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
Labels: US Mint
posted by Mint News Blog @ 12:36 PM
22 Comments:
If I already ordered (today), but not shipped yet, will I get today's price? Thanks - Mez
Yes. Once the order is placed, that should be your price.
Got my unc subscription delivered today. Coins spotted and scratched. Very disappointed! They are going back (to be sold to someone else?).
Ordered six proof sets and four of them went back due to spots, nicks, cuts, etc. This poor quality in annual sets started with 2010 silver proofs for me. Doesn't sound like mint sets will be better. Michael, how does one complain to the mint about the poor quality? Considering not purchasing any more in the future -not worth the aggravation.
Why the heck can't they make the commemorative half dollars out of silver, I mean really, $17 or so for a 'Clad'? Who really wants a 'Clad'?
Are you just trying to torture us with a picture of the 2010 Buchanan Proof? I would gladly pay the higher price for that coin!
Sorry about that! I actually meant to use the picture of the Unc, but somehow ended up using the Proof.
Yeah, it seems it didn't take very long for the price of the Buchanan Proof to jump! I'm glad I went ahead and bought two of them on the first day for $779 each.
I had long since abandoned my extra set of proofs that I was building after the 2008's, but since I had extras of the other three Liberty designs I wanted to have the option to sell them AS a Liberty subset. So, I bought an extra Buchanan. :)
Gold is down slightly this morning, maybe the lack of "confirming direction" will spare us the price hike? Prices have not changed yet...
Only a price below $1350 could have stopped it. Products now appear to be down for repricing.
Uh oh, I jinxed us. "product is temporarily unavailable for product repricing" has been posted on the pricing page of First Spouse Gold Coin pages.
Michael, I never hear you comment or respond to others regarding the mint's quality of their products. Do you have any views regarding some of the less than quality mint product lines such as their current proof sets? Don't misunderstand, many of their products have been fine. How about whether the mint takes returned products and sends them to someone else?
Personally, I've found the quality of their precious metals numismatic products to be generally good. Only on a few occasions have I seen a glaring problem and returned the coin for a replacement.
The quality of other products such as Proof Sets hasn't been as good. I haven't liked this product as much since they switched to the laser frosting finish. Maybe that is part of it.
In the latest annual report, the US Mint states that they send returned products to the facility where they originated "for quality analysis and corrective action."
When was the switch to the laser frosting finish?
Speaking of price increases, I see that the 2011 Presidential Proof Set went up 25% this year over last. The price for 2010 was $15.95/set, the 2011 sets are now $19.95 for these mediocre set. Is the 25% price increase to cover the new and improved look of the 2011 sets or just to off-set the National debt?
"When was the switch to the laser frosting finish?"
I think with the 2009 sets.
Didn't the 2008 Buffalo gold proof coins have the laser frosted surface? It might have been 2008 when that first showed up on the annual sets too. I could be wrong, though.
Whatever the case, I don't like it. The old way was better.
I believe the Laser frosting technique began on some coins in 2004 and became the norm in 2006.
If you compare a 1995 silver proof set to the 2011 silver proof set, the difference is night 'n day! The newer laser technique looks graining (terrible) compared to the earlier sand blast technique (imho).
Although some First Spouse coins sell at a premium, prices are generally depressed. I believe it will stay that way for some time, perhaps until the series ends.
The reason is that most FS collectors (such as myself) are forced to sell off portions of our collections to fund the rest. Rising gold prices and a lousy economy restricts most folks ability to keep up. This creates a glut of coins on the market.
Once the series ends and the surviving coins find permanent homes, I think we'll see prices explode!!
Value = Collector Base / Mintage
I predict the Collector Base will grow once the series ends and the mintages are at historic lows.
Some folks suggest that this series will go the same way as the gold "Art Medals" of the 1980's. I don't think they will because these are actual "coins" and are minted in much smaller quantities.
Ok, I'll bite. Could someone explain the Art Medals of the 1980s reference?
Here's some info on those:
http://en.wikipedia.org/wiki/American_Arts_Commemorative_Series_medallions
Some had lower mintages, but they now trade like bullion, usually at a discount to modern bullion coins.
Brown Ikes too. Now worth $10.28, but people still selling for sub-$10 in some places....
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