Germany Curtails Silver Commemorative Coin as Prices Surge
Germany will curtail the production of silver commemorative coins because of the increase in the value of the metal this year by more than 30 percent.
German mints will begin producing commemorative coins using a copper-nickel alloy this year, the Finance Ministry in Berlin said today in a statement. Coins containing a silver-copper alloy will be worth more than their face value.
The ministry cited budgetary restrictions for the decision, as well as concern that such coin issues could become an object of market speculation. The decision affects a series of 10-euro ($14.45) commemorative coins, the government said.
Silver climbed as high as $41.975 an ounce on April 11, the highest level since 1980, when the metal touched a record $50.35. Metals such as silver and gold have gained on speculation that rising commodity costs and record-low interest rates will spur demand.
To contact the reporter on this story: Patrick Donahue in Berlin at at pdonahue1@bloomberg.net.
To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net
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