The United States Mint has placed a hold on two of its silver products, the 14-coin 2010 Silver Proof Set and the five coin 2010 America the Beautiful Quarters Silver Proof Set.
Each of the sets, which contain coins minted from 90% silver, have presumably been suspended because their intrinsic melt values have risen sharply since mid-March when the two sets were last suspended to undergo price increases. The white metal has rallied over the $40 an ounce psychological level on Friday, which is a new price high not seen since it went over $50 an ounce back in 1980.
In mid-March, the precious metal had topped $35 an ounce, and the United States Mint lifted the bigger and smaller silver products by $8 and $7. For a perspective, the intrinsic melt values of the two sets are $53.53 and $36.17 when silver is at $40 an ounce. The precious metal actually reached as high as $40.635 on Friday.
The two sets placed on hold have prices of $64.95 and $39.95. If their suspensions are lifted within the next few days and new prices are issued, prices may mirror those of the 2011 sets ($67.95 and $41.95). However, if silver keeps rising, it is conceivable that the sets could be suspended for several more days. The 2011-dated sets could then be placed on hold as well.
As always on Coin News Extra, links to other news articles on the subject follow.
US Mint Suspends Two Silver Products
Staff | CoinNews.net
As silver prices shot over $40 an ounce on Friday, the United States Mint suspended the sale of two of its silver products. Both of these sets include quarters which are composed of 90 percent of the precious metal, accounting for 0.904 ounces. The annual proof set also includes a dime and half dollar with silver, giving it a total of 1.338 ounces of the met …
US Mint Silver Proof Sets Suspended
Staff | SilverCoinsToday.com
Although the 2010-dated proof sets were produced when costs were cheaper, the Mint’s practice is to ensure that the market value of the metals contained within its products is less than their prices. The Mint is not in the business of producing or selling products that are cheaper than their melt values, for obvious reasons …
US Mint Halts Sales of Two Silver Sets, Both with Quarters
Staff | http://usquarters.org
If the US Mint follows previous procedure, it is likely that these two sets will be available again in the near future, but at a modified price point reflecting the increased silver market. Those prices are typically published in the Federal Register before the Mint adds them back to their store inventory …
