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What an authorized purchaser is (US Mint bullion)
The Mint does not sell bullion Eagles one at a time to the public. It sells them in large lots to a short list of authorized purchasers. Shops buy from that chain, not from the Mint catalog.
An authorized purchaser is a firm the United States Mint allows to buy bullion American Eagles and Buffalos in large amounts.
You and I are not on that list. A coin shop is usually not on that list either. The shop buys from a distributor who bought from an authorized purchaser, or from another dealer.
Why this exists
Bullion coins are meant to go out in volume at a published premium over the metal. The Mint does not want to run a mail-order shop for every one-ounce sale. Proofs and catalog coins are the retail products. US Mint vs local shop. 2026 Eagles.
What it means for the price you see
The official purchaser premium is a wholesale add-on. By the time a coin is in a case, there is also freight, the shop’s cash, and the spread. That is why “the Mint premium is $3” is not the same sentence as “the shop will sell it to me at spot plus $3.”
More on the coin and money library.