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What Do You Think? US Mint's Plans To Increase Prices For 2020 Silver

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 Posted 10/08/2020  11:02 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
With this I turned off the enrollment for the silver proof set and S ASE silver proof. I'll buy them on the secondary market.
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 Posted 10/08/2020  11:42 am  Show Profile   Check omxfl's eBay Listings Bookmark this reply Add omxfl to your friends list Get a Link to this Reply
I think my P-ATB collection will come to a premature close, just like the bullion one. But I'll wait what the maximum mintage figure for the last three will look like before committing either way. Just sad...
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 Posted 10/08/2020  11:45 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I already have the 2020 silver proof set. I hope 2021 is not too high.

There is still some 2020 silver on my list. The Mayflower set, the ASE and silver medal for WWII 75th.
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 Posted 10/08/2020  12:40 pm  Show Profile   Bookmark this reply Add machine20 to your friends list Get a Link to this Reply

Quote:
With this I turned off the enrollment for the silver proof set and S ASE silver proof. I'll buy them on the secondary market.


You may want to rethink that on the S ASE proof. Limited mintage of 200k probably won't take too long to sell out. You may have to wait years before getting one for under $75 on the secondary market.
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 Posted 10/08/2020  1:08 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply

Quote:
You may want to rethink that on the S ASE proof. Limited mintage of 200k probably won't take too long to sell out. You may have to wait years before getting one for under $75 on the secondary market.


I'm not saying you aren't right but I only have so much hobby money to spend. I'll try to get one or 2 of the 75th anniversary ASE, that has more of an upside potential. Also prior to Covid, other then a few ASE, I was able to get most dates on the secondary market for $45-$55, so there wasn't a reason to get them from the mint. I'm not stopping getting the ASE, but I'll just get the Bullion ones for the future. The pride of 2 nations was selling for upwards of $200 for the ASE, I considered picking up the set with 2 coins early in 2020 and the price was $150 and under, considering these were only limited (I believe 100k) the price really didn't go up (and stay up for 2 long). The US mint made 6 different ASE last year, not everyone will collect all of them. The Bullion is fine for me.

Edited by hfjacinto
10/08/2020 1:09 pm
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 Posted 10/08/2020  5:33 pm  Show Profile   Bookmark this reply Add CollegeBarbers to your friends list Get a Link to this Reply
Wow, this is insane. I understand silver has gone up, so a small increase would be appropriate if the Mint hadn't already dramatically raised the prices of its products in the past few years. As I've mentioned numerous times, the Mint is progressively pricing out the little guys like me who have small coin budgets.

After the ATB series ends next year, my only annual purchases will be the Mint Set and the occasional commemorative or special offering. I simply can't afford these products anymore, and that makes me really sad. It's like part of my hobby has been closed off to me.

Quote:
America the Beautiful Quarters Silver Proof Set - $60.00

This is $5.05 more than the current price for the full 2019 Silver Proof Set!

Quote:
End of World War II 75th Anniversary One Ounce Silver Medal - $75.00

So much for buying this silver medal.

Also worth mentioning that the Mint will be dramatically increasing the price of their bronze medals, in some cases by 300%.
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 Posted 10/08/2020  6:26 pm  Show Profile   Bookmark this reply Add kena to your friends list Get a Link to this Reply
Do you think my chances of getting a End of World War II 75th Anniversary American Eagle Silver Proof Coin has improved with the price increase from $69.50 to $83?
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 Posted 10/08/2020  7:55 pm  Show Profile   Bookmark this reply Add MrPink2018 to your friends list Get a Link to this Reply
what do I think?

i think the mint has officially pushed me away, but it comes as no surprise, I saw the writing on the wall some time ago.

the upshot is that I don't have to buy anything from them. I'm not very enamored with what the mint has been up to lately anyway, so I wrote them a very salty & wordy email telling them what I think.

yeah, they sent me the usual form-letter-esque reply, stiff with defensive posturing, "We at the US Mint..." blah blah blah.

bye bye, mint. you'll not get another dollar from me.
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 Posted 10/08/2020  10:55 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
Well this is definitely going to make me think twice about future U.S. Mint purchases that involve silver.

@kena, I personally feel that a $13.50 increase for an ASE with a 75k mintage and special significance/privy won't impact sales. I still expect it to be a quick sellout.
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 Posted 10/08/2020  11:46 pm  Show Profile   Bookmark this reply Add wyzeguy to your friends list Get a Link to this Reply

Quote:
yeah, they sent me the usual form-letter-esque reply, stiff with defensive posturing, "We at the US Mint..." blah blah blah.


Curious, what was the main excuse they gave for the price increase?

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 Posted 10/09/2020  8:01 pm  Show Profile   Bookmark this reply Add coincollector123 to your friends list Get a Link to this Reply
Evidently this is the Mints reason for the new strategy that they posted to Facebook.

"The United States Mint recently adopted a new strategy for pricing products in its silver numismatic products portfolio. As a result, prices for products containing silver will change EFFECTIVE October 13, 2020, with release of the 2020 American Eagle Silver Proof Coin with "S" mint mark (20EM). The new pricing will affect prices for silver products already on sale (including prior year) and those remaining to be released in 2020.
In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.
The Mint's goal, as a financially responsible Federal agency, is to always provide the best quality numismatic products while maintaining fair prices. The first objective is to ensure that the numismatic portfolio (all product lines together) be self-sufficient and cover all associated costs. The new silver prices reflect a sound business decision aimed at meeting these obligations. (No tax dollars are used to fund numismatic operations.)
The United States Mint will continue to look for operations optimization and cost reduction efforts to deliver superior quality numismatic products at a fair price."

Not sure what a 'fair' price would be if they raise the price of the Silver Numismatic products. Maybe a fair price for those countries that have a mint that produces numismatic coins (australia, uk, China, etc). Not sure what cost reduction we are seeing except a bigger margin for profit for the Mint. Seems like they are dogging the answer to the question of why and the last paragraph doesn't really help their case. Maybe Mint sales are going to help with the federal deficit but who knows...
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 Posted 10/09/2020  9:13 pm  Show Profile   Bookmark this reply Add atticguy to your friends list Get a Link to this Reply
I don't really have a problem with the price increases; so far. I buy from both the US Mint and the Royal Canadian Mint and I feel, even with the up-tick in pricing, buying from the US Mint is still a bargain, comparatively.

Of course, I only normally just buy the yearly 'base' silver proof set here in the states, so paying more for just one item isn't too bad, but if I was like some of you others out there and bought several different silver goods, then it might hurt a bit more.
Edited by atticguy
10/09/2020 9:15 pm
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 Posted 10/10/2020  07:42 am  Show Profile   Check Foxwoods Man's eBay Listings Bookmark this reply Add Foxwoods Man to your friends list Get a Link to this Reply
A 50 buck increase for the 5 oz P pucks will put the brakes on sales...and, in fact, all sales of the silver products. Low mintage will be an adjust yearly thing...lowest this year will mean nothing next year and so on.
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 Posted 10/10/2020  10:01 am  Show Profile   Bookmark this reply Add machine20 to your friends list Get a Link to this Reply

Quote:
lowest this year will mean nothing next year and so on.


It's already like that but I guess they want to accelerate to 0
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 Posted 10/10/2020  11:39 am  Show Profile   Bookmark this reply Add mickeydog to your friends list Get a Link to this Reply
The 2019 ATB Silver Proof set is currently at $36.95 until October 13. With silver currently a $25.30 an ounce. The set has 1.12 ounces of silver so you are paying about $7.70 over spot. Not a bad deal for 5 silver proof quarters.
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