Hook: If you buy American Eagle or American Buffalo gold coins, your final price and how quickly you can get product are shaped by a small, elite gatekeeper group: U.S. Mint authorized purchasers. That club just added a new member—Upstate Coin & Gold of Centennial, Colorado—and the ripple effects matter to bullion buyers, coin investors, and dealers across the U.S.
TL;DR (for quick readers)
- The U.S. Mint expanded its authorized purchaser (AP) network for gold by approving Upstate Coin & Gold, bringing the AP count to 11 (not every AP buys every metal).
- APs are the Mint’s wholesale pipeline; the Mint does not sell bullion directly to the public.
- Silver Eagles remain on allocation and the Mint isn’t taking new APs for silver; gold AP applications remain open.
- Minimum order requirements and standardized premiums (e.g., 1,000 oz gold, 25,000 oz silver) drive logistics and pricing in the secondary market.
Why this development matters now
The U.S. bullion coin market runs on a hub-and-spoke model. The United States Mint sells bullion coins only to APs, who create a two-way market by distributing to wholesalers, institutions, and retailers—then buying back product to provide liquidity. This structure underpins pricing and availability during calm periods and stress events alike.
On Aug. 24, 2025, Coin World reported that Upstate Coin & Gold has been approved as an authorized purchaser for American Eagle gold bullion (1 oz, 1/2 oz, 1/4 oz, 1/10 oz; .9167 fine) and the American Buffalo 1-oz gold (.9999 fine) program. The Mint’s spokeswoman Jill Westeyn confirmed the approval on Aug. 14; Upstate said the application process took three years.
“This is a landmark achievement for our company… It not only expands our ability to serve our customers by offering direct access to highly sought-after U.S. Mint products but also solidifies our reputation as a trusted precious metals wholesaler,” said Dave Cooper, CEO of Upstate.
From an investor’s standpoint, an additional gold AP can mean more competition for wholesale supply, potentially smoothing distribution and reducing bottlenecks when demand spikes.
Quick refresher: How the AP system works
- No direct retail sales: The Mint does not sell bullion coins to the public. APs purchase at LBMA-linked prices plus a program premium, then distribute down the chain.
- Standardized minimums & premiums:
- Silver Eagles: LBMA Silver Price + $3.05/coin, 25,000 oz minimum order.
- Gold Eagles: LBMA PM Gold Price + tiered % premiums (3% one-ounce; 5% half-ounce; 7% quarter-ounce; 9% tenth-ounce), 1,000 oz minimum order.
- Silver allocation: Silver Eagle bullion remains on allocation, and new silver APs aren’t being added at this time; gold AP applications are open.
This framework shapes inventory flows and retail premiums that you and I actually see at checkout.
What Upstate’s approval covers (and doesn’t)
Per Coin World, Upstate is cleared for American Eagle gold and American Buffalo gold—not silver. The current AP roster totals 11, though not all APs buy every metal. Examples include APMEX, CNT, Dillon Gage, and one non-U.S. AP, Bayerische Landesbank in Germany.
Specs investors ask about:
- American Eagle Gold: 22-karat (.9167) gold, four sizes (1 oz, 1/2 oz, 1/4 oz, 1/10 oz).
- American Buffalo Gold: 24-karat (.9999) gold, 1-oz coin, designs based on James Earle Fraser’s Buffalo nickel.
Market context: supply, demand, and premiums
Authorized purchasers are the first stop for new-issue U.S. bullion. When demand surges (geopolitics, rate volatility, recession fears), APs allocate to wholesalers/retailers, and premiums can widen materially. The Mint’s structure—LBMA benchmark plus set program premiums—anchors AP cost, but retail spreads reflect logistics, hedging, and market conditions.
Silver Eagle bullion often grabs headlines when on allocation, constraining weekly supply and creating premium spikes. While the Mint has at times lifted such constraints, they have recurred over the years; currently, silver AP applications remain suspended.
What investors could experience
Potential positives
- Incremental capacity: Another gold AP can increase distribution bandwidth and competition at the wholesale level.
- Operational tech: Upstate markets a 24/7 trading platform for B2B clients, suggesting more efficient order routing that can filter down to retail availability.
- Broader relationships: Upstate already trades with multiple world mints and refiners, which can diversify sourcing.
Considerations & risks
- No silver impact: The approval is for gold; Silver Eagles remain under allocation and are not adding APs right now.
- Premium behavior: AP additions don’t guarantee lower retail premiums; dealer inventory, hedging, and real-time demand still dominate.
- Eligibility thresholds: APs must meet stringent financial/audit criteria and two-way market obligations—standards that keep the club small by design. (Coin World notes high net-worth and audit requirements for applicants.)
U.S. Mint authorized purchaser vs. non-AP dealer (at a glance)
| Feature | U.S. Mint Authorized Purchaser | Non-AP Dealer/Retailer |
|---|---|---|
| Source | Buys directly from the Mint at LBMA + program premium | Buys from APs or wholesalers |
| Role | Must maintain a two-way market (buy/sell in size) | Sells to retail; may buy back from clients |
| Order Minimums | 1,000 oz gold, 25,000 oz silver, etc. | None standardized; depends on firm |
| Impact on You | Sets wholesale supply to market | Sets retail price/premium and service |
Data and minimums from the Mint’s AP page.
Expert and official voices
- U.S. Mint on distribution: “The United States Mint… does not sell its bullion coins directly to the public. Instead, we distribute… through a network of… ‘authorized purchasers.’”
- On silver: The Mint states that American Eagle silver bullion remains on allocation and silver AP applications are suspended.
- Industry view: Upstate’s CEO Dave Cooper framed AP status as “a landmark achievement” that strengthens customer confidence and access to sought-after U.S. Mint products.
Practical buying takeaways for bullion buyers and coin investors
- Know your channel: The Mint sells to APs; you buy from retailers who source via APs. Expect price = spot + AP program premium + market spread.
- Watch allocation headlines: Silver Eagle allocation or planchet tightness can lift premiums—especially in retail.
- Compare product types:
- American Eagle Gold (22-karat) vs. American Buffalo (24-karat). Choose based on preference, premium, and resale audience.
- Check dealer pedigree: Ask retailers which APs they source from and how often. AP proximity can influence fulfillment speed in busy markets. (Examples of long-standing APs include APMEX, CNT, and Dillon Gage.)
- Mind premiums across sizes: Program premiums differ by denomination (e.g., 9% on tenth-ounce vs. 3% on one-ounce), which affects your dollars-per-ounce.
Case study: why minimums matter
Suppose a retailer wants 5,000 one-ounce Eagles. An AP orders 1,000 oz minimum from the Mint (for gold)—often much more—to optimize freight, hedging, and distribution. That minimum shapes batch timing and inventory cycles, contributing to the retail premium you pay. Silver is even more scale-sensitive at 25,000 oz and subject to allocation, which may explain why Silver Eagle premiums are historically more volatile than for many gold products.
Deeper dive: product specifics investors ask about
- American Buffalo Gold: the Mint’s first 24-karat gold bullion coin (launched 2006); content and purity .9999guaranteed by the U.S. Government.
- American Eagle Gold: 22-karat, four sizes; collector versions (Proof/Burnished) are separate from bullion and sell directly on usmint.gov but with limited mintages and household limits.
Balanced perspective: benefits and risks of a new gold AP
Benefits
- Competition & resilience: More gold AP capacity can help during stress periods (e.g., banking jitters, rate shocks) by broadening the first link in the supply chain.
- Operational innovation: Upstate’s tech focus (e.g., PlatformGold®) may increase market efficiency for B2B clients, indirectly improving retail availability.
Risks / Limits
- No immediate silver relief: Silver allocation remains the bottleneck; this approval does not change Silver Eagle flow.
- Premium stickiness: Retail premiums are multi-factor (carrier costs, hedging, credit, demand). New APs don’t automatically compress spreads.
FAQs
1) What exactly is a U.S. Mint authorized purchaser?
A wholesaler that meets strict financial, audit, and market-making criteria and buys bullion directly from the Mint at LBMA-linked prices plus program premiums—then sells to wholesalers/retailers and buys back product to provide liquidity.
2) Did Upstate Coin & Gold become an AP for silver, too?
No. Upstate’s new approval is for gold (American Eagle Gold and American Buffalo). Silver Eagles remain on allocation, and the Mint isn’t adding new silver APs right now.
3) What are the current Mint minimum order sizes and premiums?
Per the Mint: Gold Eagles require 1,000 oz minimum (tiered % premiums by size); Silver Eagles require 25,000 ozminimum (+$3.05/coin). Platinum and palladium have 100 oz minimums with fixed premiums.
4) Why do retail premiums fluctuate so much?
Even though AP premiums are standardized, retail spreads reflect dealer costs, hedging, demand, and allocation constraints—especially in Silver Eagles.
5) Where do collector versions fit in?
Proof and uncirculated collector coins (with mint marks, COAs) sell directly from the Mint to the public, separate from bullion channels; they have different pricing dynamics.
Conclusion: what to do next
For gold and silver investors in the U.S., coin investors, and bullion buyers, the AP network is the backbone of U.S. bullion distribution. The Mint’s approval of Upstate Coin & Gold as a U.S. Mint authorized purchaser adds capacity on the gold side while silver remains constrained by allocation. If you’re stacking or collecting:
- Compare American Eagle (22-k) vs. American Buffalo (24-k) based on your goals.
- Track allocation headlines for Silver Eagles and watch how premiums react.
- Ask your dealer which APs they source from and how often—pedigree and proximity can improve fulfillment speed and pricing transparency.
Call-to-action: Before your next purchase, set a target premium ceiling per product, verify dealer sourcing (AP lineage), and consider mixing Eagles with Buffalos to balance premium and purity. Then execute with discipline.