A review by the United States Mint on the pricing of its products is apparently complete, the end result of which is an increase in the price for three of its silver products.
The review was undertaken earlier this month when the silver market attained record levels not seen in thirty-one years — at times reaching well over $36 an ounce. The precious metal has been progressively rising for the most part since the first few months of 2010. So much so, that an ounce of the metal was worth more than twice its value from a year ago.
In response, the US Mint initiated a pricing analysis with spokesman Michael White saying that they were "reviewing the prices of current products containing silver to make sure the market value of the silver contained in them is not now higher than the cost of the products themselves."
The Mint suspended sales of the 2010 United States Mint America the Beautiful Quarters Silver Proof Set™ pending the results of the review. This set contains five 90% silver quarter-dollars that include 0.904 ounces of the metal. When the set was first released, it had an intrinsic melt value of $16.70. Flash forward to around the time the US Mint suspended its sale and that same set had a melt value of $33.09, which was higher than its original $32.95 price.
The imbalance has been corrected. The US Mint on Friday adjusted prices on two of its current silver products and on one yet to be issued. The new prices are shown in the following table:
US Mint Silver Product Price Increases
| Silver Products |
Issue Date |
Original Price |
New Price |
Price Increase |
| 2010 Silver Proof Set | August 26 | $56.95 | $64.95 | $8.00 |
| 2010 America the Beautiful Quarters Silver Proof Set | May 27 | $32.95 | $39.95 | $7.00 |
| 2011 America the Beautiful Quarters Silver Proof Set | March 29 | $39.95 | $41.95 | $2.00 |
For reference, the 2010 Silver Proof Set contains 1.34 ounces of silver due to the 90 percent content of the precious metal within the dime, quarters and half dollar.
The US Mint has not indicated if the price on any other newer products, including the 2011 commemorative coins, will also be adjusted. For the present, increases would seem unlikely given the marketing materials the Mint sent to customers promoting them.
If the price of silver had taken a nosedive, would the mint have gone through all this trouble to revise the price downwards???
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
IT is the height of hubris that the Mint would raise prices so significantly – upwards of 31% – on Non-precious metal coins as well. How do they justify THIS? And as if to add insult to injury, they raised the prices of [silver] coins which had already been minted, boxed, and worked into the previous U.S. Mint budget, yet they feel justified in raising prices on these existing products… they certainly didn’t PAY current pricing for them, but they know the public has absolutely no power to change it.
A lot of folk have been fussing about the pricing policy of (our mint)for quite a long time,but enough of you keep buying to keep the presses running.The resolution of this issue is really quite simple.Just say no no no.The precious metals premiums are absured,and please justify what they are charging us for the alloy based coinage,good grief.This is all a matter of choice,if we the citizens band together an just dont buy they may get the message.If you buy don’t complain,and if you do buy the message is clear to (our mint) .Keep stocking the folks.Thank for reading my… Read more »
If all you’re interested in is melt value then buy bullion. If you think the price of precious metals is going to continue to go up then buy now and eventually the melt value will surpass what you paid and you’ll be ahead. If you think that the economy will stabilize and metals prices will also then buy now and you’ll stay even. If you think the economy will stabilize and metals prices will decline as a result then wait until that happens and pay what you want to on eBay (if somebody’s willing to sell for less than what… Read more »
Jim,i believe you’r right,if your a true collector melt price is not an issue,metals speculators don’t make these kind of buys.This nugget is one hell of a collectible.Match it if you can.In todays world i doubt if ther are a lot of true collectors left.If your a collector,collect,if your speculator,speculate.
Rich W
We never really have controll over thier pricing (they do what they like).”the other mints are doing it”Personally,I buy my coins for collector and investment reasons.I will only buy what I can afford,which will be much less since the prices keep going up.The mint has always melted down inventory the tax payers financed to begin with-and used that to re-mint the next issues.Re-charging is in thier mantra.I really wonder if the 2009 no proof silver eagle deal wasn’t but a ploy by Moy to increase 2010 sales.Anyway people that can afford to purchase large qty.’s of mint items will do… Read more »
adjust pricing to reflect metal cost, yes. But give the little guy a bare-bones, less-expensively-packaged alternative for clad coinage, both uncirculated and proof