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

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Pillar of the Community
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 Posted 10/10/2020  11:52 am  Show Profile   Bookmark this reply Add Greasy Fingers to your friends list Get a Link to this Reply
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 Posted 10/17/2020  02:29 am  Show Profile   Bookmark this reply Add freddo30 to your friends list Get a Link to this Reply
I'm so happy about it that I didn't buy any.
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 Posted 10/19/2020  2:39 pm  Show Profile   Bookmark this reply Add Erscolo to your friends list Get a Link to this Reply
I am glad I bought two Silver Proof Sets for 2020 under open enrollment for $61.25 each. Now they are $105. Time to question whether I get the ones for 2021 and beyond. Time will tell. I look forward to the 2020 Mayflower 1/4 ounce $10 gold piece, but not to hearing the price.
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 Posted 11/18/2020  4:36 pm  Show Profile   Bookmark this reply Add Nells250 to your friends list Get a Link to this Reply
I recently wanted to purchase my very first silver Eagle, and naturally went to the Mint's website first. Buy from the horse's mouth, so to speak. When I saw their prices, I almost fell off my chair. Silver was at about $24 that day, so why would I want to pay $67-$73 for one coin, PLUS shipping, tax, etc?

Perhaps I was just naive and don't understand coin collecting protocols yet, but when I purchase stamps from the USPS, I don't pay a premium for any of them! Face value is face value.

Can they get away with high prices for things like silver and gold coins because they are not actually "currency"?
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 Posted 11/18/2020  4:54 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply

Quote:
Can they get away with high prices for things like silver and gold coins because they are not actually "currency"?


Many of the silver products produced by the U.S. Mint are currency (or rather, legal tender). Not that you'd ever spend an ASE for its $1 face value.

A lot more goes into collectible products than circulating products. More work, higher quality, packaging, marketing, etc. Current prices indeed seem high especially if you look back 5 years and compare, but take a look at the precious metals products from other mints around the world and you might change your tune.
Edited by CelticKnot
11/18/2020 4:55 pm
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 Posted 11/18/2020  5:48 pm  Show Profile   Bookmark this reply Add Nells250 to your friends list Get a Link to this Reply
I have questions that I am typing up regarding my very first $1 Eagle, so I will save them for now!

:-)
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 Posted 11/18/2020  6:09 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
We'll be happy to weigh in once you have them compiled.
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 Posted 11/19/2020  09:56 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I have questions that I am typing up regarding my very first $1 Eagle, so I will save them for now!

Quote:
We'll be happy to weigh in once you have them compiled.
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 Posted 11/19/2020  10:34 am  Show Profile   Check nss-52's eBay Listings Bookmark this reply Add nss-52 to your friends list Get a Link to this Reply

Quote:
The first objective is to ensure that the numismatic portfolio (all product lines together) be self-sufficient and cover all associated costs.


Get rid of money losing cents and nickels, and they could possibly LOWER other mint product costs.
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 Posted 11/19/2020  1:31 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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Get rid of money losing cents and nickels, and they could possibly LOWER other mint product costs.
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 Posted 11/21/2020  2:56 pm  Show Profile   Bookmark this reply Add BStrauss3 to your friends list Get a Link to this Reply
Probably not. They seem to put a lot of the fixed costs on the back of the commemorative coins, the cent and the nickel. It makes the other programs look better, not sure how honest it is...
-----Burton
46 year / Life ANA member (joined 12/1/1973)
Life member: Numismatics International, CONECA
Member: TNA, FtWCC, NETCC
Owned by four cats and a wife of 35 years (joined 1983)
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 Posted 11/22/2020  08:53 am  Show Profile   Bookmark this reply Add CollegeBarbers to your friends list Get a Link to this Reply
I think the problem is the lack of transparency from the Mint. We know the costs to produce circulating coins, but not the costs to produce numismatic products. So there's no way to know if there's a legitimate justification for three price increases this year alone.
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 Posted 11/22/2020  09:45 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
While I don't like the price increases, it didn't seem to lower the demand. So the mint will keep on doing these price increases. I've stopped a few of my enrollments and have been buying more on the secondary market. But I'm not going to stop getting the "limited" edition items. One of the few items that have a short term upside.
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 Posted 11/22/2020  12:35 pm  Show Profile   Bookmark this reply Add Bret to your friends list Get a Link to this Reply

Quote:
A lot more goes into collectible products than circulating products. More work, higher quality, packaging, marketing, etc.

More goes in to the collectible products, but not that much more. The mint is operating in a monopolistic environment. They have absolutely no incentive to improve the efficiency of their operations or keep costs under control. In fact, inflated costs can be used to justify higher prices. To top it off, the lack of competition allows the mint to take whatever profit margin they choose. Unlike other monopolies, think utilities and such, the mint does not have 3rd party oversight that they have to justify rate increases to. I think the mint should have such oversight and that 3rd party should be able to decline their price increases.
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