Prices Raised for US Mint Silver Proof Sets

The United States Mint on Friday raised the prices on three of its silver proof set products, two that have already been issued and one that is scheduled for release later this month.

The adjustments follow a US Mint review of coin prices precipitated by the rising cost of silver. New York silver prices soared nearly 84 percent in 2010. The metal is more than 13 percent higher in 2011, or more than double what it was one year ago, despite recent retreats from 31-year highs.

The US Mint suspended the sale of its 2010 America the Beautiful Quarters Silver Proof Set during the first week of March as the set’s melt value approached within $1 of its listing price.

At the time, US Mint spokesman Michael White said they were "reviewing the prices of current products containing silver to make sure the market value of the silver contained in them is not now higher than the cost of the products themselves."

The reevaluation is complete. The two proof set products from last year to have their prices increased include:

• 2010 America the Beautiful Quarters Silver Proof Set (from $32.95 to $39.95)
• 2010 Silver Proof Set (from $56.95 to $64.95)

Their prices were increased Friday afternoon. All silver coins in Mint silver sets are struck from 90 percent of the precious metal. The annual quarters set includes 0.904 ounces of it while the annual Silver Proof Set contains 1.34 ounces.

Additionally, the US Mint had planned on offering the 2011 America the Beautiful Quarters Silver Proof Set for $39.95 when it is released on March 29, 2011. This proof set will now be listed for $41.95.

In a testament to how buyers are watching the intrinsic or melt values of coins and sets, weekly sales of the older 2010 Silver Proof Set actually outperformed those of the more expensive 2011 Silver Proof Set for the week ending March 13. That was a first. It is less likely to happen going forward since now their price difference is down to $3 instead of the previous $11.