Just a few new products are slated to appear from the United States Mint this month, starting with today’s release of the 2024-W $25 Proof American Palladium Eagle.
This Palladium Eagle is made from one ounce of 99.95% palladium and, like its gold, platinum, and silver American Eagle predecessors, serves as the numismatic version to its bullion counterpart. It features a proof finish noted for sharp reliefs, with mirror-like backgrounds and frosted, sculpted details, creating a striking cameo effect.
The coin’s designs are collector favorites, featuring Adolph A. Weinman’s Winged Liberty on the obverse (heads side) and an eagle design on the reverse (tails side), adapted from his 1907 American Institute of Architects Gold Medal. Both are struck in high relief.
American Palladium Eagle Series
American Palladium Eagles were authorized by Congress under Public Law 111-303. The legislation specifies that each year’s numismatic finish must differ in a significant way from the previous year’s, "to the greatest extent possible." In accordance with this directive, the U.S. Mint has released the following Palladium Eagles, with sales figures as listed:
- 2017 Bullion Palladium Eagle – 15,000
- 2018-W Proof Palladium Eagle – 14,986
- 2019-W Reverse Proof Palladium Eagle – 18,839
- 2020-W Uncirculated Palladium Eagle – 9,746
- 2021 Bullion Palladium Eagle – 8,700
- 2021-W Proof Palladium Eagle – 5,170
- 2022-W Reverse Proof Palladium Eagle – 7,394
- 2023-W Uncirculated Palladium Eagle – 5,764
Pricing for the coins have fluctuated significantly since their introduction. For example, the 2018-W Proof American Palladium Eagle launched at $1,387.50, while the 2022 reverse proof debuted at a striking $3,050.00. In contrast, last year’s uncirculated Palladium Eagle was introduced at $2,150.00.
Palladium Eagle Designs and Specifications
As previously noted, Adolph Weinman’s artistry is featured on both sides of the coin, as required by Public Law 111-303. This includes his "Winged Liberty" design, which first appeared on the 1916 Mercury dime, on the obverse, and an eagle image adapted from the 1907 American Institute of Architects Gold Medal on the reverse.
On the obverse, Winged Liberty is surrounded by the inscriptions "LIBERTY," "IN GOD WE TRUST," "2024," and Weinman’s distinct initials. A "W" mintmark indicates the coin was produced at the West Point Mint.
The eagle on the reverse is accompanied by the inscriptions "UNITED STATES of AMERICA," "$25," "1 OZ. Pd (the chemical symbol for Palladium) .9995 FINE," and "E PLURIBUS UNUM."
American Palladium Eagle Specifications
| Denomination: | $25 |
|---|---|
| Finish: | Reverse Proof |
| Composition: | 99.95% palladium |
| Palladium Fine Weight: | 1.000 troy oz. |
| Diameter: | 1.340 inches (34.03 mm) |
| Edge: | Reeded |
| Mint and Mint Mark: | West Point – W |
| Privy Mark: | None |
Price and Ordering
The 2024-W Proof American Palladium Eagle is available for ordering directly from the U.S. Mint through its palladium product page.
The coin is priced at $1,900, with an initial household order limit of 10 and a maximum mintage of 7,500. Its price may adjust weekly according to the Mint’s precious metal pricing matrix, with the current price based on an average palladium value per ounce falling within the $950.00 to $999.99 range.
Pretty, and I’ve always liked the Weinmann Mercury head design, but $1900 is too much for me!
I got it today. I love the design too. It reminds me of my grandmother who collected dimes. The price was the cheapest I’ve paid for a palladium proof since 2018.
No contradiction noted. If I were on a tighter budget, though I like the design, any palladium coin would be a hard pass for me.
Interestingly, I only collect proof coins. From a moneymaking/investment standpoint, uncirculated would likely make more sense. But, I prefer proof coins. Such are the vagaries of the coin collector ….
Happy Day! I just scored a box of brand new shiny 2023(P) Lincoln cents from my bank. Now I need to decide whether to crack open and search through all of the rolls to look for the elusive “V”s.
I would. Keep us posted if you do.
E 1, there are about 8 rolls in the box that have the reverse of both sides of the roll, so I’ll start with those. It’s a rainy-day activity, but I’ll report back. Maybe even break open a 2023 Mint set and do a side-by-side comparison like you and Rick did.
Have a good search!
I hope you find some, or at least one!
Once you do, it’s fun to seek out the known die markers/identifiers. 5 of them in all. 4 up front…
And one out back!
The 2 “spike through the neck”(I know, it’s morbid)obverse identifiers are sometimes tough to see. Good lighting, magnification and movement in the light will reveal them. These 1C were struck with one single die pair. Every “V” out there has these 5 ID markings to some degree imo….
May I suggest a 10″ digital scope.
https://www.ebay.com/itm/115907375319
Kaiser,
True Dat. Without a scope for that assignment, I’d be reaching for aspirins and an ice pack in the end. Experience makes one wiser.
Very nice. Amazingly I have incredible vision up close 2 inches away, but I need reading glasses for the computer. I’ll use my eyeball to weed out the rejects, and then look at the potentials up close with a magnifier.
Palladium coins! … for those that have extra change to buy overpriced coins. I cant even afford Gold anymore.
True Kaiser…..but based on the Ventris world, gold proofs should be 2.5x the price or $4,750, thus USM Pd seems way overpriced…. V. Au….Hmmm,
Kaiser, yes, the discount is called free/loyalty shipping.
The premium is at an all time high for a coin with a recycled design, made of a metal whose primary use is industrial not monetary. I’m guessing we’ll see initial sales at an all time low for palladium proofs.
To be fair, in your first sentence above, you more or less just described this years Silver Morgan Replicas and the ASE’s.
Very good! You are right-on Rick. New Morgans and ASEs have an even greater premium as a percentage of spot but not on a premium per coin basis. Though, silver does have a history as a monetary exchange metal.
I think the nice Morgan. Ag rounds are the play v. Crazy priced digitally sanitized Morgan. My same old timer complaint as to Flowing Hair, rendition seems too clean… modernized wavering myself as surely will carry all time premium. Typically with a hot item to be u buy and get screwed in the long run
Your analysis may be correct Kaiser. We won’t have to wait long to find out how the rest of the numismatic community feels.
Has everyone here gotten comfortable with the $900 cost the mint apparently needs to press a PM coin? Maybe they should make a video showing why that amount is justified for those buying these coins. Until they do, I’ll take advantage of sites like silver.com that are offering 2024 1 ounce silver St. Helena Shekel of Tyre replica coins for $29.93. that’s 0.99 cents over spot!
I wasn’t comfortable, but instead somehow tolerant of the very expensive $3020 price for the L&B High Relief Gold back in Feb. If available now, it would cost $3520. $500 bucks more! That will be what the High Relief Flowing Hair Gold will cost +/- soon enough. Now we’re talking about a $1000 premium for that coin and yikes! I’m not sure if I have the will to tolerate the new super high price/premium this go-around Craig!? PS: Any video, if released would show fancy equipment whizzing & whipping up coins left & right, while in the background the workers… Read more »
Rick, sounds like you are describing some TSA workers I have encountered.
Including those passengers hanging out up there in orbit…
Rick,
An excellent example of shoddy Boeing workmanship and a darn good reason why the Government should never cut a check for a billion dollars without checking under the hood first.
Big Gov and a Billion? C’mon man… Chump change compared to the Trillion dollar checks foolishly cut for scam items like Green New this, Infrastructure that, and then the cure-all Inflation Reduction something else Lololol…..
Does it look like I’m crying while I’m laughing?
Kaiser, I’d argue that the money the Gov invested in the space program back in the 60s paid dividends far in excess of what it spent through the technological spinoffs and innovations that it spurred creating huge economic benefits. Since the in-house space program was gutted, Boeing is what we get. I wonder if that’s what the Space Force is depending on? Maybe that’s why we don’t have a medal yet, because they don’t have any manned space vehicles. It’s like having an Air Force without any planes or a Navy without any ships.
No comment. NDAs
I lost mine in a windstorm, but I have a copy somewhere near.
I’ll brush-up on it when I find it. All good!
That is privileged information Kaiser. Actually, I don’t remember anything at all now that you mention it.
A spell just came over me. They warned me not to stare into the many streetlights while in Roswell years ago. I did anyway….
https://images.squarespace-cdn.com/content/v1/5980e801d482e93f58785fef/1569714103416-YAIPNZ6C5JQ4IG3G1UZP/alien+streetlight+roswell+nm
Sorry to hear Kaiser, and hopefully that experience & memory, at least in part is now, as someone once said “done and dusted”!
lol
Rick, It will be interesting to see what value these Au and Ag coins will hold in a few years. I heard someone say on a business news channel that Au spot will hit $2800 within 12 months. Time will tell. I don’t have a problem paying spot plus a reasonable premium for any Au coin, but apparently the mint feels $1000 is reasonable. I bought the 2021 type 2 Au 4 coin Proof set and thought I was nuts for paying over 5K for it. They now want $6350 for that set (in 2024 dates)! Of course, they are… Read more »
Rick, the Porgans are sterilization of design in metal. Flowing Hair will lo,why carry the highest %premium ever, think about it, Ventris squeezing after last cent out of us. I can afford it, even the Pd. But why….. I still buy pre 33, and any decent priced CC slabbed Au, for $4k I can get a 62 or so 1892cc, Flowing hair replica gotta think
Hummmm, they can make 20 coins for $29, but require $900 to make one coin???? THAT’S how ridiculous it has become! They lost my business on the PMs. I buy bullion, baby! Reasonable premiums from my LCS
Dave,
I feel ya, baby! The USM has just about shut me out with their premiums on PMs. I can’t quite wrap my head around the fact that the Mint’s premium on Ag is about $90-100, but the premium per coin on AU is about $1000! There simply cannot be 10X the expense per coin from silver to gold! Making a proof level coin; sure that costs more. But the Mint seems to be charging whatever they believe they can get away with. I’ll meet you at the LCS, Dave!
Sorry, I wasn’t clear – I’m referring to premium cost per coin beyond the bullion value of the blank.
The premium is not supposed to be based on the spot price. The price grid removes the risk of loss and there are absolutely costs involved in minting, however, if you read the annual report, they are not following their stated goals. Ok to make SOME money off of us, but we may have to report the mint to Kamala’s price gauging 🙂 police!!!
DAVESWFL,
Just to be clear, my reference was not to how the Mint actually calculates premiums but rather simple speculation as to what premiums would be IF they were in fact based on spot prices.
No one expects the Mint to not make a profit. I would only argue that perhaps the Mint’s idea of a fair profit is a bit over the top.
DAVESSWFL, if you read the 23FY Report there’s only a 2.1% net margin on bullion gold and 2.9% on bullion silver. The net margin is much greater for Numismatic products: 25.5% for Silver and 22.8% for gold, platinum + palladium. However, the overall Numismatic Net margin is 17.2% because of losses in the Annual Core sets, Quarter products, Commemoratives and Misc. I wouldn’t call this gouging when the numismatic PM products are subsiding the other products with losses, most (if not all) of which the Mint is required to make by Federal law and statutes.
Major, how about a breakdown of the $1000 premium on the L&B Gold coin(if it were available). More of an estimate if you will,(or guesstimate), sans subsidization if possible, on what %$ goes where? I ask in earnest, because I think that you’re pretty good with numbers & charts.
The $1000 is very much perceived as a big gouge in my mind and other people at the moment. Subsidy should not be an excuse for such a high premium–not fair.
Rick, you ask a really good question and something I’ve been trying to look into closer. But given the rounding and aggregating of numbers the best you can do is general ballpark (or more likely, solar system). We likely will not have access to the 2024 Annual Report until next year, but you could look at 2023 to get an idea. The annual reports lump gold, platinum and palladium together in aggregate for Units Sold, Sales Revenue, Cost of Goods Sold, Selling General & Admin Cost, and Net Income & Seigniorage. For Numismatic products it’s possible to look at the… Read more »
Major D, “But it would be interesting to see what a comparison of costs between numismatic gold and numismatic silver might show to shed more light on why silver is so much more over spot vs gold.” I would imagine it’s for the same reason that the Mint’s gold coins require no congressional approval while the silver coins do (which is why we end up with silver medals instead). Anything more likely to be connected with the more influential moneyed class, such as gold, always gets preference over that which on the other hand has to do with the relatively powerless… Read more »
Kaiser, I don’t believe it has anything nefarious to do with it. It’s more or less just a function of the costs that go into it. What I expect a study to show is that the indirect costs to make a numismatic silver coin (or medal) vs a numismatic gold coin are quite similar. And the differences in direct costs are predominantly the result of the difference in the cost of the metal planchets (silver vs gold). For argument’s sake let’s say the cost of a 1-oz silver planchet is $30 and a 1-oz gold planchet is $2,500. And the… Read more »
Thanks for your thoughtful response Major D. With that being said and excuse my simple take, but my question still stands. Why the huge premium for one singe coin, whether it be the Gold, Pd, Pt, or the ASE coins?(I know, too many assumptions vs facts vs unknowns vs fuzzy math)… If the S,G,& A percentage increases in the ’24 report, higher than last year’s record high, I see a spending problem at the Mint. If these expensive Numi items are supporting the non-expensive numi, cores, bullion etc. because the nons’ can’t support themselves to generate enough revenue, that’s a… Read more »
Rick, I understand your point and agree it’s painful to think that the Numi PM coins (inc silver) are priced higher than need be just to offset the Numi losers. And let me say, I do not know that this is indeed the intent. I’m just saying it is the result. Given that the Mint is obligated by law/statute to make much, if not all, of the Numi slackers its choices appear to me to be: 1) cut costs as you say; 2) raise prices; 3) continue to offset slackers with winners; 4) get the law/statute requirement changed. As for… Read more »
Well said ✓
Major D, with the sales of proof (numismatic) gold silver platinum eagles approximately 1/2 of past years sales, isn’t this is looking pretty dismal for the mint?
Kia99, I’d say you’re definitely on to something there. I do expect the 2024 Annual Report to show some drastic losses over 2023– but there are some peculiarities to contend with (but not enough to offset what will be a bad year, I think) due to the fiscal year being Oct 1 to Sept 30. For instance, in looking at the Numismatic Annual Core sets (Proof set, Silver Proof set and Uncirculated set) FY24 actually looks better (by about 235K sales overall) than FY23 because of the timing of the 2023 and 2024 releases and sales from past years. Mainly… Read more »
Well Kaiser, I suspect the mint management has already undertaken the task to evaluate what stays and what goes. We maybe blessed that it maybe the mint itself that forces the issue of nonsensical circulating coinage upon our congress. It maybe the mint that forces congress to modify laws about what commemorative options must be minted.
Major D,
I glad you pointed out the exceedingly low net margins on gold and silver bullion; in fact, it’s long past time somebody did.
That’s why I’m a fan of bullion!
Sam-I-am, the silver actually has very little to do with the pricing of silver numismatic coins and medals. It’s much more to do about the other expenses that go into it. The gory details are in the Mint’s Annual Report, which I won’t get into again. But I’ll say comparing gold and silver numismatics (amount over spot) is like apples and oranges when it comes down to the Mint’s final pricing because the Selling, General & Administrative expense as a percent of sales revenue is so much greater for silver than gold (due to the extreme differences in spot).
DAVESWFL,
Can’t go wrong with these @$315 each. Buy, stack, and hold forever.
E 1, how about the 2023 10-oz 0.9999 Silver British Tudor Beasts Bull of Clarance Coin (BU) as low as $306.20 at JM Bullion.
2023 British Silver Tudor Beasts Bull of Clarence Coin l JM Bullion™
Major D,
The bars may sell easier.
E 1,
“The bars may sell easier” has been my thinking when it comes to bullion (all PM) in general. But the potential numismatic upside that comes with coins tips the scale for me. Plus, it’s what we coin collectors like to collect. After buying a few I can attest that the 10-oz (British) Royal Mint’s silver beasts are great coins. I’d say more impressive than the US Mint’s 5-oz bullion “quarter”– and much more bang for the buck in terms of silver $ per oz.
E 1,
Did you buy those directly from the RCM or on another site? You’re right…you can’t go wrong stacking bars of Ag!
Kaiser,
For me, it has always been about a return on a tangible, in hand investment.
Yes, the dollar is puffy, but not enough to offset the gains…
Even an in-house Brand Silver Round is very desirable today, just as it was for me back in 2015 or so..
2015-20 Round Roll = $300 +/-…
2024-The same 20 Round Roll sold for $600 +/-….
Craig,
eBay
Kaiser,
It’s simple…ROI.
I’m a little late to the party, but I opened up my 2024 uncirculated set today and was generally disappointed. Most of the coins had a poor strike (for a “specially struck coin set) and a majority had scratches, dings, etc. The highlights of the set were the dime and nickel! Both were very well struck and the D nickel looks nearly flawless. However, the side steps on the memorial were better on the P. Greatest disappointment was the Kennedy half. Something red on the reverse to the right of the eagle. And Kennedy’s image not sharp at all. It… Read more »
I wonder, is the Mint required to make palladium coins?
I’m not sure,
But someone most definitely went through enough trouble to draw this one up.⇓
https://www.govinfo.gov/content/pkg/PLAW-111publ303/pdf/PLAW-111publ303.pdf
And here is what they have to say about them as first described under this “Act”
“To authorize the production of palladium bullion coins to provide affordable opportunities for investments in precious metals, and for other purposes.”
I get a kick when they say “affordable opportunities” above Lol.
Rick,
“Affordable” is in fact a boundlessly malleable attribution. For some people the purchase of a private jet presents itself as a trifling expense, to others affording dinner on a regular basis is a somewhat iffy proposition.
Interesting- thanks for providing the link. I can only assume that the referenced marketing study was favorable to making them……
‘‘(1) IN GENERAL.—Subject to the submission to the Secretary and the Congress of a marketing study described in paragraph (8), beginning not more than 1 year after the submission of the study to the Secretary and the Congress, the Secretary shall mint and issue the palladium coins described in paragraph (12) of subsection (a) in such quantities as the Secretary may determine to be appropriate to meet demand.
“Palladium does not react with oxygen at standard temperature (and thus does not tarnish in air).”
https://en.wikipedia.org/wiki/Palladium
With a composition of 99.99%, these coins should not tone or grow spots. Very similar to Platinum.
Chart: Source (APMEX 9/6/2024)
I like the coin’s design and I like the metal. But the price says “PT Barnum.”
And pure gold/24-karat. No tarnish there either.
As for the chart, I’d say now looks like a really good time to buy palladium. Past years are selling much high than $1,900 on APMEX, even the bullion variety.
Copy that Major D.
Instead of US Mint coins, perhaps 99.95% 1-oz palladium bars are what to invest in?
Nice! Probably less than a $1,000.
“Good time to buy palladium.” One might ask first if you understand the market forces that drove palladium up to $3000 then back down under $1000. You might ask about the complex interplay between platinum and palladium on the industrial consumption front. You might also look at the mining statistics of platinum group metals before deciding to buy palladium. The puking camel chart by itself can indicate a time to buy but it can also mean time to run away.
Kia99, you’re right and make good sound points about understanding the market. Just because gold exploded in value doesn’t mean other PMs will follow. My first impulse was seeing the peaks and troughs on the chart, and thinking another peak is around the corner. Then seeing APMEX prices on past American Eagle Palladium 1-oz coins in OGP (proofs in the $3,000 range, and BU and Burnished in the $2,000 range) piqued my interest. But how does it stack up against other investment opportunities? I know very little about the PM markets. As financial advisors always say in disclaimers when investing… Read more »
Don’t see a rebound in Pt or Pall until the future of EV and recession are resolved – barring shortages due to mining issues
Indeed! The history of palladium over the last 10 years shows largely different dynamics from gold. The “Bid-Ask spread” Ampex lists should offer a warning about the shallowness and volatility of the palladium market. I really like Weinmann’s winged liberty but I enjoy it on silver dimes. We should enjoy the coins we choose to buy but another thing the financial advisors say is never gamble more than you can afford to loose.
Kia99, In doing a cursory look-up it appears that palladium (and platinum, too) is 30X rarer than gold. It seems to me that it should be valued more than gold for that reason alone, despite any industrial applications, nonetheless. Instead, gold is 2.6X more valuable based on spot. I’d say there’s a mystique with gold that defies common sense (not unlike hyper-inflated diamonds IMO, where prices defy abundant supply due to De Beers et al controlling the market). Silver is only 19X more abundant than gold, yet in comparing spot prices gold is 83X more valuable than silver. Many have… Read more »
You realize Kaiser that the “gold” bars you’ve pictured are available from Amazon for 3 for $22
You bring up an entire interesting topic Major D. The whole idea around comparative abundance and rarity of precious metals is involved. Is one comparing known above-ground stock piles, is it the comparison of annual mine production, is it comparing known mineable reserves, or comparing crustal abundance of the elements? Disclaimer: I’m no pro and don’t subscribe to the reports that have distilled those numbers. Sources don’t even agree on the numbers and it really doesn’t make any difference because the traders, who drive the market, are looking at things like mining production surplus/ deficit to demand, or stock to… Read more »
Kia99, as I said it was just a cursory look-up and I don’t know enough to discuss the exact ratio of abundance, nor to defend or discredit any internet source over another. But suffice to say, I gather that any way one can cut, slice or dice it– gold is more abundant on planet Earth than palladium and platinum is. And silver is more abundant than gold. So, what’s controlling the price? My intuition says it’s the limited supply, and those that mainly control the limited supply, that create the scarcity (or lack thereof) and drive the price.
Kia99, I like the quip you shared: “Learn how to dance fast and don’t get attached.” [to an investment]
The US Government holds almost 9 Tonnes of Gold on reserve. The largest stockpile of any nation in the World.
I like it Kaiser! Why hasn’t a western parody had a Calmity Jane yet? Or did I miss seeing it in a Mel Brooks movie?