As the price of gold reached a fresh all time high, the United States Mint increased the prices for certain numismatic products containing gold coins. The price increases made effective earlier today, come just two weeks after the last increase and bring prices to their highest levels ever.
The 2010 American Gold Buffalo Proof Coin saw its price increased from $1,660 to $1,710 per coin. These coins each contain one ounce of 24 karat gold. The available First Spouse Gold Coins had prices increased from $841 to $866 for uncirculated coins and from $854 to $879 for proofs. Each coin includes one half ounce of 24 karat gold.
In January 2009, the US Mint adopted a new pricing policy for certain numismatic products containing gold and platinum coins, which allows price adjustments to be made as frequently as once a week. The primary consideration for the pricing adjustment is the average weekly London Fix price for the metals. In the case of gold, if the price moves across increments established at $50 intervals, prices are adjusted proportionately, usually effective by mid-morning on Wednesday.
The policy only applies to specific numismatic products. Commemorative coins such as the recently released Medal of Honor coins are not covered by the policy. Pricing is established through publication within the Federal Register and can only be adjusted through the same procedure.
Bullion coins, which are sold by the United States Mint to a network of authorized purchasers, have their prices determined based on the London PM Fix price on the date following the order, plus a percentage premium. The premiums that the US Mint charges authorized purchasers for American Gold Eagle bullion coins are currently 3%, 5%, 7%, and 9% for one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce coins, respectively.