Mint raises price of Proof American Eagle $1

Consumer cost to purchase silver coin rises 14.1%
Published : 09/07/11
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Without fanfare, the U.S. Mint Aug. 24 suspended sales of the Proof 2011-W American Eagle 1-ounce silver bullion coin. The Mint resumed its offering five days later at a price 14.1 percent higher than at the time of the suspension.

The price of the coin was increased by $8.50, to $68.45. When the coin was introduced June 30, the Proof American Eagle silver coin was offered at $59.95 each, with the spot price of silver at just over $35 per troy ounce. When sales of the coin were resumed Aug. 29, the spot price of silver was just under $41 per ounce.

At the time of its June 30 introduction, U.S. Mint officials announced, “Due to the high volatility in the market price of silver, this price may be subject to change.”

The Mint’s announcement of the price change to $68.45 per coin, dated Aug. 23, wasn’t published in the Federal Register until Aug. 29.

The Mint also had published Aug. 29 in the Federal Register that the Uncirculated 2011-W American Eagle silver coins will be offered for $60.45 when sales begin at noon Eastern Time Sept. 15.

As of Aug. 29, the Mint recorded sales of 726,921 of the Proof 2011-W American Eagle silver coins. ■

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