The United States Mint announced that they will offer one million San Francisco produced 2020 American Silver Eagle bullion coins to their network of Authorized Purchases (APs) on Nov. 2. West Point is the primary production location for bullion issues.
U.S. Mint bullion coins carry no mint mark to identify where they are made, unlike their collector coins. However, the 1-ounce, .999 fine silver coins offered Nov. 2 will be sold in packaging that confirms their production in San Francisco.
U.S. Mint bullion coins are sold in bulk to AP’s who consist of major coin and precious metals dealers, brokerage companies, and other participating financial intermediaries. AP’s must order in bulk and they are typically charged the LBMA Silver Price plus a $2.35 per coin premium. AP’s will have to pay $2.65 per coin for the S-Mint strikes due to the higher costs in making them.
The following Mint statement about the offering was sent Oct. 29 to news editors:
On November 2nd, one million San Francisco struck 2020 American Eagle Silver Bullion Coins will be offered to the United States Mint’s network of Authorized Purchasers via the Mint’s standard allocation model at a premium of $2.65 per coin, compared to the standard $2.35 per coin. This higher premium is necessary to cover the higher program costs associated with production costs at San Francisco. Authorized Purchasers are given the choice of either San Francisco or West Point as their pick-up facility.
This past summer, demand for the United States Mint’s American Eagle Silver Bullion Coin Program was extremely strong, and the Mint was at times unable to meet full market demand. In an effort to meet demand, the San Francisco Mint was used to augment American Silver Eagle Bullion production.
The Mint has sold 24.5 million American Eagle Silver Bullion Coins to date in calendar year 2020 compared to 14.8 million American Eagle Silver Bullion Coins sold for the entire 2019 calendar year.
For consumer reference, the outside of the San Francisco-produced Silver Bullion Coin green "monster" boxes will be labeled and numbered to allow purchasers of sealed boxes to confirm that the coins were produced at the San Francisco Mint. Each monster box contains 500 one-ounce coins. The production lot number on the green monster boxes of coins produced at San Francisco will incorporate the numbers 800,000 through 801,999.
Published year-to-date U.S. Mint sales of American Silver Eagle bullion coins exactly stand at 24,533,500 ounces.
it is worth for $70 ???
It shouldn’t be sold for $70. It’s not being sold by the Mint, so many of the incremental costs associated with a Mint offering are eliminated…
This looks just what Mezack is looking for. PF70’s for 299.00 get them while they last !!!
Such common coins! Not even a Mint mark & people go crazy. Lol.
NumisdudeTX
The U.S. Mint’s precious metals bullion version coin Authorized Purchasers (APs), include 9 companies in the USA, two companies in Germany & one company in Japan – just 12 companies worldwide (talk about a monopoly of a monopoly!). These are the only companies that can purchase these bullion version coins directly from the U.S. Mint at a very favorable fee of $2.35 over silver spot price, up 35-cents from the past few years fee of $2 over silver spot. These, as stated, from the San Francisco Mint will be $2.65 per coin over silver spot price. The APs have to… Read more »
it probably only costs a few cents to stamp out the coin. they are still making profit at $2.35 each. the only real risk is getting the silver and turning it around before the spot price goes down.
Yes. And the Mint works on a replacement silver purchase system basis daily
M-F purchasing 1,000-ounce bricks for its working stock of silver. It also has access if needed to “deep storage” silver bought at below $5 per ounce many years ago. The USA no longer has its strategic silver stockpile that it sold off in the 1980s. Before the West Point Mint officially became a Mint, it was a silver depository for many decades.
NumisdudeTX
Well, I’m sure these coins will get the “emergency production” $200 treatment. The so-called “emergency production” coins were produced at a different mint to increase availability. Did the public get access to these $22 bullion coins? Nope. Did they get them for the $22 + $8 ‘demand premium’? Nope. NGC went along with the scheme to certify these as “emergency production coins”. Those were then sold for close to $200 for a perfect example and for $125 for rejects that graded MS69 or lower. That sounds like something that couldn’t be true, but it is. Someone is friends with someone… Read more »
There is an insider cabal obviously using the USM as a profiteering & insider RICO type operation, Atty. Gen Barr r u listening, NO it’ a Trump guy runningthis sham of a public operation. Still have not heard a peep from the mint on the 100 or so 2019 ENhanced S ASE that were ‘accidentally” placed on sale @ 4am on day- soldout in a minute. Who is watching the mint website @ 4am EST….scum whoknow the ‘mistake’ is coming buying a $70 con they sell for $1,300++++ and the nerve of the mint saying they have to “HONOR” these… Read more »
The value goes down now that these are not going to be rare anymore. 24 million is not a rare coin. And this old design will continue into the following year of this bullion coin. Not the last design , incentive has been taken away. No sense in buying this coin. There is no incentive to pay the enormous prices they will be asking even if it was minted in San Francisco. They will continue it into half of the following year of 2021..Then start making the new reverse design latter on toward end of 2021. Fizzle— fizzle— goes the… Read more »
With a mintage of 1 million of these, and made at the San Francisco Mint which tends to have better quality control than the other 3 Mint’s, many will grade out at MS-70. Don’t pay a big premium for them as they are just bullion versions “worth” about $70 at most for those who just have to have one in a million & collect slab labels instead of coins per se!
NumisdudeTX
Well said Seth very true!!!
How come only APs whatever they are can buy these and not the public. Everybody should be able to buy.
Because Joe Coin Collector is too dumb to know what to buy give the AP$a profit of 200% & they’re happy… Kick back ? anyone!!!
Any fools that pay a premium for this stunt are going to regret it- it’s a bullion coin, no MM no S, so you slab & sell to the chump$ NGC/PCGS are aiders & abetters to the USM total screwing of any & all coin collectors. Maybethe last collector to buy from the mint turns off the lights….
Is Joe Coin Collector related to Ben Dover??!!
NumisdudeTX
If they are going to sell then as San Francisco produced, they should put mint marks on them. The whole point of leaving off the mint-marks was to prevent them from being identified as a low mintage issue and from being collectibles. If the mint is marketing them as a San Francisco issue the whole point of leaving the mint marks off is gone.
AGREE! I got suckered and bought a set of 3 ASE’s – so called minted with mint marks. Needless to say, they were just labeled minted at __ mint. Never again. No mint mark – no buy! Same as these- but not at this price. Business strikes are worth not much more than spot.