Apr 20, 2021 | coins, dollar, silver
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this link and use the Promotion Code
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For National Coin Week, all blog posts this will be about large dollar coins. The following is a personal story about Morgan and Peace dollars I recently found in my late father’s house.
When my father’s firstborn son appeared in 1960, he planned two ceremonies. The first occurred eight days after the birth. Formally called the brit milah or bris in Yiddish, the male child undergoes a ritual circumcision. The second comes 30 days after the birth, called the pidyon haben, or “redemption of the firstborn son.”
For this ceremony, the kohen, the priestly descendent of Aaron, takes the child, and the parents must pay 5 Shekels to redeem their son. The ceremony is to recognize that the firstborn of Egypt were slain before the exodus.
A modern interpretation of the 5 shekels is the use of five silver dollar coins. In other countries, they used five silver coins representing the unit of currency for their country. Since most countries have converted to using base-metal currency, the Bank of Israel issues silver Pidyon Haben coins for Jewish people to use.
The 10 Silver Dollars as the Shekels stand-ins
Following my father’s passing from COVID-19, we cleaned out his house and found a separate box from the rest of his coin collection. Opening the box, I found ten coins wrapped in tissue. There were seven Morgan Dollars and three Peace Dollars. Under the coins was a paper in my late mother’s handwriting with the English and Hebrew names if their first child was a boy or a girl.
The box contained other hints making it clear that these were the coins used for my pidyon haben. There was also a note that said “Uncle Henry.”
Two of the better quality Morgan dollars
Uncle Henry and Aunt Ruthie passed in 1999. Sometimes, Aunt Ruthie would joke that Uncle Henry should have kept me.
I do not know which of the five coins were used for my pidyon haben, but I am sure he did not use the Peace Dollars. He would have used five matching coins. However, the ten silver dollar coins will remain as a set as part of my collection.
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The Peace Dollar that were not likely used for the ceremony
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Three of the dollars were struck in New Orleans
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Mar 17, 2021 | celebration, coins, commemorative, silver, US Mint
The United States Mint released the Christa McAuliffe Proof Silver Dollar in a socially distanced ceremony where they presented the first coin to First Lady Dr. Jill Biden, honoring her lifelong dedication to teaching.
NASA selected Christa McAuliffe to be the first member of the Teacher in Space Program. The space agency would train teachers to travel to space and hold lessons from the space shuttle. Unfortunately, 73 seconds into the flight, the Space Shuttle Challenger disintegrated, killing all seven members aboard.
Jill Biden began her education career as a substitute teacher in 1975. She went to school part-time to earn her Master of Education, completing her coursework while pregnant with her daughter Ashley. After a few years, Biden returned to the classroom teaching English in a public high school. In January 2007, at age 55, she earned a Doctor of Education (Ed.D.) before hitting the campaign trail for the Obama-Biden ticket.
Dr. Biden is a champion for education and plans to teach again this fall.
During the issuing ceremony, Biden said:
There’s a saying Christa loved and it’s inscribed on the coin that we unveiled today: ‘I touch the future I teach.’ And this coin, like her life, is a tribute to all educators, as Steve [McAuliffe] said. It’s a reminder of the incredible power we hold to write our history and to shape our future. And it’s a recognition of the obligation we have to keep working toward a time when all students have all that they need to thrive. So thank you to all the educators who touch the future.
The coin’s sale price includes a $10 surcharge paid to the FIRST® (For Inspiration and Recognition of Science and Technology) robotics program to promote leadership in science, technology, engineering, and mathematics (STEM).
Credits: All images are courtesy of the U.S. Mint via social media.
Mar 8, 2021 | bullion, coins, gold, investment, markets, news, silver
Prices are rising.
Whether you talk about the price of groceries, gas, or collectibles, prices are rising. So are the price of the collectibles markets, including numismatics.
According to the Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) has been steadily rising for six months. While the prices are rising, unemployment has dropped from the beginning of the pandemic high of 14-percent to the 6.2-percent rate, BLS recently announced.
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Charting the Consumer Price Index during the pandemic
(Chart courtesy of the St. Louis Fed)
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Charting the Unemployment rate during the pandemic
(Courtesy of the St. Louis Fed)
With all of this economic stress, why are collectibles, especially numismatics, are seeing rising prices?
An auction industry source said that there is a pent-up demand for something resembling normal. Instead of the everyday routine, those with means are buying. In the last six months, the industry reports that prices realized for all sectors have risen at rates higher than seen in many years. Estate auctions are attracting new customers looking for unique items.
Numismatics is in the middle of the trend, with collectors and investors looking for something to do. Collectors are spending more time with their collections and looking to expand. Investors see the rise in values because of the rise in precious metal prices and have driven the market higher.
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One year gold spot price
(Graph courtesy of PCGS)
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One year silver spot price
(Graph courtesy of PCGS)
One of the areas where the price changes are noticeable is in the markets for precious metals. While the spot price for gold and silver has been relatively steady, the numismatic spread for coins has climbed. Dealers are reporting that generic gold and silver for numismatic items increased over the last six months.
Price trends of coinage over the last year
(graphs courtesy of PCGS)
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One year trend of generic gold coin prices
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One year trend of Morgan and Peace Dollar prices
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One year trend of 20th Century coin prices
Several industry reports note a higher demand for physical ownership of precious metals, putting pressure on the markets. But rather than buying bullion, investors are purchasing coins. Demand for American Eagle products has outpaced many dealer’s abilities to purchase supplies. When bullion coins were not available, investors purchase coins produced for the collector market, including proof and special issues coins.
Recently, the U.S. Mint set a 99 coin limit when they released the 2021-W American Silver Eagle Proof coin with the original reverse. The coin sold quickly. When asked, the U.S. Mint claimed they did not have the statistics about the number of 99 coin purchases they fulfilled. Collectors report that they were shut out of coin purchases while dealers have been slabbing and selling the coins mostly to investors.
If the predictions are true, economists believe that there will be a roaring 2020s similar to the roaring 1920s following the Spanish Flu Pandemic. Considering the current trends, the secondary market for numismatics may make it too expensive for the average collector to participate in the market.
And now the news…
March 1, 2021
Some artists struggle to figure out ways to make money from their art. Not Christina Hess, a Philadelphia-based artist and chair of the illustration department at Pennsylvania College of Art & Design.
→ Read more at
lancasteronline.com
March 2, 2021
Most people have some coins lying around in their house somewhere, some people decide to keep them in a jar, and some may have quite a lot of them.
→ Read more at
tweaktown.com
March 2, 2021
At least 110 ancient gold coins were seized and a suspect was arrested in an anti-smuggling operation in southeastern Turkey, a security source said on March 1. Gendarmerie teams fighting organized crime in Şanlıurfa province raided the address of the suspect, who was learned to be smuggling historical artifacts, in Viranşehir district, said the source on condition of anonymity due to restrictions on speaking to the media.
→ Read more at
hurriyetdailynews.com
March 5, 2021
There has been strong interest in the international numismatic auction planned for Friday March 12 in Central Wellington. From a midday start, there will be more than 600 lots to auction, with participants bidding both in the room and online.
→ Read more at
scoop.co.nz
March 6, 2021
Artist Gary Cooper of Belfast used a 3D sculpting computer program to create the winning design for the commemorative coin that will mark the 50th anniversary of the 1969 Apollo 11 mission. Credit: Abigail Curtis / BDN
→ Read more at
bangordailynews.com
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Feb 8, 2021 | bullion, gold, silver
If you missed the five-second commercial from Reddit after the halftime show, you missed their touting their service as a place to discuss things. Lately, Reddit has been famous for a sub-Reddit that helped promote the stocks of GameStop, AMC movie theaters, and BlackBerry. All companies whose business models have not kept up with technology or are suffering because of the pandemic.
An interesting aspect of this story is the Robinhood trading platform’s use to buy and sell these stocks. Robinhood is a no-commission trading service that many of the people participating in the sub-Reddit use to trade. Not only are they gaining free access to the markets, but they were able to cause significant losses amongst the large hedge funds. The hedge funds did not like losing money to what they considered non-professionals. The Reddit users called it the democratization of the markets.
Although these stocks have returned to more reasonable levels as compared to their earnings, people in the sub-Reddits are looking to make statements in other markets. One of the markets they are trying to work on is silver.
Precious metals continue to be a safe haven for uncertain markets. With the uncertainty of the markets and the Exchange Traded Funds (ETF) in the metals market and changes in some rules, investors demand access to physical metals.
Rather than buying bullion, investors are buying legal tender coins. Even with the high numismatic premiums on precious metals coins, they are reporting limited supply. The highest demand is for the American Silver Eagle and the Canadian Silver Maple Leaf. Both mints are reporting record production of these coins.
When an ETF creates its market basket of stocks, the exchanges require that each of the stocks have specific minimum holdings of physical metals to back the prices. ETFs are finding they have to rebalance their portfolios since the funds holding the metals are not increasing their holdings as much as the general public. Their lack of buying is keeping the price of metals stable.
Dealers are reporting that individual and smaller institutional investors are buying silver. Although these buyers do not impact the broader market, they are impacting the numismatic premium. People are paying upwards of 35 percent over the spot price.
The rules will prevent the Reddit mob from manipulating the metals markets. However, until there is more certainty in the market, there will continue to be a high numismatic premium for bullion coins.
And now the news…
February 4, 2021
• Silver keeps corrective pullback from $25.90 trapped in a $0.10 range off-late. • Premiums on American Eagle silver coins jump on Thursday, Apmex urges customers to expect delay in order processing.
→ Read more at
fxstreet.com
February 4, 2021
The Edge of the Cedars State Park Museum needs help identifying some BLM collections and a mystery coin.
→ Read more at
abc4.com
February 4, 2021
* More than 1.1 million troy ounces of silver sold in Jan * Selling everything that can be currently made in silver- Mint * Short-squeeze story boosted demand for physical silver-analyst
→ Read more at
kitco.com
February 5, 2021
A COIN collection has gone under the hammer for £2.3m with the latest sale bringing a world record price for one 450 year old Oliver Cromwell gold coin.
→ Read more at
gazetteherald.co.uk
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Jan 18, 2021 | coin design, coins, dollar, halves, legislative, quarter, silver, US Mint
The president has signed the last numismatic-related bill this past week. On January 13, 2021, the president signed the Circulating Collectible Coin Redesign Act of 2020 (Public Law No. 116-330). It was the last possible day to sign the bill. If he did not sign it, the bill would be subjected to a pocket veto.
- H.R. 1923: Circulating Collectible Coin Redesign Act of 2020
Sponsor: Rep. Barbara Lee (D-CA)
LAST ACTION: Signed by the President and became Public Law No: 116-330. — Jan 13, 2021
The law will require the U.S. Mint to redesign the quarters’ reverse through 2030, starting in 2022.
Prominent American Women Quarters
For the quarters issued between 2022 and 2025, “The design on the reverse side of each quarter dollar issued under this subsection shall be emblematic of the accomplishments and contributions of one prominent woman of the United States.” The U.S. Mint will issue “up to” five quarters per year and confer with several groups to determine who receives the honor.
United States Semiquincentennial Coins
The United States will celebrate its seniquincentennial (250th Anniversary) on July 4, 2026. In celebration of the event, the law states that the U.S. Mint will issue the following coins:
- QUARTERS: 2026 quarters “with up to five different designs emblematic of the United States semiquincentennial.” One quarter must be design to be emblematic of the contribution of a woman or women.
- DOLLARS: orders the Mint to issue “$1 dollar coins with designs emblematic of the United States semiquincentennial.” These dollar coins will be issued in addition to the Native American and Innovation dollars.
Youth Sports Program
The law requires the U.S. Mint to celebrate youth sports with changes to the quarter and half-dollars to correspond to the Summer Olympic games of 2028 and the Winter games of 2030. This program will run from 2027 through 2030.
- QUARTERS: Up to five coins issued each year “shall be emblematic of one sport played by American youth.”
- HALF-DOLLARS: Up to five coins issued each year “emblematic of one Paralympic sport.”
- MEDALS: The law authorizes the U.S. Mint to create “medals with designs emblematic of the sport honored with the issuance of the coin.”
Medals for the 2028 Olympic Games in Los Angeles
The law authorizes the U.S. Mint “to design and manufacture medals for awarding at the 2028 Olympic Games in Los Angeles, California.” The law makes it the first time in the modern Olympics history that the U.S. Mint will create the games’ medals. Previously, the Olympic committees had a private vendor create the medals. According to the International Olympic Committee website, medals for the games played in the United States were created by the following:
| Year |
Games |
Location |
Minter of the Medals |
| 1904 |
Summer |
St. Louis |
Diege & Clust |
| 1932 |
Summer |
Los Angeles |
The Whitehead & Hoag Co. |
| 1932 |
Winter |
Lake Placid |
Robbins Company |
| 1960 |
Winter |
Squaw Valley |
Herff Jones |
| 1980 |
Winter |
Lake Placid |
Medallic Art Co. |
| 1984 |
Summer |
Los Angeles |
Jostens, Inc |
| 1996 |
Summer |
Atlanta |
Reed and Barton |
| 2002 |
Winter |
Salt Lake City |
O.C. Tanner |
Silver Bullion Coins
The new law allows the U.S. Mint to continue to make the five-ounce silver bullion coins that correspond to each of the quarter and half-dollar programs. Interestingly, the silver hockey-puck-sized coins appear to be popular and will continue to be available to collectors and investors.
Also added to the law is the ability to strike factional silver bullion coins with the same designs. It is uncertain if a half-ounce or quarter-ounce silver coin will sell, but we will find out.
Obverse of the Coins
George Washington will continue to appear on the obverse but “be designed in a manner, such as with incused inscriptions, so as to distinguish it from the obverse design used during the previous quarters program.”
The bill includes similar language for the image of John F. Kennedy on the 2026 Semiquincentennial half-dollar.
And now the news…
January 8, 2021
Coin collecting is viewed by many enthusiasts to be a form of modern day treasure hunting, as shops in South Beloit and Beloit continue to do well as collectors come seeking rare finds, or simply to make an investment in precious metals.
→ Read more at
beloitdailynews.com
January 11, 2021
The world’s finest Brasher Doubloon, the most legendary U.S gold coin ever produced, is heading for auction at Heritage this month. The 18th century coin is described as “arguably the world’s most famous numismatic rarity”, and is one of only seven examples known to exist.
→ Read more at
news.justcollecting.com
January 13, 2021
Ongoing excavations at a rural spot near the village of Újlengyel in central Hungary recently struck gold, both figuratively and literally. Archaeologists armed with powerful metal detectors found a buried treasure of approximately seven thousand silver and four medieval gold coins in Hungary, hidden centuries ago by unknown individuals.
→ Read more at
ancient-origins.net
January 14, 2021
Egypt: Archaeologists find coins with Cleopatra’s face on Thousands of objects including ancient coins, pottery and sculpture thousands of years old have been secured, the Israel Antiquities Authority (IAA) has confirmed.
→ Read more at
express.co.uk
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Jan 10, 2021 | bullion, Eagles, gold, investment, markets, news, silver
The Weekly World Numismatic News return finds that although 2020 was a stressful year and 2021 has not started with a promise for improvement, the rare coin and paper money market appears healthy.
Based on a survey of auction houses conducted by the Professional Numismatists Guild, they reported the total sales at auction to be over $419 million. With COVID-19 causing the cancellation of every major show, the auction moved online with success.
A consistent comment is that the auctions provided a means for collectors to liquidate all or parts of their collections to raise money during the pandemic. But for this type of sale to be effective, there have to be bidders to buy the coins. The buyers came.
HiBid, an online auction platform that supports many auction houses, has consistently reported weekly sales on the tens-of-millions of dollars. This year, HiBid reports that traffic to coins.hibid.com was their fastest growing platform.
Finally, with the stock markets soaring with the economic uncertainty growing because of the COVID-19 pandemic, the U.S. Mint saw the sale of American Eagle gold and silver coins increase dramatically. In 2020, the U.S. Mint sold 884,000 ounces of American Gold Eagle coins, increasing 455% from the 152,000 ounces sold in 2019.
The sale of American Silver Eagle coins doubled from last year by selling 30.01 million ounces of silver.
Since the U.S. Mint reports bullion coins more regularly than collector coin sales, those coins’ impact is not reflected in these numbers.
There are collectors out there. Unfortunately, they are not members of the American Numismatic Association or other numismatic organizations. Maybe the numismatic community should use this as a lesson to try to grow the hobby.
And now the news…
December 29, 2020
One face of the coin features a typical Cyberpunk 2077 scene with towering skyscrapers and hulking mega-structures looming over a souped-up motor vehicle. The coin’s flip side depicts a bust of Queen Elizabeth II, Press materials
→ Read more at
thefirstnews.com
January 4, 2021
Queen Elizabeth is just months away from a milestone birthday — and the U.K.'s Royal Mint is already celebrating. The Royal Mint unveiled five new commemorative coins for 2021, including a £5 coin to mark the monarch's 95th birthday in April.
→ Read more at
people.com
January 4, 2021
Kitco News has launched its 2021 Outlook, which offers the most comprehensive coverage of precious metals markets in the new year. Trillions of dollars were pumped into financial markets in 2020 and that won't come without consequences.
→ Read more at
kitco.com
January 4, 2021
A coin collection in a backroom of the Graveyard of the Atlantic Museum could one day reveal Outer Banks history
→ Read more at
pilotonline.com
January 8, 2021
With an alarming level of uncertainties across-the-board courtesy of the COVID-19 pandemic, coupled with a return to high market volatility and unprecedented global economic stimulus, investors are increasingly seeking alternative investment strategies.
→ Read more at
thearmchairtrader.com
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Jan 5, 2021 | coins, legislative, Morgan, Peace, silver
UPDATE (Jan 5, 2021, NOON): A message was transmitted to Congress that the president signed H.R. 6192 along with several other bills on his desk that were received on December 24, 2020.
Several readers asked about the timeline for the president’s signature on H.R. 6192, 1921 Silver Dollar Coin Anniversary Act, and whether he signed the bill.
- H.R. 6192: 1921 Silver Dollar Coin Anniversary Act
Sponsor: Rep. Andy Barr (R-KY)
Passed the House of Representatives — Sep 22, 2020
Passed the Senate with amendments — Dec 17, 2020
LAST ACTION: Presented to President. — Dec 24, 2020
According to the Government Printing Office, the United States government’s official publisher, H.R. 6192 was presented to the president on December 24, 2020. The U.S. Constitution, Article I, Section 7, Clause 2 says that the president has ten days to act. If the president does not sign the bill and Congress is in session, the bill becomes law without the president’s signature. If Congress adjourns during that ten-day period, an unsigned bill is vetoed, called a pocket veto.
Documents from the Justice Department notes that the ten-day period does not include Sunday. A follow-up call to the Justice Department noted that Christmas Day does not count as part of the ten days, but New Years Day counts. The Clerk of the House’s office confirmed this information.
The president has until Wednesday, January 6, 2021, to act on the bill. If he does not sign H.R. 6192 into law, it will be the victim of a pocket veto since the 116th Congress formally adjourned sine die (without a date) the morning of Sunday, January 3, 2021, as constitutionally required.
Since watching numismatic legislation has been a feature of the Coin Collectors Blog (since 2005), the White House Press Office would post bill signings on whitehouse.gov. Unfortunately, the current administration has provided uneven coverage of bill signings not in the news. The GPO will probably publish this news before the White House releases the information.
Nov 2, 2020 | bullion, gold, news, silver
Here we are with the election on Tuesday. The numismatic-related news has some stories but nothing of significance. For bullion buyers, the metals market has been active. One analyst called the market schizophrenic while trying to figure out what economic conditions will be.
Another analyst that follows the silver market noted the decline of silver prices since September. Among the reasons is that early buyers of silver are looking to cash in on their holdings. Those who bought last year when the average price was around $18 per ozt have been looking to profit from the spot being over $22. When asked if the price of silver will decline, the response was to ask after the election.
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60 Day Gold Chart ending 01-Nov-2020 — courtesy of Kitco
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60 Day Silver Chart ending 01-Nov-2020 — courtesy of Kitco
Gold prices have been steadier but have shown a gradual decline since August. A gold analyst reminded me that gold is a safe haven for investors when markets are uncertain. This analyst did not think the markets will see certainty after the election. Their firm is telling clients that regardless of the outcome of the election, the lame-duck Congress will create a lot of infighting that will spill over into the markets.
The value of many modern collector coins is dependent on the value of the metals. Those coins will see their values fluctuate with the market. Unfortunately, none of the analysts consulted predicted stability in the market. They suggested that unless you had to sell that you might wait. One recommended setting a high and low price for buying and selling but would not recommend the spread.
Regardless of what you choose to do with your investment coin, be prepared for a bumpy ride because none of the analysts would predict any stability for the next six months.
And now the news…
October 24, 2020
For almost three thousand years, humans have been using coins as payment. As that winds down in an increasingly cashless world, let’s take a look at how the Vikings dealt with money.
→ Read more at
lifeinnorway.net
October 25, 2020
A man with a metal detector has found a long-hidden, 222-year-old coin under a few inches of soil outside a church in Maine. Shane Houston, of Charlotte, North Carolina, was on a metal-detecting trip with a friend from New Hampshire when he found the coin earlier this month, the Bangor Daily News reported.
→ Read more at
wbtv.com
October 27, 2020
A rare King Harold II coin dating from 1066 that was found by a metal detecting teenager has made £4,000 at auction.
→ Read more at
bbc.com
October 27, 2020
The Bank of Lithuania minted the first euro piece of currency containing Hebrew letters. The 10-euro coin was minted on Tuesday and is a limited-edition commemorative collector’s item celebrating the 300th anniversary of the birth of the Vilna Gaon, the 18th-century rabbinical luminary Elijah ben Solomon Zalman, who lived and died in the Lithuanian capital of Vilnius.
→ Read more at
jpost.com
October 29, 2020
Heartbreaking message behind new $2 Aussie coin. Source: Royal Australian Mint
→ Read more at
au.finance.yahoo.com
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Oct 26, 2020 | counterfeit, Eagles, news, silver
Two counterfeit American Silver Eagles purchased from LIACOO, a company based in China.
I have tried my best to get the word out to as many people as possible, including the media. I spent a few hours scouring the Internet for the consumer reporters’ addresses in as many major markets as possible, even sending messages to competing stations. Nobody has responded.
Even though high traffic and Google statistics tracking has pushed the blog closer to the top of the search when people inquire about counterfeit American Silver Eagles, the fact remains that it is difficult or a one-man crusade to cut through the daily noise.
It would have been nice if I had help. I did post warnings on the ANA’s Facebook group. Even though there are Board members involved with the Facebook group, nobody has picked up the ball and tried to put the force of the ANA behind an educational campaign.
The email sent about these fake coins add up to over 150 counterfeit coins. Although it is a small fraction of the total American Silver Eagle population, counterfeits in the market can potentially turn potential collectors into someone who does not trust the market.
I will continue my part of the fight.
Other than the posts I made about these coins, I compiled a list of the websites identified by readers as selling counterfeit American Silver Eagle coins. Once I created the list, I checked the sites to see if they are still selling fakes.
Readers can find the list of dealers selling fake coins at coinsblog.ws/fakes. I will maintain that list with the information as I receive it. Maybe if we work together, we can educate the public and eliminate the demand these scammers use to dupe people.
And now the news…
October 19, 2020
Special Indonesian exhibit unveiled at quiet vernissage Batik was the dress code of the day at Alliance Coin & Banknote, as a special exhibit on the currency of Indonesia was unveiled on October 5th in downtown Almonte.
→ Read more at
millstonenews.com
October 22, 2020
The Harold II silver penny found by Reece Pickering Two nearly 1,000-year-old coins dug up this year by two unrelated teenagers may be worth thousands of pounds each.
→ Read more at
expressandstar.com
October 22, 2020
JERSEY’S government could find out how much it will cost to buy 70,000 late Iron Age and Roman coins found in a field in Grouville before the end of the year, the Chief Minister has revealed.
→ Read more at
jerseyeveningpost.com
October 23, 2020
Mother Lode Gold, a wooden currency circulates at the CalaverasGrown farmers markets in Calaveras County. The currency is crafted by local farmer and woodworker Sean Kriletich.
→ Read more at
calaverasenterprise.com
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Oct 11, 2020 | bullion, coins, silver, US Mint
If you do not follow the U.S. Mint on Facebook or Twitter, they announced that there would be a price increase for silver coins as of October 13, 2020. Their statement read:
The United States Mint recently adopted a new strategy for pricing products in its silver numismatic products portfolio. As a result, prices for products containing silver will change EFFECTIVE October 13, 2020, with release of the 2020 American Eagle Silver Proof Coin with “S” mint mark (20EM). The new pricing will affect prices for silver products already on sale (including prior year) and those remaining to be released in 2020.
In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.
The Mint’s goal, as a fiscally responsible self-funded Federal agency, is to always provide the best quality numismatic products while maintaining fair prices. The first objective is to ensure that the numismatic portfolio (all product lines together) be self-sufficient and cover all associated costs. The new silver prices reflect a sound business decision aimed at meeting these obligations. (No tax dollars are used to fund numismatic operations.)
The United States Mint will continue to look for operations optimization and cost reduction efforts to deliver superior quality numismatic products at a fair price.
Kitco YTD Silver Price as of 10/9/2020 (does not update, trendline added)
From the $17.925 at the close of the markets on January 2 through August 6, silver rose 58-percent. If the U.S. Mint had to purchase silver in August to meet market demands, it was the most expensive silver they purchased.
U.S. Mint Price Update
| Product |
Old Retail Price |
New Retail price |
Percent Increase |
| Presidential Silver Medals |
$46.00 |
$65.00 |
41.304% |
| America the Beautiful Quarters Silver Proof Set |
$42.50 |
$60.00 |
29.167% |
| American Eagle One Ounce Silver Proof Coin |
$64.50 |
$73.00 |
13.178% |
| American Eagle One Ounce Silver Uncirculated Coin |
$54.00 |
$67.00 |
24.074% |
| American Eagle One Ounce Silver Proof Coins—Bulk Pack |
† |
$2,920.00 |
— |
| American Eagle One Ounce Silver Uncirculated Coin—Bulk Pack |
† |
$2,680.00 |
— |
| Limited Edition Silver Proof Set |
$120.00‡ |
$201.00 |
67.500% |
| Silver Proof Set |
$63.25 |
$105.00 |
66.008% |
| America the Beautiful Five Ounce Silver Uncirculated Coin |
$178.25 |
$229.00 |
30.670% |
| End of World War II 75th Anniversary American Eagle Silver Proof Coin |
* |
$83.00 |
— |
| End of World War II 75th Anniversary One Ounce Silver Medal |
* |
$75.00 |
— |
| 2019 America the Beautiful Quarters Silver Proof Set |
$36.95 |
$60.00 |
62.514% |
| 2019 American Liberty High Relief Silver Medal |
$99.95¶ |
$175.00 |
75.088% |
| 2019 Congratulations Set |
$56.95 |
$75.00 |
31.694% |
| 2019 Silver Proof Set |
$54.95¶ |
$105.00 |
91.083% |
† These products are sold directly to distributors who sell them to dealers. Prices are not on the U.S. Mint’s website.
‡ The only items for sale at the U.S. Mint that comes close to this is the Women’s Suffrage Centennial 2020 Proof Silver Dollar and Medal Set
* Item was not for sale prior to the price hike
¶ Listed as “Currently Unavailable” on the U.S. Mint’s website.
You cannot blame the U.S. Mint’s metals buyers. First, they are mandated to buy precious metals from U.S. sources at the market value. If they need additional inventory, then they buy it on the market like everyone else. Like any investor, the U.S. Mint can try to predict the market, but the results are variable like any investor.
Since August 6, the price of silver dropped to $24.315, a 14.17-percent decrease. However, the price of silver is up 35.65-percent for the year. If the price of materials rise, how long could the U.S. Mint maintain their prices?
Aside from the rising cost of silver, the U.S. Mint did not report how much other costs have risen. Aside from the dies and facilities costs, they must account for labor, design, and production costs. The U.S. Mint has not reported what additional costs they have incurred because of the pandemic.
The U.S. Mint is unlikely to report about these issues until the release of the annual report.
And now the news…
October 6, 2020
The Ministry of Culture and Sports on Monday announced that five rare silver coins dating to the 5th and 4th centuries BC were returned to Greece, before being auctioned off in Munich and Zurich.
→ Read more at
greekcitytimes.com
October 5, 2020
The executive officer said construction workers found the coins and rings in a brass box.
→ Read more at
newindianexpress.com
October 9, 2020
Surprising as it may sound, there once was a time that our coinage system, backed by gold and silver, was mostly supplied by Spain and countries under Spanish rule, such as Mexico, Chile, Bolivia, Peru and Guatemala.
→ Read more at
yarmouth.wickedlocal.com
October 10, 2020
An extremely rare Roman coin commemorating the assassination of Julius Caesar has surfaced and may be worth millions of dollars, according to coin experts.
→ Read more at
foxnews.com
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