In a statement to Coin News yesterday, the US Mint announced that they are increasing the purity of their silver numismatic coins from 90% to 99.9% silver. Starting in 2019, all “Silver Proof Half Dollars, Silver Proof Quarters, Silver Proof Dimes, and Silver Proof and Uncirculated $1 Commemoratives” will now be made with this increased purity, according to Mint spokesman Michael White.
Why is this a big deal?
From the early 1800’s through 1964, all US circulation coins were composed of 90% pure silver. But as the metal value of these coins rose higher than their face value, the mint replaced them with cheaper, cupro-nickel coins. However, the Mint reintroduced this 90% “coin silver” in the 1980’s through the sale of non-circulation commemorative coins, and later into annual silver proof sets. These products, purchased direct from the US Mint, have remained popular with collectors ever since.
The US Mint’s America the Beautiful Quarters Collection, like this 2018 Silver Proof Set, was produced with 90% silver through 2018. The series will continue in 99.9% silver starting in 2019.
So why would the US Mint move to 99.9% pure silver?
It all comes down to cost. The use of 99.9% silver results in significant long-term savings in refining and manufacturing costs for the U.S. Mint. It has been shown that 99.9% silver increases die life, reduces coin spots and hazing (thus reducing the amount of scrap and customer returns), and expands the Mint’s supplier base. It also provides more uniformity in the Mint’s lineup of annual silver products, and can help their products compete with their global peers.
Some collectors may see this as a sad end to over 200 years of coinage history. But to others, this is good news. The value of older 90% commemorative coins and proof sets could be driven up due to the fact that they’re no longer made. And the added 99.9% purity could result in the production of some stunning silver proof sets in the future. While we haven’t received confirmation from the US Mint regarding this change yet, we’re curious to see how the new, 99.9% pure silver products compare to their 90% silver predecessors.
Commemorative coins, like the Apollo 11 50th Anniversary 2019 Proof Silver Dollar, will now be struck in .999 pure silver
What do you think?
What do you think of this change by the US Mint? Do you see it as a positive or a negative development? If you are a silver proof collector of the America the Beautiful series, for example, do you think the change to 99.9% silver for the final 3 years in the series will affect the overall value of your collection? Let’s discuss – Give us your thoughts in the comments!
Positive. I have refrained from purchasing some of the 90% coins due to the cost not matching the metal content. I hope they also make these coins a true troy ounce.
Do you know when the 2019 Silver Proofs will be available to purchase?
Is The cost of the sets going to increase the cost of buying them from the mint ? If so Buy how much ?
I think it is great. I prefer the 99.9% silver as long as the coin stays the same size. Do you think they will raise the price or lower it, since they say it is cutting the mints costs.
a coin with more silver is a good thing because it increases the value of the coin.
i prefer the 99% purity
FINALLY the US mint is catching up to the rest of the world mints— when I buy SILVER, I want SILVER, not 10% whatever. Therefore I prefer Canadian Maples, etc., which are 99.99% silver. I think this change is awesome– won’t make me pursue the 90% versions whatsoever.
I like the 999 silver
this is very positive. it can’t help but to increase the value on past coins and certainly on the new ones. I am delighted.
“From the early 1800’s through 1964, all US circulation coins were composed of 90% pure silver.”
-Including pennies and nickles?
This is poor-quality writing & research, and makes Provident Metals look as if they don’t know coins…don’t know what they are talking about
I like the change. Anytime I can purchase coins with .999 silver rather than .900, I feel like the coins are more valuable. If coarse this is with the exception of semi-key and key silver coins. It will be interesting how it will effect the pricing.
They’ll never be in circulation, so why not make them out of pure silver?!?
I think it’s time the mint made quality products that are at least worth buying.
I will assume the U.S. mint know what there doing & also the numbers behind there decision . With no more 90 % of course the price will increase on the older pieces . I’m just a tad skeptical about how much money it will save . Again the mint should have a good estimate on the savings . We all know the government couldn’t make a mistake on figures . Just seems that 99.9 silver would cost a bit more . Also because it will be a softer metal there will be more damages such as dings & scratches to name a few . Then again it’s definitely not the mints 1st rodeo . So there you have it I have no idea if changing the purity will make much of a savings for the mint but do think the 90% will go up . A interesting comparison would be the Chinese panda . Has the troy panda gone up since they changed the weight from the troy ounce to 30 gram weight ?
Leon
I feel that it is an excellent idea to compete with all the world markets for coin sales, However, if they raise the prices higher than they already are it will not be worth the extra costs. The coins are way over priced now at 90% so if they go to 99.9% the raise the prices I will not be buying them anymore.
I personally Believe that the SilverMarket is being Manipulated to the benefit of Large Banks and Investment Players.
I have been Watching the Play for the last Six months and the proof is there that. You all need to face Criminal fraud charges based on the fact that silver is being played on a Daily Routine in order to sell and buy to make a profit at a loss to the average small silver collector.