American Silver Eagle Proof Coin

Proof Silver Eagles have been issued each year from 1986 to 2008. Struck using specially prepared dies and featuring a cameo finish, these coins have been long time favorites of collectors. To the dismay of many, the coins were not issued during 2009 due to high demand for silver bullion coins. The prospect of issuing a 2010 Proof Silver Eagle remains tenuous. Although the status as an ongoing series has been threatened, the issues released in prior years are widely collected.

The Proof Silver Eagle has been minted at three different mint facilities over the years. The coins were first produced at the San Francisco Mint and carried the “S” mint mark from 1986 to 1992. From 1993 to 2000, production of the standard Proof Silver Eagles took place at the Philadelphia Mint and coins bore the “P” mint mark. Lastly, from 2001 to 2008, production took place at the West Point Mint with coins bearing the “W” mark.

At various times, the Proof American Silver Eagle has carried maximum production limits for each year. The first limit was imposed for the 1990 Proof Silver Eagle, at 700,000 coins. This entire amount was sold out, although following adjustments the final mintage was 695,510. The maximum mintage imposed varied in subsequent years. From 2005 onwards, a maximum was not imposed and the coins were struck to demand throughout the year of issuance.

Although primarily sold individually, there have been some Proof Silver Eagles included in specially issued US Mint products. The most famous is the 1995-W Proof Silver Eagle, which was included within the 10th Anniversary Gold Eagle Proof Set. This Silver Eagle differed from the regular proof issue since it carried the “W” mint mark, rather than “P”. The limited issuance of this coin led to the creation of a famous modern rarity. The 1993 Proof Silver Eagle  was included in a special Philadelphia Mint Bicentennial Set, which also contained the $25, $10, and $5 Proof Gold Eagles. A few years later, the 1997 Proof Silver Eagle was included in the Impressions of Liberty Set issued for the start of the Platinum Eagle series.

Most recently, a proof and reverse proof Silver Eagle were included in 2006 20th Anniversary Silver Eagle Set. The proof coins matched the standard version, while the reverse proof coin featured frosted backgrounds and mirrored raised design elements and was produced at the Philadelphia Mint with the “P” mint mark.

Proof Silver Eagles For Sale

PCGS Silver Eagle

A popular way of assembling a collection of American Silver Eagles is by acquiring an example of each coin in the series that has been encapsulated and graded by a third party grading service such as PCGS or NGC. Collections can be assembled this way for the bullion versions of the coin or the collectible uncirculated and proof versions.

Third party grading services will generally examine a coin to verify its authenticity, provide an opinion on the coin’s grade and other attributes, and then encapsulate the coin in a small plastic holder. Although other services exist, the two most popular are Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC).

Coin grading is determined on a 70 point scale, with 1 being the lowest grade and 70 being the highest. For uncirculated or bullion Silver Eagles the highest grades awarded are PCGS MS70 and NGC MS 70. For Proof Silver Eagles, the highest grades awarded are PCGS PR70DCAM and NGC PF 70 Ultra Cameo. The designations “DCAM” and “Ultra Cameo” refer to the cameo finish which is used on modern proof coins.

Since Silver Eagles are never circulated, nearly all coins encountered will be in the higher grades from 65 to 70. For the most recent years, it is often the case that the vast majority of coins would grade 69 or 70. Earlier dates can be a challenge to find in top grades. There are some early dates in the series for which PCGS has not awarded the top grade to any coins evaluated.

In order to have coins encapsulated and graded by PCGS or NGC, collectors can submit raw coins through an authorized dealer. Both grading services now also offer collector’s clubs. By joining these clubs, collectors are allowed direct submission privileges to the grading services. Because of the large number of PCGS and NGC Silver Eagles which already exist, there is a robust secondary market whereby collectors can purchase coins already graded.

PCGS Silver Eagles For Sale

NGC Silver Eagles For Sale

2010 American Silver Eagle

The 2010 Silver Eagle was first available as a bullion coin on January 19, 2010. The status of the 2010 Proof Silver Eagle and 2010-W Uncirculated Silver Eagle remains uncertain. Under current law, production of these collectible coins is contingent upon the US Mint’s ability to meet the full public demand for the bullion version.

The initial availability of the 2010 Silver Eagles took place later than usual. Typically, coins bearing the forthcoming year’s date are produced in November or December of the preceding year. This allows authorized purchasers to place orders for the coins in December for delivery in early January. Amidst a resurgence in demand for bullion coins, the US Mint continued production of 2009-dated coins through year end. This resulted in a delay of the full scale production of 2010-dated coins, pushing back the offering schedule.

Although the United States Mint has managed to increase the production levels for Silver Eagle bullion coins, they remain short of meeting full public demand. As a result, the coins have been subject to an ongoing allocation program, which rations the available supply of coins amongst authorized purchasers. Annual production is on pace to set a third consecutive all time high. Through July 31, 2010, total production had reached 21,149,500, averaging more than 3 million bullion coins per month.

The continued high demand and rationing of bullion coins dulls the prospects for the 2010 Proof Silver Eagle and the 2010-W Uncirculated Silver Eagle. These are the two collector versions of the Silver Eagle, typically offered each year by the United States Mint. Both offerings had been canceled for 2009, since the US Mint is required by law to produce bullion coins in quantities sufficient to meet public demand. Since full demand was not met, the Mint sourced all incoming precious metals blanks supplies to the production of bullion coins, foregoing production of collector coins, which are not legally mandated.

A change in law is being considered, which would allow the production of collectible proof and uncirculated Silver Eagles, even if full demand remains unmet for bullion coins. A bill authorizing such a change has not yet been introduced, although the US Mint has already provided Congress with drafting assistance for the amendment.

2010 Silver Eagle Mintages

Bullion Mintage: 21,149,500 (though July 31, 2010)
Proof Mintage: TBD
Uncirculated (Burnished) Mintage: TBD

2010 Silver Eagle Specifications

Mint Mark: none (bullion)
Designers: Adolph A. Weinman (obverse), John Mercanti (reverse)
Composition: 99.93% silver, 0.07% copper
Weight: 31.101 grams (1.000 ounces)
Diameter: 40.6 mm (1.598 inches)
Thickness: 2.98 mm (0.117 inches)
Edge: Reeded

2010 Silver Eagles For Sale

< 2009 Silver Eagle

2008-W American Silver Eagle Reverse of 2007

For the first time in the American Silver Eagle series, a significant variety was released in 2008. This was known as the 2008-W Silver Eagle Reverse of 2007 Variety. The US Mint had slightly altered the reverse design between 2007 and 2008, and they inadvertently struck some 2008 coins with the 2007 reverse type.

The variety occurs on the 2008-W Uncirculated Silver Eagle. This is the collectible uncirculated or “burnished” version of the coin that the US Mint sold directly to collectors. The variety can be identified by examining two aspects of the reverse design. On the Reverse of 2007, the “U” in “United States” will be bowl shaped and the dash between the words “Silver” and “One” will be shaped like a tilde. On the reverse of 2008, the “U” will have a spur on the right side of the letter and the dash will be angled.

The Reverse of 2007 Variety is the scarcer version of the coin and carries a big premium. Shortly after the discovery of the coin, the US Mint estimated that approximately 47,000 of the variety may have been released. This estimate was based on the fact that West Point Mint employees found 15 dies with the reverse type of 2007.

Both PCGS and NGC attribute this variety as “Reverse of 2007″. Top graded examples of this important variety have been in strong demand since the initial discovery.

2008-W Silver Eagle Reverse of 2007 For Sale

American Silver Eagle Green Monster Box

Bulk silver investors may be familiar with the Silver Eagle Green Monster Box. With each box containing a total of 500 Silver Eagles, this is how investors or dealers typically purchase the coins in bulk quantities.

The American Silver Eagle bullion coins each contain one ounce of .999 pure silver. These are packaged into 20-coin rolls, which contain 20 ounces of silver. The Green Monster Box contains 25 of these rolls, for a total of 500 coins, or 500 ounces of silver.

As the name suggests, the boxes are green, heavy duty plastic, specifically created to hold the Silver Eagle Rolls. Twelve rolls fit on either side of the box with one roll in the center. The boxes are usually sealed with strapping across both lengths with a control sticker indicating the year of mintage. The U.S. Treasury seal is on the outside of the box.

Sealed Silver Eagle Green Monster Boxes have the benefit of being unsearched and unhandled since leaving the United States Mint. Additionally, the cost per coin is usually the lowest available since the coins are being purchased in bulk. Not all coin dealers will have these boxes available, however bullion dealers typically offer them.

Silver Eagle Green Monster Boxes For Sale

1995-W Proof American Silver Eagle

The 1995-W Proof Silver Eagle is the key date coin of the series. The coin has a mintage of only 30,125 pieces, which is extraordinarily low for such a popular and widely collected modern series.

The coin was produced and sold only as part of the 10th Anniversary American Eagle Proof Set. This set included the four 1995-W Proof Gold Eagle coins in 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz sizes, along with the 1995-W Proof Silver Eagle. This set was limited to 45,000 units and was originally priced at $999.00. During the period of availability from the United States Mint, a total of 30,125 sets were sold.

The US Mint did produce and sell a separate 1995 Proof Silver Eagle which was offered for $23.00, but this coin carried the “P” mint mark. This regular issue coin had a mintage of 407,822, which was typical for the coin at the time. Thus the proof issues for this year carrying the “P” mint mark are more common, while the coins bearing the “W” mint mark are scarce and valuable.

The 1995-W Proof Silver Eagle emerged as a fortuitous rarity for anyone who purchased the 10th Anniversary Set. The key date Silver Eagle sells for about $3,000 currently. This is actually more than the current value for the other four gold coins originally included in the set.

1995-W Proof Silver Eagles For Sale

2009 American Silver Eagle

The 2009 Silver Eagle saw a carryover of some of the problems and issues that impacted the popular silver coin series in the prior year. High worldwide demand for precious metals bullion coins caused a continuing silver blank shortage for the United States Mint, impacting both bullion and collector offerings.

The bullion coins continued to be subject to rationing to start the year under the previously established allocation program. Authorized purchasers of the coins were limited in the number that they were able to purchase. The rationing finally ended on June 15, when the US Mint was able to meet full demand for the coins. Unfortunately, a new round of demand caused a brief suspension of bullion coin sales starting November 25. When sales resumed, the allocation program was put back into effect.

Because of the legal obligation to fulfill public demand for the bullion Silver Eagles, the US Mint was forced to cancel the issuance of the 2009 Proof Silver Eagle and the 2009-W Uncirculated Silver Eagle. These collectible offerings were not legally mandated, so the US Mint was forced to interrupt these series of collectible coins until they can meet full demand for bullion coins.

While collectible coins were canceled, brisk sales of bullion coins ensued, leading to the record high mintage of 30,459,000 for the 2009 Silver Eagle.

During 2009, the price of silver ranged from a low of $10.51 per ounce to a high of $19.18 per ounce. The cumulative average price for the year was $14.67.

2009 Silver Eagle Mintages

Bullion Mintage: 30,459,000
Proof Mintage: not minted
Uncirculated (Burnished) Mintage: not minted

2009 Silver Eagle Specifications

Mint Mark: none (bullion)
Designers: Adolph A. Weinman (obverse), John Mercanti (reverse)
Composition: 99.93% silver, 0.07% copper
Weight: 31.101 grams (1.000 ounces)
Diameter: 40.6 mm (1.598 inches)
Thickness: 2.98 mm (0.117 inches)
Edge: Reeded

2009 Silver Eagles For Sale

< 2008 Silver Eagle | 2010 Silver Eagle >

2008 American Silver Eagle

The 2008 Silver Eagle saw its mintage surge to a new all time high, nearly doubling the prior record. The spike in demand came amidst a sharp increase in the price of silver and surging worldwide demand for precious metals. Demand was so high that sales of the coin had to be suspended during the year and resumed on a rationed basis. Periodic suspensions and rationing would continue for the popular silver bullion coin in the following years.

The strong demand for precious metals also impacted the collectible coin offerings. The 2008 Proof Silver Eagle had an unexpected sell out in August, which resulted in an immediate jump for secondary market prices. The reason behind the early sell out was the fact that the US Mint had to use all incoming silver blanks for production of bullion coins, and could not strike additional proof coins. By law, the bullion coins must be produced in quantities sufficient to meet public demand, while the collector coins are not legally required.

In addition to the proof coin, the US Mint also offered the 2008-W Uncirculated Silver Eagle. This was the third year of issue for the collectible uncirculated or burnished version of the coin. The overall mintage for this version of the coin declined from the prior year level. The coins were sold separately or included in the 2008 Annual Uncirculated Dollar Set.

The year included the first significant variety of the American Silver Eagle series. A small number of the collectible uncirculated coins were struck using the reverse dies of 2007. This created the variety known as the 2008-W Silver Eagle Reverse of 2007. Once the variety was discovered, prices quickly escalated as strong demand emerged.

For collectors of certified coins, perfect graded become relatively easier across the board. Coins are attainable in NGC and PCGS MS70, as well as NGC PF 70 Ultra Cameo and PCGS PR70DCAM.

The overall average price of silver during 2008 was $13.28 per ounce.

2008 Silver Eagle Mintages

Bullion Mintage: 20,583,000
Proof Mintage: 700,979
Uncirculated (Burnished) Mintage: 535,598*
*includes coins from the Annual Uncirculated Dollar Set

2008 Silver Eagle Specifications

Mint Mark: none (bullion), W (proof & uncirculated)
Designers: Adolph A. Weinman (obverse), John Mercanti (reverse)
Composition: 99.93% silver, 0.07% copper
Weight: 31.101 grams (1.000 ounces)
Diameter: 40.6 mm (1.598 inches)
Thickness: 2.98 mm (0.117 inches)
Edge: Reeded

2008 Silver Eagles For Sale

< 2007 Silver Eagle | 2009 Silver Eagle >

2007 American Silver Eagle

The 2007 Silver Eagle showed a slight mintage decline from the prior year as the price of silver fell into a new range. With a final mintage of 9,028,036, this year would be the last time the mintage was below the 10 million mark. In the following years, economic uncertainties would drive demand for silver bullion coins to new heights.

The United States Mint separately released two different collectible version of the American Silver Eagle. The 2007 Proof Silver Eagle was first available for sale on March 27, 2007. The coins were priced at $29.95, reflecting an increase of $2 compared to the prior year, and did not carry a maximum authorized mintage.

On June 13, 2007, the Mint released the 2007-W Uncirculated Silver Eagle. The collectible uncirculated version of the Silver Eagle had been released in the prior year, first as part of the 20th Anniversary Silver Eagle Set, and later as a separate option. These coins were struck on specially burnished blanks and carried the “W” mint mark. The coins were priced at $21.95 each, without a maximum mintage level established. This coin was also included in the 2007 Annual Uncirculated Dollar Coin Set, which included satin finish versions of the 2007 Sacagawea Dollar and four 2007-dated Presidential Dollars.

For collectors of certified coins, perfect graded become relatively easier across the board. Coins are attainable in NGC and PCGS MS70 for both bullion and collectible uncircualted coins. Proof coins graded NGC PF 70 Ultra Cameo and PCGS PR70DCAM are also readily available.

The overall average price of silver during 2007 was $13.28 per ounce.

2007 Silver Eagle Mintages

Bullion Mintage: 9,028,036
Proof Mintage: 821,759
Uncirculated (Burnished) Mintage: 621,333*
*includes coins from the Annual Uncirculated Dollar Set

2007 Silver Eagle Specifications

Mint Mark: none (bullion), W (proof & uncirculated)
Designers: Adolph A. Weinman (obverse), John Mercanti (reverse)
Composition: 99.93% silver, 0.07% copper
Weight: 31.101 grams (1.000 ounces)
Diameter: 40.6 mm (1.598 inches)
Thickness: 2.98 mm (0.117 inches)
Edge: Reeded

2007 Silver Eagles For Sale

< 2006 Silver Eagle | 2008 Silver Eagle >

20th Anniversary American Silver Eagle Set

To celebrate the 20th year of American Silver Eagle coins, the US Mint released the 20th Anniversary Silver Eagle Set. Each set included three Silver Eagle coins, each struck with a different finish.

The first coin in the set was struck using a newly introduced uncirculated finish. These coins were struck on specially burnished blanks and carried the “W” mint mark. These coins have been referred to as “collectible uncirculated” versions by the US Mint, although some collectors refer to them as “Burnished Silver Eagles.”

The second coin in the set was struck with a standard proof finish. As with other modern proofs, the coins featured a cameo contrast consisting of frosted raised elements and mirrored backgrounds. These coins were struck at the West Point Mint and carried the “W” mint mark.

The third coin included in the set featured a reverse proof finish. As the name implies, these coins had the opposite appearance of the standard proof finish. Raised design elements appear mirrored, while background fields are frosted. This represented the first time that the US Mint struck coins in reverse proof. The coins were produced at the Philadelphia Mint and carry the “P” mint mark.

The 20th Anniversary Silver Eagle Sets went on sale August 30, 2006, priced at $100 per set.  The sets were limited to a maximum authorized mintage of 250,000 sets, with a household ordering limit of ten. A sell out occurred after approximately two weeks and prices for the set quickly rose on the secondary market.

Separately, the US Mint issued a 20th Anniversary Gold & Silver Eagle Set. These sets contained collectible uncirculated versions of the 2006-W Silver Eagle and 2006-W Gold Eagle. These sets were limited to 20,000 units and also sold out.

20th Anniversary Silver Eagle Set Mintage

Three Coin Set: 248,875
Two Coin Set (Gold and Silver): 19,145

20th Anniversary Silver Eagle Set Specifications

Mint Mark: W (proof & uncirculated coins), P (reverse proof coin)
Designers: Adolph A. Weinman (obverse), John Mercanti (reverse)
Composition: 99.93% silver, 0.07% copper
Weight: 31.101 grams (1.000 ounces)
Diameter: 40.6 mm (1.598 inches)
Thickness: 2.98 mm (0.117 inches)
Edge: Reeded

20th Anniversary Silver Eagle Sets For Sale