Today, the United States Mint published notification that they would be raising the premiums charged for American Silver Eagle bullion coins. This refers to the premium above the price of silver at which the US Mint sells the bullion coins to Authorized Purchasers. The premium will increase from $1.40 per coin to $1.50 per coin. The increase will be effective from February 9, 2009.
The US Mint cited the recent price increase for “raw materials silver” as the reason for the increase. Less than four months ago on October 14, 2008, the US Mint had raised premiums from $1.25 per coin to $1.40 per coin. At that time they had cited “increases in the cost of acquiring silver blanks.”
Silver Eagle bullion coins sold by the US Mint continue to be subject to rationing. This “allocation program” has been in place since April 2008 as the US Mint’s solution to the ongoing overwhelming demand for silver. I am sure most would prefer to pay even higher premiums for Silver Eagles if they were allowed to buy the coins in unrestricted quantities.
The full notification of the current premium increase as published in the Federal Register is included below.
[Federal Register: January 27, 2009 (Volume 74, Number 16)]
[Notices]
[Page 4830]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27ja09-87]DEPARTMENT OF THE TREASURY
United States Mint
Notification of United States Mint Silver Eagle Bullion Coin Premium Increase
ACTION: Notification of United States Mint Silver Eagle Bullion Coin Premium Increase.
SUMMARY: The United States Mint is increasing the premium charged to Authorized Purchasers for American Eagle Silver Bullion Coins, a program authorized under 31 U.S.C. 5112(e). Because of the recent price increase for the premium for raw materials silver, the United States Mint will increase the premium charged to Authorized Purchasers for American Eagle Silver Bullion Coins, from $1.40 to $1.50 per coin, for all orders accepted on or after February 9, 2009.
Authority: 31 U.S.C. 5112(e)-(f) & 9701.
Dated: January 22, 2009.
Edmund C. Moy,
Director, United States Mint
PRICE FOR CURRENT AMERICAN EAGLE AND HOW TO PURCHSE
The coins are sold at the spot price of silver plus a mark up.
The US Mint has a list of list of precious metals dealers here:
http://usmint.gov/mint_programs/american_eagles/index.cfm?action=lookup