Posted on 03/08/2011 1:27:39 AM PST by Jet Jaguar
The United States Mint is reviewing the pricing of its products due to soaring silver prices, according to a US Mint official. Sales of at least one of its sets have been suspended until the review process is complete.
The Mint currently has a pricing policy in place for its numismatic gold coins. Based on it and the prevailing cost of gold, the US Mint may adjust collector gold coin prices weekly. It does not have a similar pricing system in place for its numismatic silver products.
"Recently, the market price of silver has risen substantially. As a result, the United States Mint is reviewing the prices of current products containing silver to make sure the market value of the silver contained in them is not now higher than the cost of the products themselves," US Mint spokesman Michael White said on Monday.
A recent CoinNews.net article noted how 31-year high silver prices have resulted in exploding silver coin values. On Friday, coins like the 1964 quarter had a melt value of $6.39. The 2010 America the Beautiful Quarters Silver Proof Set was valued at $31.95, which was only $1 less than its US Mint pricing.
On Monday the precious metal surged as high as $36.75 an ounce, bringing the 1964 quarter’s melt value to an astounding $6.98. The set’s melt value went up to $33.23, which is above the original US Mint pricing for the product. It is this set which the US Mint has suspended, presumably to raise its price at some point. Customers who visit its product page at http://www.usmint.gov/catalog will now see a Mint message saying "the product is temporarily unavailable."
As of this writing, all 2011-dated products are still available. These products were already priced substantially higher than 2010-dated issues in response to silver which soared nearly 84 percent last year. Obviously, their prices could go higher if the metal continues its streak of gains.
One thing I wish the mint had done is shift the America the Beautiful series to the half dollar to increase circulation of that coin.
QE2, 3, 4, and 5 really makes it hard for our mint bureaucrats to figure out what they can make coins from so as to create seignorage. Coins are so passe...they make me feel so.....dirty. Not. How about chocolate? I seem to recall lots of gold-foil covered coins from when I was a kid. They got passed out on holidays.
I’ve been collecting silver coinage since 1965. I still find it astounding that a silver coin is worth over 25 times its face value. (Unless it’s a silver war nickel made 1942-1945 in which case it’s worth 40x its face value)
I found an old ebay invoice from 2001 the other day where I bought 3 rolls of quarters for $101.75, delivered.
They’re worth north of $750 now. A $10 roll of quarters is worth $250-256. That’s just insane.
Just parenthetically, the price of lead slugs is rising, too.
“A $10 roll of quarters is worth $250-256. That’s just insane”
No, what is insane is pretending that banks and insurance companies are solvent when they aren’t. allowing them to carry properties on the books at pre crash values is a crime.
The other part of the crime is the obvious plan to inflate the dollar so that these properties eventually are no longer under water.
The problem is that as they inflate the dollar, it destabilizes the rest of the world. Food price increases are
going to be a much bigger issue than anyone can predict.
It just means Obamabucks are as worthless as Obama.
I have zero disagreement with you, especially regarding the banks and their crooked, cooked books.
I probably should have used the word “incredulous” instead of “insane” referring to my perception of today’s value of a roll of quarters. You’re right, it is actually “anti-insane”.
When silver was about $12 and thus a 1964 dime was worth 87 cents and gas was $2.50 or so, I would tell people “remember when gas was 28 cents? Guess what, you still buy a gallon of gas with three dimes, so long as they’re silver”.
Those 3 silver dimes are worth $7.59 with silver at $35. Hey, I’m keeping ahead of gasoline!
Not too long ago, when you bought a new battery the auto parts store would take your old battery almost as if they were doing you a favor.
Mine now has a sign: "$5 for any car battery". I'm keeping my old ones now. They might be good for fishing sinkers or something.
it goes to show that silver (and gold) does lose it’s buying power. hence the wisdom of the founders
meanwhile, they are deflating the wealth of our country daily
I think you meant “doesn’t lose its buying power”.
Take the $ 5.00 and buy silver coins with it.
You don’t want to mess with battery contents.
yes, you are right. does not. bleary eyes and the mind racing ahead of the fingers. sorry bout that
There is one unfortunate fact. Inflation might work. Any other course means economic and political death, neither of which are tolerable to those in power.
Therefore, there will be inflation to solve the problems...... they hope
It’s OK. I didn’t want your excellent point to be misunderstood.
That lead is too contaminated. Just get some old wheel weights.
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