United States Mint 2023 Price Increases are Starting...
cagcrisp
Posts: 1,057 ✭✭✭✭✭
Presidential Silver Medals $75.00 Up $10.00 or 15.4%
Armed Forces 1 oz. Silver Medal $75.00 Up $10.00 or 15.4%
Armed Forces 2.5 oz. Silver Medals $175.00 Up $15.00 or 9.38%
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The reason I quit buying from the mint in 2021.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
Greed has kicked in. Used to be a great deal for many coins and sets purchased from the Mint. After 40 years of buying from them, 2021 was my last year. No more, I'm done
I simply checked the website just now and found no changes to prices as of today.
If they keep on increasing the prices for presidential medals, you would be better off buying the original 19th century versions.
Why should the Mint have been underwriting collectors for all those years? Even now, they don't really make money on commems.
Not sure what source @cagcrisp used, but I found this, which matches the figures in the OP.
Here’s a screenshot of the presidential medals? 🧐
Seems to say $65
🎶 shout shout, let it all out 🎶
Prices can’t be changed until they are published in the Federal Register. Prices aren’t scheduled for publication until tomorrow. The Mint generally gives time after publication. Prices have to be changed by February 13, 2023.
Well, I am OK with them hitting those as I've no interest but these days I now buy little from them. I could be wrong but unless they are planning on dumping volume they really ought to think about raising prices so much and so rapidly.
However, I think they are interested in less volume and are effectively managing to do that, intentional or not.
Well, just Love coins, period.
Seems like official recognition of higher inflation to come. Have you noticed the prices on Priority Mail lately? Sheesh.
I knew it would happen.
Additional pricing for 2023 Numismatic coins…
American Eagle Silver Proof Coin (W) $80.00 $73.00 $7.00 9.6%
American Eagle Silver Proof Coin (S) $80.00 $73.00 $7.00 9.6%
American Eagle Silver Uncirculated Coin $76.00 $67.00 $9.00 13.4%
United States Mint Proof Set® $35.00 $32.00 $3.00 9.4%
United States Mint Silver Proof Set® $130.00 $105.00 $25.00 23.8%
United States Mint Limited Edition Silver Proof SetTM $220.00 $201.00 $19.00 9.5%
United States Mint Uncirculated Coin Set® $29.00 $25.25 $3.75 14.9%
United States Mint Congratulations Set $82.00 $75.00 $7.00 9.3%
American Women Quarters Proof SetTM $23.00 $21.00 $2.00 9.5%
American Women Quarters Silver Proof SetTM $80.00 $73.00 $7.00 9.6%
Morgan Dollar—Proof $80.00 $73.00 $7.00 9.6%
Morgan Dollar—Uncirculated $76.00 $67.00* $9.00 13.4%
Peace Dollar—Proof $80.00 $73.00 $7.00 9.6%
Peace Dollar—Uncirculated $76.00 $67.00* $9.00 13.4%
American Liberty Silver MedalTM $82.00 $75.00 $7.00 9.3%
United States Mint Ornament $35.00 $29.95 $5.05 16.9%
Mighty Minters OrnamentTM $35.00 $27.95 $7.05 25.2%
American Women Quarters OrnamentTM $35.00 $30.95 $4.05 13.1%
American Women Quarters 100-Coin BagTM— Philadelphia $45.00 $40.00 $5.00 12.5%
American Women Quarters 100-Coin BagTM—Denver $45.00 $40.00 $5.00 12.5%
American Women Quarters Two-Roll SetTM — Philadelphia, Denver $40.00 $36.00 $4.00 11.1%
American Women Quarters Three-Roll SetTM— Philadelphia, Denver, San Francisco $60.00 $54.00 $6.00 11.1%
Why is the mint making those unwanted commemoratives in the first place? Yes, I know. Congress authorizes them.
If the sales for the clad half dollars could get to decent level, they won’t be charging over $40 for them. That is ridiculous price, especially when you consider that those coins were often marketed to UNs in the past.
It's only just begun......
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Wow, outrageous IMHO..... Yikes - $130 for the silver proof set???? PLEASE.
Well, just Love coins, period.
pass
@cagcrisp
👍🏼 Excellent job. Your early reports are wonderful. Here’s a couple they finally posted 👿
🎶 shout shout, let it all out 🎶
Interesting. Those terrible people ( gee wiz I got a warning from the moderator about inappropriate language). raised all of last year’s prices. Been trying to snag some back issues and the 2022 American Liberty medal went to $80. The 3- roll woman’s quarters overnight went to $60 ( for the 2022). I don’t recall them doing this before. Anyone with a better memory than mine, here?
🎶 shout shout, let it all out 🎶
In terms of proof Morgan Dollars, still cheaper to get a proof 2023 Morgan than a proof 1878-1904 Morgan, especially with any cameo contrast.
I looked at the Navy medal... $175.00 for two ounces of silver.... No thanks... Cheers, RickO
I QUIT buying from the mint in 2007....what took ya so long?
Well, that sucks! ...and less than a month out from the 1st ASE Proof of 2023 (W) being sold.
BST references available on request
The laws require that the mint recover its costs for numismatic and commemorative programs. Net-zero cost to the government. It certainly seems that a larger portion of their fixed costs are being assessed to those programs.
ANA 50 year/Life Member (now "Emeritus")
They are pretty much in the ranks of most businesses today. Higher prices, less quality! Wouldn't surprise me if they didn't start packaging coins in those corrugated cardboard mailing flips and throw them into an envelope. Lol
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
Not really. I am pretty sure this has nothing to do with fixed cost allocations, and more with simply recognizing that we are in an inflationary environment, and taking advantage of it to raise prices at a time when people are more likely to accept it because everything else is also going up.
They are just running it more like a business. The law requires them to recapture costs. It does not require them to run at break-even. Nothing else they do does. They lose on cents, which cost more than one cent to produce, but they make a ton of money turning a few cents worth of copper and nickel into a quarter. They probably also lose on plenty of numismatic items, depending on what it costs to tool and package, and how many units they end up selling. And then there are popular items where they likely make a fortune.
As far as numismatic items go, they have historically been great bargains compared to what other world mints charge, regardless of whether or not they hold their value in the secondary market. Partly because they sell in much greater volumes than other mints, and partly because they haven't historically tried to squeeze every last nickel out of us.
They are now just realizing that they can probably make more money selling fewer units at higher prices, so they are doing that. Just any other well run business would. Probably an oxymoron when talking about a government agency, but, whatever.
It's valuable to keep in mind that their purpose is to provide coinage for commerce. Not to produce collectibles for us. We are nothing more than a side hustle to them. Whatever they make or lose on the numismatic program is probably nothing more than a rounding error on their income statement, including seigniorage. The only bright side will likely be that items will better hold their value if there are significantly fewer of them floating around.
So if the Fed squashes inflation, and prices go down, will the mint reduce its prices? Highly doubtful.
Not so sure about the "underwriting collectors for all those years" part of that statement, but their commem offerings last year laid a big fat egg.
RIP Mom- 1932-2012
the u.s. mint is just doing what retail stores and all stores in general have been doing for 18 months now, raising prices to no end, they will use the excuse "inflation"
The Fed will have squashed inflation if prices stop going up so rapidly. Prices going down would mean deflation, and no one thinks that will actually happen. It's possible for the precious metals products, like the silver proof sets, if silver goes down a lot, but I wouldn't hold my breath.
Prices will only go down if sales drop off so much that they end up making a lot less than before, and that is also unlikely. People will complain, and some will order less, or stop ordering altogether, but the mint has certainly run the numbers and calculated that they will make more selling less at these prices. Consumer prices going down isn't going to change that. Having the program generate less profit than at the lower prices will.
Price history on the Annual Silver Proof Set:
2023 Silver Proof Set $130.00
2022 Silver Proof Set $105.00
2021 Silver Proof Set $105.00
2020 Silver Proof Set $63.25
2019 Silver Proof Set $54.95
3-Roll Quarter Subscription open again. Cancel tab busy after price increase......
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So cool, I agree and will purchase one (graded, maybe on the BST) at some point in my collecting/hoarding career:
https://www.usmint.gov/wordpress/wp-content/uploads/2021/12/2021-US-Mint-Annual-Report.pdf
ANA 50 year/Life Member (now "Emeritus")
That's 2.5 oz, just like the previous ones. The 1 oz versions are now $75.00.
BTW still cheaper then the 1 oz silver American Eagle bullion coin @ $76.00
What happened to the Gold $100 High Relief series? There was a 2015, 2017, 2019, 2021, and not seeing a 2023?
My US Mint Commemorative Medal Set
And no surprise here are the sales as far as I could tell.
2023 Silver Proof Set new low?
2022 Silver Proof Set 237,627
2021 Silver Proof Set 298,839
2020 Silver Proof Set 313,183
2019 Silver Proof Set 412,708
High prices = fewer sales. A no-win strategy.
My US Mint Commemorative Medal Set
Higher prices equal less items I buy. Time to cancel several planned purchases.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Is this it?
Source: https://catalog.usmint.gov/product-schedule/2023
Proposed obverse:
Source: https://www.coinworld.com/news/precious-metals/2023-american-liberty-program-may-get-tenth-ounce-gold-coin
Proposed reverse:
Source: https://www.coinworld.com/news/us-coins/cfa-matches-ccac-design-selections-for-2023-american-liberty-coins
Edited to add images.
No win for who? Sales went down by over 61,000 sets last year with no increase in price. For the mint, it's not a contest to see how many they can sell. They want what they can get for them, and, if they can't get what they want, they have no obligation to offer the product. Other than the commems, and you see how much Congress cares about keeping them going.
Although it's a government agency, there is no mandate to service collectors, regardless of profit or loss. In fact, their mandate is to not lose money, and to make as much as they can to generate profits for the treasury, rather than to sell as much as they can at as close to break even as possible. They are very likely looking to offset the loss of volume by making more on what they do sell.
And, if that causes sales to further decline, so be it. In fact, they will likely keep doing this until demand falls to the point where it no longer makes sense to continue to offer the sets. Which will probably be fine with them as well. The only thing that will break the cycle will be a large, sustained reduction in the price of silver, which might cause them to lower prices and then increase demand.
I received an email yesterday indicating that the women's three roll set was available at $54. Going on the website, the price is $60 and also, that was not actually available until 9 AM on the date of release. I suspect the email is simply a regurgitated email from last year. I'm wondering if there are actually going to be any available or have subscriptions taken them all up.
So, are we complaining about what they cost, or about the fact that they are sold out? In the real world, anything that sells out is, by definition, priced too low, since demand is exceeding supply at the current price.
To directly answer your question, product availability is significantly higher than in previous years, and the price is higher, so they should be easier to get than in the past. Every year, for every product sold out via subscription prior to release, at least some product becomes available on the date of release due to bad credit cards, as well as cancellations after whatever cutoff they set to accept new subscriptions.
There will certainly be something on Tuesday, but it will be the usual s-show given the tiny quantity and high demand, evidenced by the fact it is sold out for subscription right now.
At least there's a broad and fairly consistent demand for the ASE though. They're trying to do the artificial rarity thing with these medals but it's a really thin market in the first place.
RIP Mom- 1932-2012
>
According to the Mint:
"The mission of the U.S. Mint is to serve the American people by manufacturing and distributing circulating, precious metal and collectible coins and national medals and providing security over assets entrusted to us."
Edited to say, yes, they are supposed to make money too
My US Mint Commemorative Medal Set
Currently available......
True to a certain degree. The 1 oz medals have not been around as long as the Silver Eagles, but there is no rarity factor in the 1 oz medals with no maximum mintage. I'm surprised in the total # of sales, not only for the 1 oz military, but also the presidential ones. That info is easily available.
I personally like getting coins from the mint - I’m getting the proof Morgan and peace for sure!!
I also usually grab one of the ASEs -
I have all the 2020 and 2021 (type I to type II) ASEs and love the collection —
I quit buying anything from the mint many years ago when they started playing games with the ASE program. I just wanted to keep the set complete that I started in 1986. Some of the low mintage issues made that tough.
I gave up fighting with the website and did not care to pay the prices on the open market.
This ended all the sets I had going from the mint. It had to end sometime and I'm happy I did.
Morgan and Peace Two-Coin Reverse Proof Set $185.00 Up $10.00 or 5.71%