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August 7, 2002

United States Mint Announces New Authorized Purchaser Of American Eagle Silver Bullion Coins

Back to the U.S. Mint Press Release List

WASHINGTON - The United States Mint announced today the approval of Coins N Things, Inc., of Bridgewater, Massachusetts, as an Authorized Purchaser in its American Eagle Silver Bullion Coin Program.

Coins N Things, Inc., established in 1979, is a precious metals wholesaler that purchases and sells silver, gold and platinum-related products to customers located throughout the United States, Canada and Mexico.

The American Eagle Silver Dollar coin is the most popular and best selling silver bullion coin in the world, with more than 100 million sold worldwide since 1986.

The price of the Silver Eagle, as for all bullion coins, is based on the current market price of silver plus a small premium to cover minting, distribution and marketing costs, and fluctuates daily due to changing market conditions. The Mint does not sell its bullion coins directly to the public but distributes them through a network of official distributors called Authorized Purchasers.

Authorized Purchasers must meet strict financial and professional criteria, which must be validated by an independent and internationally-recognized accounting firm. The minimum ordering requirement for Authorized Purchasers of the American Eagle Silver Bullion Coin is 25,000 ounces. In addition, the Authorized Purchaser must be an experienced and established market-maker in silver bullion coins, as well as provide a two-way market for the coins, have an established broad base of retail customers in which to distribute the coins and must have a tangible net worth of at least $5 million.

The United States Mint currently sells American Eagle Silver Bullion Coins to 11 Authorized Purchasers worldwide. The Silver Eagle Authorized Purchasers in the United States are: A-Mark Precious Metals in Los Angeles, SCB/Mocatta Bullion in New York, Jack Hunt Coin Brokers in New York, Salomon Smith Barney in New York, Prudential Securities, Inc. (New York), The Gold Center (Illinois) and HSBC Bank in New York, with sales domestically and abroad.

The international Silver Eagle Authorized Purchasers are Commerzbank International (Luxembourg), Deutsche Bank A.G. (Germany), Union Bank of Switzerland (Zurich) and Hang Seng Bank (Hong Kong).

Contact: Press inquiries: Michael White (202) 354-7222 Customer Service information: (800) USA MINT (872-6468)

Website: www.usmint.gov

 

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