Most Asked Questions About US Mint Coins: Buyer's Guide
Most Asked Questions About US Mint Coins
Your comprehensive buyer's guide to understanding US Mint products, pricing, and purchasing strategies
Introduction
Every year, the US Mint offers new collectible and commemorative coins to the public. Whether you're a seasoned collector or new to precious metals investing, understanding how the US Mint operates can help you make informed purchasing decisions and avoid common pitfalls.
This comprehensive FAQ guide answers the most common questions about buying coins from the US Mint, from understanding the difference between bullion and proof coins to knowing where to find sold-out products. If you're ready to explore available options, you can shop for US Mint silver coins to see what's currently available.
Table of Contents
- Can I buy bullion coins from the US Mint?
- Can I buy gold and silver directly from the Mint?
- What is an American Silver Eagle coin?
- Can I buy gold bars from the US Mint?
- Why are numbers of some coins limited?
- What are order limits and household limits?
- Why does the US Mint change prices on some coins?
- Why does the US Mint sell circulation coins for more than face value?
- Why is US Mint silver more expensive?
- Does the US Mint make a profit?
- Finding sold out US Mint products
No, the US Mint does not sell gold bullion coins nor silver bullion coins directly to the public. They do, however, offer a limited number of the same precious metal designs in proof and uncirculated finishes.
The US Mint will accept orders for precious metal bullion coins from a select list of Authorized Purchasers, who in turn sell to wholesalers, who sell to the public. The US Mint provides a list on their website of bullion dealers where you can purchase US legal tender bullion coins.
Authorized Dealer Advantage
Gainesville Coins is an authorized distributor for the US Mint, so you can find plenty of US Mint silver coins for sale on their website or by scheduling an appointment to make your purchase in person. You can also call (813) 482-9300 during business hours to place an order.
Yes. Given that you can't buy uncirculated bullion coins from the mint, investors have two options for buying precious metals directly from the US Mint.
Option 1: Proof Versions
You can buy the proof or collectible versions of American Silver Eagle and American Gold Eagle coins from the mint. These feature enhanced finishes and special packaging.
Option 2: Commemoratives
You can buy any commemorative or collectible gold coins and silver coins the US Mint has on offer, including special Mint Proof Sets and Congressional gold medals.
Important Note
With either of the two options, the coins will be more expensive than their bullion coin counterparts due to enhanced finishes, special packaging, and limited mintages.
Silver Eagles are the official silver bullion coin of the United States. In a sense, it inherits the legacy of the Peace dollar and the Morgan silver dollar—the last two silver dollar coins issued as circulating money. But unlike these silver dollars, the American Silver Eagle is 99.9% pure silver, also called .999 fine silver.
Obverse Design
Uses an enlarged and slightly modified version of the Walking Liberty half dollar designed by A.A. Weinman. Lady Liberty is depicted striding toward the rising sun.
Original Reverse (1986-2021)
Created by engraver John Mercanti, featuring an heraldic eagle carrying arrows and an olive branch with the inscription "E PLURIBUS UNUM."
Type 2 Design (2021-Present)
Updated reverse design approved by the Citizens Coinage Advisory Committee, known as the Type 2 American Silver Eagle.
The iconic design of the Silver Eagle has historical connections and represents one of the most popular ways to invest in silver. You can learn more about Silver Eagles by exploring their history and collecting strategies, and track current silver spot prices to time your purchases effectively.
No, the United States Mint does not produce gold bars for sale. However, other government mints do strike gold and silver bars, such as Perth Mint (Australia) and the Royal Canadian Mint.
Alternative Options
While the US Mint doesn't produce gold bars, investors interested in purchasing gold can explore gold bars from other reputable government mints or choose from US Mint gold coins in various denominations.
Many commemorative coins, proof coins, and coins with the special "uncirculated" finish have mintage limits. In the case for commemorative coins and medals, the mintage limit is set by Congress in the law authorizing the coin. Other collectible coins and medals may have mintage limits set by the Mint itself.
Collector Value Impact
Mintage limits add to the perceived collector value of the coin. Numismatists are usually uninterested in coins that are produced in unlimited numbers. This is true of numismatic coins from any mint, not only the US Mint.
Many limited mintage items will have a demand greater than the supply. The US Mint will place order limits or household limits on purchases of these items to give customers a better chance of purchasing the item, compared to situations where a company could buy them all up for resale at higher prices.
Order Limit
Order limits restrict the number of a particular item that can be purchased by a single person or business.
Household Limit
Household limits apply to shipping addresses. If there's a household limit of 1, only one person per address can buy one. If the limit is 3, up to three people at the same address could buy one each.
The US Mint does not get taxpayer money. In fact, the US Mint is expected to make a profit every year, and send the proceeds to the Treasury Department to be applied toward the National Debt.
Prices on precious metal coins and medals are set with this in mind. However, a jump in precious metal prices could end up costing the Mint more than they are charging. Conversely, a big drop in precious metal prices should be passed on to the buyer.
Weekly Pricing System
The US Mint uses a pricing range table each week to set the price of currently available precious metal coins and medals. If the average weekly price of gold, platinum, or palladium changes enough, it may land in a different zone than the prior week. In this case, the Mint will adjust the affected coins by a fixed amount.
Price Change Example 1:
If the average weekly spot price of gold moved from $1,842/oz to $1,863/oz, the price of the limited edition proof American Gold Eagle 1/4 oz coin would go from $715 to $727.50 the next week. The 1 oz proof American Gold Eagle would sell for $2,750 the next week, up from $2,700.
Price Change Example 2:
The price of platinum falls nineteen dollars, from $917 to $898. The following week, the price of the 1oz proof Platinum American Eagle would drop by fifty dollars, from $1,495 to $1,445.
Yes, the mint sustains its own commercial activities and turns a profit. This revenue goes directly to the United States Treasury.
Seigniorage Revenue
In another sense, the Treasury Department makes a profit from the mint, as well, due to seigniorage. Seigniorage is the profit derived from minting coins and printing money at a cost below the face value of the currency being issued.
Historical Context
It's worth noting that in the past, these profits were not always forthcoming. For instance, a pair of now-defunct branch mints in New Orleans and Carson City were routinely mismanaged and suffered financial losses for the federal government.
Find Sold Out US Mint Products at Dealers and Coin Shops
When the US Mint has leftover stock from a previous year's release, they will continue to list them on their website until they sell out. Once an item is sold out, the only way to obtain one is to buy it from someone who has it.
Online Marketplaces
Classified ads and auction websites offer previous-date US Mint coins, but buyer beware of authenticity and condition issues.
Local Coin Shops
Reputable local dealers often carry sold-out mint products and can verify authenticity. Great for building relationships.
Online Bullion Companies
Large, established online dealers like Gainesville Coins offer authentication and buyer protection for peace of mind.
Safety First
The safest options are coin shops and large online bullion and coin companies. Unlike some anonymous internet sellers, coin shops and bullion companies take care to verify and authenticate every item they offer, to protect buyers from fakes. Their goal is to build a relationship with buyers, and make them repeat customers.
Whether buying directly from the US Mint, or from your local coin shop or bullion business, purchasing US legal tender coins can be a fulfilling and patriotic experience. For those interested in historical US silver coins, you can also explore 90% silver US coins, commonly called "junk silver," which represent an affordable way to invest in silver with numismatic appeal.