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U.S. Mint To Re-Launch Silver Bullion Coins On Friday, Warns Of Price Gouging

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Kitco News
Dec 10, 2010

The U.S. Mint plans to re-launch sales of its 2010 America the Beautiful silver bullion coins on Friday after delaying the release of the five-ounce coin on Monday, it said on Thursday.

According to news reports, the U.S. Mint held up releasing the coin to authorized purchasers because premiums charged on the coins were far in excess of the Mint’s premium of $9.75. CoinNews.net said in a story earlier this week that premiums charged in the secondary market were anywhere from $120 to $160 per coin.

The U.S. Mint does not sell bullion coins directly to the public. Instead it relies on select number of “authorized purchasers” who can buy in quantity and then resell them to dealers and other sellers of precious metals, called the secondary market. The Mint has no control over premiums charged in the secondary market. The Mint expected demand for the coins to be great when it first announced it would release them.

Because of the concerns of excessive premiums the Mint spelled out specifics to its authorized purchasers in a memo on Thursday, citing the agreement between the Mint and these purchasers. To be able to sell the coins, the Mint is emphasizing that authorized purchasers make all the coins available for sale to the public that they acquire.

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This article was posted: Friday, December 10, 2010 at 5:51 am

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