2008-W American Silver Eagle Proof : A Collector’s Guide

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.

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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.

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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

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