Silver Proof Set Sales Resume, Prices Unchanged

Following the 30% decline in the price of silver experienced over the past few days, the United States Mint has resumed sales of the previously suspended 2010 & 2011 Silver Proof Sets and ATB Quarter Silver Proof Sets. The prices are the same as those in place before the suspension.

The rapid rise and decline in the price of silver has made these products troublesome for the US Mint. The sets have been interrupted by sales suspensions and price increases, as the market value of 90% silver coins has fluctuated with the market price of silver.

The full annual Silver Proof Sets each contain 1.33823 troy ounces of silver plus $5.06 in face value of non-silver coins. The ATB Quarter Silver Proof Sets each contain 0.90420 troy ounces of silver.

The US Mint does not have an easy mechanism to adjust prices for these products. In order to raise or lower prices, the information must be published in the Federal Register to become effective. This process seems to take at least several weeks.

A separate policy exists to cover most numismatic gold and platinum coins. Prices are adjusted as frequently as weekly based on the average prices of the metals. This avoids lengthy suspensions and keeps the prices in line with the market value of the precious metals content. This policy was adopted in early 2009, after the turbulent markets in the previous year caused lengthy suspensions and numerous repricings, similar to what is now happening with the silver products.

Included below is a summary of the pricing and sales actions for the four currently available Silver Proof Sets, along with the price of silver as a reference point.

2010 Silver Proof Set
March 5, 2010: Price of $56.95 published in Federal Register. Silver is $17.25 per ounce.
August 24, 2010: Sales begin. Silver is $17.88 per ounce.
March 18, 2011: Price increased to $64.95. Silver is $35.15 per ounce.
April 8, 2011: Sales suspended. Silver is $40.22 per ounce.
May 5, 2011: Sales resume. Price remains at $64.95. Silver is around $35 per ounce.

2010 America the Beautiful Quarters Silver Proof Set
March 5, 2010: Price of $32.95 published in Federal Register. Silver is $17.25 per ounce.
May 27, 2010: Sales begin. Silver is $18.36 per ounce.
February 27, 2011: Sales suspended. Silver is $32.54 per ounce.
March 18, 2011: Sales resume. Price increased to $39.95. Silver is $35.15 per ounce.
April 8, 2011: Sales suspended. Silver is $40.22 per ounce.
May 5, 2011: Sales resume. Price remains at $39.95. Silver is around $35 per ounce.

2011 Silver Proof Set
January 4, 2011: Price of $67.95 published in Federal Register. Silver is $30.67 per ounce.
January 25, 2011: Sales begin. Silver is $26.70 per ounce.
April 19, 2011: Sales suspended. Silver is $43.22 per ounce.
May 5, 2011: Sales resume. Price remains at $67.95. Silver is around $35 per ounce.

2011 America the Beautiful Quarters Silver Proof Set
January 4, 2011: Price of $39.95 published in Federal Register. Silver is $30.67 per ounce.
March 18, 2011: Price of $41.95 published in Federal Register. Silver is $35.15 per ounce.
April 1, 2011: Sales begin. Silver is $37.63 per ounce.
April 19, 2011: Sales suspended. Silver is $43.22 per once.
May 5, 2011: Sales resume. Price remains at $41.95. Silver is around $35 per ounce.

Silver Melt Values for Proof Sets and Mint Sets

In the past week, the price of silver rose by more than 8% to close at $46.86 per ounce. The continued rapid rise in silver has had the obvious consequence of increasing the melt values for silver coins. The values of US Mint Proof and Uncirculated Coin Sets have also seen a dramatic rise.

For tracking the silver values of individual coins, I recommend Coinflation.com. With this post, I wanted to provide information on the silver values for modern era proof sets and mint sets. These sets may contain multiple silver coins in addition to base metal coins, so the values can take a bit of calculation.

The table below shows various categories of proof sets and mint sets issued by the US Mint, as well as the 40% silver Eisenhower Dollars issued in the 1970's. The silver content of the set in troy ounces is shown, followed by the silver value calculated based on $46.86 per ounce, other face value of non silver coins, and a total.

Silver Content and Values for Proof Sets and Mint Sets

	Silver oz.	Silver value	Other FV	Total
1950-1964 Proof Sets	0.61487	$ 28.70	$ 0.06	$ 28.76
1959-1964 Mint Sets	1.22974	$ 57.40	$ 0.12	$ 57.52
1965-1967 Special Mint Sets	0.1479	$ 6.90	$ 0.41	$ 7.31
1968-1970 Proof Sets	0.1479	$ 6.90	$ 0.41	$ 7.31
1968-1970 Mint Sets	0.1479	$ 6.90	$ 0.83	$ 7.73
1971-1974 Blue Ikes	0.3161	$ 14.76	0	$ 14.76
1971-1974 Brown Ikes	0.3161	$ 14.76	0	$ 14.76
1976 3 pc Silver Proof Set	0.5379	$ 25.11	0	$ 25.11
1976 3 pc Silver Mint Set	0.5379	$ 25.11	0	$ 25.11
1992-1998 Silver Proof Sets	0.61487	$ 28.70	$ 0.06	$ 28.76
1999 Silver Proof Set	1.33823	$ 62.47	$ 0.06	$ 62.53
2000-2003, 2006 Silver Proof Sets	1.33823	$ 62.47	$ 1.06	$ 63.53
2004-2005 Silver Proof Sets	1.33823	$ 62.47	$ 1.11	$ 63.58
2007-2008 Silver Proof Sets	1.33823	$ 62.47	$ 5.06	$ 67.53
2009 Silver Proof Set	1.51907	$ 70.91	$ 5.09	$ 76.00
2010-2011 Silver Proof Sets	1.33823	$ 62.47	$ 5.06	$ 67.53
2004-2008 Silver Quarters Proof Sets	0.9042	$ 42.21	0	$ 42.21
2009 Quarters Silver Proof Set	1.08504	$ 50.65	0	$ 50.65
2010-2011 Silver Quarters Proof Sets	0.9042	$ 42.21	0	$ 42.21

For anyone unfamiliar with some of these products or the silver content, the sets from 1964 and earlier contain 90% silver dimes, quarters, and half dollars. The proof sets contain one of each denomination, while the mint sets contain two (one from Philadelphia and one from Denver). The silver content of each coin is 0.07234 ounces (dime), 0.18084 (quarter), and .36169 (half dollar).

From 1965 to 1970, the half dollar was struck in a composition of 40% silver with silver content of 0.1479 ounces. The special mint sets, proof sets, and mint sets of this era each contained one half dollar, with the remaining coins in base metal compositions.

From 1971 to 1974, the US Mint struck Eisenhower Dollars in a composition of 40% silver for direct sale to collectors. These coins have silver content of 0.3161 ounces.

In 1976, proof and uncirculated 3 piece sets were produced which contained the Bicentennial design quarter, half dollar, and dollar coins struck in 40% silver. The silver content for each coin was 0.0739 ounces (quarter), 0.1479 (half dollar), and 0.3161 (dollar).

Starting in 1992, the US Mint produced Silver Proof Sets with the dime, quarter, and half dollar struck in 90% silver. The silver content matches the pre-1965 coins. For the 1999-2008 50 State Quarters Program, each set included 5 quarters, and for the 2009 DC & US Territories Program each set included 6 quarters. Separate sets including just the 90% silver quarters have been available from 2004 to present.

Currently, the US Mint has suspended sales of the 2010 and 2011 Silver Proof Set and Silver Quarters Proof Sets. Sales were halted when the silver melt values for each set began to approach the issue prices.

2010 Silver Proof Set Sales Suspended

As the price of silver broke above the $40 per ounce level, the US Mint has suspended sales of the 2010 Silver Proof Set and 2010 America the Beautiful Quarters Silver Proof Set.

Both of the products are listed on the website as "temporarily unavailable", which suggests a pending price adjustment. Since these products are not covered by the US Mint's more flexible policy covering most numismatic gold and platinum coins, new prices must be published in the Federal Register in order to become effective. This is a more lengthy process that can take several weeks.

Each of the products had a price adjustment on March 18, when the price of silver was $35.15 per ounce. The previous adjustment increased the price of the full set from $56.95 to $64.95, and the quarter set from $32.95 to $39.95.

The 2010 Silver Proof Set contains silver content of 1.33823 troy ounces, which now yields a melt value of $54.41. The sets also include base metal coins with a face value of $5.06 for a realizable value of $59.47.

The 2010 Quarters Silver Proof Set has silver content of 0.90420 ounces, yielding a melt value of $36.76.

(Prices based on $40.66 silver).

The 2011 versions of the sets, which have the same silver content, remain available for sale at $67.95 and $41.95. These levels are $2 and $3 higher than the prices that were in place for the 2010 versions.

Meanwhile, the price of gold is currently trading at $1,474.00 per ounce. London Fix gold prices have been above the $1,450 level since Wednesday. If this level is maintained through next week Wednesday PM, then a pricing adjustment would take place for the remaining available First Spouse Gold Coins and the 2010 Proof Gold Buffalo.

2011 Presidential Dollar Proof Set

The United States Mint will begin sales of the 2011 Presidential $1 Coin Proof Set on Tuesday, February 22, 2011 at 12:00 Noon ET.
Each set includes proof versions of the 2011 Presidential Dollars featuring Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James Garfield. All of these coins were previously released in January within the full 2011 Proof Set, as well as the 2011 Silver Proof Set.

The coins are housed in a single plastic lens within an outer cardboard box featuring the US Mint's new branding. The four coin sets are priced at $19.95 each, which represents a $4 increase from the cost of last year's set.

In previous years, the Presidential Dollar Proof Sets have been released many months prior to the full annual proof sets. This was likely done purposely to provide an incentive to buy the separate component sets-- coins could be acquired much earlier in the year. Without this incentive and with the difficult to justify $4 price increase, it seems likely that sales of the 2011 Presidential Dollar Proof Set will be way down from last year.

The 2010 Presidential Dollar Proof Set had sold 224,426 units within the first three days of availability. The most recent figures indicate that sales have reached 519,553. Will this year's set manage to reach even half these levels?

2011 US Mint Uncirculated Coin Set

The United States Mint will begin sales of the 2011 Uncirculated Coin Set tomorrow, February 8, 2011 at 12:00 Noon ET. This is the third of the Mint's core annual sets that are being released earlier in the year in response to customer demand.
Each 2011 Mint Set includes a total of 28 different coins. There are 14 coins each from the Philadelphia and Denver Mints, placed in separate folders designed with the US Mint's new branding.

The following are included in each set:

2011 P&D Lincoln Cents
2011 P&D Jefferson Nickels
2011 P&D Roosevelt Dimes
2011 P&D America the Beautiful Quarters - featuring Gettysburg National Military Park in Pennsylvania, Glacier National Park in Montana, Olympic National Park in Washington, Vicksburg National Military Park in Mississippi, and Chickasaw National Recreation Area in Oklahoma.
2011 P&D Kennedy Half Dollars
2011 P&D Native American Dollars
2011 P&D Presidential Dollars - featuring Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James Garfield.

The coins included in the set will feature a "brilliant finish," which represents a change from recent years. From 2005 to 2010, the US Mint had utilized a "satin finish" for the annual Mint Sets and certain other products.

According to a Mint press release, the reason for the change was to create more "aesthetically pleasing" coins. With the satin finish, contact marks resulting from coin-on-coin contact were more apparent. In separate statements, the US Mint also indicated that the change was in response to customer feedback and would serve to extend die life.

The US mint does seem to be trying to emphasize the difference between uncirculated coins included in the set versus circulating coins, stating, "United States Mint uncirculated coins are struck on special presses using greater force than circulating coins, producing a sharp, intricately detailed image, and feature a brilliant finish."

When the brilliant finish was previously in use, collectors did not differentiate the coins in the same way that they have differentiated the satin finish coins. Since 2005, when updating collections with new releases, some collectors would seek out examples of both business strikes issued for circulation in addition to the satin finish versions included in Mint Sets. The major grading services also separately classified "satin finish" coins from regular circulation strikes.

The price of the 2011 US Mint Uncirculated Coin Set will be $31.95 plus shipping and handling. This is the same as the price charged for last year's set, which included the same number of coins. However, the 2008 Mint Set, which also included 28 coins in the same arrangement of denominations, was priced at $22.95.

So far, the pace of sales for the 2011 annual sets already released by the US Mint have shown a decline from comparable prior year figures. The 2011 Proof Set had initial sales about 15% below the 2010-dated set. The 2011 Silver Proof Set initial sales were 13.4% below the debut figures of last year's set.

Coin Update News: 2010 America the Beautiful Quarters Mintages

2011 Silver Proof Set

Today, January 25, 2011 at 12:00 Noon ET, the United States Mint will release the 2011 Silver Proof Set. This annual set includes a total of fourteen coins, with seven of them struck in a composition of 90% silver.

Each 2011 Silver Proof Set includes:

(1) 2011-S Lincoln Cent

(1) 2011-S Jefferson Nickel

(1) 2011-S Roosevelt Dime - 90% Silver.

(5) 2011-S America the Beautiful Quarters - 90% Silver. Featuring Gettysburg National Military Park, Glacier National Park, Olympic National Park, Vicksburg National Military Park, and Chickasaw National Recreation Area.

(1) 2011-S Kennedy Half Dollar - 90% Silver.

(1) Native American Dollar

(4) 2011-S Presidential Dollars - Featuring Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James Garfield.

The US Mint has priced the 2011 Silver Proof Set at $67.95 plus applicable shipping and handling. There are no household ordering limits or a stated maximum production.

This will represent the third consecutive year that the price of this product has been increased. Previous prices have been $44.95 (2008), $52.95 (2009), $56.95 (2010). The increased pricing has followed the upward trajectory of silver, which has doubled since the release of the 2008 Silver Proof Set.

The value of the silver content within each 2010 or 2011 Silver Proof Set is $35.05 based on data from Coinflation.com.

Two weeks ago, the US Mint released the standard 2011 Proof Set, containing coins struck in the same compositions used for circulation. Sales have been weak compared to last year. As of January 23, 2011, the US Mint recorded sales of 279,023 of the 2011 Proof Sets, which is about 20% below the sales level of the 2010 Proof Set within a comparable period.

Coin Update News: US Mint Sales Report

2011 US Mint Proof Set

Today, January 11, 2011, the United States Mint released the 2011 Proof Set. The popular annual set is released more than six months earlier than last year's set. Currently, both the 2010 and 2011 dated sets are available for sale at the US Mint.

Each 2011 Proof Set contains a total of 14 different coins, struck at the San Francisco Mint and carrying the "S" mint mark. The coins included in the set are as follows:

(1) 2011-S Proof Lincoln Cent
(1) 2011-S Proof Jefferson Nickel
(1) 2011-S Proof Roosevelt Dime
(5) 2011-S Proof America the Beautiful Quarters
(1) 2011-S Proof Kennedy Half Dollar
(1) 2011-S Proof Native American Dollar
(4) 2011-S Proof Presidential Dollars

This year, the America the Beautiful Quarters feature Gettysburg National Military Park, Glacier National Park, Olympic National Park, Vicksburg National Military Park, and Chickasaw National Recreation Area. The Presidential Dollars feature Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James Garfield.

The 2011 Proof Set is priced at $31.95. This is the same price as the prior year set.

In previous years, the US Mint had released separate Presidential Dollar and State/Territorial/ATB Quarter Proof Sets, prior to the release of the full annual set. It always seemed that this was done to provide some incentive for purchasing the component sets. Collectors could get the new quarters and dollars a few months earlier than if they waited for the full proof set to be released.

In terms of total cost, it never made sense to purchase the separate sets. Under this year's pricing, it will make even less sense. It will cost $19.95 to purchase the 2011 Presidential Dollar Proof Set and $14.95 to purchase 2011 America the Beautiful Quarters Proof Set for a total of $34.90. This is $2.95 more than the price of the full annual set, which also includes the cent, nickel, dime, half dollar, and Native American Dollar.

Releasing the full 2011 Proof Set, before the separate dollar and quarter sets is definitely beneficial step for collectors. A likely result will be higher sales for the full annual set compared compared to last year, and significantly lower sales for the separate dollar and quarter sets.

Coin Update News: US Mint Numismatic Sales Report

2011 Annual Sets Release Dates

The release dates are now available for the United States Mint's 2011 Proof Set, 2011 Mint Set, and 2011 Silver Proof Set. The Mint had previously announced that these products would be available earlier in the year due to collector feedback.
The 2011 Proof Set containing 14 different proof coins struck at the San Francisco Mint will be released on January 11, 2011. The 2011 Silver Proof Set, containing 90% silver versions of the proof dime, quarters, and half dollar, along with the remaining coins in standard compositions will be released on January 25, 2011. The 2011 Mint Set, containing 28 coins struck at the Philadelphia and Denver Mints will be released on February 8, 2011. The coins in this set will feature a brilliant finish rather than the satin finish.

Based on the above image included with an email from the US Mint, each of the annual sets will feature packaging designed with the US Mint's new branding.

An interesting thing to consider is that it seems the full annual sets will be released prior to the component sets. For example, typically the US Mint releases separate Presidential Dollar Proof Sets and Quarter Proof Sets prior to the release of the full sets. One of the incentives of buying the component sets was to get the coins earlier, since the full annual sets were released months later. This year, there will be less incentive to purchase the component sets, likely resulting in a drop in unit sales.

At this time, pricing details for the 2011 annual sets has not yet been provided. Last year, prices for the most popular sets were increased, despite the fact that the number of coins per set declined from the prior year. Hopefully, prices for the Proof Set and Mint Set will not be increased again, although an adjustment for the Silver Proof Set could be justified based on the higher price of silver.

Previous inquiries to the US Mint have indicated that the 2010 Proof Set, 2010 Mint Set, and 2010 Silver Proof Set will remain on sale even after sales of the 2011-dated sets begin. In recent years, the US Mint has often timed the end of sales for annual products with the start of sales for the new version. I was told that the 2010-dated sets would remain on sale until December 31, 2011.

Coin Update News: 2011 Proof Platinum Eagle Design Candidates

2009 DC & US Territories Silver Proof Set Sold Out

Yesterday, the 2009 District of Columbia & U.S. Territories Quarters Silver Proof Set sold out at the United States Mint. This product originally went on sale March 23, 2009, meaning it has been available for more than 19 months.

The six coin set had been the focus of some recent attention due to its rising intrinsic value. Each 90% silver quarter within the set contains 0.18084 ounces of silver, yielding a total silver content of 1.08504 ounces per set. When silver was trading at its recent high of $24.49 per ounce, the silver value of the coins included in each set had reached $26.57. This was approaching the US Mint issue price of $29.95.

The 2009 silver quarter sets were also priced $3 below the 2010 America the Beautiful Quarters Silver Proof Set. In addition to the lower price, the 2009 set also contained six coins compared to five for the current year set, adding to the bargain factor.

Despite the long period of availability, the last reported sales for the 2009 DC & US Territories Silver Proof Set come in at 298,562. This actually represents the lowest sales for one of the US Mint's separate 90% silver quarters sets.

Since the introduction of the separate 90% silver quarter sets in 2004, sales have ranged from a high of 672,662 (2007) to a low of 429,021 (2008).

The six 90% silver DC & US Territories Quarters were also available within the full 2009 Silver Proof Set. Sales had reached 694,406 when product offering concluded on June 15, 2010.

Coin Update News: Latest US Mint Sales Report

2011 Annual Products Will Be Available in January 2011

The US Mint has just announced that next year's core annual products will be available for sale in January 2011. These products will include the 2011 Uncirculated Mint Set, 2011 Proof Set, and 2011 Silver Proof Set.

Typically, the US Mint's full annual coin sets have gone on sale much later in the year. For the current year, the 2010 Mint Set went on sale July 15, the 2010 Proof Set on July 22, and the 2010 Silver Proof Set on August 26.

A quote included in the release states that the products will be available for sale earlier in the year in response to customer demand. Specifically, the desire to have the current year products available for collections and gift-giving occasions throughout the year is mentioned.

The press release does not indicate whether sales of the 2010 dated sets will end once sales of the corresponding 2011 dated sets begins. On past occasions and for some other products, sales of the prior year versions have ended as sales of the current year versions have begun. However, there have been plenty of exceptions to the general pattern.

Most recently, sales of the 2009 Mint Set, 2009 Proof Set, and 2009 Silver Proof Set were all concluded together on June 15, 2010, well before the current year versions went on sale. The reason was that the sets contained Lincoln Cents struck in a composition of 95% copper that were only authorized to be sold for a specified period. Meanwhile, sales for the 2009 DC & US Territories Proof Set and Silver Proof Set have continued to the present day.

If sales of 2010 annual sets are concluded in January to coincide with the offering of the new 2011 sets, this could set up extremely low mintages for the 2010 sets. However, I think it is more likely that sales of the 2010 annual sets will continue into the following year alongside the 2011 sets. I will see if I can get some confirmation of how this will be handled.

Coin Update News: Silver Eagle Rationing Ends

US Mint 2010 Silver Proof Set

On August 26, 2010 at 12:00 Noon ET, the 2010 Silver Proof Set will go on sale at the United States Mint. This set contains 14 different proof coins, with 7 struck in a composition of 90% silver.

Each 2010 Silver Proof Set includes the following coins:

(1) 2010-S Proof Lincoln Cent - the first year of the new Union Shield design.

(1) 2010-S Proof Jefferson Nickel

(1) 2010-S Proof Roosevelt Dime - struck in 90% silver.

(5) 2010-S America the Beautiful Quarters - struck in 90% silver and featuring Hot Springs National Park, Yellowstone National Park, Yosemite National Park, Grand Canyon National Park, and Mount Hood National Forest.

(1) 2010-S Proof Kennedy Half Dollar - struck in 90% silver.

(1) 2010-S Native American Dollar - featuring the Hiawatha Belt design.

(4) 2010-S Proof Presidential Dollars - featuring Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln

It's worth noting that all of these coins have previously been released by the United States Mint in other proof sets except for the 90% silver Kennedy Half Dollar and Roosevelt Dime.

The 14 coins of the 2010 Silver Proof Set are packaged in three separate plastic lenses and placed within an outer cardboard box with certificate of authenticity. The sets are priced at $56.95 with no stated maximum production and no household ordering limits.

The price of the set represents an increase of $4 compared to the cost of the 2009 Silver Proof Set. Last year's set contained 18 different coins with 8 coins struck in 90% silver. The price increase follows suit with the previously released 2010 annual sets, although in this case the pricing is more easily justified by the higher price of silver.

When last year's set went on sale on July 17, 2009, silver was $13.16 per ounce yielding a silver value per set of $19.99. Using silver's current price of $18.40 per ounce, the silver value per 2010 Silver Proof Set is $24.63. For the calculations, I used Coinflation's Silver Coin Melt Value Calculator.

Sales trends for the currently available 2010 annual sets suggest lower final sales will be achieved for each set compared to the 2009 versions. Likely, the 2010 Silver Proof Set will follow suit. The last reported sales figure for the 2009 Silver Proof Set was 694,406.

Coin Update News: Latest US Mint Sales Report

2010 United States Mint Proof Set

The United States Mint will begin sales of the 2010 Proof Set later this week on July 22, 2010 at 12:00 Noon ET. This closely follows the release of the 2010 Mint Set, which was first offered for sale one week earlier.

The 2010 Proof Set will contain a total of 14 different proof coins, struck at the San Francisco Mint. The following coins are included in each set:

2010-S Proof Lincoln Cent

2010-S Proof Jefferson Nickel

2010-S Proof Roosevelt Dime

5 - 2010-S Proof America the Beautiful Quarters featuring Hot Springs National Park, Yellowstone National Park, Yosemite National Park, Grand Canyon National Park, and Mount Hood National Forest.

2010-S Proof Kennedy Half Dollar

4 - 2010-S Proof Presidential Dollars featuring Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln.

2010-S Proof Native American Dollar

The number of coins in the set is down from the 18 coins included in last year's set. As a result the coins are packaged in three plastic lenses (down from four). Separate lenses contain the Presidential Dollars and America the Beautiful Quarters. The cent, nickel, dime, half dollar, and Native American Dollar are contained in a final lens. The outer cardboard box carries a new design featuring an image of the San Francisco Mint.

The price of the 2010 Proof Set is $31.95. This reflects a price increase of $2 compared to last year's set, despite the lower number of coins included. The 2008 Proof Set, which is the most recent set to contain the same arrangement of denominations, was priced at $26.95.

The release of last year's 2009 Proof Set was met with a high level of enthusiasm due to the inclusion of the four different 2009 Lincoln Cents struck in a special composition of 95% copper. This year's set does include the inaugural year for the America the Beautiful Quarters Program and the 2010 Lincoln Presidential Dollar. However, the excitement surrounding these specific coins is somewhat diffused by the fact that they have already been released in the component 2010 Presidential Dollar Proof Set and 2010 America the Beautiful Quarters Proof Set.

It seems likely that sales of the 2010 Proof Set will fall short of the total sales attained for the 2009 Proof Set. The general trend for this year's US Mint product sales has been down, as some collectors have been dismayed by the price increases, coin designs, and the general product line up.

The debut sales figures for the recently released 2010 Mint Set came in at 200,764. This sets a slower pace than the prior year 2009 Mint Set. The full sales report is available on Coin Update News.

United States Mint 2010 Uncirculated Coin Set

The United States Mint will begin sales of the 2010 Uncirculated Coin Set later this week on July 15, 2010 at 12:00 Noon ET. This set represents one of the US Mint's core annual offerings.

Each set includes a total of 28 coins, struck at the Philadelphia and Denver Mints with a special satin finish. The following coins are included in each set:

2010 P&D Lincoln Cents - This is the first year of the new Union Shield reverse design, which is expected to remain in use for the foreseeable future.

2010 P&D Jefferson Nickels

2010 P&D Roosevelt Dimes

2010 P&D America the Beautiful Quarters - The first year of the new 12 year program. This year's coins feature Hot Springs National Park, Yellowstone National Park, Yosemite National Park, Grand Canyon National Park, and Mount Hood National Forest.

2010 P&D Kennedy Half Dollars

2010 P&D Presidential Dollars - Presenting the 13th to 16th Presidents of the United States, Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln. These coins were previously released in the separate 2010 Presidential Dollar Uncirculated Coin Set.

2010 P&D Native American Dollars - This year's design presents the theme "Government - The Great Tree of Peace" with a depiction of the Hiawatha Belt.

Based on the images included on the US Mint's product page, the 2010 Mint Set will be packaged in folders bearing the same city skyline designs that have been used since 2008. From 1984 to 2007, uniquely designed envelopes or folders had been used for each year of issue.

The 2010 Mint Set is priced at $31.95, which represents an increase of $4 compared to the price of last year's set. This price increase comes despite a reduction in the number of coins included in the set. The 2009 Mint Set included a total of 36 different coins, with the size of the set expanded by the additional quarter design and four different 2009 Lincoln Cent designs. Additionally the cents were struck in a special composition of 95% copper.

The contents of this year's Mint Set are actually comparable to the 2008 Mint Set, which included 28 coins and was priced at $22.95.

On a positive note, the 2010 Mint Set comes several months earlier than last year's offering. Due to unique tarnish issues for the cents, the release of the 2009 Mint Set had been delayed until October 1, 2009.

Today on Coin Update News: Interview with Mint of Poland

Sales Ending for 2009 Annual Sets and 2009 Lincoln Cents

On June 15, 2010, the United States Mint will end sales of the 2009 Proof Set, 2009 Silver Proof Set, 2009 Uncirculated Mint Set, and the 2009 Lincoln Cent Two Roll Sets for the "Professional Life" and "Presidency" designs. The impending close of sales has been known since mid-May, when a "Last Opportunity" section was added to the US Mint's website.

The 2009 Proof Sets and Mint Set each contain the four different 2009 Lincoln Cents struck in a special composition of 95% copper, rather than the standard predominantly zinc composition. In the future, this may help the sets hold distinction and elevated demand.

As it stands, the last reported sales figures for the 2009 annual sets are above the levels of last year's sets with the exception of the Silver Proof Set. The tables below show the sales start date, sales end date, and total sales for each set for 2009 and 2008.

Product	Sales Start	Sales End	Sales To Date
2009 Proof Set	June 1, 2009	June 15, 2010	1,475,264
2009 Silver Proof Set	July 17, 2009	June 15, 2010	690,822
2009 Mint Set	Oct 1, 2009	June 15, 2010	771,204
Product	Sales Start	Sales End	Total Sales
2008 Proof Set	June 24, 2008	Dec 14, 2008	1,405,674
2008 Silver Proof Set	Aug 26, 2008	July 17, 2009	774,874
2008 Mint Set	July 30, 2008	Feb 25, 2009	745,464

The 2008 Proof Set had sold out unexpectedly before the close of the year and ended up with the lowest total sales for a standard proof set since 1959. The sets began selling at a premium immediately after the early sell out. The 2009 Proof Set looks like it will have marginally higher total sales, but this will still be a low number on a historical basis. As mentioned, the higher mintage may be offset by the greater residual demand created by the included 2009 Lincoln Cents and the countless number of sets broken up to obtain the cents.

The 2009 Silver Proof Set is on track to have the lowest total sales for a silver proof set since 1998. After peaking at 1,175,934 with the 2004 Silver Proof Set, total sales have decreased steadily each year since then.

The 2008 Mint Set has enjoyed a large rise in price since it sold out. The sets seem to sell for $45 to $50, which is almost double the original issue price at the higher end of the range. Last year, before the 2008 Mint Set sold out, I mentioned it frequently as a potential winner. This year, I also like the prospects of the 2009 Mint Set. It was available for a shorter period of time compared to the other sets and will have relatively low final sales. Once again, the inclusion of special composition Lincoln Cents should add a permanent incremental source of demand. Of all the products going off-sale on June 15, I like the 2009 Mint Set the best.

Last but not least, sales of the 2009 Lincoln Cent Two Roll Sets will end on Tuesday. When initially announced, many collectors didn't like the fact that sets containing $1.00 face value worth of circulating coins were priced at $8.95 each. After the first set sold out in a few weeks and began selling at a big premium on the secondary market, more collectors started ordering the sets.

The final two designs will fall between the first two designs in terms of total number of sets sold. The final sales or last reported sales are shown below.

	Sales To Date
Birthplace	96,000
Formative Years	300,000
Professional Life	291,534
Presidency	259,941

The final set for the "Presidency" design has better prospects than the "Professional Life" design because of the lower total sales and also the low mintages of the coins included. The 2009 P & D Presidency Lincoln Cents had a final mintages of 129,600,000 and 198,000,000, respectively. These represent the lowest mintages for circulation strike cents since 1955.

2010 Presidential Dollar Proof Set

The US Mint will begin sales of the 2010 Presidential Dollar Proof Set on February 11, 2010 at 12:00 Noon ET. This set will contain proof versions of the Presidential Dollars featuring Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln.

The four coin sets will be priced at $15.95 each. This represents a $1 increase from the price charged for the 2009 set. The product page can be found here, although ordering options won't be available until the start of sales.

The release date of the 2010 Presidential Dollar Proof Set comes one week before the launch ceremony and circulation release of first coin featuring Millard Fillmore.

If you plan on purchasing all of the 2010 proof coins issued by the US Mint, it has invariably been a much better bargain to wait for the release of the full annual set. The cost of acquiring the separate Presidential Dollar Proof Set and Quarters Proof Set is usually around the same price as purchasing the full 2010 Proof Set, which will contain 14 proof coins.

On the other hand, the separate sets do provide the opportunity to obtain the some of the coins earlier, as the 2010 Proof Set won't be available until July/August. Additionally, in some cases the separately packaged sets have gained secondary market premiums unrelated to the coins. This has occurred for some of the prior year Presidential Dollar Uncirculated Coin Sets, but not to any significant extent for any of the Presidential Dollar Proof Sets, which are sold in higher numbers.

When sales of this year's Presidential Dollar Proof Set begin, it is likely that the US Mint will end sales of the 2009 set. The set is currently available on the US Mint's website priced at $14.95. As of the last weekly sales report, the US Mint recorded sales of 622,391 units.

Today on Coin Update News: Collecting First Day Coin Covers

2009 Proof & Mint Sets

Before the end of the year, I wanted to take a post to review the status of the US Mint's core annual proof and mint set offerings. By core annual sets, I am referring to the 2009 Proof Set, 2009 Silver Proof Set, and 2009 Uncirculated Mint Set.

In past years, sometimes one of the US Mint's annual sets has sold out before the end of the year, catching collectors by surprise. Last year, the US Mint sold out of the 2008 Proof Set in mid-December. The unexpected nature of the sell out and a relatively low mintage combined to drive secondary market prices higher. This 2008 Proof Set still sells for more than double the original issue price.

The most recent sales for this year's core mint and proof set offerings are shown below, along with the date that sales began for each product. (You can view the full weekly sales report posted today on Coin Update News.)

Product	Sales Start	Sales to Date
2009 Proof Set	June 1, 2009	1,392,782
2009 Silver Proof Set	July 17, 2009	628,289
2009 Mint Set	October 1, 2009	657,322

For comparison here are the sales start dates, end dates, and final sales figures for the 2008 offerings.

Product	Sales Start	Sales End	Total Sales
2008 Proof Set	June 24, 2008	Dec 14, 2008	1,405,674
2008 Silver Proof Set	Aug 26, 2008	July 17, 2009	774,874
2008 Mint Set	July 30, 2008	Feb 25, 2009	745,464

Interestingly, the sales figures for the 2009 sets are still below the levels reached last year. Personally, I was expecting the 2009 annual sets to have higher mintages due to the inclusion of the 95% copper Lincoln Cents. The introduction of separate Lincoln products may have dampened the effect. If an early sell out occurs for any of the 2009 sets, there would be a strong case for higher prices. Personally, I prefer the regular clad version 2009 Proof Set and 2009 Mint Set.

At the time of writing this post, one of the single denomination proof sets has already sold out. The 2009 Lincoln Cent Proof Set, which contains the four 95% copper Proof 2009 Lincoln Cents, sold out today. The set originally went on sale August 26, 2009 priced at $7.95. The most recent sales report indicates that the US Mint sold 201,107 of the sets.

2009 Mint Set Arrives - Tarnish Warning

The first 2009 United States Mint Uncirculated Coin Sets have started to arrive. This year's set went on sale relatively late in the year, beginning on October 1, 2009. The 2009 Mint Set contains a total of 36 different coins from the Philadelphia and Denver Mints. The 2009 Lincoln Cents have a special composition of 95% copper, 3% zinc, and 2% tin. I have received my own sets and have a few observations to share after having them in hand.


The sets came packaged similarly to the prior year, sealed in a brown cardboard box with a barcode and product code on the outside of the box. There are two separate holders inside, which contain coins from the Denver and Philadelphia Mints. The holders have the same width as the prior year, but are greater in height to accommodate an extra row of coins.

The outside design of the holders is the exact same city skyline image used for the 2008 Mint Set. This packaging was pictured on the US Mint's website, but I was hoping that it was just a placeholder image or prototype. The repeat in packaging is a little disappointing. The US Mint has used a different design for the envelope or holder for the annual Mint Sets since 1984. I can identify most 1984-2008 Mint Sets by their package design or image, and always considered this to be a unique reflection of the times.


Inside the cardboard box was a message from the United States Mint about the 2009 Lincoln Cents printed on a small sheet of paper. The message reads the following:

A Message from the United States Mint
about the Lincoln Bicentennial One Cent
Coins Contains in your 2009 United
States Mint Uncircualted Coin Set

Given the metallic composition used for the 2009 uncirculated one-cent coins -- the same used for the original 1909 Lincoln Cents -- the alloy readily tarnishes. The United States Mint has used anti-tarnish treatments to minimize this impact on the appearance of the uncirculated coins. However, the alloy used for the one-cent coins in this year's uncirculated coin set is expected to tarnish more over time than the previous years' plated zinc one-cent coins.

The US Mint had delayed the release of 2009 Mint Set due to the unique tarnish issues created by the 95% copper Lincoln Cents. Even though they apparently resolved the tarnish issues over the short term, they are providing for the possibility that the tarnish issue may still present over a longer time period.

I examined a few 2009 Mint Sets and found the overall quality of the coins to be about the same as last year's except for the Philadelphia Mint Lincoln Cents. Most of these were mark free with pristine surfaces. Even though satin finish coins are specially struck and handled, most tend to pick up at least some light contact marks or abrasions. These better quality 2009-P Lincoln Cents might have just been the luck of the draw and not indicative of the quality of the coins in all sets.

As might be expected, some people are already selling the satin finish 95% copper 2009 Lincoln Cents on eBay. Some have been sold in sets of eight coins, which seem to be selling for $7 to $15 per set. Others are putting together twelve coin sets of the 95% copper 2009 Lincoln Cents, which include the satin finish issues and the proof issues. Someone is also selling satin finish rolls of 50 coins, which would require the break up of 50 2009 Mint Sets to create. Overall, these don't seem to be making as big a stir on the secondary market as when the 2009 Proof Lincoln Cents were first available. View the current eBay auctions here.

2009 United States Mint Uncirculated Coin Set

The 2009 Uncirculated Mint Set will go on sale today October 1, 2009 at 12:00 Noon ET. This year's set will include a total of 36 different coins, including eight 2009 Lincoln Cents that cannot be obtained from any other source.
The 2009 Mint Set was initially planned for a summer launch, however, unique tarnish issues with the 95% copper cents contained in the sets caused a delay. By comparison, the 2008 Mint Set had been released on July 30, 2008, making this year's set 3 months late.

Each set will include the following coins:

2009 P & D Presidential Dollars - This includes four different designs featuring William Henry Harrison, John Tyler, James K. Polk, and Zachary Taylor.

2009 P & D Native American Dollar - This is the first issue of the new series featuring the obverse of the prior Sacagawea Dollar paired with an annually rotating reverse design.

2009 P & D Kennedy Halves

2009 P & D DC & US Territory Quarters - This includes six different designs featuring the District of Columbia, Puerto Rico, Guam, American Samoa, US Virgin Islands, and the Northern Mariana Islands

2009 P & D Roosevelt Dimes

2009 P & D Jefferson Nickels

2009 P & D Lincoln Cents - This includes all four designs featuring Lincoln's Birthplace, Formative Years, Professional Life, and Presidency. The coins are struck with a composition of 95% copper, 3% zinc, and 2% tin- the same composition that was used for the first Lincoln Cents issued in 1909.

All coins will feature the satin finish that has been used on Mint Sets since 2005. The finish is different than the one used for standard circulation strike coins. The coins will come in two separate display folders, one containing coins from the Philadelphia Mint and one containing coins from the Denver Mint. The image currently appearing on the US Mint's website shows the same outer design for the folders that was used in the prior year.

The sets are priced at $27.95, which represents an increase of $5 from the cost of last year's set, which contained 28 coins.

I expect that sales of the 2009 Mint Set will be strong and the long term prospects of the set seem favorable. This is due in large part to the inclusion of the special 2009 Lincoln Cents. As of now, this set will be the only source for the satin finish 95% copper 2009 P & D Lincoln Cents. These coins will be the key to a complete collection of 2009 Lincoln Cents.

By comparison, the 95% copper Proof 2009 Lincoln Cents, which have been very popular with collectors, are available from four different sources. The coins are included in the 2009 Proof Set, the 2009 Silver Proof Set, the separate 2009 Lincoln Proof Set, and the upcoming Lincoln Coin and Chronicles Set. This variety of sources contribute to greater availability and a higher mintage for the proof versions as opposed to the satin finish versions.

2009 Proof Sets - New Frosty Finish

Several readers have provided reports and photos of their 2009 Silver Proof Sets which seem to feature a new type of proof finish. This new style appears to have been used for all proof coins released in 2009, but the frosty effect seems to display most prominently on the silver proof coins.

In hand, the new style of finish makes the coins look impressive. Modern proof coins are struck with a cameo finish which features mirrored backgrounds and frosted raised elements. On 2009 proof coins, the frostiness of the raised elements seems to be magnified, which heightens the "black and white" cameo effect.

I examined one of the 2009 Silver Proof Sets more closely and found that the raised design elements have a much more granular finish than prior years. For comparison I examined a 2008 Silver Proof Set. The raised design elements had a more satiny finish with a bit of lustrous sheen. Below are pictures of a 2009 Silver Proof Quarter compared to a 2008 Silver Proof Quarter.


2009 Silver Proof Quarter


2008 Silver Proof Quarter

Someone on the Collector's Universe forums, who actually discovered this style of finish earlier, dubbed the new style "snakeskin proofs" and has some much better close up photos than mine. You can check them out here.

One final aspect of the new finish that I wanted to mention came when examining a clad 2009 Proof Set. The raised elements of the coins do have the same type of granular finish as found on the 2009 Silver Proof Set, although the frosty effect is diminished for non-silver coins. I noticed that some coins displayed visible striations within the frost, perhaps the result of the process which creates the granular appearance. An image of this impact appears below. The faint lines run diagonally from the top right to bottom left of the coin.


2009 Clad Proof Quarter

The US Mint has not officially announced any change to the style of proof finish, but it seems apparent that a change was made starting with 2009 proof coins. Will the Mint use this new style on gold and silver proof coins (once they are eventually released)? In particular, I look forward to seeing the 2009 Proof Silver Eagle with this new style of finish.

Today on Coin Update News:

Cash 4 Gold Review - Paid 18% of value for gold
2009 Professional Life Cent - Coin collector design reviews

Recent Sold Out US Mint Products

Three products have recently sold out at the United States Mint. The products are the Louisa Adams First Spouse Gold Coins, the 2008 Silver Proof Set, and the Harrison Presidential Dollar Coin and First Spouse Medal Set. With this post, I wanted to take a brief look at each sold out product.

Louisa Adams First Spouse Gold Coins

Sales of the Louisa Adams First Spouse Coins ended on July 2, 2009 to coincide with the release of the next coin in the series. The duration of sales lasted somewhat longer than expected. The US Mint has stated that each coin will remain available for sale until the maximum authorized production has been sold or for approximately one year, whichever comes first. In this case, the coins remained on sale for over 13 months due to the delayed release of the Letitia Tyler coin.

The last reported sales statistics for the Louisa Adams coins indicate that 4,223 uncirculated coins were sold and 7,454 proof coins were sold. Of the First Spouse Gold Coins which are no longer available for sale, this marks the lowest mintage level to date.

Whether collectors will eventually come to appreciate the low mintages of the First Spouse coins has been a topic of continual debate. In the past, coins which were unpopular or poor sellers during their offering period, ironically became popular and more expensive coins after sales had ended. Collectors who had initially ignored or overlooked the coins became enticed by the low mintages. This doesn't seem to be happening to any large extent with the First Spouse Gold Coins. One potential reason is that most collectors expect the mintages to continue declining as the series progresses, or at least remain perpetually low.

Sales of Louisa Adams coins on eBay have tended to be sporadic. Most current listings either have high opening bids or high fixed prices. Most coins offered for sale also tend to be NGC or PCGS graded examples. Here are the current eBay auctions.

2008 Silver Proof Set

The 2008 Silver Proof Set went off sale on July 17, 2009 to coincide with the start of sales for the 2009 set. The 2008 set featured a total of 14 coins, including the final five issues of the State Quarter series.

The last reported sales figure for this set was 774,874. This seems to be the lowest mintage for a Silver Proof Set released during the State Quarter era (1999-2008). The next lowest figure occurred in 1999 when 804,565 sets were produced. It should be noted that in 1999, the US Mint did not issue a separate Silver State Quarters Proof Set as they did from 2004 onwards. The previously sold out 2008 State Quarters Silver Proof Set had sold 429,021 units.

The 2008 Silver Proof Sets now seem to be selling for around $50 each, which is a slight premium to the original offering price of $44.95.

Presidential Dollar Coin and First Spouse Medal Set - Harrison

This small set contains one uncirculated (satin finish) William Henry Harrison Dollar and one Anna Harrison Bronze Medal. The latest sales indicate that 15,038 sets were sold. The sell out seems to have occurred this Wednesday.

Many collectors have opted for these neatly packaged sets as an inexpensive alternative to the costly First Spouse Gold Coins. However, ordering and receiving the sets has often proven to be a difficult task. There have been multiple and continued reports of orders which remain in backorder status for months, only to be eventually canceled when the product's status is changed to "Sold Out." If you are looking to collect this series, the best bet seems to be ordering them soon after release.