Precious metals investors and collectors alike have been looking forward to a new silver bullion coin series expected to be released by the United States Mint before the end of the year. The series will feature designs showcasing the beauty of National Parks combined with the appeal of five ounces of .999 fine silver.
The new bullion investment product was authorized under Public Law 110-456, which also authorized the America the Beautiful Quarters Program. This series of circulating commemorative quarter dollars will be issued from 2010 to 2021 and feature designs representing National Parks, National Forests, and other federally protected areas. One area has been selected from each state, territory, and the District of Columbia.
The accompanying silver bullion program will carry the same designs as the quarter series, but they will be struck in five ounces of silver and have a diameter of 3 inches. Other specifications call for incused edge lettering to appear on each coin indicating the bullion fineness and weight. The coins will be struck in quantities that are determined by the United States Treasury Secretary.
So far, exact release dates for the America the Beautiful 5 oz. Silver bullion coins remain unknown, however by law the silver coins can only be issued during the same calendar year of release as the corresponding quarter dollar. This means that the bullion coins featuring Hot Springs National Park, Yellowstone National Park, Yosemite National Park, Grand Canyon National Park, and Mound Hood National Forest must be issued before the close of 2010.
It has not yet been determined whether the bullion coins will be offered in collector versions, such as proof coins or uncirculated coins. The US Mint intends to distribute the silver coins through their existing network of authorized purchasers. Sales occur directly to these large scale bullion dealers based on the market price of silver plus a mark up.
Comments
Michael
January 7th, 2011 at 3:58 pm
From what I have seen, the authorized distributors are holding onto the coins and not responding to inquiries — waiting on prices to rise or figuring out how to charge the highest price while still remaining in compliance with the new guidelines? I thought distributors were supposed to distribute. As usual with anything related to the Mint, it is the citizens that pay through the nose.
I saw the Home Shopping Network offering them for $5,000 a set yesterday evening (January 5th). They said they had 210 sets. This system is working out great for the middle men.
I called the Mint and was told to call (202) 354-7500 if I had a complaint. I was told this was the office in charge of bullion coins. There was a recording, but you can leave a message.