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 Replies: 34 / Views: 8,192 |
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Pillar of the Community
United States
1613 Posts |
A week ago I read a post some where of the price for the upcoming Silver Proof set at $105.00. Furious would be a kind word to say the least considering last year's set cost $63.25 and included three additional quarters. So I replied to the Mint hoping that it was an error of sorts. Nope. For length I won't get into the response, only the numbers to see what you guys think.
This year's set contains 27.908 grams of silver at a closing cost today of 0.81 per gram, for a value of $22.61. So by my calculations the set is 19.029 grams lighter than it's predecessor at nearly 60% higher on price. Although at the time of setting a price, last year's silver spot around $15.00, by July the price soared and remains steady in the mid-twenty range. So in looking at it from this perspective the United States Mint was breaking even with a late year value of $38.01 in silver after mid-year. When adding in the other non-silver coins and various costs to produce I wouldn't think that to be far off.
So back to this year's set. Being three coins less, the cost jumped $41.75 over last year. For a set containing a total approximate metal value of around $25.00, again $22.61 in silver, even with the added production costs their number is excessive to say the least. My calculator shows a profit well north of 100%. Am I missing something? ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
Edited by Ballyhoo
03/24/2021 9:48 pm
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New Member
United States
5 Posts |
Everyone should boy cot them and refuse to buy another item!...then my set will be worth hundreds!! :)
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Pillar of the Community
United States
927 Posts |
Actually the mint jacked up the price to $105 in the middle of last year. So if this year's set is $105 then it is the same price as the end of last year. But still 3 silver quarters less! So another price increase. I have purchased a silver proof set every year since 1999. When they jacked up the price last year, I refused to buy one. And I will not buy one this year either. It's just not worth it.
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Pillar of the Community
United States
7008 Posts |
 ....It's no longer on my want list |
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Pillar of the Community
United States
1373 Posts |
Ballyhoo, I share your lament. While I agree that a price increase is just business sense, the rate, to me, is too high, considering the price of silver has dropped since last years increase, and the amount of product has lowered also.
I also buy Canadian Silver Proof sets, and yes, they are high to me also, but they are cheaper than the US if just the silver is counted.
Like you stated, the US set has four silver coins that add up to 27.9 grams of silver, which today means a value of $22.56. At a cost of $105.00, you'd be paying 4.65-times the silver value.
The Canadian set offers all seven coins in silver, and they add up to 63.16 grams of silver; for a silver value of $51.05. At the cost of 186.70 (in US dollars), you pay 3.66-times the silver value.
The US Silver Proof sets WERE a better value; until last years increase.
Edited by atticguy
03/25/2021 12:07 am
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Pillar of the Community
United States
4680 Posts |
I'll join in on the frustration. I've got 2 silver sets per year going back to '92. I only picked up one for 2020 and MIGHT pick up one for 2021. I would normally jump into the "I'm not giving in" crowd, but not having at least one per year would probably drive me crazy  I'll probably cave, but say a few choice words while completing my order  |
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New Member
United States
33 Posts |
More mint BS...pretending to create value...I think the mint premium is higher than any others
Again bringing up my pint about how the mint is seriously misguided and needs to get back in the business of just making the darn money, we'll figure out the collection part of it
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Pillar of the Community
 United States
5177 Posts |
There are plenty of other mint sets from foreign mints (Australia, Europe, etc.) that are beautiful too and don't cost an arm and a leg.
Not sure what the obsession is with the US Mint.
Edited by NumisEd
03/25/2021 09:50 am
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Moderator
 United States
95242 Posts |
Quote:
Not sure what the obsession is with the US Mint. The problem is, and the Mint Knows this, is that when folks start collecting the sets going way back to only who knows when, it is hard to NOT keep their collection 'up-to-date" with all the current sets available. I for onw will be buying one set for my collection - have to to keep my collection current. My Silver proof sets start currently at 1954(box set) up until 2020 so far (excluding dates when the Mint stopped making silver proofs). |
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Pillar of the Community
United States
1667 Posts |
Last year I paid $63.25 for the 2020 silver proof set they were out of their minds raising it to $105.00 and they are out of their minds keeping it at $105 with 3 less silver quarters in it. especially considering there's no "freebie" special W coin to go along with it, I'm just not interested in being price gouged. No thanks. I will wait it out and buy it for melt from a desperate dealer that wants to clear out unsalable inventory, IF they are dumb enough to buy them. they didn't adjust the clad proof set like this, still $32.00 like it was all last year, so they must think silver is so volatile and an imminent wild swing that it justifies $105.00 for $22.46 melt value for 27.908 grams of.999 silverand a handful of clad coins. Not me. Looks like I'll save my money for the overpriced possibility of the American Eagle 2021 Silver Reverse Proof Two-Coin Set, and the 2021 Morgan and Peace dollars Which I'm sure they will also price gouge since it's silver also, and worry about getting that 2021 silver proof set at a discount from a 3rd party vendor trying to offload them for melt down the road. |
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Bedrock of the Community
United States
17884 Posts |
Only thing you missed Ballyhoo was that these price increases happened 6 months or so ago, not in 2021.
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Pillar of the Community
 United States
1613 Posts |
Here's my whole dilemma on the price setting. Yes a price hike on a volatile metal should change annually. But at what rate? I'm certain they have a department of individuals somewhere that do nothing but watch numbers and make suggestions accordingly while another researches the market side. As some of you have previously mentioned, they appear to have lost focus on the latter. So it's time to clean house. One method, used in the past with effectiveness was the re-striking of 1856 Flying Eagle's with the public swarming the Philadelphia Mint to obtain one. What we as collectors should do is flood the e-mail box. Even if the price remained the same, at least a strong show of outcry would give them future pause. While they are not stupid and know we are angry over many things lately, yet in their minds we are an insignificant small number. Or are we?
ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
Edited by Ballyhoo
03/25/2021 11:03 am
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Valued Member
United States
219 Posts |
Between the price increases and ordering fiascoes the USM is driving away it's collector base and certainly not encouraging new collectors, just catering to the MikeM's and those foolish enough to buy from him. I purchased the last couple years because of the 'W' mint Lincoln Cent and Jefferson nickel, but like the 3 less silver quarters there is nothing of that kind with this set, so no sale. Look at what they did with the bronze medal program, from $40 to $160, how many sales of those are they getting now? |
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Pillar of the Community
United States
1613 Posts |
You are correct Conder. Yet the 2020 set price remained the same $63.25 since October 13, 2020 until becoming unavailable sometime this year.
ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
Edited by Ballyhoo
03/25/2021 11:11 am
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Moderator
United States
187934 Posts |
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Pillar of the Community
United States
5177 Posts |
Quote:
"The Secretary shall pay not more than the average world price for the gold." 31 U.S. Code § 5116(b)(2) states in part, "The Secretary shall not pay more than the average world price for silver under any circumstances. As used in this paragraph, the term 'average world price' means the priced determined by a widely recognized commodity exchange at the time the silver is obtained by the Secretary." Good luck with that. NOBODY in their right mind is going to sell physical for the paper price of gold and silver. There is however a loophole available to the Mint apart from raiding Fort Knox: buy future contracts on the COMEX and insist on delivery. Of course, if the COMEX can't deliver and wants to settle for cash, the game is up. Edited by NumisEd
03/25/2021 11:58 am
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Replies: 34 / Views: 8,192 |
Posted 03/24/2021 10:59 pm
