U.S. Mint Products See Price Hikes

The market for coins being offered to collectors by the U.S. Mint is feeling inflationary pressures. The Mint recently announced it is increasing prices for 2023 mint and proof sets, silver American Eagles, silver medals, and quarters offered in rolls, bags and in sets. Five women will appear on the reverse of quarters during the year, this being part of a program planned to end after 2025.

Inflation and economic downturns are nothing new to mints. On Feb. 12, the Royal Canadian Mint (RCM) announced “prolonged effects of the pandemic and ongoing geopolitical instability” is limiting the RCM’s global market outreach, with demand for new coins manufactured by the RCM for other countries declining within the past year. The RCM “has made every effort to avoid layoffs and is doing so only as a temporary measure.” You won’t find many if any layoffs in businesses selling coins to collectors or selling to bullion buyers.

Another very successful regional show took place in early February in Long Beach, Calif. Holabird Western Americana Collections LLC will offer California Gold Rush artifacts recovered from the 1857 sinking of the fabled "Ship of Gold," the S.S. Central America in Reno, Nev., in early March. This auction will include a nearly 2-pound Kellogg and Humbert assayer’s gold ingot. Outstanding rarities continue to come to market, a market with strong demand and deep pockets that encourages yet more such rarities put aside a long time ago to be dusted off and brought forward for likely attractive prices to be realized.

Both over-the-counter and auction sales continue to remain heated. The spot price of precious metals may have been tarnished recently, but this doesn’t appear to be slowing demand among bullion investors or collectors.