July 23rd, 2010

Prices Reduced by the Mint

Effective January 12, 2009, the United States Mint implemented a new strategy for pricing its gold and platinum numismatic products. Non-precious metal products and bullion coins were not subject to the new strategy. 

Three days later, U.S. Mint Deputy Director Andy Brunhart stated, “Transparency, agility, and customer service are the catalysts for our new pricing method. The volatile precious metals market prompted our customers to suggest that we re-vamp our process, and we listened.”

The new “structure” is based on a range of the average market price for gold and platinum, and product prices will fluctuate within this structure. The range for numismatic gold products is $50; it’s $100 for platinum products.

Pricing for these products is directly tied to the average weekly London fix prices for gold and platinum. If the market value for the metals moves to a higher or lower range, the price of each product is increased or decreased in corresponding increments.

Since the “re-vamp,” prices for these products have only increased, even though precious metals prices have fluctuated.

Apparently all of the planets are aligned south of the waning moon because the Sarah Polk first spouse gold coin’s price has been reduced by $25. Read the whole story here.

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