The United States Mint’s bullion program saw higher sales volumes but lower revenue during the fiscal year ended Sept. 30, 2023.
Across all gold, silver, and platinum bullion products, the United States Mint recorded sales of 22,009,000 ounces, marking a 24.5% increase compared to FY 2022. This increase was solely propelled by a surge in bullion American Silver Eagles, which saw a 30% increase over the prior year, while volumes declined for all other bullion coins.
However, the U.S. Mint’s total revenue from bullion for FY 2023 amounted to $3.266 billion, marking a decline of $481.5 million, or 12.8%, compared to the previous year’s $3.7475 billion. Their net earnings from bullion declined by $12.7 million, or 15.5%, to $69.2 million from the previous year’s $81.9 million.
U.S. Mint bullion coins are initially sold to a network of official distributors called “authorized purchasers,” with prices determined by the market value of the metals plus a fixed or percentage markup. These authorized purchasers then offer the coins to a wider audience among the public. The Mint’s bullion products encompass American Gold Eagles, American Gold Buffalos, and American Platinum Eagles. Additionally, in certain years (excluding 2023), American Palladium Eagles are also offered.
2022 – 2023 U.S. Mint Bullion Sales Volume
(ounces sold in thousands)
| 2022 | 2023 | Change | |
| American Gold Eagles | 1,246 | 988 | -20.7% |
| American Gold Buffalo | 464 | 375 | -19.2% |
| American Silver Eagle | 15,875 | 20,633 | 30% |
| American Platinum Eagle | 80 | 13 | -83.8 |
| American Palladium Eagle | 9 | – | – |
| ATB Silver | – | – | – |
| Total | 17,674 | 22,009 | 24.5% |
Demand for U.S. Mint gold bullion coins saw a significant decline compared to the prior year, with sales of American Gold Eagles dropping by 20.7% to 988,000 ounces and sales of American Gold Buffalos decreasing by 19.2% to 375,000 ounces. Consequently, revenue for American Gold Eagles decreased by 17% to $1.9651 billion, while revenue for American Gold Buffalo coins fell by 15.3% to $738.1 million.
With FY 2023 sales of American Silver Eagles jumping by 30% to 20,633,000 ounces, revenue from them increased by 35% to $548.5 million.
Meanwhile, demand for American Platinum Eagles tumbled, plunging by 83.8% to 13,000 ounces, leading to an 83.1% revenue drop to $14.3 million.
2023 Bullion Coins Revenue, Cost and Net Income
(dollars in millions)
| Gold Eagle | Gold Buffalo | Silver Eagle | Platinum Eagle | Palladium Eagle | ATB Silver | Total | |
| Sales Revenue | $1,965.1 | $738.1 | $548.5 | $14.3 | – | – | $3,266 |
| Gross Cost | $1,923.2 | $721.9 | $532.5 | $18.9 | – | $0.3 | $3,196.8 |
| Net Income | $41.9 | $16.2 | $16.0 | ($4.6) | – | ($0.3) | $69.2 |
| Net Margin | 2.1% | 2.2% | 2.9% | (32.2%) | – | – | 2.1% |
2022 Bullion Coins Revenue, Cost and Net Income
(dollars in millions)
| Gold Eagle | Gold Buffalo | Silver Eagle | Platinum Eagle | Palladium Eagle | ATB Silver | Total | |
| Sales Revenue | $2,366.2 | $871.2 | $406.4 | $84.8 | $18.9 | – | $3,747.5 |
| Gross Cost | $2,311.7 | $852.6 | $399.6 | $83.8 | $17.9 | – | $3,665.6 |
| Net Income | $54.5 | $18.6 | $6.8 | $1.0 | $1.0 | – | $81.9 |
| Net Margin | 2.3% | 2.1% | 1.7% | 1.2% | 5.3% | – | 2.2% |
The average daily spot price of gold during FY 2023 was $1,881.68 an ounce, up 3.5% from $1,817.35 an ounce. Silver stood at $22.89 an ounce, marking a 2.7% increase compared to $22.28 an ounce in the prior year. Lastly, the average daily spot price of platinum was $979.69 an ounce, rising 1.2% from $968.12 an ounce.
