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Silver Eagle Sales Limits Ends, Silver Prices Tumble in May
May 31, 2014 by Darrin Lee Unser · Leave a Comment
Bullion 2014 American Silver Eagle sales held at very strong levels in May even as the silver market turned down for the third month in a row.The bullion coin numbers were aided, albeit, from a mid-month sales adjustment that saw April’s total drop and May’s figure lifted.
Silver Eagle sales increased while silver prices and silver coin melt values tumbled
But first, in precious metals futures, silver prices for July delivery ended May at $18.68 an ounce, equating to a drop of 49 cents from its position at the end of April, or a dip of 2.6%. This third straight monthly decline marks a loss of $2.56, or 12.1%, from February’s close — the last month to see a gain. Year to date, silver prices have shed 69 cents, or 3.6%.
Looking at other precious metals futures:
- Gold at $1,246.00 an ounce dropped 3.9% in May
- Palladium rose to $836.35 an ounce, rallying 2.9% for the month
- Platinum at $1,452.70 an ounce rose 1.7% in May
Year to date, gains stack to 3.6% for gold, 5.7% for platinum and 16.4% for palladium.
London Fix Silver Prices
The silver Fix in London also posted declines for May, ending the month at $19.00 an ounce. This places the silver fixing down 28 cents, or 1.5%, from April’s end price of $19.28 per ounce. Year to date, silver prices in London are off 50 cents, or 2.6%.
In other London precious metals fixings:
- Gold at $1,250.50 an ounce lost 2.9% in May
- Palladium at $836.00 an ounce shot up 4.1% for the month
- Platinum at $1,464.00 an ounce gained 2.8% in May
Year to date, London fixings of the metals include gains of 4.1% for gold, 7.8% for platinum and 17.6% for palladium.
United States Mint Sales of Bullion Silver Coins
Returning to Silver Eagle sales, the U.S. Mint in mid-month revised April sales to 3,569,000 from 4,590,500, moving the change into the column May. By the end of May, sales of the silver coins ended at 3,988,500. That makes it a top-ten sales month.
Top 10 Monthly Sales of American Silver Eagles
| Rank | Month | Sales |
| 1 | January 2013 | 7,498,000 |
| 2 | January 2011 | 6,422,000 |
| 3 | January 2012 | 6,107,000 |
| 4 | March 2014 | 5,354,000 |
| 5 | January 2014 | 4,775,000 |
| 6 | September 2011 | 4,460,500 |
| 7 | July 2013 | 4,406,500 |
| 8 | November 2010 | 4,260,000 |
| 9 | April 2013 | 4,087,000 |
| 10 | May 2014 | 3,988,500 |
This year holds three of the top-ten monthly records. As such, 2014 is on track to take a record of its own. Year to date, the U.S. Mint has recorded Silver Eagle sales of 21,436,500. This is down slightly from last year’s January through May total of 21,768,500 coins. 2013 would eventually attain the title of best year ever for Silver Eagle sales, racking up 42,675,000.
Silver Eagle Allocation Ends
Also of note, the U.S. Mint has been selling bullion Silver Eagles to its Authorized Purchasers (APs) under a rationing program because a shortage of blank availability prevented production from meeting actual demand. The U.S. Mint on Friday, May 30, announced that Silver Eagle rationing is over.
"We are pleased to announce that effective Monday, June 2, 2014, we will no longer be on allocations for the American Eagle Silver Bullion Coin Program," said the U.S. Mint. "Authorized Purchasers will be allowed to purchase as many American Eagle Silver Bullion Coins as they wish. The United States Mint will continue to monitor its Silver Eagle Bullion Coin demand and adjust its bullion coin production accordingly."
Sales of America the Beautiful Five Ounce Silver Bullion Coins
2014 America the Beautiful Five Ounce Silver Bullion Coin sales gained 23,100 in May, driven greatly by gains from the May 6 release of the 2014 Shenandoah silver coin. Current sales stats for this year’s ATB coins are:
- 2014 Great Smoky Mountains National Park 5 Ounce Silver Coins at 27,000 with 4,000 from May
- 2014 Shenandoah National Park 5 Ounce Silver Coins at 19,100
- 2014 Arches National Park 5 Ounce Silver Coins — not yet released
- 2014 Great Sand Dunes National Park 5 Ounce Silver Coins — not yet released
- 2014 Everglades National Park 5 Ounce Silver Coins — not yet released
Melt Values of US Silver Coins
Many collectors (and investors) hold common US silver coins. These coins have intrinsic melt values associated with them that dropped in May along with the market. A comparison of values for these silver coins is offered in the chart below. (SilverCoinsToday.com also offers a melt calculator for more personal comparisons.)
| US Silver Coins | Silver Coin Melt Values (4/30/2014) | Silver Coin Melt Values (5/30/2014) | Net Change |
|---|---|---|---|
| 1942-1945 Jefferson Silver Nickels | $1.08 | $1.07 | -$0.01 |
| 1892-1916 Barber Silver Dimes | $1.39 | $1.37 | -$0.02 |
| 1916-1945 Mercury Silver Dimes | $1.39 | $1.37 | -$0.02 |
| 1946-1964 Roosevelt Silver Dimes | $1.39 | $1.37 | -$0.02 |
| 1892-1916 Barber Silver Quarters | $3.49 | $3.44 | -$0.05 |
| 1916-1930 Standing Silver Liberty 25c | $3.49 | $3.44 | -$0.05 |
| 1932-1964 Washington Silver Quarters | $3.49 | $3.44 | -$0.05 |
| 1892-1915 Barber Silver Halves | $6.97 | $6.87 | -$0.10 |
| 1916-1947 Walking Liberty 50c | $6.97 | $6.87 | -$0.10 |
| 1948-1963 Franklin 50c | $6.97 | $6.87 | -$0.10 |
| 1964 Kennedy Half Dollars | $6.97 | $6.87 | -$0.10 |
| 1965-1970 Kennedy Half Dollars | $2.85 | $2.81 | -$0.04 |
| 1878-1921 Morgan Silver Dollars | $14.91 | $14.70 | -$0.21 |
| 1921-1935 Peace Silver Dollars | $14.91 | $14.70 | -$0.21 |
| 1971-1976 Silver Eisenhower $1s | $6.09 | $6.01 | -$0.08 |
| 1986-2013 American Eagles | $19.28 | $19.00 | -$0.28 |
| 2010-2014 ATB Silver Coins | $96.40 | $95.00 | -$1.40 |
The melt values of these silver coins are based on the London silver fix prices at the end of April and May 2014.
