Silver coins being offered by the U.S. Mint have been pulled from the shelf after a recent 26 percent drop in silver's value, in what is expected to be a pause to re-price the coins.
On the CME Comex division of the New York Mercantile Exchange silver for December delivery, the most actively traded contract, settled at $40.47. By Monday of this week, silver had tumbled to $29.98, a 25.92 percent collapse.
A drop of that magnitude typically obliges the U.S. Mint to re-price its silver offerings.
Sales have been suspended, since Monday, of the following: 2011 American Eagle Silver Proof Coin; the America the Beautiful Silver Proof Set for both 2010 and 2011; the U.S. Mint Silver Proof set for both 2010 and 2011; the 2011 Gettysburg National Military Park America the Beautiful Five Ounce Silver Uncirculated Coin; and the 2010 Mount Hood National Forest America the Beautiful Five Ounce Silver Uncirculated Coin.
The U.S. Mint was created in 1792 and is today responsible for circulating coin production between 4 billion and 10 billion annually. In fiscal 2010, the U.S. Mint generated a record $3.89 billion in annual revenues. The Mint also runs storage facilities, the most famous of which is Fort Knox, Kent.