Apmex Has Them All -- What You Think?

I think the privy-marked SMLs are an interesting additional collectible for those that collect Canada's standard/bullion SMLs, in similar fashion as the various colourized and gold-plated versions that the RCM has made available over the years. Of course, they are also a neat collectible on their own and now number about 40 different types!

I purposely mentioned the colourized and gold-plated SMLs because, like those, I don't think the privy-marked series should be equated to the standard bullion issues. They are custom coins, struck by the RCM for organizations that wish to offer collectors something different. Naturally, they need to be priced a bit higher than the straight bullion pieces because they involve more engraving time and die work at the RCM -- along with separate production runs -- which needs to be paid for by the organization/corporation that contracts for the special privy-marked coins on top of their bullion cost.

It seems a bit silly to complain about their cost being a few dollars more than the bullion pieces as they are not meant to be bullion coins -- they are specially struck collector coins and have a justifiably different cost structure. If your interest is in acquiring silver bullion, stick with the standard SMLs. If you are interested in collector-oriented silver coins, then the privy-marked SMLs are one of many viable options that come at an advance over their bullion value.

Full Disclosure: I have collected the privy-marked SMLs since their inception in 1998 and have never considered them bullion pieces. I've never had any of them graded/encapsulated and don't worry about whether they're 65's, 67's or 69's -- paying to have these particular coins graded just doesn't seem to be worth it. I have purchased a Titanic and Dragon from APMEX to keep my privy mark set current.

I think traevin is right
RCM mints many of the privy marked SML to order (zodiac privy SML were commissioned by Universal Coins - a dealer, dragons and titanic by APMEX, Tower of Pisa and Berlin bridge coins by European dealers). You will never see SML coins listed on sale by the RCM though, privy marked or not. The margin on bullion is so thin that the RCM do not sell bullion to end consumers directly and only sells to dealers with a minimum of $250,000-500,000 in orders annually.

, Dooby Rak!

Me neither. But once in a great while, APMEX has US 90% silver proof coins for the same or even less than the cost of BU and even circulated coins. That is when it makes sense to me to buy the proofs. The Statehood Quarters are a good example of this. I also once got a tube of Kennedy proof halves for the same price as their BU grade halves. No special bullion value there but the proof coins sure are beautiful. If I can get them at the same price as BU or even less, I am all over it.