The surge in the price of gold over the past few weeks has prompted the United States Mint to raise prices for their numismatic gold coin products to the highest levels ever. The prices for currently available products were adjusted around 12:00 Noon ET today.
Earlier this year, the United States Mint adopted a new pricing policy for gold and platinum numismatic products. This policy covers only collectible gold and platinum coins offered directly by the United States Mint to consumers, not bullion coin offerings which are sold through a network of authorized purchasers. The new policy allows prices to be adjusted as frequently as once per week in response changing precious metals prices. The previous policy required price changes to be published in the Federal Register, which often resulted in multi-week product suspensions before the new prices could become effective.
Under the new policy, the US Mint calculates the average price of gold based on London Fix prices from the prior Thursday AM to the current Wednesday AM. Price adjustments for gold products occur when the calculated average reaches or moves across $50 increments. For the most recent period, the calculated average price of gold came to exactly $1,100.00.
The price of the US Mint’s 2009 Ultra High Relief Double Eagle Gold Coin was raised from $1,439 to $1,489 per coin. When the coins first went on sale January 22, 2009, they were originally priced at $1,189. The recently released 2009 Gold Buffalo Proof Coin saw its price increased from the initial price of $1,360 to $1,410 per coin. Currently available First Spouse Gold Coins had their prices raised from $691 and $704 to $716 and $729 for uncirculated and proof coins, respectively. In early January, these coins had been priced as low as $524.95 and $549.95.