US Mint Cutting Prices on Coins Containing Silver
On Thursday, July 11, 2013, the United States Mint will trim prices on numismatic coins made from silver, a move the bureau has considered since late June when it postponed the release of 2013-P Great Basin Five Ounce Silver Uncirculated Coin as a result of plummeting silver prices.
The coin pricing news comes via a notice scheduled to appear in the Federal Register on Tuesday, July 9. It outlines cuts ranging from $5 to $25 per silver coin product and states they are: "because of the recent decrease in the market price of silver."
New pricing set to go into effect at 12 Noon ET on the 11th include:
Worth noting, the $154.95 price for an America the Beautiful Five Ounce Silver Uncirculated Coin will be the lowest ever. The 99.9% pure silver coin series has experienced several pricing movements since the first one appeared in 2011 at $279.95. Lower prices this year have supported higher sales.
These latest prices seem to have been set on or very close to July 2, the date of the United States Mint notice. On that day, which was last Tuesday, the fixing for silver was $19.62 an ounce. The London silver Fix for today, July 8, was $19.16 an ounce.
London silver has plunged 36% this year and 16.4% in June alone. The sharp fall in recent weeks has pressured U.S. Mint sales of numismatic silver products which always carry higher premiums and tend to see infrequent price changes. On the flip side, the U.S. Mint is logging record sales of bullion coins this year. These later coins, intended for investors, are always available for a few percentage points above the current spot price of silver.
Posted on Tue Jul 09, 2013 10:45 pm by Pulaski Tue Jul 09, 2013 10:45 pm