W Eagle Re-released today 1 1

[BearlyHereBear]

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American Eagle 2020 One Ounce Silver Proof Coin $64.50

[Coinbuf]

Well that's a price you can go broke on.

[VKurtB]

48 minutes ago, Coinbuf said:

Well that's a price you can go broke on.

Get used to it. It's the new normal.

[Coinbuf]

16 minutes ago, VKurtB said:

Get used to it. It's the new normal.

Lol, lucky for me I don't collect modern silver rounds so I don't have to get used to it, and even if I did I'd wait it out for the price to drop in a year or so.

[Alex in PA.]

What Coinbuf said.  $64.50 for $19.00 worth of silver.  Ummm.

[VKurtB]

1 hour ago, Alex in PA. said:

What Coinbuf said.  $64.50 for $19.00 worth of silver.  Ummm.

Just catching up with Canada, Mexico, and virtually every other world mint on their numismatic 1 ounce pieces. They've been charging this kind of money forever, and people pay it. These pieces are NOT priced based on their bullion value, but their "all in" costs, INCLUDING marketing costs. In other words, you have to pay for what they did to even make you aware of them. Neat, huh? Nearly every mint product went up about 8% this year. Some more, some less.

 

Have you seen the price of the clad basketball half dollar? Well over $40 and it has NO bullion in it.

Edited July 14, 2020 by VKurtB

[RWB]

Say "No!"

[bsshog40]

Did they stop making these for a while? I got mine back in January for the same ridiculous price. 

[Conder101]

It used to be the Mint was allowed no more than a 20% mark up over cost.  Cost included face value, cost of materials, cost of the packaging, cost of production, and marketing.

If you use that rule of thumb

20% markup = $12.90  Face value = $1  Cost of materials = $19

That means cost of production, packaging. and marketing would be $31.60  The case and capsule would, being generous, be $5.  So they are claiming the cost of production + Marketing is $26.60 per coin

[RWB]

In the 19th/early 20th century US Mint, the markup on medals was 25%. Proof coins were priced to cover cost (but not overhead - that was charged to medals) plus a small percentage profit.

[Morpheus1967]

14 hours ago, bsshog40 said:

Did they stop making these for a while? I got mine back in January for the same ridiculous price. 

This is the burnished eagle.  

[VKurtB]

26 minutes ago, Morpheus1967 said:

This is the burnished eagle.  

Not the one posted by the OP. It says "Proof".

[VKurtB]

10 hours ago, Conder101 said:

It used to be the Mint was allowed no more than a 20% mark up over cost.  Cost included face value, cost of materials, cost of the packaging, cost of production, and marketing.

If you use that rule of thumb

20% markup = $12.90  Face value = $1  Cost of materials = $19

That means cost of production, packaging. and marketing would be $31.60  The case and capsule would, being generous, be $5.  So they are claiming the cost of production + Marketing is $26.60 per coin

"Used to be" died. He was buried long ago. Under the new rules, even the percentage of square feet used at the Mints counts as a cost that must be recovered by numismatic programs. Absolutely EVERY COST that can be calculated that could conceivably put into the cost base is being put into the cost base. Don't expect it to ever change. Percentages of salaries, utilities, insurance, management overhead, all of it.

If you want to risk throwing up in your mouth a little, or a lot, look up GASB, the Government Accounting Standards Board. What it means to collectors is that numismatic coins from the US Mint will never be what we've come to think of as "reasonable" ever again. The party's over, guys. Pony up the big bucks or drop out.

Edited July 16, 2020 by VKurtB

[Morpheus1967]

4 minutes ago, VKurtB said:

Not the one posted by the OP. It says "Proof".

Missed that!

[Conder101]

10 hours ago, VKurtB said:

. Under the new rules, even the percentage of square feet used at the Mints counts as a cost that must be recovered by numismatic programs. Absolutely EVERY COST that can be calculated that could conceivably put into the cost base is being put into the cost base.

It was like that in the 1970's as well.  They would have cost breakdowns that included the office space (they owned the building, possibly.  You can't be sure.  The government owns hundreds of vacant office buildings, but is constantly renting office space from private companies. ), the office furnishings (which were pulled out of government owned storage), and these same items would be charged off again against every program.  It was obvious they were padding the production costs. I'm sure today they are charging off the cost of the presses against every program.  Not the depreciation, the full cost of the press which they have been using for years. 

Edited July 17, 2020 by Conder101

[jtryka]

On 7/15/2020 at 8:48 PM, bsshog40 said:

Did they stop making these for a while? I got mine back in January for the same ridiculous price. 

I don't know if they stopped making them, but there was about 4-5 months when they weren't available.  I missed the proof when it came out earlier but picked one up this week.  And yes, the price is too high, but I'm a collector, so I need to buy one for my collection.  I'm willing to "lose" $45 on this coin, but it's not like I'm buying rolls of proof silver eagles as an investment in silver bullion...

[bsshog40]

1 hour ago, jtryka said:

I don't know if they stopped making them, but there was about 4-5 months when they weren't available.  I missed the proof when it came out earlier but picked one up this week.  And yes, the price is too high, but I'm a collector, so I need to buy one for my collection.  I'm willing to "lose" $45 on this coin, but it's not like I'm buying rolls of proof silver eagles as an investment in silver bullion...

Me too Jeff!