokesman Michael White, this closure will NOT stop production of the 2020 bullion version ASE $1 coins, as they are now being produced temporarily at the Philadelphia Mint. So, do NOT overpay coin dealers for this common silver bullion version coin!

NumisdudeTX

K ROB

seth, that’s good info.but i’ve seen some reputable bullion dealers selling the 2020 ASE for 8 to 9 bucks above spot.why are they doing this?do they think we are all stupid?

Richard W.

Too many people are hypnotized by a “good deal.” (And it if was so good why are the dealers selling them?) Maybe they watched those hilarious coin shows too often–the ones aimed at people who buy coins with little knowledge about them. An old saying about doing your homework still holds true, “Buy the book before the coin.”

K ROB

RICHARD W. i agree with you all the way on that.i checked a reputable dealers website this morning and i saw that they would sell me a 2020 ASE bullion coin for $26.23 and if i wanted to sell it back to them they would give me $18.89 for it.these people are getting a reputation but i would’nt call it fair.

Seth Riesling

K Rob –

They are taking advantage of people with money who don’t know any better, and it should be a crime under the USA Federal Government price gouging laws during a national emergency!

Happy collecting K Rob!

NumisdudeTX

chuck

Seth Riesling, What is the reason that the mint continues/ continued with bullion coins i.e. 5oz ATB but suspended sales of the “P” ones since both are minted in Philadelphia? Both would have to be handled and shipped. As to dealers charging 8 to 9 bucks over spot for silver I have less of a problem with that since the mint charges about $550 more over spot for the Platinum proof and about $20 (Per OZ) more for the P 5 oz. ATB. Of course there are many more examples. So, price gouging by ?!! After tomorrow looks like mint… Read more »

Seth Riesling

chuck –

The Mint’s website still has the 5-ounce “P” American Samoa 2020 coin available. Since there is only one press that is used to strike all 5 oz silver coins, & it takes a specially trained employee to operate the press at the Philadelphia Mint, they usually only strike 100 coins at a time & then they wait for them to sell & then strike another batch to send to the fulfillment warehouse in Memphis.
The price gouging by dealers continues though as scared people rush to buy precious metals during this crisis time unfortunately.

Happy collecting!

NumisdudeTX

chuck

Seth Riesling, Last time I looked all 5 of the 5 oz ATB for 2019 were also still available. (The only surprise to me and apparently many others was the mint did not raise prices for them when the “bat” was issued like they did for the 2018 and 2019 platinum when the proof 2020 platinum came out.) The “Weir Farms” bullion coins have been available from dealers for sometime too. But the “P” was rescheduled (sometimes bullion ones have been available first other times the “P” was first). So was surprise the mint rescheduled the “Weir” “P” as it… Read more »

K ROB

seth,i can tell you know alot about the hobby.i myself have been in this hobby for forty years,i have wondered for a long time why does the mint sell to authorized dealers and not just sell directly to the public? i’m referring to the bullion the mint sells. i think this would be a beautiful thing if they would sell directly to the public.thank you.

Seth Riesling

K Rob –

The Mint requires a lot of their bullion version coin Authorized Purchasers companies, but the most important is a federal background check on the owner & the fact that they require the APs to not only sell these U.S. Mint silver, gold, platinum & palladium coins, buy they must also buy the coins back from the public also. That creates a large 2-way market that you & I as “small collectors” cannot do on a daily basis.

Happy collecting!

NumisdudeTX

K ROB

much appreciated. that answered my question.thank you very much.

Richard W.

If you’re thinking of getting a 2020-S silver proof set now might be a good time. Yes, the price went up a lot, and they might make more. But with the WP min shut down, and only 190,000 available, plus the bonus “W” nickel, holding off is a gamble. Same with the regular proof set and its different “W” nickel–it is available now. Yes, things will probably come back to normal, the the uncirculated set (with yet a different “W” nickel), and the limited edition silver proof set will likely be produced, but who knows when or if that will… Read more »

alik

yes , as of april 19 sales at 183,456 . should be all gone very soon

ray

The American Liberty 225th Anniversary Gold Coins is sold by the mint for $2440 when the price of gold stands at about $1760. I know that proofs take extra handling but isn’t a $700 markup somewhat of a gouging?