Precious Metals

San Francisco bullion dollars offered to authorized purchasers

The U.S. Mint’s authorized purchasers were offered Nov. 2 the opportunity to order a combined total of 1 million American Eagle silver bullion coins struck at the San Francisco Mint. It is not known from which facility the illustrated coin was produced.

Images courtesy of the United States Mint

One million 2020 American Eagle silver bullion dollars struck at the San Francisco Mint are to be offered Nov. 2 to the U.S. Mint’s network of 12 authorized purchasers at a slightly higher premium per coin than that charged for the same coins struck at the West Point Mint.

Using the U.S. Mint’s standard allocation protocol for distributing the bullion coins, the bureau, according to Mint spokesman Michael White, will impose “a premium of $2.65 per coin, compared to the standard $2.35 per coin. This higher premium is necessary to cover the higher program costs associated with production costs at San Francisco. Authorized Purchasers are given the choice of either San Francisco or West Point as their pick-up facility.”

The premium is above the London P.M. closing price for silver per troy ounce.

“This past summer, demand for the United States Mint’s American Eagle Silver Bullion Coin Program was extremely strong, and the Mint was at times unable to meet full market demand,” according to an Oct. 29 news release from the Mint issued by White. “In an effort to meet demand, the San Francisco Mint was used to augment American Silver Eagle Bullion production.”

The U.S. Mint has sold 24.5 million American Eagle silver bullion coins to date in calendar year 2020 compared to 14.8 million American Eagle silver bullion coins sold for the entire 2019 calendar year.

Since the bullion coins struck at the San Francisco and West Point Mints do not bear each respective facility’s Mint mark and are indistinguishable,  the U.S. Mint explains how the grading services and the general public can identify the 1 million San Francisco strikes.

“The outside of the San Francisco-produced silver bullion coin green ‘monster’ boxes will be labeled and numbered to allow purchasers of sealed boxes to confirm that the coins were produced at the San Francisco Mint,” according to the U.S. Mint’s news release. “Each monster box contains 500 1-ounce coins. The production lot number on the green monster boxes of coins produced at San Francisco will incorporate the numbers 800,000 through 801,999.” 

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