CoinWorld by Paul Gilkes February 27, 2012 Switching the fineness of silver in the annual Silver Proof sets and America the Beautiful Quarters Silver Proof set to .999 from the current .900 would produce significant savings in refining and manufacturing costs for the U.S. Mint, according to spokesman Michael White. The move would also open the pool to additional blank vendors, White said. President Obama’s proposed Fiscal Year 2013 federal budget includes a provision to amend Title 31, Section 5112, so that the dime, quarter dollars and half dollars in the various Silver Proof sets would be required to be composed of no less than 90 percent silver, rather than precisely 90 percent silver. “The big picture is that fabricators that work with .999 fine silver blanks must charge us more to refine to 90/10 fineness,” White said, referring to the current 90 percent silver, 10 percent copper alloy used for the dime, quarter dollar and half dollar in the sets. “We expect minor cost reductions from consolidating purchasing, die life improvements and freight savings, but, most importantly, the change would give us the opportunity to expand our supplier base. Of course, prices will reflect the increased silver content of the coins.” Article Sounds good to me.
Doing away with traditional coin silver makes me sad. Just another excuse to squeeze a buck out of collectors.
Yeah, I've got mixed emotions about this, too. I'd be sad to see "coin silver" go away, but it wouldn't be the first time it's happened, and .999 definitely has its appeal as well. The ones that make their way into circulation won't hold up as well, though.
"Coin silver" is called that because coins were made from it. Coins that were spent in everyday commerce. No one spends silver coins now except out of ignorance or by mistake. They buy them and put them away hoping they will be worth more someday. Older coins that were meant for circulation are now called "junk silver". Who wishes that Silver Eagles were more traditional and made from 90%?
I don't like it. They are talking about a minor savings in manufacturing cost, but up to almost a 10% INCREASE in materials cost. Also the way that law is now written you would have no idea what you are really receiving. They throw out that .999 fine figure but the way the law is written you might get .999 fine in one batch, .910 fine in another. maybe .934 fine in a third and they would all be acceptable because they meet the "at least .900 fine" clause! So the collectors may wind up being charged a higher price for the coins as if they are .999 fine, and receive .901 fine. The refiners will love it because they won't have to strive to meet that close tolerance .999 fine figure anymore. The first crude refining gets you over the 90% mark and you're done, no more refining needed.
Don't like it at all - not traditional. I do! They could still have one full ounce of silver, but would have to be BIGGER. Is this REALLY what our government is worried about right now? No wonder we're where we are.
I thinkit would be a major blunder. The savings would be nominal at best and would decrease the value of the coins in many collectors' eyes since they take a major step toward being NCLT. It's obvious the mint has no idea what collectors want. Sure it would be a plus to many collectors but any increase in silver content will be paid for by the purchaser and very few buyers are going to care that the coins will be easier to sell as scrap someday. Simply stated the cost of alloying 10% copper with 999 silver is very low. Probably no savings will be passed on and most collectors would prefer the coins be as much like "true" coins as possible.
This is one of the reasons I started a thread about the US Assay Commission. Would you be more comfortable with the proposal if the mint new that some of the sets would be randomly tested for purity?
I do not favor the elimination of the 90% fineness standard for silver proof sets or silver commemorative coins. Instead, I would like to see more 90% fineness coinage, specifically, Presidential dollars and a Native American dollar minted each year for the silver proof sets and the creation of silver uncirculated sets from the Philadelphia and Denver Mints. In my opinion, the 99.9% fineness standard is for the investment coins, perfectly suited for the American silver eagle. The ASE was specifically designed for this fineness and for investment purposes. Let's leave well enough alone.
Amen to that - that would be great. Then I could see a reason to buy more $1 coins. The "gold" looks just looks cheesy (to me).
It is shame that most coins are now 999 especially with gold, the various possible combination of alloys added great diversity to the coins.
I also disagree that .900 fineness American silver coins are being thought of, at least in the coin blank preparation business, as "special order." I also realize the US Mint has reduced its planchet making business. As one of the world's largest national mints, I would imagine that all four US Mint facilities combined are producing a great deal of the world's precious metal coinage, regardless of fineness. If I remember correctly, all US Mint coinage production is for our own monetary system. The US Mint currently does not strike any foreign coinage. It can do so, as in the past, but just does not compete much in the foriegn coinage production arena, if at all. US coins are actually exported to El Salvador, Panama and Ecuador as their monetary systems are dollarized. There is no doubt that the .999 fineness standard has emerged as the dominant preference for bullion and investment coinage and collectors love it! Nonetheless, when it comes to traditional numismatic coinage, I can think of at least two other national mints that produce large amounts of silver numismatic coinage for their national and worldwide government customer base--the Royal Canadian Mint and the British Royal Mint. The British national fineness standard is appropriately sterling, .925, and all those lovely numismatic silver round pounds, two-pound coins and five-pound crowns sell nicely in sterling, both in standard planchets and piedforts. Canada has also issued many beautiful collector coins in sterling for years like the 1992 125th anniversary of Confederation series, as just one example.
