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 seen an unprecedented rise since the COVID-19 pandemic began in March. To put this increase in perspective, the spot price for one ounce of silver on March 19, 2020, was $12.01; by August 19, it was $27.44, more than double. In addition to the dramatic increase in the cost of silver, the premium the United States Mint pays on top of the cost of the metal also fluctuated drastically since the pandemic emerged. 
 
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. Old prices for products containing silver were often inconsistent and based simply on previous prices for the same product from one year to the next. And prior year products remained at their original prices even though current year prices had increased. As a result, the prices created confusion with customers and did not consistently and accurately reflect the true value of the silver content or the Mint’s production costs.
 
Prices for special sets/products will be based on market demand, limited mintages, and collaborations with international mint partners. The new prices are in line with those of the Royal Canadian Mint, The Royal Mint (United Kingdom), and Perth Mint (Australia), for similar silver products.

The Mint’s goal, as a financially responsible 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.
 
We appreciate your interest and hope this information is helpful.

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.

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.

NumisdudeTX

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.

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.

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!

NumisdudeTX