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How do the prices of Costco Silver and Gold Coins Compare to Online Bullion Dealers?

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In a move that caters to the growing interest among consumers, Costco has broadened its selection of precious metals, introducing an array of new coins and bars to cater to the growing interest in tangible assets. The addition includes a variety of gold and silver coins and bars from renowned mints around the world, making it easier for members to diversify their investment portfolios.

The new lineup features investment-grade bullion coins such as the American Gold Eagle, Canadian Maple Leaf, along with various sizes of gold bars from PAMP Suisse and the RAND Refinery. These offerings are tailored to both seasoned investors and those new to precious metals, providing competitive pricing that aligns with Costco’s commitment to value.

Costco is able to leverage its membership model to offer competitive pricing on precious metals, while providing members with Cash Back rewards that can be accrued alongside credit card rewards. This combination is helping to undercut traditional coin dealers or precious metals retailers.

The coin offerings have included both gold and silver coins from the US Mint and the Royal Canadian Mint. This move by Costco follows a broader trend that reflects a mainstream acceptance and interest in precious metals as both an investment and long term store of value.

US Mint

The US Mint began minting bullion coins for investors in 1986 after the passage of the Liberty Coin Act. Along with the Gold Bullion Coin Act of 1985, these two laws require the U.S. Mint to produce and sell the American Gold Eagle and the American Silver Eagle in both bullion and proof finishes in sufficient quantities to meet demand from investors and collectors.

The coins are issued as a vehicle to provide consumers with a trusted tangible asset. At the time of the introduction, the economy was in recovery from a recession that was triggered by increases in oil prices by OPEC starting around 1979 and dragged on until 1982. In the first two years of minting, more than 16,835,340 Silver Eagle coins were sold.

US Mint Gold Coins

The most popular gold coins from the U.S. Mint are the American Gold Eagle and the American Gold Buffalo. These coins are significant to investors for their gold content, legal tender status, historical and aesthetic appeal. Both coins are backed by the U.S. government, ensuring their gold content and purity.

They are both highly recognized and traded worldwide, providing liquidity to investors looking for a tangible asset.

2024 1 oz American Buffalo Gold Coin

2024 1 oz American Buffalo Gold Coin

The American Gold Buffalo was first issued in 2006 as the U.S. Mint’s answer to pure gold bullion coins like the Canadian Gold Maple Leaf. It is the first 24-karat gold coin from the U.S. Mint.

It features the classic design of the Indian Head nickel or Buffalo nickel, with an image of a Native American on the obverse and an American buffalo on the reverse, both designed by James Earle Fraser.

The Gold Buffalo is 99.99% gold (24 karats), and has a face value of $50 and is also recognized as U.S. legal tender.

One of the most recent times that the Gold Buffalo was in stock, it was priced at $2099.99. At the time, the gold spot price was trading around $2049, indicating only a $50 markup or roughly 2.5% dealer premium. Normal dealer premiums typically range from around 4% to 10% above the spot gold price. While the Costco price beats out the national bullion dealers, the gold coins have typically sold out within an hour or two as experienced investors pounce on these deals.

Costco Product Page: Item #1799474

2024 1 oz American Gold Eagle Coin

2024 1 oz American Gold Eagle Coin

Introduced in 1986, the American Gold Eagle is available from bullion dealers in four sizes: 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz. However, only the 1 oz Gold Eagle is available from Costco, making this offer limited to investors with a larger budget.

The US Mint provides investors with fractional gold coins that allow for investors having more modest budgets to invest in a long-term store of value and wealth. This variety allows investors to choose based on their budget and investment strategy.

Costco offered the 1 oz Gold Eagle in late February with a price of $2,089.99 with each member limited to just two coins. That day, the spot gold price closed at $2,036.00 per ounce, a dealer premium of $53.99 per ounce or slightly higher than 2.5%.

Typical dealer premiums on current year gold eagles range from as low as 3.5% to around 8%. When Costco Gold Eagles are available for purchase, they are typically sold out within an hour or two. The addition of the Membership Rewards for their Executive Members offers an additional 2% cash back that can later be used on future Costco purchases, including precious metals.

Costco Product Page: Item #1804545

US Mint American Eagle Silver Coins

2024 1 oz American Silver Eagle Tube of 20 Coins

The American Silver Eagle is a one-ounce silver bullion coin issued annually by the United States Mint since 1986. A standard mint tube of Silver Eagle coins usually contains 20 coins. Each coin is one troy ounce of .999 fine silver. The coins are packed tightly in a tube to prevent movement and reduce the risk of scratching or damage during shipping.

Tubes of Silver Eagle coins are made available for sale periodically. The availability of Silver Eagle coins from Costco is limited and the pricing is typically similar to other online bullion dealers. It’s important to compare prices of Tubes of Silver Eagle Coins before making a purchase.

Costco Product Page: Item #1789494

2023 1 oz American Silver Eagle Tube of 20 Coins

Costco Product Page: Item #1799373

Royal Canadian Mint

Founded in 1908, the Royal Canadian Mint has established a global reputation for its innovative coin designs, high-quality craftsmanship, and advanced security features

The RCM is a prestigious institution, producing high-quality, pure gold and silver coins, with the Canadian Gold and Silver Maple Leafs being their flagship products. These coins are widely recognized in international markets and are considered to be a highly liquid investment.

Canadian Maple Leaf Silver Coins

2024 1 oz Canadian Maple Leaf Silver Coin Tube of 25 Coins

Maple Leaf silver coins are our Northern neighbors’ equivalent to the Silver Eagle and are suitable as an investment or store of value. The key advantages that Maple Leaf silver coins have over the Silver Eagle are:

  • .9999 Purity – The Silver Maple Leaf boasts a .9999 fine silver purity. While some investors prefer the four-nines purity, the extra nine does not add any extra value in today’s market.
  • Design and Recognition – The 2024 issue carries the King Charles’ profile on the obverse, while the iconic sugar maple leaf design is featured on the reverse. This classic reverse design has been minted annually since 1988 and is recognized and respected worldwide, ensuring the coin’s liquidity and marketability.
  • Anti-Counterfeiting and Security Measures – The Royal Canadian Mint began incorporating advanced security measures into the design of the coins in 2014, providing visual ways for investors to distinguish between fake and genuine coins.

The Maple Leaf coins were in stock on Costco’s website for a few hours recently at the price of $609.99. That puts each coin in a tube of 25 at around 24.40, with the spot price of silver that day closing at $22.08 per ounce. Typical dealer premiums are slightly higher at around $2.50 per coin.

Costco Product Page: Item #1814000

Canadian Maple Leaf 1 oz Gold Coins

The Maple Leaf 1 oz Gold Coin is the flagship bullion investment coin from the Royal Canadian Mint. It has been a mainstay with global investors since 1979. Its .9999 fine gold content makes it one of the purest investment grade gold coins available, which can be important for some investors.

Costco’s first offering of Maple Leaf gold coins including the Queen Elizabeth Memorial obverse design from last year.

A few weeks ago, the current year issue featuring the official portrait of King Charles was made available at the price of $2,219. On the same day gold spot price closed at $2,161.71 per ounce, a premium of $57.29, which is slightly higher than the lowest available price from national bullion dealers. The average premium for the Costco sale had some investors buying, with availability lasting around 17 hours.

Although the 1 oz coin is the standard, the Maple Leaf series is available in various sizes (1 gram, 1/20 oz, 1/10 oz, 1/4 oz, 1/2 oz, and 1 oz) from a variety of trusted and reputable online bullion dealers, offering flexibility for different investment budgets and strategies.

2024 1 oz Canada Maple Leaf Gold Coin (King Charles Design)

Costco Product Page: Item #1814006

Costco’s expansion into the precious metals market by adding more coins and bars to its lineup demonstrates the company’s response to increased consumer demand for tangible investments as a store of value and wealth. This expansion not only broadens the investment options for Costco members but also signifies the growing trend of retail investment in precious metals.

Moreover, Costco’s foray into precious metals is complemented by its robust online platform and in-store services, ensuring secure and convenient purchases. With this expansion, Costco aims to solidify its position in the precious metals market, among industry veterans like APMEX, JM Bullion, Bullion Exchanges and SD Bullion, offering an accessible path for its members to invest in physical gold, silver, platinum, and palladium.

Precious metals coins are government backed with a guarantee for their purity and weight. They are purposely minted as a long term store of value and wealth that have historically been an effective hedge against inflation and currency devaluation.

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What is the edge notch on US Mint Gold and Silver Eagles?

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In June 2021, the US Mint added an anti-counterfeiting notch to the edge of annually minted coins like the American Eagle Gold and Silver coins. The notches also appear also on the redesigned gold and silver American Eagles with Uncirculated (Burnished) and Proof finishes. This is one of the a“overt” security features added by the mint. Additionally, the mint has included “covert” anti-counterfeiting measures as well.

Silver Eagle Edge Notch

On the 2021 issue, when looking at the obverse of the coin, the notch appears to disrupt the reeding around the edge at roughly at the 6 o’clock position. Each year they move it to a new location on the edge.

The notch was moved to a different position for the 2022 issue, with the location at approximately the 7 o’clock position.

The anti-counterfeiting notch was added as a deterrent to thwart Chinese counterfeiters from forging fakes of these best selling bullion coins.

Mint officials are not disclosing the coins’ new covert feature or features.

In a statement release by Todd Martin, deputy director for the Mint’s Office of Corporate Communications, “The United States Mint has invested in developing a state of the art Anti-Counterfeiting laboratory in Philadelphia,” Martin said. “The lab will use improved testing and authentication methods to determine the genuineness of coins returned via the presently suspended Mutilated Coin Redemption Program — which accepts bent and partial coins from individuals and businesses. The lab currently processes worn coins returned by the Federal Reserve (uncurrent coins).”

For 2024, the 1 oz Silver and 1 oz Gold American Eagle coins, the notch is at the 9 o’clock position in relation to the obverse. The edge notches are not included on fractional versions of the American Eagle gold bullion coins, nor fractional Uncirculated or Proof versions.

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Costco Now Selling Silver Eagles

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American Silver Eagle Tube of 20 1 oz Coins

In a move blending bulk shopping with precious metals, in recent months Costco began offering 1 oz gold bars from PAMP Suisse and Rand Refinery that members could buy via flash sales on the company’s website. This surprising addition to Costco’s diverse product line has sparked a variety of reactions from shoppers and investors alike.

Earlier this week, various reports began to emerge online that the Member’s Only retailer has increased its product offerings in the precious metals space to include tubes of American Silver Eagle coins.

There were many posts in online forums and on social media with screenshots showing user purchases. Some lucky members were able to receive fast fulfillment and shipping that orders began arriving today.

In various mail call reports in the r/Silverbugs forum on Reddit, buyers reported receiving shipments of American Silver Eagle Coin tubes of 20 coins that were from the current 2023 mintage year.

The introduction of precious metals at Costco has certainly turned heads, with many expressing excitement over the convenience of adding investment-grade silver and gold to their shopping lists, alongside packs of toilet paper and other household items.

The tubes were available made available for purchase on December 20 with a member’s only price of $549.99 and sold out in minutes. The spot silver price was $24.51 that day, which calculates to a premium of $2.99 per coin. This is significant lower than the average Silver Eagle premium from specialty bullion dealers lately, which has been on the low end, around $4.25 per coin.

While Costco sells precious metals only to their members, having an Executive Membership offers an automatic 2% cash back on club purchases. This cash back rebate offsets the cost per ounce by another 50 cents. Using a rewards credit card can offset any premiums further, with many credit card offers available that include an additional 1 to 2%.

Although Costco’s Executive Membership costs $120 a year, there are already more than 32 million people enrolled in the program.

Silver Eagles Product Page at Costco.com

The American Silver Eagle coin remains the most popular choice among investors, collectors and preppers. It is one of the most widely recognized silver bullion coins in the world due to its beautiful design, silver purity and outstanding reputation of the US Mint. The tube packaging makes it convenient for bulk purchases.

Costco’s decision to sell precious metals has been seen as a strategy to tap into niche markets and bring more exposure of precious metals as store of value and wealth to a diverse customer base. While the 1 oz gold bars offer a compact and high-value investment, appealing to those looking to diversify their assets.

Costco’s venture into selling American Silver Eagles and gold bars could potentially set a new trend in retail, blurring the lines between everyday shopping and investment buying providing a way for many new investors to gain a better understanding of investment-grade silver.

While reactions are mixed, this move undoubtedly positions Costco as a pioneer in integrating investment options into a traditional retail environment. Whether this will resonate with the majority of its membership base remains to be seen, but for now, it has certainly sparked a lively conversation among shoppers and investors.

The coins are made available for sale online at random. When they are available, they are limited to 2 per member and they sell out typically within an hour.

References:

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2024 American Eagle Coins Available for Presale

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The US Mint typically ships newly minted American Eagle coins during the beginning of January. Many trusted and reputable online bullion dealers have begun selling 2024 American Eagle Coins for future delivery. This is a way to lock in your price based on the current spot price.

2024 American Eagle Gold Coins

The American Gold Eagle is an official gold bullion coin of the United States, first issued by the U.S. Mint in 1986. These coins are highly regarded as investment-grade bullion coins and as a trusted store of value and wealth.

The 2024 American Gold Eagle coins are available in four distinct sizes, catering to different investment budgets and needs:

Each size carries a face value proportional to its weight, but their market value is primarily based on their gold content.

American Gold Eagles are made from 22-karat gold. Each coin is guaranteed by the U.S. Mint for weight and purity, ensuring they contain the stated amount of pure gold. The coins are backed by the U.S. government for their gold content, weight, and purity. This backing enhances their credibility and trustworthiness.

During economic downturns or recessions, investors often turn to gold as a safe haven asset. Gold Eagles provide a tangible asset that can hold its value in such times. Gold has historically maintained its value over time. It tends to perform well during periods of economic uncertainty, making Gold Eagles a stable store of wealth.

2024 American Eagle Silver Coins

The American Silver Eagle Coins offer a combination of government-backed purity and weight, liquidity, and the inherent benefits of silver as a precious metal. They can serve as a component of a long-term store of value as part of an investment strategy, especially in times of economic uncertainty, due to their potential to hedge against inflation and economic downturns.

As the official silver bullion coin of the United States, the 2024 American Silver Eagle is a popular choice among investors and collectors for its beauty, purity, and government backing. The American Silver Eagle is traditionally available in only one size: 1 troy ounce (approximately 31.10 grams) of .999 fine silver.

American Silver Eagles are highly liquid and recognized worldwide and can be easily bought, sold, or traded in most coin and bullion markets. Silver, like gold, is often seen as a hedge against inflation. In times when the purchasing power of fiat currencies declines, silver can maintain or increase its value.

Investment Coins from the US Mint

The U.S. Mint offers a variety of investment coin programs that feature gold, silver, and platinum coins, allowing investors and collectors to choose products that align with their investment goals and interests.

Traditionally, precious metal investment coins are seen as a hedge against inflation and economic uncertainty. The U.S. Mint provides investment coins as a way to protect against currency devaluation and economic fluctuations.

American Eagle investment coins are recognized and revered globally, making them an incredibly liquid asset. Whether you’re looking to secure a solid investment or add to your collection, these coins offer flexibility and ease in buying and selling.

Investment coins from the U.S. Mint, especially the American Eagles, are recognized and traded globally. This wide recognition ensures liquidity, making it easy to buy, sell, or trade these coins.

These precious metal coins are a time-tested hedge against inflation, offering a safe haven in turbulent economic times. Each coin reflects the nation’s rich heritage and values, making them a proud addition to any collection.

Investment coins from the U.S. Mint offer a combination of government-backed authenticity, high quality, liquidity, and potential for both financial and numismatic appreciation, making them a popular choice among both investors and collectors.

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Understanding Silver Eagle Premiums

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The US Mint is one of the largest producers of coins and also happens to be one of the oldest continually operating minting operations in the world. However, this year a variety of production problems have struck the mint related to the production of bullion coins leading to tremendous volatility with Silver Eagle premiums in recent months.

Some investors have continued buying Silver Eagles, hoping that their dollar-cost average, along with rising commodities prices will offset the rising cost. Other investors are seeking out alternatives and buying bullion coins from other government mints.

Results from a recent third-party audit have shown that the Mint’s production techniques remain some of the most efficient because of regular and ongoing continuous improvements for the last 75 years.

Although newer processes exist for manufacturing large volumes of small parts (such as injection molding), the Mint’s ability to produce the quantity and quality of metal stampings are far more economically cost effective.

Silver Eagle Production Costs

The Mint does no longer operates refineries and provides limited assay services. Instead, the US Mint purchases raw materials for coins either in large rolls of sheets of metal strips or as ready-to-strike planchets from a select few approved suppliers such as Sunshine Minting, Coins’N’Things and other precious metals producers.

Prior to minting, the blanks are sent through a furnace in a process to soften the material, referred to as “annealing”. The blanks are then rinsed and cleaned before the “upsetting” step. The upsetting step raises the edges or rim of the blank to turn it into a planchet. The planchet is then ready to be struck into a coin.

In addition to wages, each of these steps in the production process cost the Mint resources, such as electricity, water, tools, dies and other materials. It is established by law that the Mint must charge a premium to cover the cost of production of each silver coin to prevent the program from operating at a loss.

The premium that the Mint charges at a wholesale level to the Authorized Purchasers includes the production costs reflect the amount of work the Mint does to produce, package and distribute each coin.

The West Point Mint is currently the only facility that produces Silver Eagle bullion coins.

Authorized Purchasers

Only companies that meet very stringent criteria are allowed to buy Silver Eagle coins wholesale directly from the mint. There are just ten companies in the US that are “Authorized Purchasers” of the US Mint. The criteria and process to become an AP is arduous and requires a significant amount of financial capital.

Some of the Authorized Purchasers are companies that are familiar to precious metals investors as they include wholesalers and one major online bullion dealer. Others include financial and banking institutions that provide an array of investment solutions.

CompanyHeadquartersAuthorized Metals
A-Mark Precious Metals Inc (AMRK)El Segundo, CASilver, Gold, Platinum & Palladium
American Precious Metals Exchange (APMEX) Oklahoma City, Oklahoma Silver, Gold Platinum & Palladium
Coins & Things, Inc. (CNT)Bridgewater, Mass.Silver, Gold Platinum & Palladium
Dillon Gage Inc. of DallasAddison, TexasSilver, Gold Platinum & Palladium
Fidelitrade, Inc.Wilmington, DelawareSilver, Gold Platinum & Palladium
Jack Hunt Coin Broker, Inc.Kenmore, New YorkSilver, Gold Platinum & Palladium
Manfra, Tordella, & Brookes, Inc. (MTB)New York, New YorkSilver, Gold Platinum & Palladium
ScotiaMocatta (Scotia Bank)New York, New YorkSilver, Gold Platinum & Palladium
StoneX BullionSanta Monica, CaliforniaSilver, Gold Platinum & Palladium
The Gold CenterSpringfield, IllinoisSilver only

Monthly Silver Eagle Sales Volume

The US Mint provides reports that show the monthly sales of bullion coins. The sales reports are effectively mintage reports since the Mint only manufactures coins based on pre-sales from Authorized Purchasers.

The largest mintage year for 1 oz Silver Eagle coins was 2015. That year, the Mint produced more than 47 million coins. This indicates that the West Point Mint is capable of producing nearly 4 million coins per month.

Yet, sales reports for the first few months of this year indicate that the mint has been producing only 900,000 coins per month, the equivalent to just 1,800 monster boxes. This is drastically lower than current demand and restricts the supply of current year coins.

Since restarting operations following pandemic shutdowns in 2020, the Mint has issued several press releases indicating difficulty sourcing suitable blank planchets from providers like Sunshine Minting, Coins’n’Things and other suppliers. This led to the cancellation of the 2022 Morgan Silver Dollar and Peace Silver Dollar commemorative issues from being produced. The fate of this and other coin programs remains unknown.

Coincidentally, the providers of blank planchets are owned by the same companies that are also Authorized Purchasers. This creates what is effectively closed-looped for the production and distribution of silver bullion coins, with the US Mint providing manufacturing services at a fixed cost. The control of the wholesale market is controlled by less than a dozen companies, with several of those companies also being primary suppliers of the raw materials and blank planchets.

As the future of the economy continues to be filled with uncertainty, many investors are driven to precious metals as a safe-haven.

Across the market, it is apparent that premiums on 1 oz silver coins from other sovereign mints have remained lower than Eagles throughout the recent financial crisis. Some investors perceive retail premiums on Silver Eagle coins to be artificially high.

There has been many posts on Reddit and other social media forums in recent months questioning the current Silver Eagle premiums. Some have speculated that suppliers may be intentionally restricting the supply of blanks as a mechanism to increase wholesale profits among the Authorized Purchasers.

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Investors Losing Confidence in the US Mint, while Coin Minting Reports $171 Million Net Loss

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The US Mint operates with a lean business model that operates in a just-in-time manner, managing incoming blank planchets from designated materials suppliers based on sales demand from Authorized Purchasers as a gauge of investor demand.

Keeping up with investors demand has been a difficult task for the US Mint. The pandemic lockdowns caused a total shut down of mint operations, forced mine closures and caused other widespread disruptions throughout industrial supply chains.

Problems for the Mint only got worse as investor demand for bullion investment coins skyrocketed because of the pandemic. For a few months, the minting of Silver Eagle coins was secretly shifted to the Philadelphia Mint for the first time in history as backorders began to pile up.

The US Mint is required by law to mint Silver Eagle coins in quantities “sufficient to meet public demand.” However, data provided in recent mintage reports shows monthly sales of the coins are down significantly when compared to the same period in 2021.

The latest reports show that for January, monthly sales totals were 3,949,000 coins. Most of these coins were minted during the final months of 2022 when the mint announced it would start minting the coins early. The mint stockpiled the coins, waiting to ship them to bullion dealers until after the start of the year. Did they hedge the price of silver during that time?

Since then, the mint appears to be on track to shipping only 900,000 coins per month, consistently. Far less than the monthly sales volumes reported just a few years ago.

For 2021, the monthly sales figures for February, March and April of that year being: 3,191,500, 4,087,000 and 1,053,000 respectively.

So far, the Mint has provided no explanation for the current production shortages, leaving investors shopping for silver bullion coins looking at options from alternative government mints.

Both the Perth Mint and Royal Mint have announced reaching historical sales records in recent years. Silver bullion coins from both mints have significantly lower wholesale and retail premiums as those mints. Neither appear to be having issues keeping up with demand from investors or industry.

At the retail level, premiums have, at times, exceeded 90% over spot price per ounce. The wholesale premiums that dealers pay to Authorized Purchasers has reached historic highs as well, forcing retail dealers to offer record prices over spot on buy backs. Some long-term silver investors have been able to take advantage of the current price spread compared to retail premiums paid several years ago.

The Mint also pointed to production and supply chain issues in its decision to the postpone the production of the Morgan and Peace $1 silver coins that were highly anticipated by investors and collectors in 2022.

Investors have grown extremely frustrated with premiums on Silver Eagles and lost faith in the US Mint. Most have already started to buy silver coins from foreign governments that are able to provide a dependable and continuous supply of investment grade precious metals.

Rising base metal prices are reportedly to blame for the effecting traditional minting of circulated coinage. The cost to produce pennies and nickels continues to increase with tremendous uncertainty in global metals markets.

With the cost for minting each penny being roughly 2.5 cents, and nickels topping 7.42 cents, total losses on these coins have been steep, with pennies taking a net loss of $92.7 million to produce, and nickels losing a total of $78 million, totaling $171 million in gross loss.

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Demand for Silver Eagles Spikes, Along with Premiums

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It’s become pretty indisputable that the economy is in the worst state that many Americans can remember since the 2008 financial crisis and the deep recession that followed.

As a result, investors are clamoring for gold and silver bullion like never before. Demand for government issued coins, like the American Silver Eagle and the Canadian Silver Maple Leaf have skyrocketed in recent weeks since the start of the banking crisis.

However, the US Mint continues to be slow and unable to meet demands, which has caused significant increases in recent weeks to a recent high of around 60% over spot price. Some dealers, such as APMEX and JM Bullion are currently showing premiums for silver eagles at over 88% above spot price.

The US Mint outsources the manufacturing of planchets, which are coin blanks that are pressed by the mint to produce the coins. Working only with a handful of select manufacturers that meet the requirements.

Disruptions to both global and domestic supply chains effecting precious metals continue to impact investors and industry.

The raw materials used to mint Silver Eagles must be sourced from domestic silver mines, as prescribed by law.

The Mint has been unable to meet demand since 2021 when more than 28 million coins were sold. While investor demand remained strong in 2022, the Mint was only able to produce around 16 million coins.

So far in 2023, the Mint has reported sales over more than 6 million coins. However, numerous reports state the mint shifted production in late 2022 to start producing coins for the current year, which is the main reason the Mint was able to report 3,949,000 coins sold in January.

Sales reports show only 900,000 coins being sold in each month of February and March which is far below the Mint’s production capacity.

In 2015, the Mint sold 47,000,000 Silver Eagle bullion coins, the highest on record.

Year 1 oz ASE bullion coins
201914,863,500 coins
202030,089,500 coins
202128,275,000 coins
202215,963,500 coins
2023
(4 months)		6,199,000 coins
Recent Years Sales and Mintage Totals of 1 oz Silver American Eagle coins

It’s pretty indisputable that the economy is in the worst condition many Americans have seen since the 2008 financial crisis and the deep recession that followed.

This time around, the economy has been wrecked by a record combination of prevailing events.

It began before COVID was even a thing in September 17, 2019.

Repurchase agreements, often referred to as “repos” are short term loans between banks and financial institutions. That morning, interest rates on overnight repurchase agreements more than doubled. By the end of the trading day the rates had increased by 500%.

The Fed responded to the crisis by injecting $75 billion PER DAY in new liquidity into the repo market for a week to prevent a collapse.

Once the rates began to stabilize, the Fed continued their daily injections of fresh liquidity into the repo market until October 10.

During that three week time period, some estimates put the total amount of liquidity injected by the Fed at over $500 billion.

A few months later, the Biden administration put the entire country into lockdown, effectively shutting down every sector of the economy, aside from companies like Amazon, Walmart and other select corporations deemed “critical”.

Rising inflation began to take hold as the Fed continued to print more money to fund the pandemic with stimulus checks and other government handouts.

To combat the inflation crisis, the Fed responded with multiple steep increases in key interest rates that come faster than has happened decades.

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Several Dealers Increase Order Minimums and Shipping Times

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Over the last week, APMEX, JM Bullion, SD Bullion and Money Metals Exchange have announced either increases in minimum order amounts or have added a few days to their shipping policies.

The updates includes:

Gold has been trading steadily above $2,008 per troy ounce and silver closed the week at $25.07.

The demand for Silver Eagles have quickly increased because they are seen a trusted store of value over keeping cash with record inflation. Currently, the cheapest Silver Eagles have a premium of over 50% above spot price.

Other sovereign government coins with a lower premium are also reliable alternative for investors looking for a lower premiums.

Britannia, Philharmonic and Kangaroo have become the go to silver 1 oz coins that make an excellent store of wealth and are easy to stack and store at home.

According to inventory tracking of APMEX stock, it’s been reported that APMEX sales of silver on Thursday April 6 reach over 135,000 troy ounces, slightly higher than the Thursday following the collapse of SVB bank and the start of the current banking crisis.

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Silver Eagle Sales Down Year over Year in January

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2023 American Eagle 1 oz Silver Coin Obverse

The US Mint produces bullion coins annually based on investor demand. The mint has started to recover from the supply chain and production issues that impacted sales last year.

However, year-over-year sales of silver eagles are down so far in 2023.

For January, the mint posted sales of Silver Eagles, with 3,949,000 coins sold. This is substantially lower than the same period the previous year, when the mint posted sales of 5,001,000.

For the first week of February, the mint posted sales of just 450,000.

In recent weeks dealer we’ve seen premiums on current year silver eagles have been dropping.

However, some silver investors have found suitable lower premium replacements with silver coins from other mints.

Most dealers have 2023 Silver Eagles in stock and ready to ship in single quantity, tubes of 20 coins and 500 troy ounce monster boxes.

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Cheaper Alternatives to Silver Eagles

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Historically, gold and silver have held their buying power through previous recessions and periods of high inflation.

Precious metals are often recommended as a safe-haven that financial advisors recommend during down cycles in the stock market.

Holding precious metals as part of your portfolio acts as a stable hedge against a recession, or worse.

This year is the 37th year that the American Eagle coin series has been produced by the US Mint. These coins have been minted annually since 1986.

Wholesale and dealer premiums on Silver Eagles have risen dramatically in recent years due to ongoing supply chain issues with mint suppliers.

1 oz Silver Coins

Sovereign governments around the world issue coins minted from precious metals. These coins are mainly for investors.

Although these coins are denominated in their local currency, many also qualify for inclusion in a precious metals IRA.

1 oz Krugerrand Silver Coin

The Krugerrand is the original bullion coin created in 1967. It was created by the South African government as a vehicle to encourage investment in government backed gold bullion. The 1 oz Silver Krugerrand coin is minted in .999 fine silver with an evergreen design.

The 2023 1 oz Silver Krugerrand coin has become popular with investors that want a trusted bullion coin without paying high premiums.

The obverse of the Krugerrand carries the image of Paul Kruger. The reverse features an national animal, the springbok antelope.

Krugerrand silver coins have some of the lowest dealer premiums and widely recognized worldwide. The South African mint produces these coins on demand so there is no mintage limit.

1 oz Perth Kangaroo Silver Coin

The Australia Kangaroo series comes from the Perth Mint. The 2023 Kangaroo 1 oz silver coins feature an indigenous red kangaroo bouncing across a grassy outback plain on the reverse.

The obverse of this coin has historically carried an effigy portrait of Queen Elizabeth. It is tradition for the reigning monarch to appear on coins minted by Commonwealth countries. However for 2023, the mint has announced that the Queen will remain on these coins until a suitable image of King Charles is acquired.

1 oz Britannia Silver Coin

The Britannia Series from the Royal Mint has become more popular with each annual mintage after increasing the silver purity in 2013.

This year, 2023 marks the 10th anniversary that the Britannia coin has been available in .999 fine silver.

The first wave of 2023 Britannia silver show the familiar portrait of Queen Elizabeth on the obverse side.

In January, the mint began producing a new 2023 1 oz Silver Britannia coin with a newly sculpted left facing effigy of King Charles III.

The reverse continues to feature the Nathan design of the mythological Britannia.

1 oz Philharmonic Silver Coin

The Austrian Mint began minting the Philharmonic 1 oz silver coin in 2008. It the only bullion coin available that is denominated in the Euro currency.

The inspiration for the design of these coins is attributed to the Vienna Philharmonic orchestra. Both the obverse and reverse designs feature elements related to orchestral music.

1 oz Maple Leaf Silver Coin

The Canadian Maple Leaf 1 oz Silver Coin is minted in .9999 fine silver by the Royal Canadian Mint. The coin is one of the purest government-backed silver bullion coins available in the market.

The Maple Leaf one troy ounce coins have a lower premium than the ASE.

Silver Maples have a familiar design that is easy to recognize. The obverse design includes a portrait of Queen Elizabeth, while the reverse incorporates an image of the Sugar Maple Leaf.

Various improvements have been made to the design throughout the lifetime of the series to help prevent counterfeiting. Coins minted since 2018 include a new rinse process during manufacturing that virtually eliminates issues with milk-spotting that was prevalent with earlier coins.

FindBullionPrices.com aggregates precious metals prices from dozens of precious metals brokers to help bring transparency and reduce the confusion of online dealer pricing.

Shop online dealers for the best prices for these and other 2023 Government Backed Silver Bullion Coins.