Mint Considering Change to .999 Silver Comp

RichR · February 26, 2012 11:22PM

From CW 2 minutes ago...

Switching from a .900 fine silver composition to .999 fine silver in the U.S. Mint's annual Silver Proof sets would save the Mint money, officials say.

Mint officials are proposing that the dime, quarter dollar and half dollar in the various annual Silver Proof sets be made of .999 fine silver rather than the current alloy of 90 percent silver and 10 percent copper. The .900 fine silver, though long used in the United States, is nonstandard for the rest of the world and for the suppliers of silver planchets to the U.S. Mint.

messydesk · February 26, 2012 11:36PM

They had better change the inserts and packaging of the proof sets to something more inert if they do this. I would think the current cardboard they use is rather "ert" and would blacken a .999 silver proof set in short order.

JJM · February 26, 2012 11:39PM

makes sense............

PTVETTER · February 26, 2012 11:45PM

For once I think the government had a good idea!
Now can it get passed the elected officials is the question?

kimber45ACP · February 27, 2012 12:11AM

I would like to see them produce all coins in the silver proof set out of silver, even the cent, nickel and dollar coins.
Then it would be true silver proof set.

CaptHenway · February 27, 2012 1:10AM

This is being floated as a way for the Mint to save money.

Can we then safely assume that if the Mint raises the silver from .900 to .999 finn the Mint will then LOWER the price of the product?

If you believe this, I have some land off the coast of Florida to sell you.......

Oh, by the way, this will apply to the (currently) .900 fine silver dollar commemoratives as well!

ricko · February 27, 2012 1:13AM

I like the idea... but doubt if we will see it become reality. Cheers, RickO

secondrepublic · February 27, 2012 1:14AM

I assume this will also change the size/diameter of the coins? Won't that require all the packaging to be re-sized too?

UTTM07 · February 27, 2012 1:31AM

Looks like it'll be time to make some new holes in the type set album. Wonder if they'll put arrows at the date too?

pmac · February 27, 2012 1:31AM

<< I would like to see them produce all coins in the silver proof set out of silver, even the cent, nickel and dollar coins.
Then it would be true silver proof set. >>

Now that would put a wrinkle in collecting.

ambro51 · February 27, 2012 1:43AM

How 'bout limiting proof sets to 200,000 mintage. That would save money plus reawaken collectors

timcoin · February 27, 2012 1:50AM

<< How 'bout limiting proof sets to 200,000 mintage. That would save money plus reawaken collectors >>

Exactly.

MsMorrisine · February 27, 2012 2:13AM

<< They had better change the inserts and packaging of the proof sets to something more inert if they do this. I would think the current cardboard they use is rather "ert" and would blacken a .999 silver proof set in short order. >>

the inserts that hold the coins are currently colored plastic.

They changed 2 or 3 years ago.

MsMorrisine · February 27, 2012 2:15AM

<< I assume this will also change the size/diameter of the coins? Won't that require all the packaging to be re-sized too? >>

change the size ??

why?

these are quarters, dimes, and half dollars (plus the comemmoratives) why would there be two different sizes of half dollars? They aren't minting by weight. They are saying it would be cheaper to purchase .999 fine over .90 fine because the planchet suppliers have to do .90 fine special for the mint. So the suppliers charge more for the special runs.

RichR · February 27, 2012 2:28AM

<>

I would assume they'd simply include the proper amount of the newly composed silver alloy and keep the coin the same size...and since you'd be getting a bit more silver, the price would probably either stay the same or go up a bit.

Perhaps the finished weight of the coin might be a bit different, however.

secondrepublic · February 27, 2012 2:40AM

each metal has a different specific gravity (weight per unit of volume). that's why a coin struck from aluminum is lighter than the same size coin struck in nickel. same problem applies to silver versus base metals. in the 90% silver coinage, the other 10% is copper. the specific gravity of copper is 8930 kg/cu.m whereas silver is about 17% higher at 10490 kg/cu.m. that basically means silver is more dense than copper. so if you replace the copper with silver and keep it the same size as before, you have a coin that weighs more. or, maybe they decide to keep the same total amount of silver, in which case the coin gets smaller.

MsMorrisine · February 27, 2012 2:48AM

I would expect them to keep the same dimensions and have them weigh more.

RichR · February 27, 2012 2:53AM

<>

Agreed...so don't hope for a price reduction any time soon!

BAJJERFAN · February 27, 2012 3:11AM

<< This is being floated as a way for the Mint to save money.

Can we then safely assume that if the Mint raises the silver from .900 to .999 finn the Mint will then LOWER the price of the product?

If you believe this, I have some land off the coast of Florida to sell you.......

Oh, by the way, this will apply to the (currently) .900 fine silver dollar commemoratives as well! >>

Silver is worth considerably more than the copper it will be replacing and the value of the extra silver is no doubt more than they will be saving on purchased planchets so it is unrealistic to expect them to lower the price on a more expensive item. A 1000 ounce bar contains about $3500 more in metal content than a 1000 ounce bar of 90%.

fc · February 27, 2012 3:37AM

<< How 'bout limiting proof sets to 200,000 mintage. That would save money plus reawaken collectors >>

I am not sure how this makes sense. Lower mintage means more interest from
collectors or speculators?

MsMorrisine · February 27, 2012 3:41AM

if they made 5 people would be killing each other for them.

if they made 5 million no one would want them.

there is a sweet spot for attracting interest while still making enough for people.

I'm not sure where that sweet spot would be.

However, if they were to intentionally under-mint... let's say the 50th anniversary SAE sets.... especially after the 25th set debacle.... there would be rioting in the collecting streets.

I would not want the Mint intentionally under-minting anything. ---> Mint to demand.

messydesk · February 27, 2012 4:40AM

<< This is being floated as a way for the Mint to save money.

Can we then safely assume that if the Mint raises the silver from .900 to .999 finn the Mint will then LOWER the price of the product? >>

No, silly. This is to save them money, not you. This will be an easy opportunity for them to increase the issue price by 11% (ignoring the fact that may coins in a proof set have no silver) while their costs stay unchanged.

SaorAlba · February 27, 2012 4:59AM

<< I would like to see them produce all coins in the silver proof set out of silver, even the cent, nickel and dollar coins.
Then it would be true silver proof set. >>

Canada and France do that, I know with the latter and Great Britain that they also do a few in gold too. I would not mind owning a set in all silver and perhaps gold.

PerryHall · February 27, 2012 5:03AM

<< 

<< This is being floated as a way for the Mint to save money.

Can we then safely assume that if the Mint raises the silver from .900 to .999 finn the Mint will then LOWER the price of the product?

If you believe this, I have some land off the coast of Florida to sell you.......

Oh, by the way, this will apply to the (currently) .900 fine silver dollar commemoratives as well! >>

Silver is worth considerably more than the copper it will be replacing and the value of the extra silver is no doubt more than they will be saving on purchased planchets so it is unrealistic to expect them to lower the price on a more expensive item. A 1000 ounce bar contains about $3500 more in metal content than a 1000 ounce bar of 90%. >>

Who said they would be adding more silver? Probably same diameter and same silver content but they would just not add any copper alloy.

Timbuk3 · February 27, 2012 5:11AM

Sounds good !!!

MsMorrisine · February 27, 2012 5:18AM

<< 

<< 

<< This is being floated as a way for the Mint to save money.

Can we then safely assume that if the Mint raises the silver from .900 to .999 finn the Mint will then LOWER the price of the product?

If you believe this, I have some land off the coast of Florida to sell you.......

Oh, by the way, this will apply to the (currently) .900 fine silver dollar commemoratives as well! >>

Silver is worth considerably more than the copper it will be replacing and the value of the extra silver is no doubt more than they will be saving on purchased planchets so it is unrealistic to expect them to lower the price on a more expensive item. A 1000 ounce bar contains about $3500 more in metal content than a 1000 ounce bar of 90%. >>

Who said they would be adding more silver? Probably same diameter and same silver content but they would just not add any copper alloy. >>

They would then be slightly thinner and slightly lighter. Possible, but I think they keep all dimensions the same and up the wieght. We shall see.

shorecoll · February 27, 2012 5:21AM

To beat my own dead horse...mint to demand and do not divulge mintages until the following year...that will generate some interest.

BryceM · February 27, 2012 5:26AM

This is a bad move. The silver is alloyed for a reason. 99.9 stuff is very soft, corrodes very quickly, and will not stand up well to even trivial contact. I guess the proofs aren't intented to circulate, but it would be nice to have them still looking good 50 or 100 years from now.

leothelyon · February 27, 2012 5:43AM

CaptHenway · March 6, 2012 2:30AM

Just read the new Coin World Online. There is a very interesting letter to the editor from Paul Bosco, whom I have known for many years, which says that MTB has been selling bags of .900 fine U.S. coins to the Mint's planchet supplier for some time.

The supplier simply melts the coins down into new bars, which are rolled out into strip of the appropriate thicknesses and blanked. No refining is required.

So tell me again how the Mint can save money by raising the fineness?

TD

Mint Considering Change to .999 Silver Comp

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