U.S. Mint Authorized Purchaser: What Upstate Coin & Gold’s Approval Means for Collectors, Dealers, and Investors

If you buy or sell modern bullion, you’ve felt how the U.S. Mint’s “authorized purchaser” (AP) network shapes price, availability, and premiums. That network just expanded: Upstate Coin & Gold of Centennial, Colorado, is now a U.S. Mint authorized purchaser for American Eagle and American Buffalo gold bullion coins—a development that could ripple across wholesale pricing and retail access in the months ahead.

TL;DR

Upstate Coin & Gold was approved as a U.S. Mint authorized purchaser for American Eagle Gold (all four sizes) and the 1-oz American Buffalo Gold.
The Mint does not sell bullion directly to the public; APs buy at LBMA-linked prices plus set premiums and supply the market.
Silver Eagle allocation remains in place; the Mint isn’t adding Silver APs for now.
Gold’s macro backdrop remains strong in 2025, with spot prices near record highs—context that magnifies the impact of distribution changes.

Why This U.S. Mint Authorized Purchaser Addition Matters Now

Two forces make this news consequential:

Tight, rules-driven supply: The U.S. Mint sells bullion only through its AP network; APs create the two-way market that feeds wholesalers, financial institutions, and retailers. More capacity at the AP level can affect downstream premiums and availability—especially in volatile markets.
Historic gold environment: Gold set successive record highs in 2024–2025. Reuters reported spot gold around the $3,600/oz area on Sept. 18, 2025 (after hitting an all-time high the day before), while the World Gold Council documented record value terms for 2024 and elevated 2025 demand drivers. In a market like this, small shifts in distribution can have outsized effects on spreads and inventory.

“Becoming an authorized purchaser is a testament to the hard work and dedication of our entire team… [and] places us among an elite group of distributors,” said Dave Cooper, CEO of Upstate Coin & Gold, after the approval—highlighting both the prestige and the potential market impact.

U.S. Mint Authorized Purchaser: How the System Works

The AP program is the Mint’s wholesale backbone. The Mint does not sell bullion coins directly to the public; instead, it sells to APs at the LBMA benchmark plus fixed premiums (or percentage premiums), with minimum order quantitiesthat ensure liquidity. APs then support a continuous two-way market by selling to and buying from large dealers and institutions.

Current Premiums & Minimums (Selected Programs)

Program	Mint premium to APs	Minimum order
American Eagle Gold	LBMA PM Gold + 3% (1 oz); 5% (1/2 oz); 7% (1/4 oz); 9% (1/10 oz)	1,000 ozgold
American Eagle Silver	LBMA Silver + $3.05/coin	25,000 ozsilver
American Eagle Platinum	LBMA PM Platinum + $65/coin	100 ozplatinum
American Eagle Palladium	LBMA PM Palladium + 6.25%	100 ozpalladium
Source: United States Mint “Becoming an Authorized Purchaser.”

Note that the American Eagle Silver bullion program remains on allocation, and the Mint is not currently adding Silver APs—one reason silver-side competition at the top of the pipeline remains constrained.

The Updated List: Where Upstate Fits in the AP Roster

As of 2025, the Mint’s published AP list includes established U.S. distributors like A-Mark, APMEX, CNT, Dillon Gage, Fidelitrade, Jack Hunt, MTB, StoneX Bullion, and The Gold Center—plus the European bank BayernLB. Recent additions show a growing “Gold-only” cohort that includes Upstate Coin & Gold (Centennial, CO), SD Bullion (Fort Worth, TX), and U.S. Gold Bureau (Leander, TX). Not all APs handle all metals.

For Upstate specifically, the approval covers American Eagle Gold (all four sizes) and 1-oz American Buffalo Gold(.9999 fine). The firm says the application process took three years, underscoring the high bar.

Authorized Purchaser Requirements: The High Bar for Entry

To qualify as a U.S. Mint authorized purchaser, firms must meet stringent financial and operational criteria and maintain the ability to support large-volume, two-way markets:

Financial strength and independent audits.
Market presence with sufficient working capital.
Minimum order quantities, such as 1,000 oz for gold and 25,000 oz for silver.
Agreement to program terms and conditions.

These thresholds keep the AP network small and professionally managed—one reason why any addition to the list resonates across the industry.

Market Context: Gold at (or near) Records, Demand Broad-Based

Prices: On Sept. 18, 2025, gold traded near record territory, softening slightly after a Fed rate move the day prior. Reuters notes gold is up sharply in 2025 after a strong 2024.
Demand: The World Gold Council reported the highest-ever annual value of global demand in 2024 (~US$382bn), with strong central-bank buying and robust investment flows. Q1 2025 demand remained elevated by historical standards.

In such an environment, AP-level capacity and competition can influence bid-ask spreads, wholesale availability, and delivery times—factors that ultimately shape retail premiums for collectors and stackers.

Pros and Cons: What Upstate’s AP Status Could Mean

Potential Benefits

More competition at the top of the pipeline: Another Gold AP can pressure wholesale spreads and improve fill rates for downstream dealers.
Diversified sourcing: Upstate already maintains relationships with other world mints (Royal Mint, Perth Mint, South African Mint, etc.), suggesting operational sophistication and distribution reach. (As highlighted in the initial report.)
Resilience in high-volatility periods: Additional AP capacity can help smooth lumpy supply during spikes in demand, potentially moderating retail premiums.

Potential Risks/Limitations

Silver still constrained: Silver Eagle allocation remains, and the Mint isn’t adding Silver APs, limiting any near-term impact on silver Eagle premiums.
Premiums set by structure: The Mint’s AP premiums and minimums are fixed; retail prices will still reflect metal volatility, dealer overhead, and market demand.
Sales cyclicality: U.S. Mint bullion sales can be episodic, and investor preferences shift with macro conditions; 2025 has seen changing demand patterns across products and mints. (Monitor the Mint’s monthly bullion sales updates for specifics.)

Expert Take: What Industry Pros Are Watching

“AP designations don’t guarantee lower retail premiums overnight,” notes a bullion desk manager at a national wholesaler, “but more capacity near the top tends to tighten wholesale spreads over time—especially when demand surges.” (Paraphrased industry perspective.)

From Upstate’s leadership: “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 CEO Dave Cooper.

And the macro lens: World Gold Council researchers emphasize that central-bank buying, ETF flows, and investor hedging have underpinned record value terms—forces that can continue to stress or smooth supply, depending on the month.

Practical Guide: How the U.S. Mint Authorized Purchaser Ecosystem Affects You

For U.S. coin collectors

Expect more stable availability of American Eagle and Buffalo gold—especially in fractionals—during busy periods.
Watch for modest premium moderation if competition intensifies among wholesalers.

For coin industry professionals

Consider diversifying AP relationships; the Mint’s official AP page now lists multiple Gold-only APs alongside full-line distributors. Cross-quoting can sharpen your landed costs.
Use the Mint’s monthly bullion sales dashboard to anticipate tightness and customer demand for specific sizes.

For coin investors and stackers

In a market near records, execution matters: compare final delivered prices, not just spot-plus-premium quotes.
Fractional vs. 1-oz: Fractionals carry higher AP and retail percentage premiums; consider total cost of ownership and exit liquidity.
Remember: the Mint does not sell bullion directly to you. Work through reputable retailers; AP lists help identify credible upstream sources.

Case Study: Premium Dynamics in a Hot Market

When gold pushes to new highs (as in 2024–2025), dealers often report:

Rapid inventory turns in 1-oz Eagles and Buffalos.
Premium expansion in fractionals during rushes.
Tighter wholesale spreads when additional AP capacity comes online (e.g., a new Gold-only AP), especially if multiple APs quote aggressively.

Tracking Mint premiums & minimums (table above) and monthly sales can help dealers time purchases and investors choose sizes that fit their goals and budgets.

U.S. Mint Authorized Purchaser: FAQs

Q1: What exactly is a U.S. Mint authorized purchaser?
An AP is a firm vetted by the U.S. Mint to buy bullion coins in bulk at LBMA-linked pricing plus set Mint premiums. APs then supply wholesalers, financial institutions, and retailers; the Mint does not sell bullion directly to the public.

Q2: Which products can Upstate Coin & Gold buy?
Upstate is approved for American Eagle Gold (1-oz, 1/2-oz, 1/4-oz, 1/10-oz) and the 1-oz American Buffalo Gold.

Q3: Is the Mint adding Silver Eagle APs?
Not currently. The silver program remains on allocation, and the application process for Silver APs is suspended.

Q4: Where can I see the current AP list?
The Mint publishes an AP roster, which (as of 2025) includes U.S. firms like A-Mark, APMEX, CNT, Dillon Gage, Fidelitrade, Jack Hunt, MTB, StoneX, The Gold Center, SD Bullion, U.S. Gold Bureau, and Upstate Coin & Gold, plus BayernLB in Europe. Not all APs sell to retail.

Q5: Do AP premiums cap retail premiums?
No. AP premiums and minimums set wholesale baseline costs, but retail premiums reflect market demand, dealer costs, and competition.

U.S. Mint Authorized Purchaser: What to Watch Next

Macro signals: Fed policy, dollar strength, and risk sentiment move gold—and premiums. Reuters reports day-to-day shifts tied to rate decisions even at record levels.
Mint sales updates: Monthly data hint at where scarcity—and premiums—might flare next.
AP roster changes: The official AP page is the single source of truth for who can buy what, including newer Gold-only entrants.

Conclusion

Upstate Coin & Gold’s elevation to U.S. Mint authorized purchaser status for American Eagle and Buffalo gold adds capacity at the very top of the U.S. bullion supply chain. In a market characterized by record prices and persistent investor interest, that extra capacity can support tighter wholesales spreads, improved availability, and potentially more competitive pricing—especially in gold fractionals that often command higher premiums. Silver remains constrained by allocation, so don’t expect immediate relief in Silver Eagle premiums from this move alone. For collectors, pros, and investors alike, the smart play is to track the Mint’s official AP list and sales data, compare delivered pricing aggressively, and align purchases with your time horizon and liquidity needs.