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2025 American Eagle Pre-Sales

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As the year draws to a close, pre-sales of 2025 American Eagle will be starting in the coming weeks and dealers are updating their websites to accommodate the release.

In the past, precious metals dealers have begun pre-sales for the 2025 American Silver and Gold Eagles during the month of October.

These pre-sales allow investors to lock in prices before the coins are even available, ensuring they don’t miss out on the early releases. While the coins themselves are not expected to ship from the U.S. Mint until the first half of January 2025, many buyers take advantage of pre-sales to lock-in the price and guarantee that they will receive their coins as soon as they are minted and distributed.

U.S. Mint 2025 American Silver Eagle

As some of the most recognizable and trusted coins in the world, American Silver Eagles (1 oz of .999 fine silver) and American Gold Eagles (offered in 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz of 22-karat gold) are the go-to options for many investors looking for physical bullion. The rumors circulating that Costco may be permanently incorporating precious metals into their product line only help spread that recognition further.

Annual Changes

The release of the 2025 coins marks the beginning of a new production cycle for the U.S. Mint. Near the end of each year, the U.S. Mint ceases minting the current year’s coins. This pause allows for crucial equipment maintenance, as well as the replacement of dies that are used to strike the new year’s coins.

During this period, market availability of current-year coins can become scarce, leading to increases in premiums. Typically, secondary market or random-year Silver Eagles will have the lowest premiums.

What to Expect from the 2025 American Eagle Coins

U.S. Mint 2025 American Gold Eagle Obverse
2025 American Gold Eagle Obverse

While the designs of the American Silver Eagle and American Gold Eagle have remained largely unchanged since the 2021 design refresh.

Both coins are known for their patriotic designs, premium minting quality, and, of course, their precious metal content. Investors will find the 2025 American Eagles to be no different—an attractive investment that combines artistry with intrinsic value.

Dealers Prepare for Strong Demand

With gold and silver prices hitting record highs week and week, dealers are anticipating strong demand. Early buyers should quickly secure their coins at market prices when they become available for sale.

During periods of strong market demand, the current-year American Eagles tend to sell out quickly, as was the case during the early days of the COVID-19 pandemic.

With prices now hitting new highs, a similar scenario could unfold, especially as more investors seek out tangible assets like gold and silver to protect against inflation and economic instability.

Many dealers offer special pre-order pricing, incentivizing those eager to add the 2025 coins to their portfolios before they hit the broader market.

January 2025: Shipping Begins

While pre-sales are beginning now, investors will need to wait until January 2025 for the coins to officially ship from the U.S. Mint. The Mint has historically fulfilled orders during the first half of January, ensuring that investors receive their new coins shortly after the new year begins. With pre-sales orders secured, many buyers can expect to see their 2025 American Eagles arrive shortly after the Mint starts shipping.

As demand for physical bullion remains strong, the annual release of the American Silver Eagle and American Gold Eagle coins is a great opportunity to add precious metals to a portfolio with prices locked at the time you place your order.

If you’re considering adding the 2025 American Eagles to your portfolio, now is the time to explore pre-sale opportunities and secure your position before the rush begins in January.

U.S. Mint Authorized Purchasers

U.S. Mint Authorized Purchasers are a select group of companies or dealers that are officially approved by the U.S. Mint to purchase bullion coins directly from the Mint in bulk.

These Authorized Purchasers (APs) serve as wholesalers between the U.S. Mint and the general public, helping distribute coins like the American Silver Eagle, American Gold Eagle, American Platinum Eagle, and other bullion products to the retail market.

APs distribute these coins to other wholesalers and distributors, retailers, precious metals dealers, and, in some cases, directly to the public. This network ensures that U.S. Mint bullion products are widely available in both domestic and international markets.

Becoming a U.S. Mint Authorized Purchaser involves meeting stringent criteria, such as financial standards to ensure they have the capacity to buy and distribute large quantities of bullion.

Some Examples of U.S. Mint Authorized Purchasers:

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US Mint Increases Premiums on American Silver Eagles

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American Silver Eagle Tube of 20 1 oz Coins

For all bullion coins, the US Mint charges a premium over the prevailing spot price when selling newly minted coins to Authorized Purchasers. The premium covers the cost of manufacturing and distribution of the coins.

It’s been reported that the the US Mint notified distributors recently of the increase in the premium, from $2.95 to $3.05 per coin over the prevailing spot price, or roughly 3.8%. Retail investors should expect the increase in premiums to trickle down quickly from the wholesale level to bullion dealers.

How the premium of American Eagle Silver Coins breaks down

With the silver price today at $27.93 per ounce, the overall wholesale premium of 9.15% premium added by the Mint at the wholesale level, making the wholesale cost to Authorized Purchasers $30.98 per coin.

Currently, the lowest dealer price is $32.58 per coin, which is a 16.65% premium over the spot silver price today.

At the retail level, the premium is $1.60 over spot, or roughly 6% over the wholesale cost. This markup that is shared between the wholesaler and retail bullion dealers.

We track prices from more than a dozen dealers for current year Silver Eagles, the highest currently has a premium of $8.70 per ounce over spot, a 31% premium.

The two largest APs that serve the retail precious metals market are APMEX and A-Mark. Each will have their own markup to downstream distributors and retailers. Coincidentally, A-Mark direct-to-consumer’s top brand, JM Bullion, along with APMEX, currently have some of the highest dealer premiums online.

Manufacturing American Eagle Silver Coins

The U.S. Mint acquires raw silver that meets the purity and sourcing standards that are prescribed into law. For the 1 oz American Eagle Silver Coin, the purity standard is .999, or 99.9% pure.

The U.S. Mint does not own the refineries that process the ore. Instead, it works with approved suppliers and refineries that meet specific standards.

These suppliers, including the Sunshine Mint, of which A-Mark owns a minority stake, provide the Mint with silver blanks, also known as planchets, which are the round metal discs that are then struck into coins.

The silver blanks are produced by rolling the refined silver into sheets and then punching out discs of the appropriate size and weight. The prepared planchets are then sent to the Mint’s facilities, where they are struck into coins.

This video from the US Mint on YouTube demonstrates the manufacturing process.

After striking, the coins are inspected for quality. Those that meet the standards are counted and packaged for distribution.

Newly minted investment grade American Silver Eagle Bullion coins are available only through retail precious metals and are sold in various packaging options, including tubes, monster boxes, and individual holders.

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Costco Silver Coin Availability

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While gold bars and coins are now offered almost daily, the offerings for Silver Eagles and Canadian Maple Leaf Silver Coins have been less frequent.

To purchase silver coins from Costco, you must be a Costco member, which comes with an annual membership fee.

For investors that also like to maximize credit card rewards and other rebates, buying silver coins from Costco’s website can be a good way to bank up extra points and rebates. Some chose to maximize the potential rewards by upgrading to the Executive Membership, which provides for 2% cash back in the form of a rebate from Costco.

While it’s not publicly disclosed who handles the fulfillment, logic would suggest that one of the US Mint’s Authorized distributors are involved, such as APMEX or A-Mark.

The combined availability of PAMP gold bars and US Mint Wholesale products leads many industry insiders to speculate in favor of APMEX, due to the strategic investment MKS PAMP purchased in September 2023.

The level of sales volume Costco’s channels likely provides the warehouse retailer with deep discount on American Silver Eagles and other bullion coins that aren’t available to other precious metals dealers.

This also provides a relief valve for precious metals wholesalers who have been accumulating secondary market silver eagles due to other investors that are selling and looking for quick cash.

Selling newly minted American Silver Eagles at a discount also helps to raise investor awareness and encourages mainstream adoption of using precious metals as a store of value.

Pricing for silver coins is displayed to members on the product page only when inventory is available.

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Investment Grade Silver Coins

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In a world of ever-changing economic landscapes, investors often seek ways to protect and grow their wealth. One such asset class that has been a cornerstone of wealth preservation for centuries is precious metals, with investment grade silver coins being a popular choice due to affordability and potential for appreciation.

Investment grade silver coins are high-quality, government-minted coins that contain a specified amount of pure silver. These coins are recognized for their silver content, purity, and legal tender status, making them a reliable store of value. Some popular examples of investment grade silver coins include the American Silver Eagle, Canadian Silver Maple Leaf, and the Austrian Silver Philharmonic.

As the purchasing power of fiat currencies erodes, the value of silver can help maintain purchasing power due to its historical role as a hedge against inflation.

For example, the American Silver Eagle was first issued in 1986 when the average silver price was $5.87 per ounce and the average gas price was around 90 cents a gallon. One ounce of silver was roughly the equivalent to 6.5 gallons of gasoline.

By comparison, in 2023 the average silver price was $23.40 per ounce, while the average price of gas was $3.52 per gallon. Which makes one ounce of silver roughly the equivalent of 6.65 gallons of gas.

Unlike stocks, bonds, or cryptocurrencies, investment grade silver coins are physical assets that can be held and stored securely. This tangibility provides a sense of security and control over one’s investments.

While each government mint has its own specifications, bullion investment coins are typically minted with 1 troy ounce of silver of .999 or .9999 fine silver. Though some mints offer coins in both larger and smaller denominations to accommodate the needs of different types of investors.

US Mint American Silver Eagles

The American Silver Eagle is the only investment-grade bullion coin issued by the US Mint. The 1 oz Silver Eagle was introduced as a trusted and reliable store of value of value and wealth in 1986.

Silver Eagles are made of .999 fine silver and carry a legal tender face value of $1. As legal tender, the coins are backed by the U.S. government and are recognized and traded worldwide.

During the 2008 financial crisis and Great Recession, the demand for American Silver Eagle coins surged significantly. In 2008, the U.S. Mint sold 20,583,000 bullion coins, a massive increase from the previous year and nearly doubling the prior record.

This spike in demand was a direct response to the economic uncertainty and the sharp increase in the price of silver at that time. The popularity of these coins among investors as a store of value and a hedge against inflation was evident during this period.

Current year 2024 Silver Eagles are minted based on investor demand and confirmed orders from Authorized Purchasers. Already during the first four months of the year, the US Mint sold more than 10 million American Silver Eagle coins. Some of this can easily be attributed to the availability of American Silver Eagle Tubes at major retailers like Costco, which has helped to increase awareness and demand amongst a larger pool of investors.

Secondary market silver coins can often be a way for investors to find lower premiums. Secondary market Silver Eagles were bought in previous years and have been previous liquidated by selling to a bullion dealer or broker. These coins are then resold by dealers at a reduced premium compared to current year coins.

Royal Canadian Mint Silver Coins

The Canadian Silver Maple Leaf is one of the purest silver coins on the market, with a purity of .9999 fine silver.

The reverse of the coin features the Sugar Maple Leaf design, a national symbol of Canada. The obverse of current coins shows a portrait of King Charles. Secondary market Maple Leaf 1 oz Silver Coins will most often be from previous years that feature one of various portraits of Queen Elizabeth.

The Royal Canadian Mint incorporates several advanced anti-counterfeiting measures in the design of the coin, making it one of the most secure bullion coins in the world. These measures include:

  • Radial Lines: The coin features a unique background of light-refracting radial lines that create a distinctive sparkle, making it difficult to replicate and also makes it appealing from an aesthetic standpoint.
  • Micro-Engraved Maple Leaf: A micro-engraved textured maple leaf, which is visible under magnification, is added to the coin. This feature is also used to mark the coin’s year of issue.
  • Bullion DNA Technology: The Royal Canadian Mint employs its proprietary Bullion DNA anti-counterfeiting technology, which involves laser micro-engraving a small maple leaf on the coin’s surface. Each mark contains an encrypted code unique to each coin, which can be authenticated through a secure database.
  • MINTSHIELD™ Surface Protection: This technology reduces the occurrence of white spot discoloration on the coin’s surface, ensuring the coin retains its visual appeal over time.
  • Serrated Edges: The coin features serrated edges, which not only enhance its aesthetic appeal but also make it harder to counterfeit.

Silver Maple Leaf coins are available only in a 1 troy ounce denomination. These coins are highly liquid and widely traded in the secondary market like other bullion investment coins. Secondary market Maple Leafs can have coins from previous years, including those that may have been issued prior to the RCM solving the milk spot issues. However, these coins are often available at a even deeper discount from those looking for the lowest dollar-cost average.

Austrian Mint Philharmonic Silver Coins

Austrian Silver Philharmonic coins are an excellent, lower premium alternative to American Silver Eagles. They are minted with a purity of .999 fine silver, making them a high-quality option.

One significant aspect of the Philharmonic Silver coins is their lower premium over spot price compared to some other bullion coins. This makes them a more cost-effective choice for those looking to invest in physical silver.

Despite this lower premium, the coins are still widely recognized in the global market, especially in European markets, due to their association with the renowned Vienna Philharmonic Orchestra and the Austrian Mint’s reputation for quality.

The coins celebrate the rich cultural heritage of Austria, featuring the Vienna Philharmonic Orchestra on the coin’s obverse and the Great Organ of the Golden Hall in Vienna’s Musikverein on the reverse.

Britannia Silver Coins from The Royal Mint

The Silver Britannia coin is minted with .999 fine silver by the Royal Mint, which is known for its high-quality standards and tightly controlled production protocols.

The Britannia Silver coin has a highly detailed design that showcases Britannia, the female personification of Britain, holding a trident and shield on the reverse.

For the 2024 Britannia Silver Coin, the obverse features a portrait of His Majesty, King Charles III. While many secondary market Britannias will be from previous years featuring a portrait of Queen Elizabeth II.

The Royal Mint incorporates several advanced anti-counterfeiting measures into each coin. These include a latent image on the coin’s surface that changes from a padlock to a trident when viewed from different angles. Additionally, the coin features micro-engraved details and a textured background that is difficult to replicate, ensuring its authenticity and integrity.

The Britannia 1 oz Silver Coin is often available at a lower price than other investment coins, making it a top choice for investors looking for the best priced silver coin.

South African Mint Krugerrands

The Krugerrand Silver Coin features the same iconic design as the gold Krugerrand, but is minted with .999 fine silver. The obverse showcases a portrait of Paul Kruger, the first president of the South African Republic, while the reverse depicts the national animal of South Africa, the springbok, against a backdrop of the country’s landscape. This design has been widely recognized and appreciated since the introduction of the gold Krugerrand in 1967.

Perth Mint Silver Coins

The Kangaroo 1 oz silver coin is a bullion coin produced by the Perth Mint in Australia. Since 2016, it has been produced annually with unlimited mintages as legal tender under the Australian Currency Act of 1965. The coin is struck from .9999 fine silver, making it a highly pure silver investment option.

The design of the coin features a bounding red kangaroo surrounded by rays of sunlight, symbolizing Australia’s vast natural beauty. The reverse of the coin also includes the inscription “AUSTRALIAN KANGAROO”, which also contains a micro-laser engraved letter. This security feature allows for easy authentication of the coin’s genuine nature. Also incorporated into the reverse design are the Perth Mint’s “P” mintmark, the year of issue, and the weight and purity of the coin.

Apart from the Kangaroo 1 oz silver coin, the Perth Mint offers several other investment-grade silver coins. These include:

  • Australian Lunar Series: The Perth Mint’s Lunar Series is one of its most popular offerings. Each year features a different animal from the Chinese zodiac, with 2024 showcasing the Year of the Dragon. The coins are available in various sizes, including 1 kg, 10 oz, 5 oz, 2 oz, 1 oz, and even smaller fractional sizes.
  • Koala Silver Coins: Introduced in 2007, the Australian Koala silver coins are another popular series from the Perth Mint. Like the Lunar Series, Koala coins are available in multiple sizes, with the 1 oz version being the most common. The mintage is limited with each year featuring a new design, adding to their collectibility.
  • Kookaburra Silver Coins: The Kookaburra series started in 1990 and features the iconic Australian bird. Similar to the other series, the Kookaburra coins are available in various sizes, with the 1 oz version being the most popular. Each year showcases a new design, making the series appealing to collectors.

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

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Costco Gold Bullion on Display in a Warehouse Location

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 like SD Bullion. 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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Anti-counterfeiting edge notch on US Mint Gold and Silver Eagles

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With the introduction of the Type 2 designs in 2021, the US Mint added several anti-counterfeiting measures to the 1 oz coins that include both “overt” and “covert” features that available in the Type 1 coins.

The most obvious overt feature that investors notice is the notch in the edge of the American Eagle Gold and Silver coins. In appearance, it looks as if one of the reeds was knocked off. 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.

The feature has yet to be implemented for the smaller denomination fractional American Gold Eagles. For now, these notches are on only the 1 oz coins.

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.