The United States Mint raised prices Tuesday, Oct. 13, on its suite of numismatic silver products. Products affected include American Silver Eagles, silver proof sets, five-ounce silver coins and silver medals.
Several of the products have now seen more than one increase this year when compared against what they would have cost in 2019. Those released last year are also now higher.
Total pricing increases range from $9.50 to $75.05. The differences between product prices and their silver melt values currently range from $35.16 to $139.86.
The Mint released last week a statement on Facebook and Twitter about its new pricing strategy, saying in part:
"In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.
The Mint’s goal, as a fiscally responsible self-funded Federal agency, is to always provide the best quality numismatic products while maintaining fair prices. The first objective is to ensure that the numismatic portfolio (all product lines together) be self-sufficient and cover all associated costs. The new silver prices reflect a sound business decision aimed at meeting these obligations. (No tax dollars are used to fund numismatic operations.)
The United States Mint will continue to look for operations optimization and cost reduction efforts to deliver superior quality numismatic products at a fair price."
The following table lists the U.S. Mint’s silver products for collectors, each of their price increases, their total increase in price, their new price, and their price above the melt value of the silver they contain.
|Products||January Increases||April Increases||October Increases||Total Increase||New Prices||Prices Above Silver Spot*|
|Presidential Silver Medals||$6.05||$0||$19||$25.05||$65.00||$40.64|
|2020 ATB Quarters Silver Proof Set||$5.55||$0||$17.50||$23.05||$60.00||$35.16|
|2020 Proof American Silver Eagles||$6.05||$0||$8.50||$14.55||$73.00||$48.64|
|2020 Uncirculated American Silver Eagle||$0||$7.05||$13||$20.05||$67.00||$42.64|
|2020 Limited Edition Silver Proof Set||$0||$20.05||$31||$51.05||$201.00||$139.86|
|2020 Silver Proof Set||$0||$8.30||$41.75||$50.05||$105.00||$68.28|
|America the Beautiful Five Ounce Silver Uncirculated Coin||$0||$23.30||$50.75||$74.05||$229.00||$107.20|
|End of World War II 75th Anniversary Proof American Silver Eagle||$0||$0||$0 (announced price at $83.00)||$0||$83.00||$58.64|
|End of World War II 75th Anniversary One Ounce Silver Medal||$0||$0 (announced price at $46.00)||$29||$29||$75.00||$50.64|
|2019 ATB Quarters Silver Proof Set||$0||$0||$23.05||$23.05||$60.00||$35.16|
|2019 American Liberty High Relief Silver Medal||$0||$0||$75.05||$75.05||$175.00||$114.10|
|2019 Congratulations Set||$0||$0||$9.50||$9.50||$75.00||$50.64|
|2019 Silver Proof Set||$0||$0||$50.05||$50.05||$105.00||$68.28|
*Based on Oct. 16 LBMA silver price of $24.36 an ounce.
Available information for the above products is found on the U.S. Mint’s online catalog of silver coins and silver medals.
well isn’t that special.i once worked for a large company,it was listed in the NASDAC and things started to turn sour for that company also.it’s like deja vu.they did the same thing and went bankrupt.customers won’t put up with that.want to cut costs start with management!!
Yes, special indeed! Wonder whether they raised their bullion products prices to the dealers too? If so, doubt it was raised as much as for “collectors”. If they did raise them, like to collectors, dealers might just buy “maple leafs”,etc. Since they sold thousands to dealers (possible illegal?) they possibly should seek a personal “claw back” from “R”, and others. “You’re fired” might be appropriate too!
Mike Unser –
Thanks Mike! Your great chart might be better for readers if you add a column with the “Old Price”/”Previous Price” of each item as of Oct. 12 (the day before the prices increased). The comparison of the numbers is shocking!
I was busy buying some extra of some of these items on Oct. 11 since I have 4 nephews I buy for!
The US mint created an artificial coin rush by announcing a price increase. Great way to make up some ground for lost sales and mismanagement by the mint. Talk about price gouging during a national emergency! You’ve lost many fans US mint…. this is not helping.
The price increases are truly shocking.
the us mint rising silver content coin , that is great and good news for Silver Stackers. every time US Mint increase silver sets price , silver will increase on following months, like 2011-2012 !!! Hopefully this time are right again ! i Just bought thousands share of SLV (silver ETF) and sold call option for premium to buy ATB 5OZ silver coins , ( FREE) . this is the only way to get profit from silver
I noticed there were larger than normal sales of the 2019 American Liberty High Relief Silver Medal last week, it made the top ten list for no apparent reason. Someone knew winter was coming.
Pricing themselves out of the market, people will just quit collecting.
Tells me SILVER is going to sky rocket.
i guess this year, a lot of collector will quit like me . ! I am Collecting since in High School . I was so exciting when i received The Statue Of Liberty Proof sets from the mint. I am Unemployed now, unable to afford any more coins set. i hoped silver and gold can continue go up ! So i can sell some coin to local coin Shop .
$105.00 for a silver proof set is just too much money-I cant see this helping their sales!!!
Personally what I find really irritating is that I ordered one when they came out, but the Mint screwed up and never sent it. Was reimbursed and figured I’d order another in the fall with the uncirculated set. I really do not see how raising the price like this will increase sales. If they’re trying to find a reason not to move more product than this is a good strategy, but keeping the same price and announcing a cut-off would have accomplished the same thing and probably brought in as much money. They really are driving customers away.
I bought 1,000 uncirculated silver eagles in March. Thanks US mint. While the government is trying to control the price we’re making even more money. So the price of silver is around 24$,( lol ), the inflation rears its ugly head!
The increase is almost too hard to believe! The silver set went from $55 to $105? Almost double? As a matter of fact, I can’t believe it! And the Limited edition set, which I normally get despite it not really being a good buy, has went up a whopping $50?? I wonder what will be the end result of this price increase? Most people have a budget that they buy according to. Myself, and probably most people, will keep the same budget and buy less coins. I’ve been buying foreign coins (I won’t say where because I don’t want any… Read more »
goodbye United State Mint !
If the mint was their ‘store’ to buy coins, maybe. There are other coin outlets across the US.
Larry Taylor –
There are approximately 6,000 coin dealers in the USA. Many have these silver coins & medals for less since they bought them before the major price increase by the Mint & they buy from the U.S. Mint’s Bulk Purchase program & get a 5% discount from the Mint!
Boycott the U.S. Mint please!
There is nothing at the mint I will ever buy again. 1.7 ounces of silver in the 2020 silver proof set. About $45 worth, mostly covered in the original price of about $64. They are sloppy business people IMO. Never buy Mint crap again just based on this one action they took.
Thanks for joining the U.S. Mint boycott!
We need “Make the U.S. Mint Great Again” hats to wear in protest of the U.S. Mint’s major price increases – all due to the inept U.S. Mint Director David J. Ryder. Write to your Congress members about this sad situation everyone please.
Bought the new ATB 5 OZ for 178$ ish.. wanted to buy more and I look and it was 229$!! BS! it is guaranteed to be the lowest mintage ATB with 13750 though .. less than Hawaii ..
The last 3 in the series will likely be the lowest mintages since I doubt that few will shell out the 229 except the fools, like me, that need them to complete their sets.
Silver goes up $10, and silver proof sets go up $50, what? The mint raised prices far more modestly in 2011 when silve approached $50. The mint figures their handful of remaining customers, suckers, will pay these outrageous prices. Your local coin dealer has tons of prior year mint products at fire sale prices, tell the mint, and grading services where to go.
Well I complained and here’s what they said. Take it as you wish: The United States Mint recently adopted a new strategy for pricing products in its silver numismatic products portfolio. As a result, prices for products containing silver will change effective October 13, 2020, with the release of the 2020 American Eagle Silver Proof Coin (S). The new pricing strategy will affect prices for silver products currently on sale (including prior year) and those remaining to be released in 2020. The new prices for the silver products are mainly driven by the underlying value of silver, which has… Read more »
Thats the end of my giving xmas gifts of silver proofs, and collecting silver proofs , mater of fact i’m going to sell my collection
The double digit near 100% cost increase for annual mint silver sets is ridiculous. Get rid of some fat cat management to introduce fiscal responsibility.