U.S. Mint Bullion Coin Revenue Falls 12.8% in FY 2023

Stack of American Eagle Silver Bullion Coins
U.S. Mint sales of American Silver Eagles surged in FY 2023, but declines were observed for gold bullion coins

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.

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Could it be that the high, very high premiums the mint demands from those who like to collect bullion coins is the cause for this precipitous decline in sales? Noooo, we all just love being fiscally raped by the mint. Plus, when are they going to press coins I want to buy. I only have the Morgans/Peace dollars on my ‘buy list’ this year and since I own a stack of NVDA shares, I could buy a whole lot more.

Last edited 1 month ago by Craig
Chris Terp

Agree Craig, will enjoy seeing better designs. Skipped on the USA & UK medal/coin. Did purchase the Tubman proof Silver Dollar as I routinely purchase the commemoratives but didn’t run the gambit purchasing them all as not too pleased w/design and especially the prices of the half dollars. Will purchase the Greatest Generation uncirculated & proof Silver and clads. Nice designs but still concerned about the high prices for the half dollars. And looks like the half dollars don’t come in clamshell holder 🙁 Also purchasing the Army silver medal as I’ve been collecting the series. Will pick up three… Read more »


Chris, I love the Morgan/Peace Dollars and plan on buying them as long as they are minted. I’m not buying them in the quantities that I have in the past (high premiums!) but at least I’ll have the complete modern era set. I never got into collecting commemoratives or medals but as they say ‘different strokes for different folks.’ I’m anxious as to what the mint will be selling the 1/10th oz gold coin for, as I like to collect them. I hate paying $330 for 1/10th of an ounce of Ag, but at least I’m not foolish enough to… Read more »


It’s the “new” math.

Chris Terp

Gross costs across the board sure did rise between 2022 & 2023.