By CoinWeek Notes …..

The West Point Mint produced 8,495,008 2003 American Silver Eagle bullion coins, but as is tradition, the bullion version does not carry a mintmark. This mintage marks a decline of just over two million coins from the then-record year of 2002 but it was still a strong showing as investors in the new millennium grew increasingly concerned about the direction of the country. Mintages ran up in anticipation of Y2K, exploded after 9/11, surged during the Obama Administration, declined during the first three years of Trump, and then surged again in 2020. When future generations of numismatists look back and study the coins of our era, these underlying social and political factors will prove key to understanding bullion mintages.

What is the 2003 American Silver Eagle Worth?

The 2003 American Silver Eagle is bought and sold in four basic formats: as a bulk bullion investment coin, as a single uncertified collector coin, as a certified coin graded MS69, and as a certified coin graded MS70. Bullion investors, buying American Silver Eagles in quantity, are unlikely to put much emphasis on the dates of the coins in their portfolios. As the vast majority of bullion strike American Silver Eagles are produced and sold for this class of purchaser, most 2003 American Silver Eagles are held by individuals and institutions agnostic about the date.

Collectors are less likely to purchase these coins in great quantity, and for those purchasing 2003 American Silver Eagles in their raw form, the price per coin usually falls within a few dollars of the prevailing spot price. This has been the case since the coin’s release 20+ years ago when the silver spot price averaged just shy of $5 an ounce. Recent eBay sales for individual raw coins are exactly where one would expect them to be – in the $30-$35 range.

The 10-year price performance for certified American Silver Eagles has not been good. In 2014, with silver averaging just over $19 an ounce, MS69 2003 American Silver Eagles sold for prices ranging from $29 to $34 – a $10 to $15 premium over spot. In June 2024, prices realized for coins sold in auction formats on eBay typically fall between $40 to $50, a $10 to $20 premium over spot. Prices for MS70 coins have fallen from $175-$200 in 2014 to $85-$125 in 2024.

Over the past decade, the leading grading services added an average of 5,600 new MS69 and MS70 coins to the combined certified census and the ratio of MS70 to MS69 coins has increased dramatically. One out of every 5.34 coins certified by PCGS since 2014 has earned an MS70, as has one out of every 18 coins graded by NGC.

With the value of once “conditionally rare” early date MS70s evaporating with the constant flow of new coins, it’s not surprising to see the series cool off somewhat.

Odds and Ends

Sometime after June 2014, PCGS began to certify Silver Eagles from the 2003 Legacies of Freedom Two-Coin Set. The set included a standard Mint State 2003 American Silver Eagle coin and a 2002 Reverse Proof Silver Britannia One Pound bullion coin from the United Kingdom. The set had a 50,000-unit limit. In the UK, a similar two-coin set featuring the same coins–this one called the “Ladies of Liberty”–was offered. The maximum mintage of that set was 25,000.

Additionally, the following PCGS signature labels were offered in limited numbers:

• Jessica Lynch – 1,435 pieces (MS69)
• Lance Armstrong – 204 pieces (MS69)
• Tommy Franks – 70 pieces (MS69)

Additional PCGS signature labels were produced for signers Leonard Buckley, Thomas Cleveland, Emily S. Damstra, Fred Haise, David Hall, John Mercanti, and Edmund Moy.

* * *

Market Data and Noteworthy Specimens

Top Population: PCGS MS70 (3,298, 11/2025), NGC MS70 (4,705, 11/2025), and CAC MS70 (23, 11/2025).

• NGC MS70: eBay, October 28, 2025 – $149.
• PCGS MS70: eBay, October 26, 2025 – $175.
• NGC MS70: eBay, October 24, 2025 – $129.99
• NGC MS70: eBay, October 23, 2025 – $155.50.
• PCGS MS70: eBay, June 24, 2024 – $105.50.
• NGC MS70 #6552016-016: eBay, June 23, 2024 – $125.50.
• PCGS MS70 #47222129: eBay, June 21, 2024 – $329.95. First Strike insert.
• PCGS MS70 #40254733: eBay, June 19, 2024 – $88.
• NGC MS70 #6552016-018: eBay, June 17, 2024 – $86.
• NGC MS70 #6552016-019: eBay, June 17, 2024 – $95.
• NGC MS70 #4509429-005: Stack’s Bowers, April 3, 2024, Lot 13547 – $85.
• NGC MS70 #1862071-015: Stack’s Bowers, February 2014, Lot 5675 – $95.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown, and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she reaches out and presents a welcoming and open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s outstretched rear foot is the motto IN GOD WE TRUST, and below her is the date 2003.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work. Weinman’s Liberty Walking design quickly became one of America’s most iconic numismatic images and would be used with minor modifications on the American Silver Eagle bullion coin starting in 1986.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR.

Edge:

The edge of the 2003 American Silver Eagle bullion coin is reeded.

Coin Specifications

* * *

Want more stories like this? Sign up for the CoinWeek newsletter and never miss a rare discovery, auction highlight, or collector deep-dive.

The post 2003 American Silver Eagle : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
In 1997, the United States Mint added the American Platinum Eagle to its bullion coin program. The new product was authorized by Congress in 1996 and added a third precious metal to the portfolio in addition to gold and silver.

For the American Silver Eagle Program, the Mint produced its standard fare: a bullion coin for investors and a Proof version for collectors. With an average spot price of $4.90 per ounce of silver, the United States Mint charged collectors $23 for the opportunity to own one Proof coin.

Proof examples were struck to an exacting standard using specially prepared dies and planchets. The resulting coins exhibit mirrored fields and thickly frosted devices. They are carefully handled so that incidental marks and scratches are not imparted onto the coins’ surfaces during production or packaging, and so the most commonly encountered certified grades for the Proof 1997-P American Silver Eagle are Proof 69 and Proof 70. We discuss this later in the article.

Beyond the regular Proof issue was a 1997-P American Silver Eagle Proof coin included in a special set.

To commemorate the release of the new series, the U.S. Mint offered the 1997 American Eagle Impressions of Liberty three-coin Proof set containing one-ounce American Platinum and American Gold Eagles struck at the West Point Mint and a 1997-P American Silver Eagle. The individual coins in this set are indistinguishable from the regular issues, but the set came in a numbered wooden case with a Certificate of Authenticity signed by Mint Director Philip N. Diehl. The set was limited to 5,000 pieces and sold at an issue price of $1,499 ($2,959 in 2024-inflation adjusted dollars). Sets appear occasionally on sites like eBay, where sellers ask for prices between $4,000 and $5,000. Each of these coins can be purchased individually at a lower price and since there is nothing to differentiate the coins in this set from regular issues, the long-term value of this set may come from the scarcity of the wooden box and COA.

What Is the 1997-P American Silver Eagle Proof Worth?

As a raw coin, the 1997-P American Silver Eagle Proof sells on sites like eBay for about $70. This is a fair market value, reflected in the prices that local coin shops or large online coin dealers will charge. For an additional $10, collectors also have the option of purchasing an example graded Proof 69 Deep Cameo/Ultra Cameo by a leading grading service. Some sellers will charge a premium for coins with hand-signed labels. These can be fun to collect, but it’s a good idea to be skeptical of claims that these labels are rare or investment-quality. Furthermore, paying any premium for limited-edition labels is a bad idea as there is a thin secondary market for this type of product.

Proof 70 coins can sell for prices of $500 and up, but we’ve seen major firm auction data from 2023-2024 where prices are declining and many coins are changing hands at online auctions for prices in the $300 range. This highlights the spread between what the general public is willing to spend on mass-market venues versus the prices that more experienced collectors are likely to pay on industry-specific platforms, such as GreatCollections.

While NGC and PCGS have certified a significant number of pieces as “perfect” 70s, PCGS holds a slight edge in the number of coins graded 70. Interestingly, the ratios of 69s to 70s have come way down over the past 10 years for both services, with NGC grading 19.25 69s for every 70 through 2014 and PCGS grading 6.44 to 1 throughout the same period. Since then, the ratios have fallen to 2.78:1 for NGC and 1.88:1 for PCGS. The economics of the market are likely at play here; see our concept “terminal point“.

* * *

Market Data and Noteworthy Specimens

Since June 2024, the certified population of Proof 70 coins has grown significantly across the major grading services, though at vastly different rates.

• CAC (Certified Acceptance Corporation) saw its Proof 70 population increase from 27 to 66, representing a substantial 144.4% increase. However, because CAC has graded so few Proof 70 coins overall, this percentage increase should be viewed with caution and does not necessarily indicate a sudden shift in the overall market.
• PCGS (Professional Coin Grading Service)’s Proof 70 population increased from 3,156 to 3,657. This constitutes a 15.9% increase.
• NGC (Numismatic Guaranty Company)’s Proof 70 population increased from 2,608 to 2,753, a more modest 5.6% increase.

While the percentage increase for CAC is the highest, the extremely small initial and final populations mean that each newly graded coin has a disproportionately large effect on its overall growth rate compared to the more established populations at PCGS and NGC.

Top Population: PCGS PR70DCAM (3,156, 6/2024), NGC PF70UCAM (2,753, 6/2024), and CAC PR70DCAM (27, 6/2024).

• PCGS PR70DCAM: eBay, October 8, 2025 – $1,187.50. John Mercanti signature label. Buy It Now.
• PCGS PR70DCAM: eBay, April 1, 2025 – $449. Buy It Now.
• PCGS PR70DCAM: eBay, March 27, 2025 – $695. John Mercanti signature label. Buy It Now.
• PCGS PR70DCAM: eBay, October 26, 2024 – $449. Buy It Now.
• NGC PF70UCAM: eBay, June 21, 2024 – $679. Thomas J. Uram signature label.
• NGC PF70UCAM: eBay, June 11, 2024 – $725.
• NGC PF70UCAM: eBay, June 10, 2024 – $674.99. Thomas J. Uram signature label.
• NGC PF70UCAM: Stack’s Bowers, April 3, 2024, Lot 13538 – $504.
• PCGS PR70DCAM: Stack’s Bowers, March 13, 2024, Lot 92596 – $312. Milk spots along the periphery.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown, and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she reaches out and presents a welcoming and open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s outstretched rear foot is the motto IN GOD WE TRUST, and below her is the date 1997.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work. Weinman’s Liberty Walking design quickly became one of America’s most iconic numismatic images and would be used with minor modifications on the American Silver Eagle bullion coin starting in 1986.

Reverse:

The Heraldic Eagle of United States Mint Chief Engraver John Mercanti is positioned at the center. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR.

Edge:

The edge of the 1997-P American Silver Eagle Proof coin is reeded.

Coin Specifications

* * *

The post 1997-P Proof American Silver Eagle : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..

United States Enters the Bullion Coin Business with the 1986 American Silver Eagle

The American Silver Eagle (ASE) is a one-ounce silver bullion coin, produced by the United States Mint under the authority of the 1985 Liberty Coin Act (Public Law 99-61 – PDF Link).

Bullion coin programs had emerged around the world in the mid-to-late 20th century. South Africa introduced the first modern bullion coin, the Krugerrand, in 1967. Other nations introduced their own bullion issues over the following decades, and by the early 1980s, the United States had begun to take steps towards establishing its own program. Politicians’ and bureaucrats’ eyes turned to the silver held by the National Defense Stockpile (NDS).

Established in 1939, the NDS was (and is) a branch of the Defense Logistics Agency tasked with maintaining stocks of strategic resources, compiled to ensure access to necessary raw materials. In the 1980s, the NDS owned almost 140 million ounces of silver, held by the General Services Administration (GSA). But already by the ’70s, many had begun to feel that the DNS silver holdings exceeded any potential demand related to national defense, and multiple presidential administrations tried to sell the silver over the ensuing years.

Concerned that a glut from the NDS would drive silver prices down, Western senators and Congressional representatives opposed efforts to sell the stockpiled silver directly into the market. In the early 1980s, bullion coins were hit upon as a compromise. A 1982 New York Times story quoted a Government Accountability Office (GAO) report that described a bullion coin program as “an attractive alternative method” for selling stockpiled silver. The late senator James A. McClure (R–ID) had introduced legislation in both ’82 and ’83 to sell the stockpiled silver through a silver bullion coin program, but both bills died in committee.

On June 21, 1985, Senator McClure introduced the Liberty Coin Act as an amendment to the Statue of Liberty-Ellis Island Commemorative Coins Act, which authorized the striking and sale of bullion coins struck from silver purchased from the NDS. President Ronald W. Reagan signed the bill into law on July 9. The coin, which was to measure 40.6 millimeters in diameter and weigh 31.103 grams, had to “have a design (A) symbolic of liberty on the obverse side; and (B) and [an] eagle on the reverse side”^[1] and contain an ounce of .999 fine silver. The coins were priced based on the market value of silver and the cost of striking, marketing, and distribution.

John M. Mercanti, a sculptor-engraver who joined the Mint’s staff in 1974 and would eventually become Chief Engraver in 2006, created the Heraldic Eagle design that would appear on the ASE reverse for 35 years. In his 2012 book American Silver Eagles: A Guide to the U.S. Bullion Coin Program, Mercanti says that the coin’s obverse design (featuring Adolph Weinman’s Liberty Walking from 1916) was predetermined – although he didn’t know by whom.^[2] Research published later established that the choice to use the Weinman design on the American Silver Eagle, as well as the Saint-Gaudens double eagle obverse design on the American Gold Eagle, was made almost immediately as the Mint did not have time to develop designs from outside artists.

Though the reuse of a classic U.S. coin design instead of creating new art did encounter criticism. A 1986 NYT article quoted Weinman’s son Robert as saying:

“My dad’s Walking Liberty and Saint Gaudens’ Liberty gold coin served their purposes admirably in their time. But they should be put on the shelf and remembered as outstanding designs, period. To drag them out, dust off the embalming fluid and try to breathe new life into them is, I think, ridiculous and unnecessary.”

But even with the convenience of having a classic design ready to use, a series of technical challenges had to be overcome to get the coin to fully strike up, and by the time it was finally ready, 1986 was almost over. The first coins didn’t roll off the press until Secretary of the Treasury James Baker initiated Coin Press 105 at the United States Assay Office in San Francisco at a striking ceremony for the coin held on October 29, 1986.^[3] A number of coins were struck for and by VIPs in attendance.

November sales totaled 1,400,000 pieces, and 3,696,000 American Silver Eagles were sold in December.^[4]

“I don’t need a pick and shovel to start the San Francisco silver rush of 1986.” –Treasury Secretary James Baker at the October 29, 1986 striking ceremony for the first American Silver Eagles.

1986-dated Eagles were produced in two finishes: a bullion strike, which bore no mint mark but was struck exclusively at the San Francisco Mint (a fact the numismatic community did not know until a 2020 Freedom of Information Act (FOIA) request from Lee Minshull, Owner of Lee Minshull Rare Coins Inc., was fulfilled by the government, leading to a lengthy Coin World article by veteran numismatic journalist Paul Gilkes); and a Proof issue, which also was struck exclusively at San Francisco but did bear the ‘S’ mintmark.

Prooflike examples of the 1986 bullion strike are known. Over the decades, the Mint’s evolving Silver Eagle die preparation process has resulted in distinctive appearances that could offer some variety for a keen-eyed collector.

The 1986 American Silver Eagle: A Popular Collector Coin and a Cautionary Tale of Vanishing Value

The American Silver Eagle is a bullion coin that is widely held as a commodity and traded as a collectible. Silver Eagles from any date are seen as interchangeable as a bullion play. However, as a collectible, the first-year issue 1986 bullion strike is usually offered at a 15% to 30% premium over generic issues from the series’ 37-year run. This premium places the 1986 issue on or near par with the scarcer bullion strike issues of 1995 and 1997.

With a mintage of 5,393,005 pieces, the 1986 American Silver Eagle should not be confused with a scarce or rare coin. For raw examples that are in especially nice condition, it is reasonable to pay a couple of dollars over spot. Otherwise, pass.

Certified examples, of course, cost more than raw ones, but their pricing history tells an interesting story.

To understand today’s pricing levels, we must first examine the certified Silver Eagle scene of 2013-15. Through the end of 2013, PCGS and NGC treated the 1986 American Silver Eagle (as well as other 1980s and early ’90s issues) differently. NGC held the majority market share and, in their census report, represented bullion strikes in MS69 and MS70 grades. While some dates were more challenging than others, none were prohibitively rare.

PCGS took a different approach. Although PCGS had lower submission numbers for American Silver Eagles, there were some dates where MS69 was the highest grade that submitters could reasonably expect to earn. The PCGS policy on certifying MS70 was so strict that some dates had no MS70 coins, and others had MS70 populations in the single digits.

The 1986 issue was one of the latter dates, and for a time, the PCGS population of MS70 coins was just three.

In February 2013, Heritage Auctions sold one of those three PCGS MS70 coins for the remarkable sum of $21,150. In an NGC white core holder, with a population of just over 1,200, the same coin would have sold for about $775. The Heritage sale was not an outlier. Two years later, with the population still at three, GreatCollections sold another 1986 PCGS MS70 for $22,000.

Then something changed. In the summer of 2015, PCGS certified 30 additional 1986 Silver Eagles as MS70, which lowered the price level to $5,000.

An insider bulk submitter informed us at the time that the company was now issuing grades it had previously withheld, which led to his company increasing the number of bulk submissions to PCGS. This is not to suggest that PCGS explicitly told him they would grade coins more leniently, but rather that his recent submissions were netting a handful of valuable MS70 coins.

The 1986 Silver Eagle was not the only conditionally rare date affected by this apparent shift in direction.

While the service has never explicitly stated that it would not grade American Silver Eagles at 70, we believe that the milk spotting issue may have significantly contributed to the company’s previous lack of perfect coins.

Through cert number analysis, we also observed that several of the low-pop 70 issues saw the 70-graded coins come in groupings from a handful of submissions. For one date, half of all 70s came from one “monster box,” and every coin in that box was represented after CoinWeek conducted a sequential cert number analysis.

Moving to the present day, we see that PCGS MS-70 Silver Eagles from 1986 have advanced to the point where NGC was in the fall of 2014. Current population data published on PCGS CoinFacts shows 1,793 MS-70s. CoinWeek’s market research places the price of these coins at between $750 and $800.

While we’re not in the habit of patting ourselves on the back when it comes to coin market analysis, we did predict a collapse in the 1986 MS-70 price after the 2013 Heritage sale, writing that “safer money could be probably be ‘invested’ elsewhere.” We held firm to that belief even when, in April 2015, GreatCollections sold another example for $22,000. We said the same thing about the record-breaking 1995-W American Silver Eagle, which we called a “burial coin” (meaning the owner would be “buried” in it at that price).

Now that we see a sustainable yield for MS-69 and MS-70 coins from both services, we believe that prices for PCGS- and NGC-certified Silver Eagles will approach equilibrium. NGC maintains a clear lead on the number of submissions, due in large part to the long-term relationships they have developed with major submitters of modern bullion material.

The 1986 American Silver Eagle and the Phantom “S” Mintmark Designation

Since the 2020 disclosure mentioned above that all Uncirculated strike American Silver Eagles came from the San Francisco Mint, the grading services have allowed submitters to market coins with the parenthetic “(S)” label. Coins in those holders are no different than the rest of the certified population. They do not warrant a special premium for the notation.

CoinWeek Notes’ August 2025 Price Analysis

This comprehensive analysis combines transaction data from February to August 2025 with critical historical and population data to provide a complete picture of the market for the 1986 American Silver Eagle in MS70 grade. The findings confirm that this coin’s value is no longer solely driven by its perfect grade, but by a complex interplay of market-making factors, including population, grading service, and unique pedigree.

Key Context: A Cautionary Tale of Vanishing Value

The 1986 American Silver Eagle, the first bullion coin in the series, is not a rare coin. With a mintage of over 5.3 million pieces, its numismatic premium in raw form is modest. However, its value in the top grade of MS70 has a turbulent history, as referenced by our section above.

As of August 21, 2025, the populations are:

• NGC MS70: 6,150
• PCGS MS70: 2,211
• CAC MS70: 109

The continued growth in these numbers—with populations increasing by 4-13% in the past six months—reinforces the “cautionary tale” that value driven by temporary scarcity can vanish as supply enters the market.

Statistical Breakdown of Current Market Activity

The analysis of 42 eBay transactions from February to August 2025 provides a clear statistical snapshot of today’s market. The mean price is $927.43, but with a high standard deviation of $218.20, indicating a wide range of prices driven by specific factors.

1. Price by Grading Service

The long-standing price premium for PCGS examples has effectively disappeared. Statistical analysis confirms that prices for NGC and PCGS examples are now statistically comparable, approaching a state of equilibrium.

The one CACG-graded transaction stands out. While a single data point, its high price aligns with the company’s stricter grading standards and its very low population, which is less than 2% of NGC’s.

2. Price by Signature Label

The most significant price premiums are directly tied to special signature labels, which add a unique numismatic pedigree to the coins.

• John Mercanti Signature: The designer of the coin’s reverse, John Mercanti, is the most prevalent premium in the data. These coins sold for an average of $1,033.10, a 23% premium over coins with a standard, “plain” label.
• Other Signatures: Other rarities, such as the single transaction for a coin with a signature from former U.S. Treasurer Anna Cabral ($1,695) or a Witterbrick label ($1,500), underscore the market’s willingness to pay for rare pedigree.
• Plain Labels: Standard examples with no special label have a mean price of $839.64, serving as the baseline for the coin’s value.

3. Price by Sale Type

The method of sale also significantly impacts the final price.

• Auctions: Auctions, where competitive bidding occurs, averaged $826.53.
• Buy It Now (BIN): BIN listings, often used for premium examples or by sellers seeking a fixed price, averaged $1,005.85, an 18% premium over auction sales.
  This shows that competitive bidding tends to establish a more realistic market price, while fixed-price sales capture a premium for convenience and highly desirable coins.

Conclusions and Recommendations

The market for the 1986 American Silver Eagle MS70 has achieved a new equilibrium. Its value is no longer defined by artificial scarcity but by a sustainable baseline price that hovers around the $850 median. The data clearly shows that collectors are prioritizing unique pedigrees, with signature labels and the rarity of the CAC grade driving premiums of 20% to over 50%.

For collectors, this analysis suggests:

• Fair Value: A fair price for a standard NGC or PCGS MS70 coin is in the $800-$900 range.
• Premium for Pedigree: Examples with desirable signature labels, particularly the popular John Mercanti series, consistently command a premium.
• Risk Mitigation: The coin’s history serves as a potent reminder that premiums built on manufactured rarity can collapse. The continued growth in MS70 populations, particularly from NGC, suggests that the market should be closely monitored for any signs of price softening.

* * *

Market Data and Noteworthy Specimens

Top Population: PCGS MS70 (2,211, 8/2025), NGC MS70 (6,150, 8/2025), and CAC MS70 (109, 8/2025).

• NGC MS70: eBay, August 20, 2025 – $1,695. Anna Cabral Signature label. Buy It Now.
• NGC MS70: eBay, August 20, 2025 – $1,515.15. John Mercanti Signature label. Buy It Now.
• PCGS MS70: eBay, August 19, 2025 – $825. Buy It Now.
• NGC MS70: eBay, August 16, 2025 – $999.99. Buy It Now.
• NGC MS70: eBay, August 12, 2025 – $819. 1 Bid.
• NGC MS70: eBay, August 11, 2025 – $842.79. Buy It Now.
• NGC MS70: eBay, August 8, 2025 – $710. 2 bids.
• NGC MS70: eBay, August 7, 2025 – $1,095. John Mercanti Signature label. Buy It Now.
• NGC MS70: eBay, August 5, 2025 – $786.21. Buy It Now.
• NGC MS70: eBay, August 4, 2025 – $785. 22 bids.
• NGC MS70: eBay, August 3, 2025 – $835. Old holder. 3 bids.
• NGC MS70: eBay, August 1, 2025 – $788. Ken Bressett Signature label. Buy It Now.
• NGC MS70: eBay, July 30, 2025 – $819. Buy It Now.
• NGC MS70: eBay, July 23, 2025 – $899. John Mercanti Signature label. 47 bids.
• NGC MS70: eBay, July 19, 2025 – $673. 17 bids.
• NGC MS70: eBay, July 19, 2025 – $990. John Mercanti Signature label. 63 bids.
• NGC MS70: eBay, July 18, 2025 – $1,100. John Mercanti Signature label. Buy It Now.
• NGC MS70: eBay, July 7, 2025 – $899.99. Buy It Now.
• NGC MS70: eBay, July 6, 2025 – $805. Old holder. 2 bids.
• NGC MS70: eBay, June 29, 2025 – $995. John Mercanti Signature label. 1 bid.
• NGC MS70: eBay, June 26, 2025 – 850. John Mercanti Signature label. 1 bid.
• NGC MS70: eBay, June 23, 2025 – $850. Buy It Now.
• NGC MS70: eBay, June 22, 2025 – $670. 30 bids.
• PCGS MS70: eBay, June 20, 2025 – $800. Buy It Now.
• NGC MS70: eBay, June 20, 2025 – $1,050. John Mercanti Signature label. Buy It Now.
• PCGS MS70: eBay, June 12, 2025 – $850. Buy It Now.
• NGC MS70: eBay, June 12, 2025 – $1,095. John Mercanti Signature label. Buy It Now.
• PCGS MS70: eBay, June 10, 2025 – $921. John Mercanti Signature label. 8 bids.
• NGC MS70: eBay, June 8, 2025 – $795. Old Holder. 1 bid.
• NGC MS70: eBay, June 8, 2025 – $775. Buy It Now
• NGC MS70: eBay, June 7, 2025 – $912. John Mercanti Signature label. 24 bids.
• NGC MS70: eBay, May 31, 2025 – $775. 22 bids.
• NGC MS70: eBay, May 28, 2025 – $825. Old Holder. Buy It Now.
• CACG MS70: eBay, May 23, 2025 – $1,500. Witterbrick. Buy It Now.
• NGC MS70: eBay, February 16, 2025 – $799.
• NGC MS70: eBay, February 14, 2025 – $1,149.
• PCGS MS70: eBay, February 13, 2025 – $907. 28 bids.
• PCGS MS70: eBay, February 13, 2025 – $985.
• NGC MS70: eBay, February 13, 2025 – $795.
• NGC MS70: eBay, February 11, 2025 – $1,086,75.
• NGC MS70: eBay, February 10, 2025 – 975. John Mercanti signature label.
• NGC MS70: eBay, February 9, 2025 – $710. 24 bids.

Design

Obverse:

Adolph A. Weinman’s Lady Liberty is depicted mid stride. She is seen as a full-body figure, dressed in a flowing gown, and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she also reaches out and presents a welcoming and open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s outstretched rear foot is the motto IN GOD WE TRUST and below her is the date 1986.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work. Weinman’s Liberty Walking design quickly became one of America’s most iconic numismatic images and would be used with minor modifications on the American Silver Eagle bullion coin starting in 1986.

Reverse:

John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon that bears the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. Wrapping around the design is the legend UNITED STATES OF AMERICA (top), and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR (bottom).

Edge:

The edge of the 1986 American Silver Eagle bullion coin is reeded.

Coin Specifications

* * *

Notes

[1] “Liberty Coin Act” (PL 99-61, July 9, 1985). 99th Congress. 99 STAT. 113.

[2] Mercanti, John. American Silver Eagles: A Guide to the U.S. Bullion Coin Program. Whitman Publishing, LLC. Atlanta, Georgia. 2012. 24, 29-31.

[3] Rochette, Ed. “Sales Start Slowly for the New Silver Eagle Dollars”, Chicago Sun-Times. December 28, 1986.

[4]  http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&type=bullion. First accessed 1/31/15.

* * *

The post 1986 American Silver Eagle Bullion Coin : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The 1991-P Korean War Memorial Silver Dollar Proof is a commemorative coin issued to honor the 38th Anniversary of the July 27, 1953 signing of the Korean Armistice Agreement that ended three years of war between North Korean communists led by Kim Il Sung (backed by the People’s Republic of China and the Soviet Union) and South Korean authoritarian Syngman Rhee, who rose to power with the backing of the United States. The coin was authorized by Public Law 101-495 (PDF link), passed on October 31, 1990. The law authorized the production of up to 1,000,000 commemorative silver dollars in Proof and Uncirculated condition with proceeds going to help fund the creation of the Korean War Veterans Memorial in West Potomac Park, Washington, D.C..

The coin’s obverse was designed by future United States Mint Chief Engraver John M. Mercanti, while the reverse was designed by Mint engraver T. James Ferrell.

First Strike Ceremony

The official first strike ceremony for the 1991 Korean War Memorial Silver Dollar was held on May 6, 1991, at the Philadelphia Mint. Treasurer of the United States Catalina Vasquez Villalpando introduced the coin to those in attendance. Among those present were Mint Director Donna Pope, Chairman of the Korean War Veterans Memorial Advisory Board General Richard Stilwell, representatives of the Korean embassy, and several veterans groups. Also present was American Numismatic Association (ANA) President Kenneth Hallenbeck.

Coins were struck by members of AMVETS, Catholic War Veterans, Disabled American Veterans, Eastern Paralyzed Veterans Association, EX-POW, Grim Reapers, Jewish War Veterans, Korean War Veterans Association, Korean EX-POW, Military Order of the Purple Heart, Paralyzed Veterans of America, RAKKASANS, Rangers, Retired Army Nurses, and the Veterans of Foreign Wars.

Yin-Yang Controversy

While not a major dust-up, a letter published in Coin World from a reader named Dr. Eglund called into question the use of the yin-yang symbol on the Korean War Memorial Silver Dollar. Englund (wrongly) asserted that the religious symbol was some new-age Satanic symbol. What a rube!

How Much Is the 1991-P Korean War Memorial Silver Dollar Proof Worth?

The Mint charged $31 for the Philadelphia Proof commemorative and $26 for the Denver Uncirculated version. The $7 surcharge per coin contributed to the construction of the Korean War Memorial.

Examples in Original Government Packaging do not carry a significant premium over the coin’s bullion value. A survey of hundreds of eBay sales completed between March and May 2024 shows prices ranging from $20 to $30 per coin. A premium of about $10 is typically paid for certified examples in Proof 69, while Proof 70 coins sell for between $100 and $150 each.

The combined population of NGC and PCGS Proof 70 coins has increased 10-fold since Anthony Swiatek published his Encyclopedia of the Commemorative Coins of the United States in 2012.

It is interesting to note that major auction houses like Heritage and Stack’s Bowers are not likely to offer modern commemorative issues with low values for sale on their auction platforms, while online auction website GreatCollections is. Internet stalwart eBay remains the most reliable source for consistent offerings of graded modern commemorative coins.

* * *

Market Data and Noteworthy Specimens

The PCGS PR70DCAM increased from 218 to 219 since December 2024.

Top Population: PCGS PR70DCAM (219, 6/2025), NGC PF70UC (286, 6/2025), and CAC PR70DCAM (2, 6/2025).

• NGC PF70UCAM: eBay, May 24, 2025 – $96.55. 20 bids.
• NGC PF70UCAM: eBay, April 29, 2025 – $106.38. 25 bids.
• NGC PF70UCAM: eBay, April 1, 2025 – $104.38. 11 bids.
• NGC PF70UCAM: eBay, March 3, 2025 – $115. Buy It Now.
• PCGS PR70DCAM: eBay, November 28, 2024 – $139.99. Buy it Now.
• PCGS PR70DCAM: eBay, November 20, 2024 – $129.95. Buy it Now.
• PCGS PR70DCAM: eBay, November 12, 2024 – $105. 6 bids.
• PCGS PR70DCAM: eBay, October 15, 2024 – $98. 8 bids.
• NGC PF70UCAM: eBay, April 30, 2024 – $106.38
• NGC PF70UCAM: eBay, April 2, 2024 – $152.50.
• NGC PF70UCAM: eBay, March 15, 2024 – $159.99
• NGC PF70UCAM: eBay, March 6, 2024 – $124.50
• NGC PF70UCAM: eBay, March 5, 2024 – $96.
• PCGS PR70DCAM #20940950: GreatCollections, February 4, 2024, Lot 1516336 – View.

* * *

Design

Obverse:

The obverse depicts a soldier charging up a hill, with naval ships in the foreground and F-86 aircraft flying overhead. Eight stars are positioned at the rim from 12 o’clock to just about 3 o’clock. In the left obverse field are three inscriptions: THIRTY EIGHTH ANNIVERSARY COMMEMORATIVE, KOREA, and the motto IN GOD WE TRUST. Overlaid in the silhouette of the sloping earth is the dual date 1953 1991. The word LIBERTY appears in the exergue. Mercanti’s stylized engraver’s signature is located in front of the bottom ship’s bow.

Reverse:

The center of the design represents the Korean peninsula, with North Korea shaded by diagonal lines and South Korea shaded by a solid raised surface. The Taegeuk (태극), a Korean national symbol, is depicted over the South Korean territory. It is their interpretation of the Chinese yin and yang symbol. A line through the center of the map depicts the 38th parallel. To the right of the map is the head of an American bald eagle.

Three inscriptions are present. ONE DOLLAR wraps around the top of the design, an unusual placement for a coin denomination. The legend UNITED STATES OF AMERICA wraps around below. At the 9 o’clock position in the left field is the motto E PLURIBUS UNUM. The P mintmark of Philadelphia appears below the eagle’s head. Designer T. James Ferrell’s initials TJF are located above the second “S” of STATES.

Edge:

The edge of the 1991-P Korean War Memorial Silver Dollar Proof is reeded.

Coin Specifications

* * *

The post 1991-P Korean War Memorial Dollar Proof : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The 1998 American Silver Eagle bullion coin was the last issue in the series to have a mintage under five million coins. From 1999 onward, demand for the American Silver Eagle increased to levels not seen since the program’s first full production year of 1987. In total, the United States Mint struck 4,847,549 silver bullion coins at the San Francisco Mint and the West Point Mint. As is tradition, the coins carried no mintmark and are often mistaken as products of the Philadelphia Mint.

The certified population of 1998 American Silver Eagles has increased at a rate of approximately 5,000 coins per year for the past 10 years. The current combined certified population for the three leading grading services now stands at just over 150,000 coins–136,000 of which are in NGC holders.

The landscape for MS70s 10 years ago was much different than it is now. In 2014, PCGS had certified only 17 coins in the “perfect” grade, while NGC reported 307. Furthermore, the ratios of 69:70 at the two services was 244.7:1 at PCGS and 317.2:1 at NGC. The ratio of 69s to 70s over the past 10 years is a far cry from those levels, with PCGS grading 7,211 new 69s and 445 new 70s (16.2:1) and NGC grading 31,053 new 69s and 3,453 new 70s (8.99:1).

CAC has only recently accepted submissions of modern coins and report 59% of the coins in their holders having graded MS70.

Milk spotting remains an issue for American Silver Eagles of this era. Some collectors are under the mistaken belief that MS70 coins with milk spots retain any numismatic premium over that of a raw coin. On occasion, you will find spotted coins offered at a 50% discount. Our advice is to avoid these coins altogether. Once spotted, the coins are slabbed bullion and once dipped, the coins will almost certainly lose their original characteristics.

“First Strikes” Appear

Some 17 years after being produced, PCGS certified its first “Monster Box” of 1998 American Silver Eagle “First Strikes” in 2015. Dealer James Sego purchased the box, one of that year’s earliest delivered boxes, from a collector and submitted it to PCGS for encapsulation. A total of 142 coins from the box graded MS68, while 358 graded MS69; no MS70s were recorded.

The CAC MS70 population has increased from 69 to 238 since June 2024.

* * *

Market Data and Noteworthy Specimens

Since December 2024, the PCGS population of MS70s has increased from 462 to 508, the NGC population of MS70s has increased from 3,837 to 3,932, and the the CAC MS70 population has increased from 74 to 80.

Top Population: PCGS MS70 (462, 12/2024), NGC MS70 (3,932, 6/2025), and CAC MS70 (80, 12/2024).

• PCGS MS70: eBay. June 7, 2025 – $1,100. John Mercanti signature label. Buy It Now.
• NGC MS70: eBay, May 27, 2025 – $825. Buy It Now.
• NGC MS70: eBay, May 27, 2025 – $825. Buy It Now.
• NGC MS70: eBay, May 23, 2025 – $795. Buy It Now.
• NGC MS70: eBay, May 21, 2025 – $795. Buy It Now.
• NGC MS70: eBay, May 18, 2025 – $832. 36 bids.
• PCGS MS70: eBay. May 18, 2025 – $976. John Mercanti signature label. 30 bids.
• NGC MS70: eBay, November 19, 2024 – $787. 4 bids.
• PCGS MS70: eBay. November 17, 2024 – $999.95. John Mercanti signature label.
• PCGS MS70: eBay, October 24, 2024 – $1,995. Thomas Cleveland signature label.
• NGC MS70: eBay, October 16, 2024 – $920.31. Likely a stock image. Multiple examples offered by APMEX at this fixed price.
• NGC MS70: eBay, May 25, 2024 – $1,060. John Mercanti signature label.
• NGC MS70: eBay, May 21, 2024 – $999.95.
• PCGS MS70: eBay, May 16, 2024 – $1,837.50.
• NGC MS70: Heritage Auctions, April 29, 2024,  Lot 52193 – $720. John Mercanti signature label.
• NGC MS70: eBay, April 11, 2024 – $1,095.
• NGC MS70: Stack’s Bowers, April 3, 2024, Lot 13539 – $660.
• PCGS MS70: “The Twinight Collection,” Heritage Auctions, April 26, 2013, Lot 5197 – $4,993.75. Pop 17 when offered.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is dressed in a flowing gown and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she presents a welcoming open hand. Lady Liberty is superimposed over the obverse legend LIBERTY ringing the obverse, obscuring half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST and below her is the date 1998.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend UNITED STATES OF AMERICA wraps clockwise around the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR wrap counterclockwise around the bottom.

Edge:

The edge of the 1998 American Silver Eagle bullion coin is reeded.

Coin Specifications

* * *

The post 1998 American Silver Eagle : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..

In 2013, following the success of the 2012 American Silver Eagle San Francisco Proof Set, the United States Mint released a two-coin set to commemorate the 75th Anniversary of the West Point Mint. Established in 1938 as a bullion depository, the West Point Mint served as the principal storage location for the nation’s silver reserves. Like Fort Knox, it is located on the grounds of a military installation–in this case, the historic and prestigious United States Military Academy at West Point, New York.

Although the West Point Mint did not gain official mint status until 1988, it produced Lincoln Memorial Cents from 1974 to 1986 and Washington Quarters from 1977 to 1979. These coins were struck to supplement the Philadelphia Mint’s output and did not carry a mintmark. The first use of the “W” mintmark came in 1983 on the $10 gold commemorative coins of the Los Angeles Olympics.

The first American Silver Eagle Proof struck at West Point was the notable 1995-W American Silver Eagle Proof, a key date for collectors. Since 2001, West Point has been the primary facility for producing Proof Silver Eagles.

The two coins that comprise the 2013 West Point American Silver Eagle Two-Coin Set are the 2013-W American Silver Eagle Enhanced Uncirculated and the 2013-W American Silver Eagle Reverse Proof. Cameo and heavily mirrored finishes cover some of the Enhanced Uncirculated coin’s raised elements, and the Reverse Proof features mirrored devices and cameo contrast in the fields – the opposite of a typical United States Proof coin.

Strong Demand At Release

The two-coin set was released on May 9 and offered for $139.95. As with the 2012 San Francisco Silver Eagle Two-Coin Set, the 2013 West Point Set was struck to demand, with the Mint giving collectors and dealers a four-week ordering window. The set’s release was met with record demand and coincided with the opening of the 2013 American Numismatic Association’s (ANA) National Money Show in New Orleans.

During the first two hours of availability, the Mint reported sales of 88,000 sets. The crush of orders caused the Mint’s website to crash on launch day, resulting in an hour-long disruption for customers. Within the first week, 182,000 sets were sold; after that, demand slowed. For resellers, the open ordering window tamped down on speculation. However, companies that managed to get graded products to market first realized the greatest profits from the program.

Marc Landry Discusses the Release of the 2013 West Point Two-Coin Silver Eagle Set

CoinWeek video producer David Lisot interviewed Philadelphia Mint Plant Manager Marc Landry at the 2013 ANA National Money Show, where the two discussed the release and technical considerations of the 2013 West Point American Silver Eagle Two-Coin Set and the 2013-W American Buffalo Reverse Proof Gold Coin.

How Much is the 2013 West Point American Silver Eagle Set Worth?

During the Mint’s four-week ordering window, direct customers purchased 281,310 West Point American Silver Eagle Two-Coin Sets. One-third of these sets were broken up and submitted to third-party grading services for encapsulation and resale. From this total, roughly two-thirds earned the perfect 70 grade. If purchasing “perfect 70” examples of both coins from this set, expect to pay between $250 and $300.

Sets in original government packaging sell for less, with recent eBay sales ranging from $180 to $250.

* * *

Read CoinWeek’s In-Depth Analysis of the Coins from the 2013 American Silver Eagle West Point Two-Coin Set

• 2013-W American Silver Eagle Enhanced Uncirculated

• 2013-W American Silver Eagle Reverse Proof

* * *

The post 2013 West Point American Silver Eagle Two-Coin Set : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
Demand for the 1994 American Silver Eagle marked a low point in the almost decade-long American Silver Eagle bullion coin program. Silver limped throughout the year, ending about 16¢ lower on December 31 than where it opened in January. The paper markets were mixed: bonds were massacred, and the Dow Jones returned only 2.14% for the year. The first “internet bubble”, which would mark the economic good times of the Clinton Presidency, would not begin to manifest for another year.

* * *

Market Data and Noteworthy Specimens

The 1994 American Silver Eagle market has changed dramatically since 2012-2016 when examples graded by NGC and PCGS had sold at auction for more than $10,000 each. For NGC and PCGS, the approach to grading American Silver Eagles was markedly different.

NGC received a higher volume of submissions of American Silver Eagles and would find that a small percentage of the coins merited a grade of MS70 while finding that a majority of the coins were of high enough quality to earn a grade of MS69. Through 2014, NGC counted 120,897 coins in its MS69 census, adding about 5,000 coins to its population report from the previous year. At MS70, the NGC population stood at 202, a 50-coin increase year-to-year.

To that point in time, PCGS had yet to assign a single 1994 American Silver Eagle with a grade of MS70. As a result, submissions to PCGS amounted to a tiny fraction of those submitted to NGC. We counted 5,133 coins in the PCGS MS69 census, with a year-to-year increase of just 326 coins.

PCGS saw a major shakeup in its bulk program in 2015 with the departure of Michael “Miles” Standish, who had served as the architect of the PCGS “First Strike” program and its signature label offerings. Mark Stephenson, a practicing attorney, and his assistant Daniel Kadem, formerly with Gainesville Coins, replaced Standish with mixed results. Stephenson lasted three years, while Kadem was out after just a year. One of the tandem’s most curious innovations was the introduction of multi-colored gaskets. Standish joined NGC, bringing autograph signers John Mercanti and Ed Moy with him – but PCGS’s insurmountable market share lead was already well in place.

To increase bulk submissions of early-date American Silver Eagles, PCGS had to shift its position regarding milk spotting on modern silver coins. It did so by adding this provision to its grading guarantee:

This guarantee shall not apply to coins exhibiting environmental deterioration subsequent to certification, including spotting on modern silver coins.

Indemnified against future losses caused by milk spotting on coins after encapsulation, PCGS opened the door for increased submissions from dealers making markets in American Silver Eagles. In the Spring of 2016, PCGS graded its first MS70 1994 American Silver Eagle, which sold at a September 2016 Heritage sale for $11,162.50. The PCGS MS70 population increased by a handful of coins per year, reaching 19 by early 2022; compare that to NGC’s 375. By early 2023, the PCGS number had increased to 22, with 438 at NGC. Since then, the PCGS MS70 population has increased to 78, with NGC up to 578.

With the premiums that MS70-graded 1994 American Silver Eagles bring, we expect to see continued submissions until the available stock of fresh Monster Boxes has been diminished. We remain bearish on the issue.

As for coins graded MS69, in 2015 we wrote:

“Getting a gauge on what PCGS MS69 eagles from this issue are “worth” is tricky business. Sufficient material isn’t in the retail pipeline to provide us with a significant number of transactions and those that are offered are typically listed at Fixed Prices in line with what the “Guides” typically say the coin is worth. These items find buyers, but no reserve auctions for the same coin present a starkly different picture. In May 2014, all four no-reserve auctions for PCGS MS69s brought prices well below the $115 to $130 range typical in our “Buy It Now” data set. Our current price guidance for this issue rests between the two data sets. We will track this issue closely in our next update. NGC MS69s were also down slightly month-to-month.”

In the summer of 2024, PCGS MS69 coins traded on eBay for a range of prices from. True auctions yielded results in the $50 to $60 range, while Buy It Now listings for $150 to $200 illustrate the folly of the uninformed collector’s intemperance. In November, we see a slight uptick in the number of PCGS coins on the platform. True auctions yielded $59 (June 1), $53 (June 1), $55 (May 30), and $49 (May 29).

Had the value of the PCGS MS69s kept up with inflation, these coins would have sold for about $150 today. Instead, these $50-$60 price points indicate the real decline in value that this issue has experienced since the third-party grading services established the date as one of the series’ keys.

In May 2024, the PCGS population of MS70 coins stood at 78 pieces. Through June 2, 2025 that figure has risen to 97 – a 24% increase in just over a year. The NGC population has seen an even more dramatic increase, going from 578 to 793 (up 37%) in the same period. CAC, with its population of three coins at MS70 has graded too few coins make much of its 129.33:1 ratio of 69 coins to 70 coins.

Top Population: PCGS MS70 (95, 6/2025), NGC MS70 (793, 6/2025), and CAC MS70 (3, 6/2025).

• NGC MS70 #3899442-015: eBay, May 25, 2025 – $4,358. John Mercanti signature label.
• NGC MS70 #4820341-014: eBay, April 16, 2025 – $5,059.99.
• NGC MS70 #4333842-004: eBay, March 14, 2024 – $5,950.
• NGC MS70 #4490010-005: Heritage Auctions, December 13, 2024, Lot 3584 – View.
• NGC MS70 #6897041-012: Heritage Auctions, November 20, 2024, Lot 3473 – $4,080.
• PCGS MS70 #47933105: eBay, October 1, 2024 – $7,390.
• PCGS MS70 #46429631: eBay, May 17, 2024 – $7,950.
• NGC MS70 #1554254-003: Heritage Auctions, May 10, 2024, Lot 4967 – $3,120.
• NGC MS70 #4652566-006: Stack’s Bowers, March 28, 2024, Lot 7779 – $3,600.
• PCGS MS70 #42756631: Heritage Auctions, October 9, 2023, Lot 51388 – $5,760.
• NGC MS70 #6498456-013: Heritage Auctions, March 13, 2023, Lot 51270 – $6,900.
• NGC MS70 #1958349-009: Heritage Auctions, March 13, 2023, Lot 51269 – $6,600.
• NGC MS70 #1758858-002: Heritage Auctions, April 11, 2022, Lot 91084 – $7,500.
• NGC MS70 #4493332-003: Heritage Auctions, December 30, 2020, Lot 29430 – $6,000. Mercanti signature insert.
• PCGS MS70 #35315050: Heritage Auctions, December 5, 2019, Lot 3461 – $9,600. Mercanti signature insert.
• PCGS MS70 #81325818: Heritage Auctions, September 8, 2016, Lot 5832 – $11,162.50. First PCGS MS70 to appear at auction. Pop two at the time of the sale.
• NGC MS70 #1958349-007: Stack’s Bowers, February 2014, Lot 3402 – $3,290.
• NGC MS70 #1837990-001: Heritage Auctions, November 2, 2013, Lot 4926 – $11,162.50.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown, and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she also reaches out a welcoming open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST, and below her is the date 1994.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work. Weinman’s Liberty Walking design quickly became one of America’s most iconic numismatic images and would be used with minor modifications on the American Silver Eagle bullion coin starting in 1986.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR.

Edge:

The edge of the 1994 American Silver Eagle bullion coin is reeded.

Coin Specifications

* * *

The post 1994 American Silver Eagle : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..

The 2013-W American Silver Eagle Enhanced Uncirculated coin is a special striking of the American Silver Eagle that the United States Mint issued alongside the 2013-W American Silver Eagle Reverse Proof in the 2013 West Point American Silver Eagle Two-Coin Set.

The 2013 West Point American Silver Eagle Two-Coin Set was issued to commemorate the 75th Anniversary of the West Point Mint. Before becoming officially recognized as a United States Branch Mint on March 31, 1988, the facility served as a bullion depository and was known as the “Fort Knox” of silver. The two-coin set was released on May 9 and offered for $139.95. As with the 2012 San Francisco Silver Eagle Two-Coin Set, the 2013 West Point Set was struck to demand, with the Mint giving collectors and dealers a four-week ordering window. The set’s release coincided with the opening of the 2013 American Numismatic Association’s (ANA) National Money Show in New Orleans.

What Does “Enhanced Uncirculated” Mean?

Enhanced Uncirculated American Silver Eagles are not Proofs, nor do they much resemble uncirculated or satin finish uncirculated coins. Instead, Enhanced Uncirculated coins are struck with a cameo finish covering some of the coin’s raised elements, while other raised elements feature a heavily mirrored finish. These relief features contrast nicely with the coin’s satin fields.

Marc Landry Discusses the Release of the 2013 West Point Two-Coin Silver Eagle Set

CoinWeek Video Producer David Lisot interviewed Philadelphia Mint Plant Manager Marc Landry at the 2013 ANA National Money Show, where the two discussed the release and technical considerations of the 2013 West Point American Silver Eagle Two-Coin Set and the 2013-W American Buffalo Reverse Proof Gold Coin.

How Much is the 2013-W American Silver Eagle Enhanced Uncirculated Coin Worth?

A total of 281,310 2013 West Point American Silver Eagle Two-Coin Sets were purchased. More than one-third of the coins issued were submitted to the leading grading services for certification; more than two-thirds of those earned a perfect 70 grade.

In 70, the 2013-W American Silver Eagle sells for a small premium over the raw and MS69 versions, with recent eBay listings selling for between $115 and $170 per coin. This is slightly less than what collectors have been willing to pay for the Reverse Proof from the set.

Those wishing to collect the coin and maintain the integrity of the original set and its packaging can purchase sets on eBay for prices ranging from $180 to $250. Expect professional retailers to charge slightly more.

* * *

2013-W American Silver Eagle Enhanced Uncirculated Market Data and Noteworthy Specimens

Top Population: PCGS MS70 (20,439, 5/2025), NGC SP70 (43,453, 5/2025), and CAC MS70 (6, 5/2025).

• PCGS SP70: eBay, May 27, 2025 – $169. Buy It Now.
• NGC SP70: eBay, May 27, 2025 – $115.99. Buy It Now.
• PCGS SP70: eBay, May 26, 2025 – $102.51. 18 bids. Gadsden Flag First Strike label.
• PCGS MS70: eBay, May 26, 2025 – $119.,95. Buy It Now.
• NGC SP70: eBay, May 24, 2025 – $125. Buy It Now. First Releases label.
• NGC SP70: eBay, November 16, 2024 – $114.99.
• NGC SP70: eBay, November 14, 2024 – $169.
• PCGS MS70: eBay, November 11, 2024 – $169. First Strike.
• PCGS MS70: eBay, November 1, 2024 – $169. First Strike.
• NGC SP70: eBay, October 23, 2024 – $119.
• PCGS MS70: eBay, October 1, 2024 – $101.01. First Strike.
• PCGS MS70: eBay, May 14, 2024 – $169. First Strike.
• NGC SP70: eBay, April 27, 2024 – $199. Mike Castle signature label.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown, and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she presents a welcoming open hand. Liberty is superimposed over the obverse legend LIBERTY, obscuring half of the “BE” and almost the entire “R”. Above her rear foot is the motto IN GOD WE TRUST, and below her is the date 2013.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend UNITED STATES OF AMERICA wraps clockwise around the top of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR wrap counterclockwise around the bottom. The W mintmark of the West Point Mint is located below the branch.

Edge:

The edge of the 2013-W American Silver Eagle Enhanced Uncirculated coin is reeded.

Coin Specifications

* * *

The post 2013-W American Silver Eagle Enhanced Uncirculated : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The 2004 American Silver Eagle bullion coin had a mintage of 8,882,754, marking an inconsequential 4% increase from the year before. The entire mintage was produced at the West Point Mint, but the coins carry no mintmark. American Silver Eagle bullion coins struck between 2000 and 2007 generally carry mintages between 8-10 million coins–to that point, a level of interest found only in the series’ first two years. Of course, the financial crisis of 2008 would herald a tremendous surge in demand for bullion coins as the stock market lost nearly $8 trillion during the Great Recession.

What Is the 2004 American Silver Eagle Worth?

The ratio of MS69 to MS70 coins has decreased considerably over the past 10 years at NGC and PCGS. Prior to 2014, PCGS reported 8.88 MS69s for every MS70 in their census; NGC’s ratio was 44.2:1 through the same period. Since 2014, these ratios have dropped to 3.6 and 12.5:1, respectively. It is unclear what accounts for this statistically significant change. It could be a loosening of the grading standard or a change in customer submission practices (perhaps they are only requesting that the coins that qualify as 70 be graded). But it’s not because better coins are being consistently submitted 10 to 20 years after their initial release.

Raw coins pulled from original boxes or tubes have likely been mishandled and would probably not grade MS69 or 70.

As 2004 American Silver Eagles in MS70 were selling for the inflation-adjusted price of $200 in 2014 and are now selling for about $110, a 45% decrease in value over the past decade is noted. American Silver Eagles remain a heavily promoted series, so expect the MS70 population to increase in the years to come.

Notes on Third Party Grading Service Labels

A few interesting notes regarding 2004 American Silver Eagles:

• Signature labels signed by Lance Armstrong were offered for sale by The First Commemorative Mint. PCGS reports a population of 812 coins, all graded MS69. Coins came bundled with a “Live Strong” bracelet and a Certificate of Authenticity signed by PCGS’ (and CoinWeek contributor) Ron Guth.
• Celebrity Iraq War veteran Jessica Lynch signed 601 MS69 label inserts for PCGS. These coins came with a Certificate of Authenticity signed by PCGS’ Senior Grader Michael “Miles” Standish.
• U.S. General Tommy Franks returned to sign two labels for 2004 Silver Eagles. Both coins reported in PCGS’ population reports were MS69s.
• Former NASA Astronaut Kathryn Sullivan also signed labels for PCGS in 2004. We presume, as was the case with the other signature labels of the period, that the Sullivan coins were also all graded MS69. PCGS does not report a population for this novelty program.
• 429 PCGS “First Strike” labels (all MS70) signed by reverse designer John Mercanti were graded in the fall of 2014, 10 years after the coin’s release.
• NGC introduced a new basic label design in 2003.

* * *

2004 American Silver Eagle Market Data and Noteworthy Specimens

Since November 2024, the PCGS MS70 population has increased from 4.365 to 4,375, while the CAC MS70 population has increased from 19 to 24.

Top Population: PCGS MS70 (4,365, 5/2025), NGC MS70 (4,958, 5/2025), and CAC MS70 (24, 5/2025).

• PCGS MS70 #80570570: eBay, November 11, 2024 – $189. John Mercanti signature label.
• NGC MS70 #8153045-005: eBay, November 11, 2024 – $109.95.
• NGC MS70 #5763074-036: eBay, November 8, 2024 – $349.95. John Mercanti signature label.
• PCGS MS70 #45691736: eBay, November 7, 2024 – $107.50.
• PCGS MS70 #47264587: eBay, November 5, 2024 – $169. First Strike insert.
• PCGS MS70 #33739288: eBay, November 5, 2024 – $159. First Strike insert.
• PCGS MS70 #45691807: eBay, November 4, 2024 – $150.
• NGC MS70 #2621111-014: eBay, November 4, 2024 – $125.
• PCGS MS70 #44304467: eBay, October 29, 2024 – $64.25. Len Buckley signature label.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown, and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she presents a welcoming open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST, and below her is the date 2004.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend UNITED STATES OF AMERICA wraps clockwise around the top of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR wrap counterclockwise around the bottom.

Edge:

The edge of the 2004 American Silver Eagle bullion coin is reeded.

Coin Specifications

* * *

The post 2004 American Silver Eagle : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

After a surge of American Silver Eagle sales in 1991, demand softened considerably in 1992. Still, the 1992 American Silver Eagle sold a respectful 5,540,068 coins – a total higher than the bullion strike coin sales in three of its first four years of release. In 1992, the United States Mint produced high-quality coins fully struck, satiny, and typically free of major blemishes. Occasionally, some would stain due to the Mint’s process of washing the planchets. These stains are known in the industry as “milk spots“.

Rising Pops of 1992 American Silver Eagles Collapsed Perfect Coin Prices

The cost to purchase bullion strikes was considerably cheaper in 1992, as the silver spot price hovered around $4 (about $9.12 in 2025 inflation-adjusted dollars) for most of the year. If one were to have purchased the bullion coin as an investment upon its release, by 2024, that investor would have experienced a 3.24% inflation-adjusted annual rate of return.

The same cannot be said about those who invested in MS70 coins certified by either PCGS or NGC.

Here’s why.

When we last reported in detail about this issue 10 years ago, the total certified population of the 1992 American Silver Eagle was 103,712 pieces. As of April 22, 2024, that number has increased to 146,252, which shows an annual growth rate of 4,250 coins. 96% of these coins were graded either MS69 or MS70. Submitters no longer accept grades below MS69. Coins that do not earn this minimum grade are returned as raw coins.

In 2014, MS69 coins from both services routinely traded for between $36 and $40. NGC dominated the market share, with over 90% of the coins certified at MS69 being in their holders. One of the reasons for this disparity was that NGC, unlike PCGS, was willing to give exceptional Eagles its MS70 grade. Through 2014, NGC had certified 349 of them, adding about 40 or 50 a year. PCGS, on the other hand, had graded only one coin at MS70. We believe that their first coin was graded thusly sometime in 2013.

January 2017 began with two PCGS MS70s offered at competing auctions. GreatCollections sold PCGS #82638048 on January 1, 2017, for a record price of $18,150. Later that week, at the Winter FUN Show, Heritage Auctions sold their examples (PCGS #81997703) for $16,450. A second MS70 from the same submission that yielded the GreatCollections coin was offered and sold on January 22 for $15,400. By the time Heritage offered PCGS #83779618 on April 28, the population of 70 had increased to nine coins. Dealers were actively trying to make MS70s, and the prices, due to new coins being made, were rapidly declining—the April 28 coin sold for $9,987.50, and coins sold at Heritage in August and September brought even lower prices. By the summer of 2018, the PCGS population had grown to 42 coins, and the going rate for a “perfect” 1992 American Silver Eagle had fallen to $2,000.

With PCGS no longer stingy with the appellation of the MS70 grade, the certified population increased at a rate of about 30 new coins per year. Whereas the 2012 MS69 to MS70 ratio at PCGS was 6,927:1, in the years since, that rate has come down to about 18.84:1. NGC continues to exhibit market dominance in the total number of coins submitted. The Sarasota, Florida-based grading service grades an average of 3,400 coins of this date each year. Their MS69:MS70 ratio for this period is 31.6:1.

CACG only began accepting American Silver Eagles for grading in the Spring of 2023; they have certified only 17 examples to date. From that total, three were graded MS70.

* * *

1992 American Silver Eagle Market Data and Noteworthy Specimens

The NGC MS70 population has increased from 1,405 to 1,741 since April 2024, while the CAC population at MS70 has increased from three to 39, and the PCGS population has risen from 320 to 332 over the course of the same period.

Top Population: PCGS MS70 (332, 5/2025), NGC MS70 (1,741, 4/2024), and CAC MS70 (39, 5/2025).

• NGC MS70: eBay, May 2, 2025 – $1,295. 1 Bid. John Mercanti signature label.
• NGC MS70: eBay, May 1, 2025 – $598.88. 15 bids.
• NGC MS70: eBay, April 20, 2025 – $939.99. John Mercanti signature label. Buy It Now.
• NGC MS70: eBay, April 15, 2025 – $839.99. Buy It Now.
• PCGS MS70: eBay, April 12, 2025 – $1,157. Buy It Now.
• PCGS MS70: eBay, April 9, 2025 – $1,295. John Mercanti signature label. Buy It Now.
• NGC MS70: eBay, April 7, 2025 – $930.49. John Mercanti signature label. Buy It Now.
• NGC MS70: eBay, October 3, 2024 – $590. Ken Bressett signature label.
• NGC MS70: eBay, September 8, 2024 – $921.
• PCGS MS70: eBay, September 7, 2024 – $1,250.
• PCGS MS70: eBay, August 30, 2024 – $1,227.
• NGC MS70: eBay, August 22, 2024 – $1,675. John Mercanti signature label.
• NGC MS70: eBay, April 27, 2024 – $1,795. John Mercanti signature label.
• NGC MS70: eBay, April 14, 2024 – $860.
• NGC MS70: eBay, April 2, 2024 – $880.
• NGC MS70: eBay, March 27, 2024 – $927.87.
• PCGS MS70: Heritage Auctions, March 18, 2024, Lot 50156 – $1,020.
• NGC MS70: eBay, February 18, 2024 – $1,429. Ed Moy signature insert.
• PCGS MS70: Heritage Auctions, February 14, 2024, Lot 23998 – $1,110. John Mercanti signature label.
• PCGS MS70: Heritage Auctions, October 9, 2023, Lot 51366 – $960.

* * *

Design

Obverse:

Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown, and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she also reaches out and presents a welcoming and open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s outstretched rear foot is IN GOD WE TRUST, and below her is the date (1992).

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR.

Edge:

The edge of the 1992 American Silver Eagle bullion coin is reeded.

Coin Specifications

* * *

The post 1992 American Silver Eagle : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The Proof American Silver Eagle debuted in 1986, and with the expectation of only one year (2009), Proofs have been struck each year since. Eagle Proofs with the Heraldic Eagle (Type 1) reverse of designer John Mercanti reverse (1986-2021) were produced at three branch mints. From 1986 to 1992, Proofs were struck at San Francisco, while Philadelphia struck Proofs from 1993 to 2000. In 1995, as a one-off, the United States Mint produced a limited number of American Silver Eagle Proofs at West Point. This coin, the 1995-W American Silver Eagle Proof, was packaged along with that year’s four Proof American Gold Eagles. With the set priced beyond most collectors’ means, that coin quickly became the key to the series.

Starting in 2001, the production of Proof American Silver Eagles resumed at West Point, but this time permanently. Proof strikings produced at the West Point Mint carry the “W” mintmark below the olive branch on the coin’s reverse.

During this third period, 2001-2021, American Silver Eagle Proofs saw stronger sales than in the previous two. At this time, the U.S. Mint also made collecting American Silver Eagles more complicated by broadening the offerings of its collector versions with three new finishes: Burnished Uncirculated, Reverse Proof, and Enhanced Reverse Proof.

The Mint released the 2002-W American Silver Eagle Proof on June 5 of that year and sold 647,342 pieces from a published production limit of 750,000. The coins were sold for $24 ($42.56 in 2024 dollars).

The Growing Certified Population of 2002-W American Silver Eagles

The certified coin market has transformed the collecting of modern coins. Collectors appreciate the grading opinion of the services, the ability to look up and verify their coins, as well as the various label designs that the services produce for their marketer clients. The total number of certified 2002-W American Silver Eagle Proofs has nearly doubled in the past 10 years, rising from 26,684 in 2014 to 47,629 as of June 20, 2024. The typical assigned grade for the issue is Proof 69 Deep Cameo/Ultra Cameo, although “perfect” 70s are not scarce and have consistently been graded by NGC and PCGS.

How Much Are 2002-W American Silver Eagle Proof Coins Worth?

The 2002-W American Silver Eagle Proof has seen slight declines in its numismatic value in recent years due to inflation. Examples graded Proof 69 by either NGC or PCGS would routinely sell for $46 to $54 a decade ago, according to data compiled by CoinWeek. To keep up with inflation, today’s prices would have to fall in the $62 to $72 range. However, eBay prices realized compiled March through June 2024 show a price range of $50 to $65. The Guide Book reports ridiculous prices of $125 for the issue, as well as other coins of the era. This price level exists to support the marketers and is not truly reflective of the secondary market.

While there are benefits to choosing certified examples over specimens in original government packaging, there is no price difference between the two. In Proof 70, the 2002-W American Silver Eagle Proof is easily acquired and carries a premium of about $20-$30 over the price of a Proof 69. Signature labels signed by John Mercanti (NGC and PCGS) consistently outperform other “products” offered by grading services and modern coin marketing companies.

* * *

Market Data and Noteworthy Specimens

Top Population: PCGS PR70DCAM (5,132, 4/2025), NGC PF70UCAM (7,953, 4/2025), and CAC PR70DCAM (44, 4/2025).

• NGC PR70UCAM #6091751-012: Stack’s Bowers, January 15, 2025, Lot 90734 – $105.
• NGC PR70UCAM #1546732-006: Stack’s Bowers, August 7, 2024, Lot 96382 – $125.
• PCGS PR70DCAM #39589239: Stack’s Bowers, July 24, 2024, Lot 94787 – $125.
• PCGS PR70DCAM #16207038: eBay, June 19, 2024 – $85.
• PCGS PR70DCAM #35884329: eBay, June 19, 2024 – $132.50. John Mercanti signature label.
• NGC PF70UCAM #4264565-003: eBay, June 18, 2024 – $90.87.
• NGC PF70UCAM #113449-002: eBay, June 15, 2024 – $116.99.
• NGC PF70UCAM #6305072-072: eBay, June 10, 2024 – $153.50. John Mercanti signature label.
• PCGS PR70DCAM #37389322: eBay, June 9, 2024 – $77.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s figure of Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she reaches out and presents a welcoming and open hand. So large is Lady Liberty that she is superimposed over the word LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s outstretched rear foot is the motto IN GOD WE TRUST, and below her is the date 2002.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work. Weinman’s Liberty Walking design quickly became one of America’s most iconic numismatic images. It would be used with minor modifications on the American Silver Eagle coin starting in 1986.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR. The W mintmark appears below the olive branch.

Edge:

The edge of the 2002-W American Silver Eagle Proof coin is reeded.

Coin Specifications

* * *

The post 2002-W American Silver Eagle Proof : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

For the 1993 Proof American Silver Eagle, the United States Mint shifted production from the San Francisco Mint to the Philadelphia Mint. That year, San Francisco continued to strike the annual Clad and Silver Proofs Sets–as well as the 1993 Bill of Rights Proof Half Dollar and Silver Dollar coins–while Philadelphia marked its 200th year producing the country’s circulating coins, striking the clad business strike and Proof 50th Anniversary of World War II commemorative coins, and handled production of the collector and investor portions of the American Eagle Program.

The 1993-P American Silver Eagle was offered at an issue price of $23 ($49.71 in 2024 inflation-adjusted dollars). This was, as usual, a significant premium over the year’s annual silver spot price of $4.31. Demand for the American Silver Eagle was softer than in 1992, and the Mint reported a mintage of just 405,913 pieces, which includes 1993-P Proof American Silver Eagles sold in the 1993 Philadelphia Mint Bicentennial Set.

1993 Philadelphia Mint Bicentennial Set

To mark the 200th Anniversary of the start of regular coinage at the Philadelphia Mint, the United States Mint offered a limited-edition five-piece Proof Set featuring the 1993 Proof American Gold Eagle in 1/10, 1/4, and 1/2-ounce denominations, the 1993-P Proof American Silver Eagle, and a Proof .76 ounce, .900 fine Proof Bicentennial of the Philadelphia Mint Silver Medal. The set was offered at an issue price of $499 ($1,078 in 2024 dollars).

A total of 12,869 sets were sold. None of the coins in the set are indiscernible from the regular Proof issues, but the third-party grading services occasionally label them as “Philadelphia Set” coins. It is not unusual for the coins and medals in this set to exhibit some degree of haziness or toning due to the reactive nature of the packaging.

What Is the 1993-P Proof American Silver Eagle Worth?

In its raw form, sellers have seen bids up to $80 for the 1993-P Proof American Silver Eagle in our May 2024 survey of the last 90 days of eBay results. This amount is roughly on par with the same price for coins graded Proof 69 by either NGC or PCGS.

Proof 70 coins have sold for a wide range of prices in the past two years, from $660 to $1,525 for coins with hand-signed label inserts. The coin in the grade and the signature labels are much more common than collectors realize, so we do not endorse a strategy of paying double or triple the prevalent market value for the novelty label. To add to the insanity, on April 23, 2024, a PCGS PR70DCAM dappled with milk spots – and advertised as such – sold for $695 on eBay because of its supposedly scarce Thomas Cleveland label.

Another thing to consider is that the ratio of Proof 69 to Proof 70 grading events at NGC and PCGS has dropped considerably in the past 10 years. Through early 2015, NGC had graded one 70 for every 36.79 Proof 69s in their census table. PCGS’s ratio, at the time, was 11.21:1. Over the past ten years, the 70s have been added to the population data at a rate of 2.89:1 (69:70) at NGC and 2.31:1 at PCGS. With 69s selling for the same amount as raw coins, the coin’s Terminal Point may incentivize only the grading of “perfect” coins.

* * *

Market Data and Noteworthy Specimens

While certified coins for this date are prevalent, its important to realize that just over 10% of the entire mintage has been certified. With a ready supply of coins, expect the population to continue to increase so long as the Proof 70 grade remains profitable.

Since May 2024, the PCGS PR70DCAM population has increased from 2,905 to 3,153, the NGC PF70UCAM population has increased from 2,644 to 3,819, and the CAC PR70DCAM population has increased from 18 to 47.

Top Population: PCGS PR70DCAM (3,153, 4/2025), NGC PF70UCAM (3,819, 4/2025), and CAC PR70DCAM (37, 4/2025).

• PCGS PR70DCAM: eBay, April 19, 2025 – $695. Gold foil label. Buy it Now.
• NGC PF70UCAM: eBay, April 16, 2025 – $795. John Mercanti signature label. Buy it Now.
• NGC PF70UCAM: eBay, April 4, 2025 – $1,195. Black core, Don’t Tread on Me label. Buy it Now.
• PCGS PR70DCAM: eBay, March 28, 2025 – $653. Gold foil label. 46 bids.
• PCGS PR70DCAM: eBay, March 24, 2025 – $600. Buy It Now.
• PCGS PR70DCAM: eBay, September 4, 2024 – $2,495. John Mercanti signature label.
• NGC PF70UCAM: eBay, April 29, 2024 – $850.
• NGC PF70UCAM: eBay, April 24, 2024 – $973.33.
• PCGS PR70DCAM: eBay, April 23, 2024 – $695. Prominent milk spots. Thomas Cleveland signed insert.
• PCGS PR70DCAM: April 20, 2024 – $1,525. John Mercanti signature label.
• NGC PF70UCAM: Stack’s Bowers, April 10, 2024, Lot 94666 – $780.
• PCGS PR70DCAM: eBay, April 4, 2024 – $1,295. James Peed signature label.
• PCGS PR70DCAM: eBay, April 4, 2024 – $845. Cameron Reagan signature label.
• NGC PF70UCAM: Stack’s Bowers, April 3, 2024, Lot 13531 – $660.
• NGC PF70UCAM: Stack’s Bowers, April 13, 2022, Lot 9706 – $480.

* * *

Design

Obverse:

Sculptor Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she also reaches out and presents a welcoming and open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s outstretched rear foot is the motto IN GOD WE TRUST, and below her is the date 1993.

The design resembles sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist and CoinWeek contributor Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence. While Adolph Weinman did not directly copy Roty’s work, he did derive significant inspiration from it.

Reverse:

Future United States Mint Chief Engraver John M. Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR. Below the olive branch is the P mintmark of Philadelphia.

Edge:

The edge of the 1993-P American Silver Eagle Proof coin is reeded.

1993-P Silver Eagle Proof Coin Specifications

* * *

References

https://data.bls.gov/cgi-bin/cpicalc.pl
 

* * *

The post 1993-P American Silver Eagle Proof : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

1995 marked the 10th anniversary of the American Eagle Bullion Coin Program. Launched for the benefit of precious metals investors and to liquidate the Silver Strategic Stockpile, American Silver Eagle bullion coins saw strong demand during the program’s first 18 months, followed by steady sales throughout much of the late 1980s and early ’90s.

The legislation that authorized the sale of gold and silver legal tender bullion coins also provided for the sale of Proof versions to the United States Mint’s numismatic customers. Proofs were sold individually, at a premium price, and struck using specially prepared dies and blanks to impart a thick cameo frost on the raised elements in stark contrast to the coin’s deeply mirrored fields.

From 1986 through 1994, the Mint produced two American Silver Eagles each year: the bullion version and the Proof. For the program’s 10th anniversary, the Mint expanded the offerings to three: the regular bullion and Proof versions plus the 1995-W American Silver Eagle, which was part of a $995 five-coin set that also included four American Gold Eagle Proof coins.

The 1995-P American Silver Eagle Proof has always stood in the shadow of the 1995-W. The 1995-W is highly coveted and out of reach for most Silver Eagle collectors since its initial offering. The 1995-P, on the other hand, has a mintage of 438,511 coins – of which more coins have been certified by the combined efforts of CAC, NGC, and PCGS than the entire mintage of 1995-W American Silver Eagle Proofs.

What can be said about the 1995-P, then? Sold in 1995 at an issue price of $23 ($48.17 in 2024 inflation-adjusted dollars), the 1995-P American Silver Eagle Proof is frequently offered for sale in its original government packaging or as a certified coin on sites like eBay and by major online auction firms. In its raw form, the 1995-P Silver Eagle Proof commands less of a premium than the 1994-P American Silver Eagle Proof (which has a lower mintage) and is priced similarly to the 1996-P Proof.

Proof 69 examples are ubiquitous and have the advantage over raw coins due to the sleeker coin holder and the benefit of having a trackable certification number. From a price perspective, the value added is negligible.

Proof 70 coins represent the (current) pinnacle grade for the issue. This is the most interesting grade level for collectors but also the grade that carries the most downside risk.

The table above shows the impact of rising Proof 70 populations for the 1995-P American Silver Eagle over the past 10 years. The PCGS 70 population has increased by almost 300%, while the NGC population has risen by over 200%; this has led to value declines of 40% and 44%. With only 9% of the overall mintage certified, there is no shortage of 1995-P American Silver Eagle Proofs for bulk submitters to add to these populations. At some point, the issue will reach equilibrium, where new coins do not materially take away from the market value of all that came before. The newly graded coins may also benefit from being encapsulated in newer holders and are hopefully no longer susceptible to milk spotting.

* * *

Market Data and Noteworthy Specimens

Top Population: PCGS PR70DCAM (3,912, 4/2025), NGC PF70UCAM (3,666, 4/2025), and CAC PR70DCAM (41, 4/2025).

• NGC PF70UCAM: eBay, April 5, 2025 – $211.01. 29 bids.
• PCGS PR70DCAM: eBay, April 3, 2025 – $249. 1 bid.
• PCGS PR70DCAM #28769397: eBay, March 31, 2025 – $231.50. Edmund Moy signature label. 24 bids.
• PCGS PR70DCAM #42935369: eBay, March 31, 2025 – $214.51. Cameron Reagan signature label. 14 bids.
• PCGS PR70DCAM #49628780: eBay, October 1, 2024 – $204.50.
• PCGS PR70DCAM #49528779: eBay, September 30, 2024 – $287.
• NGC PF70UCAM #6809464-039: eBay, September 30, 2024 – $279.99. Tom Uram signature label.
• PCGS PR70DCAM #27294505: eBay, September 29, 2024 – $170.50.
• NGC PF70UCAM #6914684-002: eBay, September 28, 2024 – $320.
• PCGS PR70DCAM #47536846: eBay, September 21, 2024 – $185.
• PCGS PR70DCAM #35688329: eBay, September 20, 2024 – $380. John Mercanti signature label.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s figure of Lady Liberty is depicted mid-stride. She is dressed in a flowing gown and draped with a large billowing American flag, holding laurel and oak branches in her left hand. As Liberty strides confidently towards the rising sun, she reaches out and presents a welcoming and open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse, obscuring half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST; below her is the date 1995.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend UNITED STATES OF AMERICA wraps around the top of the design, and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is at the bottom. The P mintmark for the Philadelphia Mint is below the branch.

Edge:

The edge of the 1995-P American Silver Eagle Proof coin is reeded.

1995-P Silver Eagle Proof Coin Specifications

* * *

The post 1995-P American Silver Eagle Proof : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

In 2012, the United States Mint offered three Proof versions of the American Silver Eagle: the 2012-W American Silver Eagle Proof, the 2012-S American Silver Eagle Proof, and the 2012-S American Silver Eagle Reverse Proof. The 2012-S Reverse Proof was issued as part of the American Eagle San Francisco Two-Coin Silver Proof Set along with the 2012-S Proof, which was also part of the Making American History Coin and Currency Set.

The 2012-W Proof was the regular issue, offered for $59.95 retail when it was put on sale starting on April 12. Without a mintage limit, collectors purchased 877,731 examples, either as singles or part of the Limited Edition Silver Proof Set. In August, as silver prices declined, the U.S. Mint reduced the cost of the 2012-W American Silver Eagle Proof to $54.95.

How Much Is the 2012-W American Silver Eagle Worth?

Adjusting for inflation, the 2012-W American Silver Eagle’s reduced 2012 offer price of $54.95 works out to $77.35 in 2025. Unfortunately for collectors and investors, the 2012-W Proof has not yielded a positive return. The average price realized on eBay from June 2024 to September 2024 is $65 for a raw example and $70 for examples graded PR69DCAM. “Perfect” 70s go for a nominal premium, with many recent examples selling for as low as $80.

* * *

2012-W American Silver Eagle Proof Market Data and Noteworthy Specimens

Top Population: PCGS PR70DCAM (9,191, 4/2025), NGC PF70UCAM (22,063, 4/2025), and CAC PR70DCAM (104, 4/2025).

• PCGS PR70DCAM: eBay, March 30, 2025 – $124.99 of Best Offer. John Mercanti signature label.
• PCGS PR70DCAM: eBay, March 28, 2025 – $71. 10 bids. First Strike label.
• NGC PF70UCAM #3620944-242: eBay, March 27, 2025 – $139.97. Buy It Now. West Point Gold Star label, Early Releases.
• NGC PF70UCAM: eBay, March 26, 2025 – $158. Best Offer. MGC 25th Anniversary label. Black core.
• NGC PF70UCAM #2579190-007: eBay, August 30, 2024 – $113. First Releases label.
• NGC PF70UCAM #3620201-414: eBay, August 29, 2024 – $70. Early Releases label.
• NGC PF70UCAM #3619948-041: eBay, August 29, 2024 – $110. Early Releases label.
• NGC PF70UCAM #3621203-071: eBay, August 29, 2024 – $80.
• NGC PF70UCAM #362267-076: eBay, August 26, 2024 – $79. First Releases label.
• NGC PF70UCAM #5761031-093: eBay, August 25, 2024 – $79.
• PCGS PR70DCAM #28866722: eBay, August 22, 2024 – $70.
• PCGS PR70DCAM #24979741: eBay, August 16, 2024 – $96.85.

* * *

Design

Obverse:

Early 20th-century artist Adolph A. Weinman’s figure of Lady Liberty is depicted mid-stride. She is dressed in a flowing gown and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she presents a welcoming open hand. The upper portion of Liberty is superimposed over the obverse legend LIBERTY, obscuring half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST, and below her is the date 2012.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The W mintmark for the West Point Mint is under the claw with the olive branch, and Mercanti’s initials are beneath the claw with the arrows. The legend UNITED STATES OF AMERICA is wrapped clockwise around the top of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is cradled counterclockwise at the bottom.

Edge:

The edge of the 2012-W American Silver Eagle Proof coin is reeded.

Coin Specifications

* * *

The post 2012-W American Silver Eagle Proof : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The financial crisis that hit at the end of 2007 continued through June 2009. To overcome the economic fallout from the housing crisis, the Obama Administration expanded on the policies that Treasury Secretary Henry “Hank” Paulson rolled out at the end of President George W. Bush’s second term. As a result of these economic concerns–plus stock market and real estate losses, and fears of too much government spending–the market for precious metals assets exploded.

Some cynically saw the change in administrations as a way to launder culpability for the crisis, and conservative radio show hosts like Glenn Beck and others heavily promoted gold ownership thanks to the tremendous amount of cash that precious metals market makers were spending on radio and television ads. Yet fears that the Obama Administration would enact anti-colonial socialist policies that would trigger hyperinflation were laughably overblown. At best, Obama was center-right of his electorate and pursued cautious policies that slowed the economic recovery.

The United States Mint saw record demand for its American Eagle bullion coins, and the 2008-W American Silver Eagle Proof went on sale on January 3 at an issue price of $31.95 (about $48.30 in 2025 inflation-adjusted dollars). Demand for the bullion version exceeded 20 million, which strained the Mint’s ability to keep up. In August, the Mint suspended the sales of the Proof version and would not offer Proof or Burnished American Silver Eagles in 2009.

* * *

2008-W American Silver Eagle Proof Market Data and Noteworthy Specimens

Top Population: PCGS PR70DCAM (7,695, 3/2025), NGC PF70UCAM (26,095, 3/2025), and CAC PR70DCAM (121, 3/2025).

• NGC PF70UCAM: eBay, March 30, 2025 – $150. Buy It Now.
• NGC PF70UCAM: eBay, March 30, 2025 – $51. 11 Bids.
• NGC PF70UCAM: eBay, March 30, 2025 – $69. 4 Bids.
• NGC PF70UCAM: eBay, March 28, 2025 – $99. Buy It Now.
• NGC PF70UCAM: eBay, March 28, 2025 –  $73, 11 Bids.
• PCGS PR70DCAM: eBay, March 25, 2025 – $130. Buy It Now.
• PCGS PR70DCAM: eBay, March 24, 2025 – $199. John Mercanti signature label. Buy It Now.
• PCGS PR70DCAM: eBay, March 22, 2025 – $71. 17 Bids.
• NGC PF70UCAM: Stack’s Bowers, January 15, 2025, Lot 90735 – $85.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s figure of Lady Liberty is depicted mid-stride. She is dressed in a flowing gown and draped with a large billowing American flag. Liberty holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As she strides confidently towards the rising sun, Liberty reaches out a welcoming open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST, and below her in the exergue is the date 2008.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR. The W mintmark of the West Point Mint is located under the branch.

Edge:

The edge of the 2008-W American Silver Eagle Proof coin is reeded.

Coin Specifications

* * *

The post 2008-W American Silver Eagle Proof : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.