Prices Raised for Some US Mint Silver Products

The US Mint has just made effective pricing changes for certain products with silver coins. This includes the 2010 Silver Proof Set, 2010 America the Beautiful Quarters Silver Proof Set, and the upcoming 2011 Quarters Silver Proof Set.

The change comes in response to the rising market price of silver. During 2010, the price of silver gained more than 80%. For the year to date, silver is up about 14.5%.

In a recent post, I made mention of the fact that with higher silver prices, some currently available US Mint products had melt values approaching their product prices. The opportunity proved brief, as one of the products was suspended about a week later, and the other product closest to melt had its price adjusted today.

The pricing adjustments are as follows:

	Previous	New	Change
2010 Silver Proof Set	56.95	64.95	+8.00
2010 Quarters Silver Proof Set	32.95	39.95	+7.00
2011 Quarters Silver Proof Set	39.95	41.95	+2.00

The 2011 America the Beautiful Quarters Silver Proof Set is not yet available at the US Mint. Sales are scheduled to begin on March 29, 2011. The previous price was published in the Federal Register in January when the US Mint published prices for this year's products.

The price for the 2011 Silver Proof Set remains unchanged at $67.95.

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Quick US Mint News Updates

There are a number of recent developments related to US Mint numismatic products that I wanted to cover. As in the past, I will provide a quick update of various items within a single post.

Numismatic Gold Product Price Increase

Based on the average London Fix prices since last Thursday, it is likely that the prices for US Mint numismatic gold products will be increased on tomorrow. This excludes the commemorative gold coins, which are not subject to the pricing policy that allows weekly adjustments.

The price of the 2010 Proof Gold Buffalo would be increased from $1,660 to $1,710 per coin. The prices for available First Spouse Gold Coins would be increased from $854 to $879 for proof coins and from $841 to $866 for uncirculated coins. These will represent the highest prices on record for each of the offerings.

A price increase would be avoided if the Wednesday PM London Fix price of gold is below $1,400 per ounce.

2010 America the Beautiful Quarters Silver Proof Set

In a recent post, I provided figures on the silver content and values of US Mint products, highlighting the fact that for certain products the melt value was approaching the issue price.

Based on the current market price of silver, the silver value of the five 90% silver quarters included in the 2010 ATB Quarters Silver Proof Set is now $31.37. This compares to the last available product price of $32.95.

A reader reported on Sunday evening that the US Mint had changed the status of the 2010 America the Beautiful Quarters Silver Proof Set to "This product is temporarily unavailable."

In all likelihood, the US Mint has suspended sales in order to adjust the product price. Annual sets and commemorative coins are not covered by the US Mint's pricing policy, which allows weekly adjustments to be made. Rather new prices are established through publication within the Federal Register, which can take several weeks to occur.

Eliza Johnson First Spouse Gold Coin

Before the end of the last year, the US Mint provided release dates for nearly all 2011 numismatic products. The Eliza Johnson First Spouse Gold Coin was listed with a release date of March 3, 2011. The product schedule currently on the US Mint's website shows the coins listed as "TBD".

Release dates provided on the US Mint's scheduled product listing are always subject to change. In several prior instances the release dates for First Spouse Gold Coins have been delayed with no explanation provided.

For this situation, the delay might be due to the fact that the US Mint provided a second set of design candidates to the CFA and CCAC, following criticism of the initial candidates. This extended period of time needed for the design selection stage may have delayed subsequent steps.

It is very disheartening for collectors of the series to endure the delay, while prices move upwards.

Medal of Honor Commemorative Coin Sales

The new weekly US Mint numismatic sales report contains the debut figures for the 2011 Medal of Honor Commemorative coins, as well as several other newly released products.

From February 25 to February 27, 2011, the US Mint sold 4,699 proof $5 gold coins and 1,890 uncirculated gold coins, for a total of 6,589. Sales of the silver dollars were 25,156 proof coins and 10,346 uncirculated coins for a total of 35,502.

These numbers are below the initial sales levels of the 2011 U.S. Army Commemorative Coins. This may be due to the fact that the initial sales period for the Army coin program covered nearly a full week, while the Medal of Honor coin sales cover just two days.

Sales figures for both of these program will bear watching throughout the rest of the year. The authorizing legislation for each program allows the coins to be issued only during the 1-year period beginning January 1, 2011 (or until the maximum authorized mintage has been sold). The US Mint typically pre-announces a sales ending date in mid-December to allow time for order processing and delivery before year-end.

View the numismatic product sales report on Coin Update News.

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Silver Content and Values of US Mint Products

After silver traded below $27 per ounce in late January, prices have come back in dramatic fashion. Today, the price of silver reached a 31 year high at nearly $34 per ounce. This has the consequence of making certain United States Mint products relatively better bargains based on the rising metal value of the coins.

At this time, the US Mint has only five different products which contain silver: the 2010 Silver Proof Set, 2011 Silver Proof Set, 2010 America the Beautiful Silver Proof Set, and the proof and uncirculated 2011 Army Commemorative Silver Dollars.

The silver content of each of these products in troy ounces is shown below.

	Silver Content
2010 ATB Quarter Silver Proof Set	0.90420
2010 Silver Proof Set	1.33823
2011 Silver Proof Set	1.33823
Proof Army Silver Dollar	0.77344
Unc Army Silver Dollar	0.77344

Based on a silver price of $34 per ounce, the metal value of a few products is now approaching the US Mint's issue price. The table below shows the silver value for each product, the face value of any non-silver coins included, total of the silver and other face value, and the US Mint's current price.

	Silver	other FV	Total	Price
2010 ATBQ Silver Proof Set	30.74	0	30.74	32.95
2010 Silver Proof Set	45.50	5.06	50.56	56.95
2011 Silver Proof Set	45.50	5.06	50.56	67.95
Proof Commem Silver Dollar	26.30	0	26.30	54.95
Unc Commem Silver Dollar	26.30	0	26.30	49.95

While the US Mint adopted a pricing strategy to allow them to frequently adjust the prices of products containing gold or platinum, the products containing silver are subject to their old procedure which requires publication in the Federal Register. In the recent past, the issue prices for silver products have been established prior to the start of sales and not adjusted subsequently. In extreme circumstances, the US Mint would have the ability to suspend sales until new prices could be published and made effective.

Besides current US Mint products, there are a number of past products that often trade on the secondary market for below the silver value. Within comments, some readers have mentioned the 2000 Silver Proof Set or the 1971-1974 "Blue Ikes". These are uncirculated Eisenhower Dollars that the US Mint struck in 40% silver for collectors.

An excellent resource for checking the metal value of U.S. coins is Coinflation.com, which I used to help in the calculations above.

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Numismatic Gold Coin Prices Likely to Increase

Based on recent gold market prices, it seems likely that the US Mint will increase the prices for most numismatic gold products tomorrow.

Under the policy adopted in early 2009, the price of gold and platinum products may be adjusted as often as weekly based on changes in the price of the metals. The weekly average is calculated based on the London Fix prices from the prior Thursday AM to the current Wednesday AM. If this average falls into a different pricing tier (established at $50 increments for gold), then product prices are adjusted accordingly. As an additional rquirement, the Wednesday PM price must agree directionally with the change.

Since the weekly average price of gold is already well within the higher $1,350 to $1,399.99 price range, probably the only thing that could prevent a price increase would be if the Wednesday PM Fix price is below $1,350, which would overrule any adjustment.

Price changes have usually been made effective around mid morning on Wednesdays, although the exact timing has varied.

The available First Spouse Gold Coins would have their prices increase from $829 to $854 for proofs and from $816 to $841 for uncirculated coins. The 2010 Proof Gold Buffalo would have its price increased from $1,610 to $1,660.

The currently available 2011 Army Commemorative $5 Gold Coins would not have their prices adjusted. Commemorative gold coins are not covered under the policy, so the existing prices would remain in effect. Presumably, if the US Mint wants to adjust prices for these coins, they would need to suspend sales and publish new prices in the Federal Register, per the older policy.

Coin Update News: US Mint Sales Report

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Quick US Mint Updates

There are a few quick items related to the United States Mint that I wanted to cover before the weekend. Silver bullion sales have broken another record, new leadership was announced, and the US Mint set up their own YouTube channel.

American Silver Eagle bullion sales

Over the course of the past three years, the US Mint's silver bullion sales have broken numerous records. This began with the record annual sales achieved in 2008. This followed with new annual sales records achieved in 2009 and 2010. Last year, a monthly sales record was also set in November 2010, breaking the long standing prior record from December 1986.

In January 2011, a fresh monthly sales record was set by a wide margin. The US Mint sold 6,422,000 of the one ounce American Silver Eagle bullion coins. This exceeded the previously monthly sales record by more than 2 million.

Incredibly, the latest monthly total also exceeds the annual sales totals for the program during ten separate years. Also, the new monthly record was achieved despite the fact that the US Mint has been rationing supplies to authorized purchasers once again.

New United States Mint Deputy Director

Effective January 9, Edmund Moy resigned his position as Director of the United States Mint. Four days later, Deputy Director Andrew Brunhart left the US Mint for a position at the Bureau of Engraving and Printing. With these two positions empty, Treasurer of the United States Rosie Rios was overseeing the operations of the US Mint and carrying out the duties of the Director.

Numismatic News has reported that Richard Peterson has been named the new US Mint Deputy Director. He was formerly the US Mint Associate Director of Manufacturing.

In his new position, he will serve as the acting director of the US Mint until a new Director is nominated by the President and confirmed by the Senate.

United States Mint on YouTube

The United States Mint has started their own YouTube channel. They posted their first video three days ago, "A Tribute to John Mercanti". He recently retired from his position as Chief Engraver of the United States Mint.

The new YouTube channel follows other similar efforts by the US Mint. Last year, they started a Twitter account and set up a Facebook page.

Their most recent annual report indicated that they were "modernizing customer relations by communicating to people in diverse ways." They went on to highlight the number of "followers" and "likes" they had recorded.

Today on Coin Update News:
Interview with Jim Halperin, Co-Chairman of Heritage Auctions

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Silver Proof Set and Gettysburg Quarter Products Off to Slower Start

Based on the figures included in the latest US Mint sales report, sales of the recently released 2011 Silver Proof Set and Gettysburg Quarter bags and rolls are off to a slower start than previous comparable products.

Over the course of the past two years, the US Mint has raised prices across nearly every product class. As the costs of acquiring each newly released product have increased, many collectors have responded by refocusing their buying habits and dropping out of certain offerings.

The 2011 Silver Proof Set went on sale January 25, 2011. The price of the set was $67.95 compared to $56.95 for the prior year set, which actually remains available for sale at the original price. The $11 price increase was more justifiably than some of the other increases, due to the higher market price of silver.

In the initial period, customers ordered 209,367 sets. This represents a decline of 13.4% from the initial sales of 241,656 for the 2010 Silver Proof Set, and a decline of 22.8% from the initial sales of 271,372 for the 2009 Silver Proof Set.

Another factor to consider is that the 2011 Silver Proof Set has been released ahead of the separate 5-coin silver quarter set. In previous years, the separate quarter set had been released ahead of the full set, perhaps dissipating some of the demand.

The Gettysburg Quarter bags and rolls had initial sales that were 9.9% to 18.4% lower than comparable Grand Canyon Quarter products during their initial period. (Note: I am not comparing to the preceding Mount Hood Quarter since those sales were impacted by incorrectly deleted orders.)

Prices for these products increased from $35.95 to $49.95 for the 100-coin bags and from $32.95 to $39.95 for the two roll sets. What is interesting about the impact of the pricing changes is that despite the lower unit sales, total revenue has actually increased. From the US Mint's standpoint, perhaps this is an acceptable result.

Grand Canyon Initial Sales

	Unit Sales	Price	Revenue
100 Coin Bag (P)	4,015	35.95	$ 144,339
100 Coin Bag (D)	3,900	35.95	$ 140,205
Two Roll Set	23,172	32.95	$ 763,517
Total			$ 1,048,062

Gettysburg Initial Sales

	Unit Sales	Price	Revenue
100 Coin Bag (P)	3,275	49.95	$ 163,586
100 Coin Bag (D)	3,230	49.95	$ 161,339
Two Roll Set	20,871	39.95	$ 833,796
Total			$ 1,158,721

Coin Update News: Complete US Mint Sales Report

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Quick US Mint Updates

There are a few recent developments related to US Mint coins that I wanted to briefly write about before resuming coverage of the survey. The sales figures for the US Mint's first 2011 numismatic product have been published, silver bullion sales have started the year on a record pace, and another 2010 product has sold out.

2011 Proof Set Sales

The US Mint began sales of the 2011 Proof Set on January 11, 2011. This was more than six months earlier than the start of sales for last year's annual proof set and before the offering of any separate component sets. The product price was $31.95 per set, the same price as last year.

Through January 16, the US Mint recorded sales of 253,144 sets. This represents a drop of about 15% from the opening sales figures for the 2010 Proof Set, and a drop of more than 40% from the opening figures for the 2009 Proof Set.

See the US Mint's full weekly numismatic sales report.

Silver Eagle Bullion Sales

For the month to date, the US Mint has already sold 4,588,000 ounces worth of American Silver Eagle bullion coins. This amount already exceeds the previous record monthly sales total of 4,260,000 set in November 2010. The amount also happens to exceed the annual sales totals for three separate years of the program.

The US Mint began accepting orders for 2011 Silver Eagle bullion coins on January 3, 2011. At this time, 2010-dated coins remained within inventory, so AP's were required to take one 2010 coin for every four 2011 coins ordered. Orders were initially and continue to be subject to the US Mint's allocation (rationing) program.

2010 Kennedy Half Dollar Bags

The US Mint has now sold out of the 2010 Kennedy Half Dollar 200-coin bags. These bags contain 100 coins each from the Philadelphia and Denver Mints and originally went on sale January 29, 2010.

The two roll sets, containing one 20-coin roll from each mint, still remain available for sale.

Since the half dollar is not minted for circulation, the US Mint's numismatic bags and rolls are the only way to get circulation strike 2010 Kennedy Half Dollars. Based on US Mint production figures, there were 1.7 million haves struck at the Denver Mint and 1.8 million struck at the Philadelphia Mint.

Bags and rolls of 2011 Kennedy Half Dollars will go on sale February 15, 2011.

A New Contributor for Coin Update News

Lastly, I wanted to mention a new contributor for Coin Update News. Erik Schefler will be conducting interviews with various dealers and figures in numismatics. His first interview with Daniel Carr, designer of the New York and Rhode Island State Quarters was published today.

Coin Update News: Daniel Carr Interview

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US Mint 2010 Annual Report

The United States Mint recently issued their 2010 Annual Report, covering the fiscal year ending September 30, 2010. On an overall basis, total revenue increased by 33.45% to a record $3.9 billion, while net income and seigniorage fell by 19% to $405.8 million.

The increase in revenue was driven by a surge in bullion sales, which more than made up for the declines in circulating coin shipments and the numismatic program sales.

Net income and seigniorage were dragged down by lower circulating coin shipments, which offset improvement in bullion and numismatic program net income.

On Coin Update News, I provided detailed coverage of the results for each individual program:

Bullion Product Revenue Rises 68.5% to Record $2.8 Billion
Circulating Coin Shipments Shift Towards Lower Denominations
Numismatic Program Profit Rises Despite Decline in Revenue

For Mint News Blog, I wanted to provide some specific pieces of information or figures that I thought were noteworthy:

- Shipments of $1 coins to Federal Reserve Banks during the fiscal year generated $282.8 million in seigniorage. This accounted for 94% of seigniorage generated through the shipment circulating coins across all denominations.

- Compared to the 2008 fiscal year, shipments of circulating quarter dollars declined by 90%. The Federal Reserve Banks existing inventory of quarters remained "more than sufficient to enable cash transactions."

- The cost to manufacture and distribute the cent rose to 1.79 cents, and the cost for the nickel rose to 9.22 cents. Shipments for these two denominations generated negative seigniorage of $42.6 million.

- During the fiscal year, the US Mint expanded bullion raw materials supplies by working with existing fabricators and identifying a new silver blank fabricator. As a result, average monthly supply of all gold and silver blanks was increased by 56% compared to the prior fiscal year.

- Although the bullion program accounted for 73.5% of total revenue, the program only accounted for 13.6% of total net income and seigniorage due to the low net margin of only 1.9%. The program is managed to a standard margin of 2%.

- The numismatic program is managed to a net margin "at or below 15%.". The actual net margin across all numismatic product categories was 12.1%.

- Over the course of all fiscal years impacted, the 2009 Ultra High Relief Double Eagle Gold Coin generated revenues of $147.5 million and net income of $4.1 million, representing a net margin of 2.8%

- The American Eagle numismatic coins available during the fiscal year had a net margin of 13.1%. Proof Platinum Eagles, which accounted for the majority of sales were sold at a higher net margin because the raw material was purchased when platinum market prices were low. (The US Mint has a hedging program in place for the bullion program, but apparently not the numismatic program.)

- In the opening letter, Director Edmund Moy discussed the previous elimination of more than 300 products from the numismatic portfolio. He stated that this opened up capacity to offer core products earlier in the year and to pioneer new coins like the 2009 UHR Double Eagle, "instead of relying on new ways to package and combine existing coins to boost sales."

- US Mint Customer satisfaction declined primarily as a result of the unavailability of numismatic versions of American Eagle products. The US Mint addressed this by taking steps to expand precious meal blank supply, which eventually led to the launch of 2010 Proof Gold and Silver Eagles.

- A few more points from the customer service section mention that the US Mint cut order fulfillment time in half, and sent returned products to the facility where they originated "for quality analysis and corrective action."

- A "total customer-friendly redesign" of the US Mint's retail website is anticipated to debut in the 2012 fiscal year.

- The US Mint's numismatic customer base dropped to 0.799 million during the 2010 fiscal year. This compares to 0.976 million in FY 2010 and a recent peak of 1.27 million in FY 2008.

- Out of the net income and seigniorage or $405.8 million, $388 million was transferred to the Treasury General Fund. This compares to transfers of $440 millioin in FY 2009 and $735 million in FY2008.

The US Mint's 2010 Annual Report can be accessed on their website here.

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2011 US Mint Product Prices

The US Mint has provided updated pricing details for their 2011 numismatic product portfolio. The good news is that prices for the most popular annual sets remain unchanged. The bad news is that prices for almost all other products have been increased.

Increasing prices for products containing silver is understandable, but the price increases for products containing base metal coins are less easily justified.

Here is a list of products and their new prices for 2011:

Product	2010 Price	2011 Price	Change
2011 Proof Set	31.95	31.95	-
2011 ATB Quarters Proof Set	14.95	14.95	-
2011 Presidential Dollars Proof Set	15.95	19.95	+4.00
2011 Uncirculated Mint Set	31.95	31.95	-
Annual $1 Coin Uncirculated Set	N/A	49.95	N/A
ATB Uncirculated Coin Set	21.95	21.95	-
ATB Quarters Circulating Coin Set	9.95	9.95	-
2011 Presidential Dollars Uncirculated Set	18.95	19.95	+1.00
2011 Silver Proof Set	56.95	67.95	+11.00
2011 ATB Quarters Silver Proof Set	32.95	39.95	+7.00
ATB Three Coin Set	13.95	14.95	+1.00
America the Beautiful Quarter 100-coin Bags	35.95	49.95	+14.00
America the Beautiful Quarter 2 Roll Set	32.95	39.95	+7.00
2011 Kennedy Half Dollar 200 Coin Bags	130.95	134.95	+4.00
2011 Kennedy Half Dollar 2 Roll Set	32.95	34.95	+2.00
2011 Native American Dollar Rolls	35.95	39.95	+4.00
2011 Presidential Dollar Rolls	35.95	39.95	+4.00
2011 Presidential $1 Coin Covers	15.95	19.95	+4.00
2011 Presidential $1 Coin & First Spouse Medal Sets	11.95	14.95	+3.00
First Spouse Bronze Medals	5.50	7.95	+2.45
2011 First Spouse Bronze Medal Set	15.95	19.95	+4.00
1-1/2 inch Bronze Medals	5.50	7.95	+2.45
3 inch Bronze Medals	42.00	44.95	+2.95

Just last year, the US Mint also increased prices across nearly every category. (See previous posts here, here, and here.) Taking into account the increases during the two years, the prices of some products are now up more than 100%.

Many basic products which enjoyed a small but dedicated following have morphed into numismatic luxury items. Sales trends seem to indicate that many collectors are starting to opt out of these products. Another round of price increases will only hasten the process.

At a time when the US Mint halted a bullion program due to excessive premiums charged by primary distributors, increasing their own product prices by large percentages with little justification comes across as brazen and inappropriate.

A few of the increases which stand out in my mind:

The price of the 100-coin bags of America the Beautiful Quarters has increased by 39% to $49.95 per bag. This product consists of $25 worth of circulating quality quarters in a canvas bag. As recently as 2009, similar products had been priced at $32.95. With these coins difficult to acquire from banks or circulation, the US Mint's bags and rolls were one of the primary dependable sources of acquiring the coins.

The price of First Spouse and other 1-1/2 inch bronze medals will increase by 44.5% to $7.95 per medal. In 2009, these medals were priced at only $3.50.

The America the Beautiful Quarter Three Coin Sets are increased by $1.00 to $14.95 per set. Each set consists of two uncirculated quarters and one proof quarter. These coins can all be acquired through the separately issued America the Beautiful Uncirculated and Proof Sets, or the full annual sets. If a collector purchased all five three coin sets, the cost would be $74.75 before shipping and handling. This compares to a cost of $36.90 for purchasing the ATB Uncircualted and Proof Sets.

The Presidential Dollar Coin Covers will have prices jump by $4.00 to $19.95 per cover. Each cover includes two dollar coins and a 44 cent postage stamp. At least in this case, the product offers some unique qualities in that the coins are sourced from the first day of production and the covers are canceled on the circulation release date.

The Presidential $1 Coin and First Spouse Medal Sets have increased by $3.00 to $14.95 each. Each set includes one dollar coin and a 1-1/2 inch bronze medal. When this product line was introduced in 2007, the sets were priced at $7.95.

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US Mint 2011 Product Schedule

Yesterday, the United States Mint announced their scheduled product listing for their 2011 numismatic product portfolio.

Last year, the schedule had only been announced in preliminary format, with exact dates provided throughout the year. Also, the collector versions of the Gold and Silver Eagle were initially missing.

This year, exact release dates are provided for virtually all expected products. This includes release dates of April 21 for the 2011 Proof Gold Eagles and "by July 6, 2011" for the 2011 Proof Silver Eagle. After years of trouble meeting bullion coin demand, which resulted in delays or cancellations for the numismatic products, the situation finally seems to be under control. Bullion coins have not been suspended or rationed for many months, and the US Mint has greater flexibility in offering collector versions following the passage of H.R. 6162.

Some other pleasant surprises are earlier release dates for precious metals products, with the 2011 Proof Gold Buffalo scheduled for April 18 and the 2011 Proof Platinum Eagle for May 26.

The collectible uncirculated version of the American Gold Eagle will make a come back next year, with sales starting on May 5. These coins are struck on specially burnished blanks and carry the "W" mint mark. Only the one ounce size is expected to be available. This version of the Gold Eagle has not been offered since 2008.

The 2011-W uncirculated Silver Eagle is still listed as TBD.

Full schedule follows:

PRODUCT	DATE
Yellowstone Quarter Three-Coin Set	01/05/11
2011 Proof Set	01/11/11
2011 Silver Proof Set	01/25/11
Gettysburg Quarter Bags and Two-Roll Set	01/27/11
2011 United States Army Commemorative Coins	01/31/11
2011 Uncirculated Mint Set	02/08/11
2011 Kennedy Half Dollar Bags and Two-Roll Set	02/15/11
2011 Presidential Dollar Proof Set	02/22/11
Andrew Johnson Presidential Dollar Rolls	02/23/11
2011 Medal of Honor Commemorative Coins	02/25/11
Yosemite Quarter Three-Coin Set	03/01/11
Eliza Johnson First Spouse Gold Coin	03/03/11
Eliza Johnson Bronze Medal	03/03/11
Andrew Johnson Presidential $1 Coin & First Spouse Medal Set	03/15/11
2011 America the Beautiful Quarters Proof Set	03/22/11
2011 Native American Dollar Rolls	03/28/11
2011 America the Beautiful Quarters Silver Proof Set	03/29/11
Andrew Johnson Presidential Dollar Coin Cover	03/31/11
Glacier Quarter Bags and Two-Roll Set	04/04/11
2011 American Gold Buffalo Proof Coin	04/18/11
2011 America the Beautiful Quarters Uncirculated Set	04/19/11
2011 American Gold Eagle Proof Coins	04/21/11
Mount Hood Quarter Three-Coin Set	05/04/11
2011 American Eagle Uncirculated Gold Coin	05/05/11
Ulysses S. Grant Presidential Dollar Rolls	05/19/11
2011 American Platinum Eagle Proof Coin	05/26/11
Julia Grant First Spouse Gold Coin	06/02/11
Julia Grant Bronze Medal 1-5/16"	06/02/11
Olympic Quarter Bags and Two-Roll Set	06/13/11
Ulysses S. Grant Presidential $1 Coin & First Spouse Medal Set	06/23/11
Ulysses S. Grant Presidential Dollar Coin Cover	06/30/11
2011 American Silver Eagle Proof Coins	By 07/06/11
Gettysburg Quarter Three-Coin Set	07/27/11
Glacier Quarter Three-Coin Set	07/27/11
Olympic Quarter Three-Coin Set	07/27/11
Rutherford B. Hayes Presidential Dollar Rolls	08/18/11
Vicksburg Quarter Bags and Two-Roll Set	08/29/11
Lucy Hayes First Spouse Gold Coin	09/01/11
Lucy Hayes Bronze Medal 1-5/16"	09/01/11
Rutherford B. Hayes Presidential $1 Coin & First Spouse Medal Set	09/22/11
Rutherford B. Hayes Presidential Dollar Coin Cover	09/29/11
Vicksburg Quarter Three-Coin Set	10/19/11
Chickasaw Quarter Bags and Two-Roll Set	11/14/11
James Garfield Presidential Dollar Rolls	11/17/11
2011 America the Beautiful Quarters Circulating Coin Set	11/22/11
Lucretia Garfield First Spouse Gold Coin	12/01/11
Lucretia Garfield Bronze Medal 1-5/16"	12/01/11
First Spouse Bronze Four-Medal Set	12/01/11
Chickasaw Quarter Three-Coin Set	12/20/11
James Garfield Presidential $1 Coin & First Spouse Medal Set	12/22/11
James Garfield Presidential Dollar Coin Cover	12/29/11
2011 American Silver Eagle Uncirculated Coin	TBD

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Mint News Blog Quick Updates

The news has really been stacking up lately. This post will quickly relay some information on the America the Beautiful Silver Bullion Coins, Edmund Moy's resignation, and the release of 2011-dated Gold and Silver Eagles.

America the Beautiful Silver Bullion Coins

According to the United States Mint, nine out of the eleven authorized purchasers have ordered their allotment of ATB Silver Bullion Coins.

Scotia Mocatta and Commerzbank are the ones who have not placed orders. See the list of US Mint authorized purchasers for the names of the other nine.

The coins which would have been allocated to the two AP's who did not place orders will be reallocated to the participating AP's this week.

I know many collectors are seeking for more information on precisely where and how to purchase the coins. Unfortunately I am not privy to the sales and distribution plans of private companies.

According to the US Mint, there have been no changes to the terms and conditions set for authorized purchasers. This means that they must distribute all coins directly to the public, limit their premiums to 10% above their acquisition cost from the US Mint, impose ordering limits of one coin per design per household, and no coins may be sold to officers or employees of the companies.

The consequences of not following these rules include suspension or permanent removal from the authorized purchaser distribution network. The US Mint has reserved the right to examine records, books, and other documents of the authorized purchasers to ensure the rules are followed.

Edmund Moy Resigns

Edmund Moy, the Director of the United States Mint, announced his resignation earlier this week. He had been appointed by President George W. Bush for a five year term and was sworn in on September 5, 2006.

With his resignation effective January 9, 2011, he will have served as the 38th Director of the United States Mint for four years and four months.

The US Mint's press release indicates that he had accepted a position in the private sector. A separate press release from L&L Energy indicated that Edmund Moy will become their Vice President of Corporate Infrastructure. L&L Energy is a coal-mining company, with a corporate office located in Seattle, Washington.

2011 American Gold and Silver Eagles

The US Mint will begin accepting orders from authorized purchasers for the 2011 Silver Eagle and 2011 Gold Eagle bullion coins on January 3, 2011.

Traditionally, authorized purchasers have been able to place orders for coins bearing the following years date in December, with delivery in early January. Last year, orders were not accepted until January 19.

An inventory of 2010-dated Gold and Silver Eagles remains and seems to be expected to last through year-end. Any coins remaining in January 2011 will be sold on a ratio basis to authorized purchasers ordering 2011-dated coins.

For now, only one ounce 2011 Gold Eagles will be available. For the past two years, the fractional weight coins have been released separately, later in the year.

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American Palladium Eagles

On December 14, 2010, the bill H.R. 6166 was signed into law, which will likely result in a new series of American Palladium Eagles.

The US Mint will be required to mint and issue the one ounce .9995 fine palladium bullion coins, provided that a marketing study demonstrates sufficient demand for the coins exists. The new coins would need to be issued in quantities that the Secretary "may determine to be appropriate to meet demand", beginning within one year from the submission of the marketing study.

The designs for the American Palladium Eagle would be high relief likenesses of the work of Adolph A. Weinman. The obverse design of the Mercury Dime would be used, paired with his reverse design for the 1907 American Institute of Architects Medal.

Here are the two designs side by side.


Given the problems the US Mint has experienced in recent years meeting demand for gold and silver bullion coins, as well as this year's problems with issuing the America the Beautiful Silver Bullion Coins, was creating another bullion program a good idea?

The legislation does provide some greater flexibility for the US Mint than past programs. The purity of the coins and the bullion weight are specified, but the diameter and thickness are left to the discretion of the Treasury Secretary. This flexibility may have been provided in response to the challenging diameter originally stipulated for the ATB Silver Bullion Coins, which led to early production problems

The legislation states that the Secretary of the Treasury shall acquire the palladium used for the coins through the purchase of palladium mined from natural deposits in the United States within one year after the month in which it was mined. However, the palladium may be sourced from other available sources if this is not feasible or if no such palladium exists. This allowance may have been provided in response to the challenges the US Mint has encountered sourcing gold and silver under the requirements sets for other programs.

On the other hand, the collector versions of the Palladium Eagles carry some very specific requirements. For some other bullion programs, specific authorization or requirements for numismatic versions are not included, but rather these coins are struck on the Treasury Secretary's general authority to create numismatic items.

For the Palladium Eagles, both proof and uncirculated versions are are specifically authorized. It is also included that to the greatest extent possible the "surface treatment" of each year's proof or uncirculated version must differ in some material way from the preceding year. Based on this requirement, there would be an alternating or possibly ever-changing appearance for the collector series.

At this point, it's not clear how the US Mint might handle this requirement in practice. Will the coins alternate in proof and reverse proof? Would different background effects be used? (The Perth Mint has used frosted or shimmer backgrounds for Silver Koalas.) Would uncirculated coins be brilliant or satin? Gilded or colorized?

Finally, there are some odd requirements for the US Mint facilities to be used in striking the Palladium Eagles. For bullion and uncirculated coins, any facility other than West Point may be used. While for proof coins, only the West Point Mint must be used.

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US Mint Authorized Purchaser List

The US Mint has provided an updated list of authorized purchasers. There are some changes from a list provided by the Mint last week.

For current and future reference, listed below are the 11 primary distributors of United States Mint bullion products who are able to purchase directly from the Mint:

A-Mark Precious Metals (Los Angeles) Gold, Silver, Platinum
Coins 'N Things (Massachusetts) Gold, Silver, Platinum
MTB (New York) Gold, Silver Platinum
Scotia Mocatta (New York) Gold, Silver, Platinum
American Precious Metals Exchange, Inc. (Oklahaoma) Silver
Dillon Gage Incorporated of Dallas (Texas) Silver
Prudential Securities Inc. (New York) Gold, Silver, Platinum
The Gold Center (Illinois) Silver
Jack Hunt Coin Broker (New York) Silver
Commerzbank (New York) Gold, Silver
Fidelitrade (Delaware) Silver

There is also some new information on the distribution of the America the Beautiful Silver Bullion Coins. So far, the primary distributors have ordered only 75,000 of the total 165,000 coins available.

Each of the 11 primary distributors were provided with an allocation of 3,000 coins per design, or 15,000 coins total. It looks like only five of them have placed an order with the US Mint for their allocation, and the remaining six are opting out of the program or still evaluating their options. They will have until the end of the week to place their order, or the excess coins will be reallocated to the active dealers the following week.

Separately, a new weekly US Mint numismatic products sales report is available.

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End of Satin Finish Officially Announced

In a brief press release, the United States Mint has officially announced the end of "satin finish" for uncirculated mint sets and other collector products. Starting in 2011, the "brilliant finish" will be reinstated.

The "satin finish" was created by sandblasting the faces of the dies and burnishing coin blanks before striking. The resulting coins have a frosted appearance that is distinguishable from regular business strikes.

From 2005 to 2010, the satin finish was used for all Mint Sets and certain collector products. From years 2004 and prior, the US Mint used a finish for Mint Sets that is not distinguished from circulation strike coins.

The major grading services PCGS and NGC differentiate the satin finish coins from business strikes. Generally, it is possible (although sometimes difficult) to find satin finish coins in high grades like MS69, whereas business strike coins for the same issue might top out at MS67. Accordingly, graded examples of satin finish coins and business strike coins are valued differently.

Back in a post from October, I had noted a CoinWorld article, which indicated that the US Mint would stop using the finish next year. For the article, the US Mint had cited efforts to extend die life and customer feedback as the reasons for the change. For the press release, the Mint stressed the more "aesthetically pleasing" appearance that will result from reverting to the old finish. Surface marks from coin handling systems will be less apparent with the brilliant finish.

This is a major development for some collectors of modern series, who may have been acquiring separate examples of the business strike coins and satin finish coins. For example, this year five different Jefferson Nickels would have been necessary to update a collection. This would include 2010-P business strike, 2010-D business strike, 2010-P satin finish, 2010-D satin finish, and 2010-S proof. For 2011, only three coins would be required, all of which will be readily available through US Mint products.

Will the end of satin finish cause an increase in demand or greater desirability for 2005-2010 Mint Sets? If the satin finish coins are considered separately from the business strikes, some low mintages emerge. For example, the 2008 Mint Set had last reported sales of less than 750,000, far below the mintages for business strikes and even proof coins. On the other hand, all satin finish coins were distributed directly to collectors and the lower mintages of "special mint set" coins issued from 1965-1967 aren't particularly noted.

Switching finishes seems to have implications for some US Mint products. For example, separate circulating coin and uncirculated coin sets for America the Beautiful Quarters are currently offered. Will one of these products be discontinued?

New Coin Update News Contributor

I am happy to announce that Louis Golino will be a new regular contributor for Coin Update News! His articles have previously appeared in Numismatic News, CoinWorld, and other publications.

His first article is on the ATB Silver Bullion Coins, which still have not been made available to collectors. A more formal introductory article will be published next week, which will outline the themes and areas of coverage for his column.

CoinUpdate.com started out publishing a round up of coin collecting news from various sites around the internet. It has expanded to include original news coverage and articles on U.S. coins, world coins, and precious metals from a variety of authors, plus information about new and classic coin series.

If you haven't already, please check out Coin Update News or subscribe to receive news articles or updates by email or RSS.

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Numismatic Gold Coin Price Increase

After narrowly missing the mark the past two weeks, a pricing increase for US Mint numismatic gold products seems almost certain to happen today around late morning.

The average price of gold based on the London Fix prices from the prior Thursday AM to the current Wednesday AM was $1,393.28 per ounce. The US Mint's numismatic gold products are currently priced within the lower $1,300 to $1,349.99 range. At the time this post is written, the market price of gold is $1397.00 per ounce, making it highly likely that the Wednesday PM Fix price will also fall within the higher range.

With the average gold price and the Wednesday PM price in the higher range, a pricing increase would take place. This will mark the fourth consecutive increase, after previous price adjustments took place on August 18, September 15, and October 6.

The 2010 Proof Gold Buffalo will see its price increased from $1,610 per coin to $1,660 per coin. Available First Spouse Gold Coins will have prices increased from $829 to $854 for proof coins and from $816 to $841 for uncirculated coins.

The recently released 2010 Proof Gold Eagles will have prices adjusted as follows:

	Old Price	New Price
1 oz (waiting list)	$ 1,585.00	$ 1,635.00
1/2 oz	$ 806.00	$ 831.00
1/4 oz	$ 415.50	$ 428.00
1/10 oz	$ 180.50	$ 185.50
4 Coin Set	$ 2,938.00	$ 3,030.50

The latest sales figures released yesterday, showed sales figures as of November 7 reaching 25,000 of the 1 oz coins, 4,002 of the 1/2 ounce coins, 4,413 of the 1/4 oz coins, 10,411 of the 1/10 oz coins, and 17,424 of the 4 Coin Sets.

The full sales report is available on Coin Update News.

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Numismatic Gold Coins Avoid Another Price Increase

For the second week in a row, the United States Mint's numismatic gold products will narrowly avoid a pricing increase. Prices for the 2010 Proof Gold Buffalo, 2010 Proof Gold Eagles, and First Spouse Gold Coins should remain unchanged today.

The US Mint's basic policy for numismatic gold and platinum coins provides that the prices may be adjusted as frequently as weekly, based on the average London Fix price of the metals from the prior Thursday AM to the current Wednesday AM. If the average moves outside of ranges established at $50 increments for gold and $100 increments for platinum, then a pricing increase would generally take place. However, the increase will be avoided if the Wednesday PM price remains within the current pricing range.

This somewhat complicated pricing formula has been put to the test in the past two weeks.

Last week, the average price of gold fell within a higher range of $1,350 to $1,399.99. However, the pricing increase was avoided since the Wednesday PM Fix price remained within the lower $1,300 to $1,349.99 range.

This week, the average price of gold is within the $1,300 to $1,349.99 range, but the Wednesday PM Fix price (set after 11:00 PM ET) seems poised to be in the higher $1,350 to $1,399.99 range. The fact that the Wednesday PM Fix price is higher should not result in a price increase, since the average remains within the current range.

According to the US Mint, the additional Wednesday PM pricing component is in place "to determine the trend with the intention of minimizing changes to prices." Although it does complicate the basic formula, it seems to be having the desired effect, with prices remaining unchanged as the price of gold has moved above and below the $1,350 mark the past few weeks.

Coin Update News: New Frontier Congressional Gold Medal Designs

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US Mint Adds Last Opportunity Section

The United States Mint has once again added a "Last Opportunity" section to its website. This section has periodically been used to highlight products which will only remain available for sale for a limited time.

The Margaret Taylor First Spouse Gold Coins will conclude sales on December 2, 2010. This will coincide with the release of the next coin of the series featuring Mary Todd Lincoln. The Margaret Taylor coins originally went on sale December 3, 2009 and show last reported sales of 4,600 proofs and 3,313 uncirculated coins. These are still below the levels of the previous Sarah Polk coin, which concluded with 5,157 proofs and 3,501 uncirculated coins coins, have exceeded the lows established by the Julia and Letitia Tyler Coins.

Sales of the 2010 American Veterans Disabled for Life Silver Dollars will end on December 13, 2010. These commemorative coins originally went on sale February 25, 2010. As of the most recent report, sales had reached a combined 244,030 out of the 350,000 maximum authorized mintage. This year's other commemorative coin program for the Boy Scouts of America Centennial previously sold out the maximum mintage of 350,000 coins on August 4.

On December 30, 2010, sales will conclude for the 2009 District of Columbia & U.S. Territories Quarters Proof Set and the Presidential $1 Coin & First Spouse Medal Sets featuring James K. Polk and Zachary Taylor. The silver version of the 2009 quarters proof set just sold out last week.

2010 Proof Gold Eagles Update

Today, the US Mint put the one ounce individual 2010 Proof Gold Eagle on waiting list status. This means that orders have been received to fulfill the maximum product limit of 25,000. As of last week's sales report, sales had reached 21,302, meaning that buyers snapped up the remaining 3,698 coins over the past week.

The one ounce proof coin does remain available for sale as part of the 4 Coin Proof Set, which has a product limit of 39,000 sets.

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Quick US Mint Updates

There are a number of recent news items related to the US Mint that I wanted to briefly cover. These deal with two upcoming coin launch ceremonies, the 2011 Mint Set, and designs for the 2012 America the Beautiful Quarters.

Abraham Lincoln Presidential Dollar

The US Mint announced details for the coin launch ceremony for the 2010 Abraham Lincoln Presidential Dollar. The ceremony is scheduled to take place on November 18, 2010 at 10:00 AM ET. The location will be President Lincoln's Cottage on the grounds of the Armed Forces Retirement Home in Washington, DC.

This ceremony may see more interest than typical due to the excitement about the release of the new Lincoln Dollar.

The ceremony will take place on the same day as the official circulation release date. As opposed to America the Beautiful Quarters, unmixed quantities of newly released Presidential Dollars have been more readily available at banks. Depository institutions are provided with time frames during which they can order boxes of $1,000 or bags of $2,000 of the most recently released Presidential Dollar.

The special ordering period for the Lincoln Presidential Dollar is October 28 to December 2. Collectors may want to inquire with some banks now to see if they will be ordering the coins, or even to request that they order a specific quantity of the coins.

Mount Hood National Forest Quarter

The launch ceremony for the Mount Hood National Forest Quarter will be held on November 17, 2010 at 10:30 AM PT. The location will be the World Forestry Center, 4033 SW Canyon Road, Portland, Oregon.

The ceremony will take place two days after the official circulation release date on November 15.

This will represent the fifth release of the America the Beautiful Quarters Program and the final release for this year. Coins from this series have been more challenging to find through the channels of circulation, although some collectors have experienced success.

The US Mint will offer premium priced two roll sets and 100-coin bags of the quarters starting on November 15, 2010 at 12:00 Noon ET.

2011 United States Mint Set

CoinWorld has recently reported that the US Mint will stop using the satin finish for the annual Uncirculated Coin Set, also referred to by collectors as the Mint Set.

The satin finish has been used for the 2005 to 2010 Mint Sets, creating two distinct versions for Philadelphia and Denver Mint coins for these years. Each year, standard circulation strike coins were produced for circulation channels and numismatic bags and rolls, while satin finish coins were produced for the annual uncirculated coin set and some other collector products.

Reasons cited for the change were customer feedback and efforts to extend die life.

2012 America the Beautiful Quarters

The CFA and CCAC recently reviewed design candidates for the 2012 America the Beautiful Quarters.

The five coins released that year will feature El Yunque National Forest in Puerto Rico, Chaco Culture National Historical Park in New Mexico, Acadia National Park in Maine, Hawaii Volcanoes National Park in Hawaii, and Denali National Park in Alaska.

Les Peters covered the Citizens Coinage Advisory Committee meeting for Coin Update News. Check out the article on the 2012 America the Beautiful Quarters for images of the design candidates and the comments and recommendations provided by the CCAC.

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