Volatility in precious metals markets prompted the U.S. Mint to temporarily suspend a number of silver numismatic products. Bullion coin sales remain unaffected.
Author: Dorothy Kosich
Posted: Wednesday , 28 Sep 2011
RENO, NV – The U.S. Mint has temporary suspended the sale of several silver collector coins and sets including the uncirculated American Silver Eagles and the American the Beautiful Five Ounce silver coins.
Plummeting silver prices prompted the Mint to initiate several product suspensions on Monday.
The 2011 American Eagle Silver Uncirculated coin debuted with 184,967 orders between its launch on September 15th and as of September 19th. However, the silver price plummeted on September 26th to $28.16 per ounce.
The pre-suspension price of the one ounce 2011 Uncirculated American Silver Eagles was $60.45. If the Mint chooses to change its product pricing, the new prices will probably be posted in the Federal Register before they go into effect.
Although the price of gold has also plummeted, no changes or sales suspensions have thus far occurred in other U.S. Mint products such as the American Gold Eagles. In August the Mint introduced a new pricing grid methodology, based primarily on the London Fix weekly average. This methodology allows the Mint to change the prices of gold products as often as weekly to better reflect the costs of gold for these coins. Numismatic gold production and prices are re-evaluated and adjusted as needed every Wednesday.
Thus far suspended silver items include the 2011 American Eagle Silver Proof Coin; the America the Beautiful Silver Proof Set for both 2010 and 2011; the U.S. Mint Silver Proof set for both 2010 and 2011; the 2011 Gettysburg National Military Park America the Beautiful Five Ounce Silver Uncirculated Coin; and the 2010 Mount Hood National Forest America the Beautiful Five Ounce Silver Uncirculated Coin.
Currently the Mint’s online store displays a message that “This product is temporarily unavailable for product repricing” on eight product pages.