America the Beautiful Silver Bullion Coins Available December 6

Today, the US Mint announced the details for the long awaited America the Beautiful Silver Bullion Coins. There are some changes from previously reported information.

The 5 ounce silver bullion coins will be available for sale on December 6, 2010. As with other bullion programs, the coins will be sold through the authorized purchaser network, who will in turn make the coins available to the secondary market. The premium that the AP’s will need to pay above the market value of the silver content will be $9.75 per coin. Premiums charged for secondary market sales will obviously be higher.

Maximum mintages for each of the five releases will be only 33,000 units each. This is one-third the mintage level that had been previously reported in some print publications. As opposed to American Silver Eagle bullion coins, which must be produced in quantities sufficient to meet public demand, the America the Beautiful 5 oz silver coins are produced in quantities that are determined appropriate by the Secretary of the Treasury.

Numismatic versions of the coins will also be made available during the first quarter of 2011. The possibility had been mentioned by the US Mint Director, although nothing had been confirmed until now. The numismatic versions will be uncirculated versions that carry the “P” mint mark. (No mint mark will be used on the bullion versions of the coins.) The maximum mintage had been set at only 27,000 units for each of the five releases.

The US Mint is either seriously underestimating the demand for the new coins, or they are simply unable to devote additional silver supplies to the product line. As posted yesterday, Silver Eagle bullion coins recently broke a long standing record for monthly sales and are in record territory for annual sales.

Based on the constant stream of inquiries and comments about the America the Beautiful 5 oz. Silver Bullion coins, it’s not that difficult to predict that the limited number of coins available will quickly sell out and start trading for significant premiums on the secondary market.

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Comments

  1. Anonymous says

    For the numismatic version, it looks like the Mint is making the differentiation between striking the coins and selling the coins. They say the coins will be struck by year end, but won't be sold until 2011.

  2. Anonymous says

    Will the after market premiums be different between the bullion coin and numismatic coin?? They will both be very rare!

  3. Mint News Blog says

    Regarding the numismatic versions, the US Mint states that they will be struck in 2010, as required by law.

    Public Law 110-456 states, "Bullion coins minted under paragraph… may only be available for sale during the year in which such circulating quarter dollar is issued."

    So I guess they are making the distinction that the law applies to the bullion version of the coin, not the numismatic version.

  4. Anonymous says

    Great news about the collector versions and that they're Unc instead of proof! I hope they keep the satin finish.

  5. CraigL says

    Interesting.

    I'm curious if they'll have an order option for all 5 in one SKU. Think about trying to put all five in your cart on launch day!

  6. vaughnster says

    I'm definitely in for a set or two from the Mint. It cuts out the middle man and you won't get coins already picked through by the authorized purchasers.

  7. VABEACHBUM says

    You're thinking the very same thing I am, CraigL: Will they be released en mass or piece per week? With the minimal numbers and the "affordability" of Silver (as compared to Gold Eagles or Spouses), the Mint eCommerce site will see a crippling user stampede that WILL bring it to its electronic knees – more so than the first year of the Spouses ever did. I agree that a "Set of 5" may be the only way to guarantee one of each specimen.

    The other concern, of course, is Mint "numismatic" pricing. Cost of materials, manufacturing, O/H and margins… I'll estimate the Mint pricing for these versions at $250 each. However, secondary market pricing will skyrocket!! Hell, the secondary market pricing for both versions will skyrocket.

  8. Anonymous says

    These will be cash cows for the Auhtorized Purchasers. Seems like the mint is throwing the big boys a bone while the average Joe collector is screwed again.

  9. CraigL says

    Vabeachbum,

    Yep, you and I are on the same page.

    The secondary market for the numismatic versions (especially at those mintage levels) will be bonkers — probably moreso than the bullion version. (But, like you said.. they'll both skyrocket)

    I'm thinking ~$200/ea, assuming silver is right around where it's at now.

    How quick of a sellout do you think we're talking? My gut feeling says less than a week.

  10. Lasloo says

    WOW!

    This will be an utter bloodbath of epic proportions with people trying to get either version.

    I don't know exactly how many authorized dealers there are… my guess is less than 500. But even if you use the 500 number… that's 66 of each type per dealer if divided evenly. I'd be surprised if that stayed in their hands longer than a day. Now, realistically only the 20 some national authorized dealers will probably be the ones initially able to get them.

    And only 27,000 per design for numismatic resale? Recall, the Lincoln Chronicles set had 50,000 and they were sold out in a little more than a day.

  11. Lasloo says

    I've called up a couple of local dealers, and in each case, I was the first one to give them the news. After hearing the details, they said they probably wouldn't even be able to get to them. Sounds like they get whatever another national dealer sells to them and since the national dealers do retail as well, those dealers will probably sell the bullion themselves before handing it down the line.

    I called the closest national dealer I could find on the Mint website (Gaithersburg), and they said they won't be able to do anything until Monday. Only then will they know what the premiums will be.

    So, its still a waiting game until Monday.

  12. Anonymous says

    There were several people on earlier posts who said these would be losers and would never be worth more than spot. Care to give us your opinion again?

  13. Anonymous says

    Like with the First Spouses, if I'm not able to get these first issues because they didn't meet demand, I won't be buying any of the future issues even if they are easily available.

  14. Anonymous says

    Hooooooollllllllyyyyy SMOKES!!!

    I was planning to buy a sealed monster box of each one, but at that mintage level there will only be 330 total monster boxes for each design. It looks like that is out.

    Heck, I'll be lucky if I can even get my hands on the coins at all now, in ANY quantity!

    You realize of course that this TOTALLY contradicts the Mint's rationale for not minting any 2009 Proof Silver Eagles, don't you? They stated that they did not want to create an "instant rarity" and disservice the vast majority of collectors, so they chose not to mint any at all. But, what are they doing now? The very thing that they were opposed to last year! I knew that was baloney, and it was just proven to me.

  15. Lasloo says

    To Anonymous December 1, 2010 11:14 AM,

    The difference between the 2009 Proof Silver Eagle and these bullion is that the bullion are REQUIRED by law. The Eagles are not.

    I know everybody likes ragging on the Mint (and to a large extent they deserve it), but everyone has to remember that a majority of their decisions are based on LAW and the opinion of their lawyers. Moy's main role is to give leadership towards HOW they implement the law, not whether or not he makes collectors happy. And in terms of HOW he manages that implementation of the law is how he should be held accountable. And in that sense, he definitely could be doing better.
    But I just want to make it clear, that what you would LIKE them to do and what they CAN do based on resource constraints and legal requirements are VERY different.

    These will be a rarity, but not because Moy had any real power to make them a rarity or not make them a rarity. Because of the legal requirements imposed on the specifications of these bullion coins, they had a VERY difficult time getting the equipment and resources to make these bullion coins. It took this long to finally get production up and going. The law requires them to sell the bullion BEFORE the end of the year. With these constraints put forward, they were forced into selling something that will be an extreme rarity.

  16. Anonymous says

    It will be a total blood bath trying to get them day of release from Mint. Good luck everyone!

  17. Anonymous says

    I'm guessing there will be household ordering limits on the numismatic version. It could be as severe as the Lincoln Coin and Chronicles set with a one per household limit.

  18. Anonymous says

    Maybe a Hockey puck subscription a.k.a ATB 5 oz would work better instead of a mega blood bath server crashing scramble for the LOW mintage they are proposing.

  19. Anonymous says

    Yeah, my guess is that you could make a small fortune listing a presale on ebay right now. The only problem is actually getting any to fullfill all the orders. I can't wait for the race to start. This should be fun.

  20. VABEACHBUM says

    Spot on, as usual, Lasloo. I'll also mention the additional, proposed legislation intended to clarify and/or strengthen the Director's "business management authorities" – which I thought were defacto with the position. Given the Laws, he manages Mint resources and capabilities towards fulfilling the Requirements of the Laws. As written, the laws do not necessarily fulfill the needs of supply and demand.

    Which leads to the next logical question: Are these proposed quantities of ATB bullion and numismatic coins indicative of the first year of the program and the troubled start-up, or will these proposed quantities remain representative for each year of the program?

    5 Key Coins in a 56 coin series, or low pops for all? Budgets and Shopping Lists. What to do; what to do?

  21. Anonymous says

    What to do is buy as many as you can afford as quickly as you possibly can! A true no-brainer!

    Yes, this will be fun. Even more so for those who actually manage to get some of the coins from the authorized purchasers!

    I'm going to try to get two tubes of each design. I know it will cost at least $22,500 to do so (and probably more), but I don't think a $500 per coin price tag on the secondary market after the inevitable quick sellout will be out of the question, at least in the short-term. Double your money quickly and get out!

  22. Anonymous says

    I hope order limits are put on the bullion version as well as the collector version, in an effort to thwart the hoarders who want to milk the collectors.

  23. Anonymous says

    Michael, you usually bat close to 1000, but this time I think you and most of your bloggers may have it wrong this time.

    The coins will ALL have imperfections due to the size and quite frankly the mark up will already done in the first round of aftermarkets sales by the dealers. I seriously doubt folks will pay large mark ups on this mega-sized "bullion".

    Mintages will be way above first spouse coins and first spouse coins are made from gold (and a nice size to collect).

    Months ago someone posted that mintages below 20k usually will always do well, and mintages above this number usually do not. I agree.

    I'm going to skip this completely. The large Pandas and other mega silver coins have not historically done well, and the entire idea of the ATB coins is turning many folks off as the "circus" of coinage continues.
    The 5ozers remind me of something the Franklin Mint would promote for a Christmas gift.

    Best of luck to those that purchase the 5ozers.

    -JBL

  24. Anonymous says

    You guys should all check out ProvidentMetals.com. Not sure if they'll be getting these in…but I have been happy with their prices on a lot of this stuff. They kill the big guys on price normally and I get my order fast.

  25. Anonymous says

    The big difference between these coins and the First Spouses is that silver coins are historically much more collected than gold coins, mostly because of the drastic price difference. Granted, the price of these "big boys" will be steep, but still a far cry from what gold coins cost.

    I think they will have large collector appeal, since this is something new for the United States Mint and people generally like to collect series of coins. Even the First Spouses has it's dedicated followers, and new collectors came on board in pursuit of the Julia Tyler Uncirculated coin. Again, the tried and true circumstance prevails: Low-mintage coins that were seemingly unpopular during the Mint sales period gain much more popularity and price once they become low-mintage gems. These coins, the first 5 in a series of 56, should do extremely well given the micro-mintage for silver coins.

    In regards to an order limit, I don't believe the authorized purchasers use that line of reasoning. I know the place I'm going to try to buy from told me that it will be first-come, first-serve on the 5 oz coins. The Mint is the one that always tries to be "fair" in distribution. I don't know if this turn of events will change the minds of my authorized purchaser, but I doubt it.

    One last thing. The commenter who said all of these coins will have imperfections is right, but then again, ALL coins have some kind of imperfection. I don't believe there is such a thing as a completely "flawless" coin, no matter WHAT the TPG companies may say. I would NEVER pay a huge markup for a slabbed coin with a MS70 or PF70 label. It's a known fact that the same grading company will sometimes give the EXACT same specimen a 69 grade one day and a 70 grade another day, if you break it out and re-submit it to them. The whole thing is just a ploy to get your money. My advice on modern coins is just to buy them raw and make your money go further. We all know that sometimes raw coins sell for more money than a coin graded 69. If yours comes back a 69, you've just spent extra money for nothing. Collect the COINS, not plastic holders with inconsistent numbers on them!

  26. Anonymous says

    I wonder if the Mint will add Silver to it's Pricing Grid and adjust prices through out the year?

  27. Anonymous says

    Not interested. I can buy 5 silver 1oz. eagles for a lot less than what these over sized quarters will be going for. Yes they are interesting in a way but will be grossly overpriced in the secondary market. Only for the rich. No novice collectors aloud. Which is sad. I guess we got the circulated quarter coin set.-yawn

  28. Anonymous says

    I think it very sad that a park system that was set up to make the most beautiful places we have accessible to the common man is being honored by a "coin" that will be manipulated by, and available only to the wealthy. I don't think Teddy Roosevelt would approve at all.

  29. Anonymous says

    As usual the big time dealers (politicians) will get the large profits on these bullion cookies. It will be a rush to hoard as many as possible on the ATB 5oz to corner the market and raise prices to unreachable levels for the average collector. Only the numismatic versions stand a chance for a decent price in the future. However, by then silver will be so high that the mark up the US Mint uses will be outrageous as well. What a shame that the US Mint only shows favoritism to the few lucky enough to get these and mark them up out of reach for us average collectors. Looks like business as usual to me. I guess the days of consideration for the average collector is dead and gone. The totally lose my respect with this move.

  30. Anonymous says

    I am glad to see that the Mint is pulling back on mintages. This adds value and value inspires preservation. I can assure everyone; these coins will be National Treasures.

  31. Anonymous says

    The crazy thing I see in all this is people actually paying over 300.00 just to get one of these pieces of rich man junk. Screw the Mint and the scalping bullion dealers. Obviously greed has taken over with the whole bunch. I can assure you one thing. I don't care if they mint only two. They can take them all and stick them sideways where the sun doesn't shine. I can sleep just fine at night knowing that I don't rip people off. The sad part is that most these US Mint and scalping dealers won't lose a minute of sleep knowing that they are completely ripping people off. If you say how is the Mint ripping people off with the prices they give the dealers. I say that they are simply the ones who pick and choose who the lucky dealers will be. Politics has reached an all time low and the politicians creating this crap are the same ones who just printed 600 billion dollars. May they all rot in hell for ruining my daughters futures in the name of greed.

  32. Anonymous says

    I can see idiots and their money paying as much as 1200.00 for a PCGS MS70 in these coins. Looks like the gates will open and the rich idiots will come out in droves. It will be fun laughing at all of them as I collect a more worthy coin. Simple modern day bullion is all it is. Low mintage or high mintage means nothing to me on bullion coins. Did anyone really expect them to produce these in the millions LOL. Give me an older coin worthy of the price any day over this garbage. Word of advice is to buy an older coin worthy of a higher price. This is just another fad modern day ripoff that will peter out just like all the rest.

  33. Anonymous says

    To the person who said this:

    I can assure everyone; these coins will be National Treasures.

    ROFLMAO These bullion coins will be a total rip off. A Modern day scam at best. If this is what it takes to have a national treasure. Then greed is what our national treasure stands for now. How sad is that for our nation?

  34. Anonymous says

    Ebay auction 320625305801. This is one of several this guy has. How can he be so sure what he will get and at what cost. He has 10 auctions listed so far.

  35. Anonymous says

    Also, what will this ebay coin be shipped in? just in bubble wrap?

    I think I'll wait for the Mint's unc coins as while they will cost more (but lower mintage), at least they may come in packaging that protects them…capsule?? or something else

  36. Anonymous says

    He has a by it now at 299.99. Just as I suspected. The scalpers will be ripping the idiots off. Even with a higher price in silver spot. I don't see the US Mint charging that much. A complete scam IMO. This is bullion people HELLO !!!!!!

  37. Anonymous says

    Quite frankly I would rather have the Franklin mints version (Medal) of these coins then this garbage. At least they have good art work on them with a bullion price or at melt. I think I'll look at that possibility and not go through the hassle of being ripped off. Then I can be assured that the silver value will hold as long as silver stays high or goes higher.

  38. Anonymous says

    28.53 x 5 = 142.65 x 8 % = 154.06

    At that price of 299.99 the seller is making 145.93.

    subtract the 13 % ebay / paypal fees 38.99 plus shipping at say $11.00.

    His total take is 95.94 and that does not count the other taxes like sales tax and business tax and expenses. Not to shabby for a total net profit on a single coin. Quite honestly I'd much prefer selling a gold coin for 3 times the amount of profit.

  39. Anonymous says

    anyone know dependable bullion autherized purchasers that in your opinion may have a chance of geting these?

  40. Lasloo says

    The local "authorized" dealers that I've talked to don't seem to really know much about all the goings on Mint-wise… they rely on other suppliers and the like. Honestly, they seem very uninterested and surprisingly unknowledgable.

    The one national "authorized" dealer I talked to says they won't know anything until December 6th and no decisions will be made on getting these coins until then.

  41. Anonymous says

    If someone could buy all of these coins in one purchase. They would easily have the market cornered and name their price. Allowing the bullion dealers only to buy these first coins is a completely stupid idea. I think it is merely just to be able to justify the ripoff coming in January on the numismatic version of these coins. Further more, How can you really even call this a coin. It is more of a medal then a coin IMO. And why not be like China, Mexico, and Australia and make a big Kilo coin. Oh the insanity of it all.

  42. Anonymous says

    I personally think if they made a gold proof ATB quarter the same size as the normal sized quarter, it would have great eye appeal, be priced not too much more than the 5oz silver bullion goliaths (around 1/4 oz gold) and an all around winner.

    Again, best of luck to you 5oz silver bullion collectors.

    -JBL

  43. Anonymous says

    Michael, I believe something you buy from APMEX is tertiary market, not secondary.
    December 2, 2010 4:20 AM

    Nope, Apmex has become an Authorized Purchaser since June 2010.

    Micheal, do you have by any chance, the list of the purchasers (international ones included)?

  44. Anonymous says

    When the price of bullion comes down, which it eventually MUST, how can these coins hold value over the long term? I think it is a big mistake to put out big dollars to chase these.

    If one were to chase low mintages, the First Spouse gold would be a far better option.

    However, I don't predict either will be very good over the long term, simply because it would be far too expensive to ever complete a set of either. Both of these long, modern, expensive series will always simply rise & fall on the spot price.

  45. Anonymous says

    to the above commenter…how do you explain the 1999 silver proof set, the 2006 anniversary silver eagle set after market prices. I've come to find out that you can't make sense of what will and won't be a winner in the secondary. Spot price has nothing to do with rationalism. These could sell for $1000 dollars a piece even if spot goes down to $10. Or they could be worth melt in the long run. Who really knows. Its always a gamble.

  46. Anonymous says

    1999 silver proof set prices make no sense. Tons of supply. Prices will continue to fall when folks realize this. 2000 silver proof sets have about 20% more mintage than 1999 and sell for spot!

  47. Lasloo says

    The 1943 steel penny still sells for far more than a similar or lower mintage penny in the same time period.

    If the demand is there for whatever reason (in the case of the 1943 penny… its because its the only steel penny made, in the case of 1999 silver proof set, its the first with the state quarters AND its silver), there is a potential for the worth of the product to go up. Mintage is only important AFTER demand has been created.

    The 1947 Lincoln penny has a sixth of the mintage of the 1943 penny, but is only worth about 4 cents, while the 1943 is worth about 12 to 15 cents.

    Long story short… stop equating mintage with value.

    With that said, the 2010 5 ounce bullions and/or numismatic coins WILL have demand regardless of mintage. Its a VERY UNIQUE coin and its THE FIRST of its kind and its SILVER. Those qualities are what will drive up the price. The fact that it has such a low mintage is important in driving up the price, but it is a secondary concern.

    As the coin collector saying goes… just focus on buying what you like that you can afford. If others do the same, the demand will go up and your coin could be worth more in the future. If its not worth more, you like the coin regardless, right? So, you were going to buy it anyway!

  48. Anonymous says

    The 5ozers are legal tender and have a face value of 25 cents…you can use them for your parking meter! LOL

  49. Mint News Blog says

    "Micheal, do you have by any chance, the list of the purchasers (international ones included)?"

    The authorized purchasers are the primary distributors of US Mint bullion coins. Qualifying is difficult and carries such requirements as $10 million tangible networth, audit by an independent accounting firm, and status as an experienced market maker.

    The AP's can buy bullion directly from the US Mint at the market price of the metals plus a mark up. They must purchase in bulk quantities (for the ATB silver it is minimum 2,000 coins) and pay by the second business day.

    The AP system is used because it is believed to be an efficient system of distribution and provides for a two way market. AP's are required to make a market for US Mint bullion coins (both buy and sell).

    These are the authorized purchasers:

    A-Mark Precious Metals of Santa Monica, Calif. It is authorized to purchase gold, silver and platinum.
    • American Precious Metals Exchange, Inc., of Oklahoma City, Okla. Silver Eagles only.
    • Coins ‘N’ Things, Inc., of Bridgewater, Mass. Gold, silver and platinum.
    • Dillon Gage Inc. of Dallas, Texas. Silver only.
    • Fidelitrade, Inc. of Wilmington, Del. Silver only.
    • Jack Hunt Coin Broker, Inc., of Kenmore, N.Y. Silver only.
    • MTB of New York. Gold, silver and platinum.
    • Prudential Securities, Inc., of New York. Gold, silver and platinum.
    • Scotia Mocatta of New York. Gold silver and platinum.
    • The Gold Center of Springfield, Ill., Silver only.

    Based on my understanding of the system, all other bullion retailers are buying from the primary distributors listed above- not directly from the US Mint.

  50. Anonymous says

    The 5 ounce silver cookie program equates to 1.5M ounces of pure Silver per year for next 10 years. That is 15M ounces total over the next 10 years. This is Silver that will not make it into the industrial sector and will most likely be locked away by the long term collector. Remember that silver is used in advanced battery technology, solar panels, and the stuff they squirt in your veins for medical imaging purposes. This program significantly increases the yearly demand for silver and will definitely put upward demand pressure on its price.

  51. Anonymous says

    A true completist would be required to buy 50 ounces of silver per year for ten (or it is 11?) years (5 ozs. x 5 designs x 2 finishes). How many people can commit to that, ignoring the problem of where I am going to keep 50 ozs. of silver that I buy every year.

    I agree that it is interesting and exciting to see how these things are going to come out. That does not translate into wanting to own one.

    Analogies of this series to the Lincoln cents, or even silver proof sets, is far off the mark. The majority of a circulated Lincoln cent set can be completed very affordably, which is why the rarities are that much more sought after.

    Similarly, every silver proof se going back to 1992 might cost the same as 5 of these coins, before the inevitable price swell.

  52. Anonymous says

    What amazes me more then anything is the fact that we are as a nation so far behind the eight ball on minting rarities that catching up to other world mints that have been doing it for decades is a farce. How everyone makes such a big deal out of these 5 oz bullion coins is just a testimony of how little most true collectors really know about all Mints in the world. The facts are that the US Mint is light years behind in low mintage productions of coins that will one day be much more rare to own then the millions that they constantly spit out with poor quality as a result. I can only hope with the low numbers on these 5 oz bullion coins that the US Mint has taken their sweet time to make these with superior quality. Until the time of delivery and all the reports from buyers the jury will be out. This could be a situation that makes or breaks a already crippled perception of the quality thrown out thus far in 2010.

  53. Anonymous says

    Hi People… Are you confused yet reading all these posts? I think we are talking about 5 pc. of 1-oz silver coin ea. with 5 separate designs each year, and not a single 5-oz coin as suggested. These coins are called quarter dollar. After reading these posts I was beginning to hallucinate seeing 5 pcs of 5 oz silver coins weighing almost 1 kilo per set.
    If you collect the complete series, you'll end up with 10 kilos of ATB silver. Not a bad idea.

  54. Lasloo says

    To Anonymous December 2, 2010 8:47 PM,
    I don't think anyone is confused. Each of these are FIVE OUNCE 3 inch bullion coins. Not 1 ounce. FIVE OUNCES each!! So, yes that is FIVE separate designs EVERY year for a FIVE OUNCE bullion coin.
    It is precisely that this specific type of bullion coin is SO unheard of… that people are so excited about it.
    And has there ever been a bullion coin with "Quarter Dollar" inscribed on it?

  55. Anonymous says

    No, we are talking about a five-ounce coin, three inches in diameter. There will be five designs each year, so that is 25 ounces of silver each year. Nobody is talking about one-ounce ATB coins here, as there is no such a thing.

  56. Anonymous says

    I hope I can get my hand on some of these coins. I hope it will be under or around $250.00 because I would not pay more than that much for a 5 oz bullion coin. I might pay more for the uncirulated one though. I just hope APMEX don't sell it too high. If their price is right, I'll buy all five if possible. However, I'll be happy with just one to show off to my family. If you believe silver is to keep going up, the price don't seem so high when the spot price might one day be at $100 oz. I hope to see that day. Not too soon though, I need to stack up my silver while it is cheap. BUY SILVER!!!!!!!!

  57. Anonymous says

    JUST PLACED MY ORDER AT APMEX…THEY ARE ONLY SELLING THE COMPLETE 5 COIN SET FOR 1395.00 PLUS SHIPPING…

  58. Anonymous says

    Thanks for the info. I checked APMEX earlier this morning and they did not have it. Wow, its like $279 a coin, and you have to buy all 5 of them. I don't know if I can do that yet. They chose the best time to put it out huh? when silver is at a really high price, over $29.30 oz. I don't know if I should wait or not. I really want the coins, but the price tag is really high. Man, what to do, what to do? Who would buy all five of them at that price?

  59. Anonymous says

    I pulled the trigger! We'll see if the high demand is really there or not. It has to be to support this high of a price. It's hard to know, but with the anticipation and build up, as well as the low mintage, it seems like a winner.

  60. Anonymous says

    I also pulled the trigger with APMEX. At almost double spot it's way too high. But WOW, 5 ounce US Mint silver! I would probably make more profit buying silver eagles, but I don't play the lottery, so I'l play the 5 oz. ATB lottery. Maybe they will go way up, maybe not. Some day silver will be $100 an ounce if not more, so I'll some day make a profit. In the meantime, these 3 inch in diameter US Mint silver coins are REALLY NEAT!!!

  61. Anonymous says

    If these were ASE With a total mintage of 165000 across all options. people would be killing each other to get theirs. The 2010 AGE has a total mintage of 239000 across all options. People went gaga for that yet it still isn't a complete sell out. So this is a real crap shoot.

    If you are buying these because you just want the silver metal you are crazy. If you are speculating that they may go up in crazy value, that is a pricey gamble. Finally if like me you think these may make a long term investment that my children may enjoy, I'll take the gamble. We will find out soon enough if these are going to be the next big thing or just big hockey pucks that are silver.

  62. Anonymous says

    If you pay APMEX via credit card is $1456.80 for the five. $58.40 an ounce. TWICE the current silver melt value. Oh! the anxiety.

  63. Anonymous says

    THESE ARE CRAP..IF THE COLLECTOR CANT GET THEM WELL THY ARENT WORTH IT.I WONT PAY FOR A COIN TAT IS NEW FOR A PRICE THAT MAKES JONNY JEW MISTER A PROFIT..THE HELL WITH THAT .IF YA CAN GET THEM WELL THAT IS YOUR THING ..
    NOT WORTH PUTTING ME IN THE RED FOR SOME CRAP
    MEDAL SIZE COIN…

  64. Markie Boy in Phoenix says

    I just spoke with my "Coin Guy" who is a fairly large dealer and he said he would not be able to get any sets or even individual coins. Also said be careful as dealers who have them are charging 2X or 3X silver. Then is shared the story about the 1999 Silver State Quarters which you could buy at $35 form the Mint, went way up to $399 / $599 and now are at $100…… Best to be careful if you can't get them from the Mint direct at a reasonable price….

  65. Anonymous says

    Latest news is that the mint is restricting how the five or six authorized dealers can sell these coins. They can't sell more than one set per person, can't sell to dealers and can't charge more than a 10% premium over their cost. Secondary market is where these are going to skyrocket.

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America the Beautiful Silver Bullion Coins


One aspect of the upcoming America the Beautiful Quarters Program that I wanted to explore are the “bullion investment products” that were included in the authorizing legislation.

Public Law 110-456 which authorized the America the Beautiful Quarters program, also authorizes the Secretary of the Treasury to “strike and make available for sale such number of bullion coins as the Secretary determines to be appropriate that are exact duplicates of the quarter dollars.”

These silver bullion coins will use the exact design of the each quarter from the series, including the inscription of the denomination “quarter dollar.” They will be minted in .999 fine silver, with a diameter of 3 inches, and a weight of five ounces. The fineness and weight will be edge-incused on the coins. Because of the coin’s specified diameter, they would have a thickness more than twice the standard one ounce American Silver Eagle bullion coin.

The silver bullion coins will be available no sooner than the first day of the calendar year the quarter dollar will be issued, and will only be available during that year. Fractional versions of the coins are specifically prohibited by the legislation.

The coins will be distributed through the US Mint’s authorized network of bullion dealers. Presumably they would be sold by the US Mint to the authorized dealers at a standard mark up above spot price of silver. (The US Mint current charges a mark up of $1.50 per coin to authorized dealers for the one ounce American Silver Eagle bullion coins.) The authorized dealers would then resell the coins to other bullion dealers, coin dealers, and the public at a further mark up.

The Director of the National Park Service (or his designee) may purchase the bullion coins from the US Mint in quantities 1,000 at a time, and resell or repackage them as the Director deems appropriate.

Collecting America the Beautiful Silver Bullion Coins

The America the Beautiful Silver Coins will have some unique aspects. They will represent the only other silver bullion coin issued by the US Mint since the American Silver Eagle was introduced in 1986. The coins will also be the first bullion coin from the US Mint with a precious metal weight greater than one ounce. Several other world mints already issue bullion coins in higher weights, such as the Perth Mint, which releases some bullion coins with weights as high as 10 kilos.

The unique aspects of the series and the larger canvas for the coin design will likely draw the interest of some coin collectors. I think the earliest releases in the series will likely have the highest demand and ultimately the highest mintages. Over the course of the series, collector interest and mintages would likely wane, but may be impacted along the way by changes in the price of silver.

Some third party grading companies will likely accept the coins for encapsulation and grading despite the larger size. NGC already offers encapsulation and grading for some larger sized coins such as the Chinese Gold Panda, with even 1 kilo coins encapculated and graded in giant holders.

I see it as possible that the National Park System might create some type of uniquely packaged silver bullion coin, as allowed under the authorization. This would create another potential class of collectible, with a more limited distribution than the standard bullion version.

If one was to collect the entire series of 56 America the Beautiful Silver Bullion coins, they would have a weight of 280 ounces or 17.5 pounds of silver. The collection would also have a cost of about $5,000, assuming that the coins could be purchased for around $85 each ($17 per ounce) for the duration of the 12 year series. I think this cost estimate will ultimately prove too low.

As a final consideration, the new America the Beautiful Silver Bullion coins might draw ire from some collectors, particularly if they begin to view the series as yet another barrier to the production of collectible proof and uncirculated American Silver Eagles.

Next year, the US Mint will be required to produce one ounce American Silver Eagle coins “in quantities sufficient to meet public demand”, five ounce America the Beautiful Silver coins in quantities “the Secretary determines to be appropriate”, and collectible proof and uncirculated American Silver Eagles with no specific requirements. Since the Silver Eagles minted for collectors lack a legislative mandate, they would seem to fall into third place for the Mint’s attention.

More America the Beautiful Quarters Coverage

This morning I provided some additional coverage on America the Beautiful Quarters on Coin Update. In the style of the site, I provided links to an array of articles covering the new quarter series. In addition to articles about the overall series, I also sought out local coverage which discusses specific sites.

Some of the more interesting reactions came from locations who viewed the new quarters as potential boons for tourism (“If you mint it, they will come”) and other locations whose preferred sites were rejected by the US Mint. My home state of New York initially wanted Niagara Falls to be depicted.

Lastly, I will repost one paragraph from Coin Update where I link to an old article I wrote for the New York Times concerning the new quarter series:

I would also like to provide a link to an article that I wrote for the New York Times shortly after the legislation for the new quarter series was signed. Although I did enjoy the 50 State Quarters series, I think reusing the same concept over and over again becomes dull. With no disrespect to the sites selected for the impending quarter series, I would rather see a single design that could become an iconic and lasting symbol of our generation than another collection of 56 designs representing 56 different things. NYT published the article with the title Change We Don’t Need. I had originally titled the article “Too Much Change,” which was more to my point.

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Comments

  1. astroguy says

    I haven't decided yet whether I'm a fan or not. My gut cynical reaction is this is another ridiculous congressional mandate on a Mint that has failed to produce consistently good and inspiring designs for the past, oh, century or so. It's also really weird that they are leaving "QUARTER DOLLAR" on it, considering that it should have a historic value of $5, and it will have a silver value of significantly more.

    But, I thought that with the First Spouses program, and there are a few dedicated collectors (~4000, or so, judging by the mintage numbers). And, these will be significantly cheaper due to the silver/gold prices.

    I think speculators may like these more than the ASEs due to their weight, and IF the mint can come up with good designs, then the larger canvas may make them actually inspiring. That is, of course, if the designs can transfer well to a 3" canvas from ~ 0.955".

    Personally, I may start the series since there may be something like with the first two first ladies. But I'm not sure yet, and I'll have to look at what I would rather have – these 3" gimmicks, or some nice, classic coinage.

  2. Les says

    I did some research a few weeks ago, trying to find out what some of the sites would be. Of the three offices that had information, none of the sites selected by the residents of the state made the cut.

    I will likely collect them from circulation, but I sincerely doubt I will buy the full rolls from the Mint. I only picked up some of this year's rolls because of the record low mintage numbers. Hopefully, when next year comes, those numbers will get back up to their regular level.

    I agree with the point that the 3-inch versions will put pressure on the ASE collectors; we had enough issues with silver 'shortages' this year to last for a while.

    Final note: where are the designs? The 50 States (and the DC/Territories) coin designs were well known by this point, but not so much as a bit of next year's reverses has yet been seen, and with 112 days left before 2010… sigh.

  3. Anonymous says

    screw these giant quarters! if i want silver i'll buy it in bar form! produce proof silver eagles already!!!!!!!!!

  4. Keith says

    Michael,

    One thing that I noticed about the bullion is that there are NO requirements to mint in uncirculated or proof.

    My gut feeling is that the Mint will choose to make these coins available in Proof-only format, and then charge on the Proof scale, which would mean a 25 to 50% markup over the bullion price of the coins.

  5. Anonymous says

    Boy, wouldn't THAT be a kick in the pants? Five ounces of silver for a QUARTER? I thought it was bad enough that one ounce silver eagles are only worth $1 face value. Of course, if the day ever comes when we have to redeem our silver bullion coins for their face value, God help us!

  6. Anonymous says

    Hey, maybe they could make 5 Oz. Presidential dollars made of real gold. That would put some real life into that program. Oh poop, now I probably gave somebody the idea, and we will see these in next year's catalog.

  7. Michael says

    Technically, I believe that these 5 oz. silver coins are legal tender for 25 cents.

    I read that the inclusion of the denomination and some of the other technical aspects were specifically put in place to make the coins legal tender and thereby prevent private mints from creating similar oversized replicas.

    I think the 25 cent denomination for $80 of silver is pretty ridiculous, but at least they seem to have a reason behind it.

    From Numismaster article:

    "By giving it a definition in section 5112 of title 31 of the U.S. Code, and defining it as a coin that the Treasury chief may issue, that makes it a United States coin under section 5103 – the legal tender provision of the law.

    The practical effect would also be to tamper with products of other coins which are "supersized" and presently do not violate counterfeiting laws, but just might under a system with silver national park five ouncers in the mix. Here's how and why.

    In recent times, a number of private manufacturers have produced large (over-size) medallion-like pieces which are replicas of contemporary coin design. They are not intended as counterfeits, or even eye-fooling replicas, because of their size (generally over three inches in diameter – a size at which the Secret Service has traditionally said is not viewable as a counterfeit).

    That's because they are twice the size of a silver dollar (an inch and a half in diameter – and until these proposed coins would move twice the size to a huge six inches."

    http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=5904

  8. Lasloo says

    Michael,

    Enjoyed your NYT article. Please continue to post links to future editorials you end up writing.

    You are so good at keeping your posts (both here and elsewhere) so objective and fact-oriented, its nice to hear what you REALLY think from time to time!

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