The United States Mint has quietly raised the prices of the Presidential Silver Medal and Military Silver Medals for 2023. The new pricing, revealed in yesterday’s Federal Register, shows that the prices for these medals will increase by $10-15 each. It is a move that likely will not sit well with collectors.
According to the report, the pricing for the Presidential and Military medals in 2023 will be as follows:
|Presidential Silver Medals||$75.00|
|Armed Forces 1 oz. Silver Medal||75.00|
|Armed Forces 2.5 oz. Silver Medals||175.00|
The one-ounce silver medals will increase by $10, while the 2.5-ounce silver medals will increase by $15. In reviewing the Product Schedule for the Mint, the new pricing is already in effect with the upcoming James Buchanan Presidential Silver Medal.
For those unfamiliar, the Federal Register is the official source of notices by government agencies and a daily journal of their proceedings.
The price change likely reflects the price that the Mint has to pay for silver to mint these medals. Over the past six months, silver has been up over 8% in value. Unfortunately, that price increase is handed down to collectors who purchase these products. It should be noted that the increase, for now, only impacts these medals and not other silver-based collectibles from the Mint. It is unclear if the Mint will increase prices on the silver American Eagle, Silver Proof Sets, or other related products.