In an email sent to customers, the United States Mint announced that it will be increasing prices of silver numismatic products. The increases are effective July 9, 2024. The increase will impact all numismatic silver products except commemorative coin program products.
The increase in prices on silver numismatic products is due to the rising spot price of silver, along with “other costs”. The Mint did not specify what was meant by “other costs”, but likely are related to production and administration costs.
The impact for collectors will be felt immediately. The 2024 Morgan and 2024 Peace uncirculated coins are slated to be released on July 11, 2024. Originally, these coins were priced at $84.00. The new price will now be $91.00 each. Other silver numismatic products, such as the Presidential Silver Medals and American Eagles, will also have price increases. The Mint currently shows prices on these products to TBD.
Over the past year, silver has continued a steady march upwards in cost. On July 3, 2024, the silver spot price as $22.92. At the close of the commodities markets on July 2, 2024, silver was at $29.32. In May, silver’s price peaked at just over $32 per ounce.
It is unclear if the price increases will deter collectors from buying these products.
The mint knew they were going to mint these coins and how many they wanted to mint and now it is the government taking our money again.
Considering the value of the silver (85.9% of an ounce) is about $25-$26, I would be really interested in what their production/admin costs really are. On the other hand, the cost increase is about what the silver spot price rose from July 2023, a year ago. Gives the collector pause to ponder whether the value is really there.