Price rises for Proof American Eagle silver $1
- Published: Jun 15, 2011, 8 PM
The Proof 2011-W American Eagle silver coin will go on sale at noon Eastern Daylight Time June 30 at a price that is more than 30 percent higher than that charged for the 2010-W coin.
United States Mint spokesman Michael White said the $59.95 price — $14 higher than in 2010 — is driven by the cost of silver and by the Mint’s change in its methods of allocating production costs.
Mint customers who subscribed to the Proof American Eagle silver coins under the Mint’s subscription option for annual, recurring products, were notified of the price change on June 6, and the Mint published the price increase June 7 in the Federal Register.
The price of silver is currently up more than $10, or 37 percent, per ounce since the 2010 program was launched on Nov. 19, according to White. The Proof 2010-W American Eagle silver coin was offered for $45.95, and the spot price of silver was $22 per ounce when sales began.
The price of the Proof 2011-W American Eagle silver coins was set based on a silver market price of $37.50 an ounce, White said.
The U.S. Mint did not strike a Proof 2009-W American Eagle silver coin, since all available silver planchets at the West Point Mint were dedicated exclusively to bullion coin output to meet unprecedented investment demand.
When the Proof 2008-W American Eagle silver coin went on sale Jan. 3, 2008, the price of each coin was $31.95, and the price of silver was $15.38 per ounce, although the metal for initial production would likely have been procured at an earlier date at a lower price.
Production of Proof 2008-W American Eagle silver coins was halted Aug. 20, 2008, and never resumed, so the planchets could be employed for bullion coin output. ¦