Mint News Blog

News, Information, and Commentary on US Mint Products

Wednesday, November 10, 2010

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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45 Comments:

At November 10, 2010 at 6:46 AM , Anonymous Anonymous said...

1/2 oz proof AGEs may be a low mintage sleeper. Get them early this morning befor the price increase.

 
At November 10, 2010 at 7:23 AM , Anonymous Anonymous said...

Don't 1/2 oz gold issues always have lower mintages? If that's true and they are never see big price increases relative to the other sizes, then doesn't that say that nobody wants them?

 
At November 10, 2010 at 7:48 AM , Anonymous Anonymous said...

2008 1/2 gold proof Eagle, nice premiums!! 2010 may as well.

 
At November 10, 2010 at 8:20 AM , Anonymous Anonymous said...

Pop, pop, pop,

Gold falls almost $40 in 24 hours!

 
At November 10, 2010 at 8:25 AM , Anonymous A.E. Neuman said...

Michael, please look at the "Old Price"'s that you have listed for the AGE's again. They don't seem to jive with the prices listed in your Oct 7, 2010 posting regarding initial pricing. Please change as appropriate. Thank you.

 
At November 10, 2010 at 8:26 AM , Anonymous Anonymous said...

The old prices for the gold proof Eagle products are wrong. The current numbers are:

1oz $1585
1/2os $806
1/4oz $415.50
1/10oz $180.50
4 coin set $2938

The 1oz will go up $50 just like the Buffalo.

 
At November 10, 2010 at 8:43 AM , Blogger Mint News Blog said...

Thanks, I fixed the chart. I was picking numbers from the wrong tier.

 
At November 10, 2010 at 11:09 AM , Anonymous Anonymous said...

Should the government make money like this for destroying the value of the dollar?

 
At November 10, 2010 at 12:00 PM , Anonymous Anonymous said...

Ironically, the government is making more dollars, but what are they really worth based on the government's own actions.

 
At November 10, 2010 at 12:50 PM , Anonymous Anonymous said...

I wonder how many First Spouse collectors are going to end up bailing out due to the prices getting so high? I'm going to go ahead and get Mary Lincoln for my sets, but by February or March will have to decide if I'm going to continue in 2011 and beyond.

Who knows, we might be seeing some "First Spouse complete set through Mary Lincoln" auctions on eBay by the end of this year. I don't think I've ever seen anyone try to sell all of the coins together in one auction before. If that happens, it would most likely be a sign that the sellers gave up on the series.

 
At November 10, 2010 at 2:24 PM , Anonymous Anonymous said...

November 10, 2010 12:50 PM

You are right on the money. The spouse series is getting costly for collectors. And it will be interesting to see if any series completed through Mary Lincoln coin go on sale. If they do, you may be right, that the collector is selling their collection to get out of the series, or it could be that they purchased a duplicate series (2 of each coin) and they have simply decided to liquidate one of the two completed series that they own. It will be very interesting to see.

TMM

 
At November 10, 2010 at 2:36 PM , Anonymous Anonymous said...

I have pondered dropping the spouse series myself. I have been doing the Proofs only, was considering one of each for the Lincoln. But not sure what is ahead after that. Sure, it's nice to have some gold... but could stick with bullion for a better profit down the road..... drumming my fingers, what to do, what to do.

 
At November 10, 2010 at 3:00 PM , Anonymous Anonymous said...

It's hard to believe that the First Spouse coins originally sold for $429.95 and $410.95 when the series first began. With today's price increases, the price has nearly doubled for the proof and MORE than doubled for the uncirculated!

Plus, it doesn't appear likely that the prices will be dropping anytime soon. :(

 
At November 10, 2010 at 3:37 PM , Anonymous Anonymous said...

Today I sold my 6 2007 spouse coins for $700 each ( kept the jeffersons). I decided I am just going to collect the Liberties and the ones I like. I used some of the proceeds to buy an extra buchanan proof before the mint raised the price. Feels good to have the cash and be rid of those horrid spouses.

 
At November 10, 2010 at 4:17 PM , Anonymous Anonymous said...

I started the spouses with the
Jeffersons. I was going to pick
up the first 2, But Martha's eyes
spooked the cr#p out of me. Then I saw the secondary prices dropped from $1250 to issue price. So I'm collecting my herd of buff's instead and keeping my Jeffersons.
The liberty sub-set will always be
popular.

 
At November 10, 2010 at 4:45 PM , Anonymous Anonymous said...

I will continue with my spouse proof series. It is more affordable than the buffs or eagles. At the end why anyone need to collect a clone coin like buffs or eagles ? They all the same . I will eventually keep few of each ( like reverse proof eagle or 2008 buff) but dont need to have all them .If I decide to dump any coins the spouses will be the last to go.

 
At November 10, 2010 at 6:30 PM , Anonymous Anonymous said...

It's so sad that the 2007 First Spouse coins basically sell for melt value. They're not exactly COMMON, especially the Dolley Madison Uncirculated coin.

The 2008's do much better, but even they don't sell for the kind of money that coins with mintages that low would normally bring. I think that will eventually change, though. I'm pretty sure that demand for the series will pick up in later years. People always seem to gravitate towards coins with low mintages. It's a mind thing.

If gold continues to rise, who knows how low mintages for the 2011 and 2012 coins could get. It seems like there are a dependable number of people who buy the coins early (most likely to get the "First Strike" or "Early Release" designation), but even they might bail if the prices continue to rise. It becomes hard to justify paying such premiums in your mind. However, if the mintages of the coins end up insanely low, the secondary market premium makes the Mint's premium pale by comparison!

 
At November 10, 2010 at 9:24 PM , Anonymous Anonymous said...

at new average price of gold (if happen):$1,400.00 to $1449.99 per ounce. then another increases:

AGE one ounce proof gold - $1,685.00
AGB one ounce proof gold - $1,710.00
first spouse 1/2 oz proof gold - $879.00, unc - $866.00
and so forth.

wow. never end.

 
At November 11, 2010 at 4:21 AM , Anonymous Anonymous said...

I just got an email from the Mint saying my 2010 ASE subscription that I have had for years (that told me was on "backorder" until later this month) is now "sold out" and a "customer rep would be happy to help select an alternative item".
Michaeal help! What's going on?

 
At November 11, 2010 at 6:25 AM , Anonymous VABEACHBUM said...

As of this morning, I have not received an email notice. However, I just finished looking at my Mint Account, and the system order they generated in a back-order status on Nov 5th has been CANCELLED; item no longer available.

This is eerily familiar to the start of First Spouse series in 2007. Demand outweighed supply, so the Mint cancelled the Spouse Subscription Program nearly 4 weeks before Martha Washington went on sale. The first day of sale was a free-for-all: 40,000 coins in 3 hours.

Like the poster above, I have been a loyal, long-time subscriber for a paultry 3 proof coins. I don't flip; my collection and gifts. It would have been nice to see the Mint recognize and reward the program loyalty with a straight-line distribution of the coins, e.g., at least one coin to EVERY SUBSCRIBER, or two, or three, until the production lot is gone.

So, the questions that I hope Michael will help answer: Has the program been cancelled outright? Is the Mint catering to Big Money and their volume subscriptions? Or will the scheduled on-sale date of Nov 19th become the next Black Friday that includes a WWE cage match on the Mint's pathetic e-commerce site?

Help us, Michael. Inquiring minds want to know!!

 
At November 11, 2010 at 6:25 AM , Anonymous Anonymous said...

Me too!
What's going on?
Not fair!
They confirmed the price and future ship date last week and now they are canceling?

The part in the email about me now asking Mint Customer Service for suggestions for an alternative item is outragious!

Maybe Michael has a way of checking up on this sensitive issue?

 
At November 11, 2010 at 6:31 AM , Anonymous Anonymous said...

The subscription program is for small folks like me that collect for my family ONLY and have never sold anything.

It's rediculous to cancel my subscription so the "professionals" can hoard them up and sell them to me on the aftermarket if I happen to be in a trial (I'm an attorney) or physically somewhere that I cannot personally order the product in the first few hours of the release.
(Sorry guys, I wouldn't even know how to do any legal action against the Mint).

I'm on the "please help us Michael" bandwagon also.

 
At November 11, 2010 at 7:28 AM , Anonymous vaughnster said...

I just got a pleasant email from the Mint saying the 2009 silver proof DC & Territories sets that I ordered and were on backorder was canceled. Thank you Mint!

 
At November 11, 2010 at 7:28 AM , Anonymous Anonymous said...

Question for Michael. Since late 11/8 or early 11/9, the 4-coin 2010 GAE sets have had an "available for shipping" date consistent with the 1 oz 2010 GAEs (which list as backordered but believed sold out). Just like the 1 oz coins the date moves forward a day each day. Are the 4-coin sets now on backorder and possibly sold out? I ordered two of them early on 11/8 and they shipped today but that was before they added the "available for shipping" comment to those and they never showed as backordered.

 
At November 11, 2010 at 7:44 AM , Anonymous Anonymous said...

I have a subscription for a Proof Silver Eagle, and without getting any emails I checked my order status on the website. It is cancelled.

Oh joy. I sure was hoping to struggle to order one on release day as thousands of other people overload the mint's servers and phone lines. Whoopie.

 
At November 11, 2010 at 7:52 AM , Anonymous Anonymous said...

I just received the following email from the mint, it claimsa that the American Silver Eagles have been SOLD OUT - I am in the subcscription program, so I am really surprised. I tried calling the mint but I was on hold for to long and hung up.

Does anyone know if the program was cancelled or did the mint really sell out already?


Greetings from the United States Mint. Thank you for ordering from the United States Mint. We regret to inform you that the item(s) listed below are currently sold out. A customer service representative will be happy to assist you in finding an alternative item.


Order # ######## - 1
Sold To M
Ship To M

Item: PS1 Qty: 3
2010 AE SILVER PRF 1 OZ

This is a system generated e-mail. Please do not reply. If you have questions, please visit the Help page at http://catalog.usmint.gov or call us at 1-800-USA-MINT.

 
At November 11, 2010 at 8:14 AM , Anonymous Anonymous said...

VERY BAD PR MOVE MR. MOY!!

DON'T TAKE OUR SUBSCRIBED proof ASEs AWAY!!

I'm on an airplaine next Friday, and I don't want to be the nervous flyer trying to order my ASEs from my smartphone!!!

 
At November 11, 2010 at 8:35 AM , Anonymous Anonymous said...

Thats all I can stand--I can;t stands NO MORE!!!!!Ditto to the sold out ase! If we don't get our subscriptions honored I'm through with the mint. Maybe the coin vault bought them all!!! Expect to see them graded on the next program days before they ARE EVEN RELEASED!!

 
At November 11, 2010 at 8:50 AM , Anonymous Anonymous said...

Rest easy, guys. There will be PLENTY of those things to go around on the 19th. Sure, the servers might be slow for a while, but you'll all get your coins in the end. I bet the Mint will strike at least a MILLION of those, if not more. They'll never be worth more than their silver melt value, anyway.

I'm not buying a single one, so that leaves more for you guys! :)

 
At November 11, 2010 at 9:26 AM , Anonymous Anonymous said...

lol to witness POP-POP Maroon getting utterly hysterical and desperate.

 
At November 11, 2010 at 9:53 AM , Anonymous Anonymous said...

WHAT?

Greetings from the United States Mint.Thank you for ordering from the United States Mint. We regret to inform you that the item(s) listed below are currently sold out. A customer service representative will be happy to assist you in finding an alternative item.

Item: PS1 Qty: 1 2010 AE SILVER PRF 1 OZ

 
At November 11, 2010 at 9:57 AM , Anonymous Anonymous said...

I believe the design of the subscription plan is for those that have already decided on purchasing products in advance to have the security that they need not worry about fulfillment(assuming the product is actually released). Only "standard" subscriptions are even offered.

The Mint should never cancel a subscription for a scheduled product release that forces people to have to be on the computer the day of release.

This should not be tolorated.

I'm hoping Michael will jump in with his comments and insight.

-JBL

 
At November 11, 2010 at 10:44 AM , Blogger Mint News Blog said...

People who have called the Mint 800-number have been getting a response that the orders were canceled in error and will be reinstated.

I am trying to get a statement directly from the Mint to confirm, and also make sure none of the details of the offering have changed.

 
At November 11, 2010 at 10:53 AM , Anonymous Anonymous said...

Thanks Michael!

You's the best!

 
At November 11, 2010 at 12:44 PM , Anonymous Anonymous said...

The mint took an order for 750,000 2010 Proof silver Eagles from China and accepted.

 
At November 11, 2010 at 1:12 PM , Anonymous Anonymous said...

Thank you Michael!

-JBL

 
At November 11, 2010 at 3:59 PM , Anonymous Anonymous said...

I vote for Michael to be the next Mint director!

 
At November 11, 2010 at 4:04 PM , Anonymous Anonymous said...

I did call the Mint and they confirmed that everyone who had a subscription received an email that the ASE"s are sold out. That email is in fact, an ERROR. Might even be able to print it off and E-Bay it... LOL.

 
At November 11, 2010 at 6:00 PM , Anonymous Anonymous said...

today i received an email from the us mint that stated all 2010 silver eagles closed out and sold
yesterday they said deliver date the 20th. how do you sell out of somthing before the sale date

 
At November 11, 2010 at 6:03 PM , Anonymous Anonymous said...

I have a "First Release" USMint ASE Email error printed on premium white paper with time and date stamp. Starting bid $249.00

 
At November 12, 2010 at 8:42 AM , Anonymous Anonymous said...

Yea, but I have a "First Day of Issue" USMint ASE Email error ... Starting bid $349.00 --- A $100 premium seems resonable for First Day of Issue.

 
At November 12, 2010 at 9:01 AM , Anonymous Anonymous said...

November 12, 2010 8:42 AM

Now that is funny, thanks for the laugh...

 
At November 12, 2010 at 10:19 AM , Anonymous Anonymous said...

Are you kidding me!!?? On a certain auction site 2010 ASE PROOF $100.00 or more.. It is true a fool and his/her money are soon parted :0

 
At November 12, 2010 at 10:21 AM , Anonymous Anonymous said...

And they are (Pre-Sales) at that.

 
At November 12, 2010 at 1:01 PM , Anonymous Anonymous said...

My notice came after 2 PM today.

Dear United States Mint Customer,

On Wednesday, November 10, 2010, The United States Mint sent email
notifications out to customers notifying them that some backordered and
subscription items were canceled. This was an error. We are diligently
working on a resolution to this issue.

We sincerely apologize for the confusion and inconvenience this may
have caused.

United States Mint
Customer Service Center

 

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