Starck Reality: Precious metals pricing raises mints’ prices
The rapid rise in precious metals pricing has rendered the face value of some collector coins meaningless.
Courtesy of NumisMaster, KM-3206.
Germany is increasing the face value (and thus issue price) for new coins, and Switzerland has already raised the prices of its new collector coins, driving prices higher.
In practice, a face value provides both a ceiling and a floor for what a coin is worth in commerce. This is because today, circulating coins are generally made of metal that is worth less than the face value. If the face value becomes less than the intrinsic value of the metal contained therein, that will encourage those coins to be withdrawn from circulation for melting.
So what does that have to do with collector coins? In certain German-speaking countries (Austria, Germany, and Switzerland), collector coins have long been issued in precious metals with lower face values, often available at face value to encourage wide collection.
That changed in 2011 when the last spike in precious metals prices forced Germany to reduce the silver in its coins (in both fineness and weight), and Switzerland to raise prices. Austria began issuing copper versions of many collector coins while raising the prices of the silver versions.
Germany eventually course-corrected on its changes, reverting to the longstanding traditional weight and fineness. In 2016, it also began issuing .999 fine silver €20 coins, the first of which launched a series honoring Grimm’s Fairy Tales (KM-349).
The acceleration of prices this summer has prompted a change that will take effect in 2026. Germany announced on September 10, 2025, that it would raise the face value of its .925 fine silver €20 coins to €25, and the .999 fine silver €25 issues will be raised to €35, beginning in 2026.
Later in October 2025, the release price of a new 20-franc coin from Switzerland will also reflect this new reality; while earlier 2025 uncirculated silver 20CHF coins were issued for 25CHF, the issue price for the forthcoming coin is 30CHF.
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Jeff Starck is the Market Analyst for Numismaster.com and is a lifelong collector and writer. His appreciation for and interest in world coins and writing allows him to share the hobby with others.
