Price for U.S. Mint's 3-inch medals to quadruple to $160
- Published: Sep 25, 2020, 10 AM
The U.S. Mint is scheduled to more than quadruple the price for its 3-inch bronze medals, to $160 from the current $39.95, and to almost triple the price, going to $20 from $6.95, for its 1.3125-inch and 1.5-inch bronze medals.
Bureau officials claim the bronze medals are losing money.
The last time the U.S. Mint hiked bronze medal prices was in January 2011.
The price of 3-inch bronze medals was raised from $42 to $44.95 and the price of the 1.5-inch bronze medals was raised from $6 to $7.95. These prices were lowered to the current prices in March 2012.
“A main objective of the United States Mint (Mint) numismatic program is to control costs and keep prices as low as practicable,” according to a U.S. Mint statement released Sept. 24 by spokesman Michael White. “The Mint regularly reviews the prices of its entire numismatic portfolio, and adjusts prices as necessary in order to continue to provide numismatic products of the highest quality at a reasonable price.
“Recent cost analysis has shown that the Mint is currently losing money on the sales of our bronze medals. It is imperative that as a government agency we practice fiscal responsibility in our decision making. Losing money with each medal sold reduces the amount of money the Mint is able to return to the United States Treasury General Fund.”
The price to be charged beginning Jan. 1, 2021, for the 3-inch bronze medals is just $18.25 less than what the U.S. Mint currently charges for the 3-inch, 5-ounce .999 fine silver America the Beautiful quarter dollars.
Prices for the presentation cases to house each diameter of bronze medal will also be increased. The presentation case for the 3-inch medal will climb to $35, while that for the two smaller diameter medals will jump to $15.
“The current prices of the corresponding presentation cases are only covering the direct cost from our vendors,” according to the Mint statement released by White. “Increasing the prices as recommended will cover costs and yield a modest margin.
The bronze medals executed at the Philadelphia Mint are struck of planchets composed of 90 percent copper and 10 percent zinc.
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