West Point Mint begins striking 2023 gold, silver American Eagles
- Published: Dec 2, 2022, 9 AM
Coinage presses at the West Point Mint in New York are in production for the 2023 American Eagle gold and silver bullion coins, with production of the platinum bullion coins still to be scheduled.
The facility is striking American Eagle .9167 fine gold issues in 1-ounce $50, half-ounce $25, quarter-ounce $10, and tenth-ounce $5 versions.
The American Eagle 1-ounce .999 fine silver coins are being struck with a face value of one dollar.
The 1-ounce .9995 fine platinum bullion coins are issued with a $100 face value.
The bullion coins are struck on presses with the dies oriented to strike vertically, using ready-to-strike planchets as received from contracted vendors.
Examples of the struck bullion coins are expected to enter the retail market sometime in early January through authorized purchasers.
Since the U.S. Mint does not offer a two-way market buying and selling American Eagle bullion coins, the bullion releases are sold through several Mint-approved authorized purchasers, who buy the coins based on the spot price of the metal they contain on a given day plus a specific premium.
The authorized purchasers may then resell the coins for a premium to secondary market dealers, investors and collectors.
The U.S. Mint maintains a list of 13 authorized purchasers, based in the United States and overseas, with one of the overseas buyers approved for only platinum coin purchases and one for just the silver bullion coins.
Eleven of the 13 are also approved to buy American Eagle palladium bullion coins, when offered.
The list of authorized purchasers can be found online at https://catalog.usmint.gov/coin-programs/bullion-authorized-purchasers.html.
For the American Eagle silver bullion coins, United States Mint Authorized Purchasers are charged the London Bullion Market Association silver price plus a $2.35 per coin premium. The minimum ordering requirement is 25,000 coins.
For gold American Eagles, authorized purchasers are charged the LBMA PM gold price plus a percentage premium as follows: 1-ounce, 3%; half-ounce, 5%; quarter-ounce, 7%; and tenth-ounce, 9%. The minimum order an authorized purchaser can make must total at least 1,000 ounces.
For platinum American Eagles, authorized purchasers are charged the LBMA closing platinum price plus $65 per coin. Their minimum ordering requirement is 100 ounces.
For American Eagle 1-ounce .9995 palladium $25 coins, when offered, authorized purchasers are assessed the LBMA PM palladium price plus a 6.25% premium. The minimum order required is 100 ounces.
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