FNMT silver coins: cancellations, design and prices under fire

FNMT cancels silver orders and strains investor patience

First buyers paid. Then the FNMT, Spain's National Mint and Stamp Factory, cancelled silver orders allegedly on orders from the Banco de España. The real story is more prosaic and worrying for anyone investing in metals: bureaucratic management, high prices and designs that compete with the wax museum.

Cancellations that smack of improvisation

At the end of January 2025, several buyers received emails announcing refunds for the silver coins they had purchased. The excuse: the Banco de España ordered all silver to be withdrawn from online sale. But the stock was already sold, the website was still active and the prices had been accepted. The FNMT even cancelled orders that had already been charged. Some recall that in the private sector, this usually ends up in court. The lack of seriousness contrasts with mints like the Australian one, which do know how to run an online shop without cutting off the tap after charging.

Design: from the Ecce Homo restorer to the recurring complaint

The second problem is aesthetic. Modern FNMT coins are, according to widespread opinion, among the ugliest on the market. The provincial capitals series tries to cram cathedrals and statues into the same space, with results reminiscent of a bad collage. Engraver Alfonso Sarracena defends in interviews that they are internationally awarded, but it is enough to compare with France, Austria or even Portugal (with also debatable designs) to see the gap. Collector coins have little numismatic interest: huge mintages, initial overprice and little appreciation. Their real value is the silver they contain, almost like scrap.

Prices that don't add up with the market

A 27-gram silver coin with 925 fineness (24.975 g of pure silver) costs 72.60 euros VAT included. At the price of a kilo of silver (at that time around 2,906 euros), the metal content comes to about 72 euros. But the real cost of the metal is lower; the overprice is enormous. The 8 reales coins reached 140 euros for just 27 grams of 925 silver, when an authentic Mexican eight reales can be had for less. The FNMT has raised prices drastically: coins that cost 30 euros now sell for 73, and the 8 reales series jumped from 60 to 140. The only excuse is raising the face value, which requires depositing at the ECB, but that doesn't justify the public paying a 100% premium over the metal.

Legal tender but not forced: a tax mess

These coins are legal tender, but not forced tender: no one is obliged to accept them as payment. The first issue was forced tender, but its use was anecdotal. For the investor, the key question is how to declare their sale. The face value does not match the purchase price; if sold by weight, the tax authority will demand justification. Some argue that the face value should serve as the purchase price, but tax practice tends to look at the effective price paid. There is no clear criterion, which adds uncertainty.

The bottom line: a mint that seems not to want customers

The recurring feeling is that the FNMT acts with bureaucratic logic: high prices, shoddy designs, arbitrary cancellations and lack of professionalism. Other mints, such as the Royal Australian Mint, have built a global customer base with well-designed products and competitive prices. The FNMT, by contrast, seems bent on squeezing its dwindling audience of nostalgic or uninformed buyers. The result is that, except for a few occasional successes (such as the anniversary series from decades ago), most recent issues are a bad investment. The data is stubborn: if you buy silver bullion from other mints (without premium) at 14 euros an ounce back then, the return is much higher.

The open question is whether the Banco de España, as owner and supervisor, will force a change of course or whether the FNMT will continue to mint its own fruta relentlessly.