The US Mint announced today that they were halting the distribution of the 5 oz. America The Beautiful coins due to consumer complaints about sky high premiums being charged by distributors. Primary distributors like APMEX were charging premiums of $130 above the cost of the silver in the coin due to high demand. Other secondary distributors were asking $200 or more per coin in premiums above silver coin cost. The US Mint, on the other hand, was only charging primary distributors $9.95 per coin to cover minting costs.
Due to the US Mint having to buy new press equipment to handle the large bullion coins and difficulties associated with the manufacturing process, only 33,000 sets of the coins were to be minted for 2010.
Stay tuned for further developments as the drama unfolds!
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