The 2013-P Fort McHenry National Monument and Historic Shrine Five Ounce Silver Uncirculated Coins are currently scheduled to go on sale at the United States Mint tomorrow August 29, 2013 at 12:00 Noon ET. This release will come as the market price of silver has rallied over the past few weeks, raising the possibility of a price increase for silver numismatic products.
The reverse design of the coin features a depiction of the site during the annual “Defenders Day” celebration with fireworks above symbolizing the “rocket’s red glare” and providing a link to the fort’s historic past. The obverse contains John Flanagan’s 1932 portrait of George Washington.
This release represents the numismatic version of the coin, which carries the “P” mint mark on the obverse and features a special finish created through a vapor blasting technique. The US Mint has already released the bullion version of the coin, which does not have a mint mark and features a brilliant finish. Sales for the bullion version have reached 10,200 units so far.
The Fort McHenry Five Ounce Silver Uncirculated Coin is struck in 99.9% silver with a weight of 5 troy ounces and diameter of 3 inches. The issue carries a maximum mintage of 25,000 pieces. There is no household ordering limit in place.
Pricing is currently indicated as $154.95 per coin, however this is subject to potential change.
While the US Mint uses a flexible pricing policy for gold and platinum numismatic products that allows prices to be adjusted as frequently as weekly based on a grid, numismatic silver products remain subject to the previous pricing system. Any price changes must be published within the Federal Register in order to become effective. The exact threshold at which price changes are triggered is not known, however past actions can provide an indication.
Earlier this year, the Mint suspended sales of silver products on April 15, 2013 after the market price of silver had fallen from $27.40 on Friday to $23.54 on Monday. More recently in late June, the Mint delayed the release of the Great Basin Five Ounce Silver Coin and later confirmed that a price decrease was being considered. At the time, the market price of silver had just slipped below the $20 level. Price decreases for virtually all silver products were made effective July 11.
In the previous year, pricing actions had taken place when the market price of silver was around the $30 level and the $35 level.
Based on these past actions, price changes seem to have occurred at roughly $5 intervals, when silver had crossed $20, $25, $30, and $35 per ounce. With the current price of silver around $24.50, any further rise might result in a price increase. If this occurs, the Mint would most likely suspend sales or delay the release of any impacted products until the price change could be published.