The US Mint has been forced to cancel production of its Morgan and Peace dollars planned for this year, due to pandemic-related material shortages.
The US Mint on Monday announced it will be pausing planned production and sales of the 2022 Morgan and Peace dollars, due to a lack of available silver blanks from its suppliers. The Mint cited the Covid-19 pandemic and subsequent severed supply of silver as the reason behind the move to push back the popular historic program until next year.
“We’ll be required to make business decisions like this until the supply chain for silver blanks recovers from the disruptions caused by COVID-19,” Mint Deputy Director Ventris C. Gibson said in a press release.
Although pandemic-related global supply chain disruptions were beginning to show a glimmer of dissipating in the new year, the Russia-Ukraine crisis has sparked a boost in demand for precious metals such as gold and silver. The price of silver bullion has risen substantially since the middle of February, and currently sits at around $25 per ounce.
Information for this briefing was found via the US Mint. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.