U.S. Mint Offers Point of Clarification Regarding Shortage of Silver

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Today, June 2, the United States Mint offered a "point of clarification" to a public message issued last week regarding the postponement of 2021 Morgan and Peace Silver Dollars.

In their initial message, the U.S. Mint in part briefly discussed a silver shortage, stating:

"The global silver shortage has driven demand for many of our bullion and numismatic products to record heights."

In their clarifying statement released today, the Mint said:

"In a message released Friday, May 28, we made reference to a global shortage of silver. In more precise terms, the silver shortage being experienced by the United States Mint pertains only to the supply of silver blanks among suppliers to the U.S. Mint."

Blanks are the disc-shaped planchets coining presses strike to make coins. The Mint has been rationing their silver bullion and silver numismatic products due to a limited supply of silver blanks.

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Chas. Barber

No mention of the shortage of brains & common sense & customer care @ US Minty

F Viia

Come on, man.

Kaiser Wilhelm

That’s it?

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Seth Riesling

It took over 4 days for the U.S. Mint to issue this very important statement of their massively wrong original statement!! The inept management team at the U.S. Mint is feeble – especially the U.S. Mint Director David J. Ryder.

NumisdudeTX

Jake

Oh thank you for the “POC” from the great Wizard, and with free shipping. This shortage of silver or silver blanks is like saying there is a shortage of air, or a shortage of guns. Let just start at the beginning, We have a department of the Treasury and they have no idea how to manage money. Tell us something we dont know minty lol overall they are just trying to cover their derriere, for their fiasco. It’s the good ol’; mask up, wash your hands, pass the blame, deal.

Kaiser Wilhelm

Chas, Seth and Jake, my favorite part of the Mint’s “correction” notice was the point at which the narrative so totally inexplicably, which is to say quite literally at midstream, switched from the subject of silver blank shortages to that of making improvements to the website, thereby incomprehensibly implying that a better website would [somehow] directly result in the existence of more silver blanks. I almost immediately gave up trying to wrap my head around that particularly bizarre reference to post-modern alchemist wizardry because it was simply confusing my aging neurons too much.

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Last edited 21 days ago by Kaiser Wilhelm
Mark D.

When I was quite young, I wrote a letter to National Geographic about that woodcut. I even got a response from Mr. Grosvenor himself. Very groovy.

Kaiser Wilhelm

I know how great that feels, Mark. I once wrote to A.S. Neill telling him how innovative and above all influential I found his writings to be and that his Summerhill School methods and practices completely changed the way I thought about and looked at the very concept of education.
I couldn’t believe it when he actually replied, as I didn’t think people on that level had either the time or the inclination to engage with their admirers. As they say, will wonders never cease.

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Last edited 20 days ago by Kaiser Wilhelm
DANIEL STEINKE

Amen I agree 100%

Mike

My biggest gripe is the accompanying message I received 2 days after the yet again fiasco of their internet inefficient web site that made a very difficult engagement of completing my order. It took 3 or 4 tries of going back and forth with messages of checking “my browser” as if my side of the collaboration was the interfering disconnect. I was finally able to lock in my order of CC & O Morgans. You’d think after the fiasco of the crash of their web site during the Baseball Hall of Fame coins they would have gotten their system right,… Read more »

Kaiser Wilhelm

I’m well aware it’s of no consolation to you that this happened to thousands of others and on quite a few previous occasions, but that has been my experience with the modus operandi at the Mint the last few years. I’m now even more suspicious that this in fact isn’t a case of rampant dysfunctionality at the Mint but its intentional, calculated way of doing business. Big buyers and big resellers go first, everybody else comes last.

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Last edited 21 days ago by Kaiser Wilhelm
Willie B

At least you got them, I wasted an hour of my life trying to pay for an empty cart.

Kaiser Wilhelm

No coins, but you did get an hour of experience in both patience and futility.

Last edited 20 days ago by Kaiser Wilhelm
Kaiser Wilhelm

And no, I was not being sarcastic.

Kaiser Wilhelm

But just out of curiosity, how much did they want for the empty cart?

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Cleveland research

What does this say for pieces of like 1897 O silver dollar

Kaiser Wilhelm

Whatever this means in Cleveland, I for one don’t understand the gist of your question.

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Last edited 18 days ago by Kaiser Wilhelm
c_q

so it isn’t a ‘global’ silver shortage, just a shortage from their suppliers. thanks for the clarification.

however that doesn’t explain why the mint web site crashes, nor does it explain why they see it fit to allow people to gobble up 10 coins per order.

Kaiser Wilhelm

Apparently there is neither a worldwide nor a domestic shortage of the metal. What there is a lack of is a sufficient quantity of silver planchets to meet the current requirements of the U.S. Mint. That is between them and their suppliers to work out, so the solution to that situation will remain a mystery for now. The Mint website not being able to handle all the traffic on coin release days is clearly a long-standing problem, one which the Mint has been promising to fix for ages but as of yet has obviously done nothing. Any household sales limit… Read more »

Last edited 21 days ago by Kaiser Wilhelm
Charlie Wauters

I agree with you. Not soon after the coin sale there lots of them for sale on ebay for much more than the Mint charged for them. That is an indication of over sale to too few of buyers and locked out collectors from getting any at Mint prices.

Kaiser Wilhelm

Charlie, you’ve just explained this Mint ordering situation both as clearly and completely as I have ever seen. What a great job!

Last edited 20 days ago by Kaiser Wilhelm
Jimbro

The inefficiency of the online ordering system is the main reason I stopped buying the brand new releases from the Mint. It was an easy to unsubscribe from their emails and I get my news right here. I’m a casual coin collector and being shut out repeatedly over the years was taking a lot of fun out of it. Most of my purchases are from my local coin shop where I have been a long time customer and am treated favorably.

Kaiser Wilhelm

It’s clear you’ve taken a bad situation and made the best of it, Jimbro. It’s also very refreshing to see someone taking all of that positive action on their own instead of letting themselves continue to be pushed around by an uncaring and unresponsive institution like the Mint. Happy collecting!

Kaiser Wilhelm

In the days since I “penned” this comment of mine about the apparent non-existence of anything resembling a world-wide shortage of silver I have become privy to several very enlightening items of relevant information that actually put the lie to that entire original premise. As far as I can now determine from what I have come across and then consequently put together in my head, there is in fact a fairly serious global silver shortage after all. Apparently each for their own reasons and purposes, the world’s central and large private banks have long been embarked upon a program of… Read more »

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Last edited 14 days ago by Kaiser Wilhelm
Theodore W Fries

Sounds like a crock of sh#t to me! They knew that 177, 000 issues each of the privy mints for New Orleans and Carson City would create a modern day rarity. This was planned ahead of time!

Kaiser Wilhelm

Of course they knew, Theodore, and of course it was planned. What has become clear to me over the past few years is that they do this on purpose. I don’t think the Mint sees anything as being in need of fixing; they happen to like things just the way they are.

Last edited 20 days ago by Kaiser Wilhelm
Albert

I had my wife, 2 sons, and myself all trying to order to ensure that at least one of us would be able to obtain the 3 coins we were looking to purchase. None of us were successful. System totally failed. What a big let down not only to myself but to my kids which I started in coin collecting when they were 10 and 12 yrs. old.

Kaiser Wilhelm

It’s sad to hear stories like yours, Albert. Unfortunately, when it comes to the attitude of the high and mighty Mint your combined family coin collecting interest and a few bucks will get you a cup of coffee. We little people just don’t figure into their bigger plans.

Last edited 20 days ago by Kaiser Wilhelm
Jay Miller

It’s a shame that the Mint has abandoned their loyal collectors to sell these Morgan’s to investors to sell on EBay now for $300!. The Mint forgets that these investors won’t be interested in buying the routine products which I suspect makes up the lions share of their profits. If I were the Mint I would focus on selling to collectors who had accounts for decades first and then opening up any remaining unsold coins (doubt there would have been any Unsold CC) to investors. I suspect, like me many collectors were cheated of buying these coins (dropped out of… Read more »

Kaiser Wilhelm

Honestly, Jay, while I do understand that the Mint doesn’t care about us individual collectors, I have yet to figure out why they can’t even be bothered to throw us the occasional bone these days. It doesn’t even feel like we’re low on the ladder anymore, it’s much more like we’ve been booted off it completely. Go figure.

Kaiser Wilhelm

I should have mentioned, Jay, that you made an excellent and extremely relevant point about how the very same collectors who faithfully purchase all of the Mint’s so-called “flagship” products year after year to support those programs are then cut completely out of the picture when it comes to special issues. How very unfair.

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Last edited 18 days ago by Kaiser Wilhelm
Lajoie

Yeah I’ll just keep the value waiting the silver, And you will find out that silver will be worth more than gold, This manipulation of silver has got to stop silver should be closer to gold’s prices being that silver’s worth more to the industry then gold is, Real Americans will buy silver because silver goes into solar panels rings Cell phones, And even food as far as I know medication, comma so don’t let these idiots fool you it’s for you in saying that silver’s not worth at least 2000 and ounce, That’s right folks, that’s $2000 an ounce… Read more »

Kaiser Wilhelm

I’m fairly certain the Fed suppresses the price of silver since it already has a hard time keeping gold down. It knows it’s likely it can’t keep the lid on two precious metals.

Last edited 19 days ago by Kaiser Wilhelm
Silverman

So it’s not a global silver shortage after all, just can’t get the silver rounds. I believe it 100%.

Kaiser Wilhelm

And because the Mint wanted to create a modern rarity (but only for their favored big time customers who one and all just happen to be profiteering resellers) this was a perfect excuse for them as to why they had to keep the mintage so very low. The same reasoning will of course be applied when the Mint does this again with the three varieties of 2021-Type 2 ASEs.

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Kaiser Wilhelm

How are we to know what to believe regarding this: is there a world shortage of silver or not? One consideration that could point to there being quite a lot less silver than is commonly thought to be the case is the somewhat risky (and perhaps rather questionable) practice of silver dealers and banks selling the very same physical silver multiple times over to many different customers of theirs. This strategy continues to work well as long as all the silver owners don’t ever ask for their physical silver delivered to them simultaneously; at that point all kinds of Hades… Read more »

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Last edited 17 days ago by Kaiser Wilhelm
Mark D.
Kaiser Wilhelm

Mark, this is the most clear cut revelation yet of how absolutely destructive the covert machinations of the Federal (which it is not) Reserve (of which it has none) are to the economic welfare of the United States. It is obvious that keeping the paper price of gold and silver as low as possible is what the Machiavellian plotters at the Fed are perpetually after in order to be able to continue to suppress the massive and ever-mounting interest costs of our country’s multi-trillion dollar debt. What is not nearly as apparent, or transparent, for that matter, is the reality… Read more »

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Last edited 15 days ago by Kaiser Wilhelm