American Silver Eagle Proof Coins: Here’s Proof Why These Coins Are Worth The Extra Cost
American Silver Eagle Proofs are in high demand right now. Many collectors have proudly put together complete sets of the series, that contains every single date obtainable.
When the most recent American Silver Eagle Proof was released late this past year, on November 19, 2010, it could be purchased for .95 through the U.S. Mint. Each and every household was strictly limited to buying a total number of one hundred coins.
Public demand ended up being very strong, to say the least!
In the first hrs subsequent to the coins release, the U.S. Mint suffered a variety of difficulties by clients who tried to buy from the website or even utilizing their toll-free number.
The proof silver eagle ended up being sold out by the end of December, having sold out quickly.
834,879 coins were purchased based on the most current sales record from the U.S. Mint!
Taking into consideration the fact that the premium that you pay is considerably above the actual spot price of silver, you might question the reason why the desire with regard to these coins is so high.
Were the proof versions really worth the extra amount you pay out?
I resolved to do a little investigating. . .
To start with, let's examine precisely what tends to make this specific coin so exceptional.
1. Each and every coin is composed of exactly one ounce. of .999 fine silver.
2. If you glance carefully at one, you will observe immediately their particular astonishing splendour, extremely sharp relief, as well as a backdrop which is nearly mirror-like. They have a unique cameo effect due to their frosted, sculpted foregrounds.
3. To realize all of this fantastic splendor, the silver eagle proof coin is actually created by way of a specialised minting practice.
4. All this commences when a burnished silver coin blank is pressed, and then fitted together with unique dies.
5. So as to supply the detailed images the sensation of floating above a reflective field, it is then struck numerous times.
6. After careful inspection, the coins are ultimately sealed inside a protective plastic capsule.
7. Finally, they're placed inside a stunning presentation case that's covered in blue velvet. Inside, the case is lined with satin and includes an authenticity certificate that's signed by the Director of the U.S. Mint.
Thus all that additional manufacturing expense, time, labour, energy, etc. is factored into the price of the proof eagle. That is the reason for the excess premium.
Additionally it is important to note the fact that proof type has never been handled by human hands and that is the reason why they are so highly sought after and are valued at more than their own common bullion counterpart.
And so now we know the real reason for the additional premium. Nonetheless, are the American Eagle Silver Eagle proofs worth the excess price?
Recently, I did some research on the well-known auction site, eBay, to attempt to ascertain the recent selling prices for the the year 2010 Silver Eagle Proofs.
Exactly what I learned was the fact that sell amount varied, depending upon the particular grade belonging to the coin -- whether or not it was PCGS PR70 First Strike or PR69, and so forth. At the time this particular article was written, the typical selling price seemed to be around .00.
That's an increase of greater than 30 % since their November 19th launch date. (Please note: the price of silver might have risen or declined during the time you might be reading this write-up and so existing auction prices might be much more or less, depending upon the spot price of silver).
Let's say, you'd purchased a regular bullion silver eagle on the exact same time frame, using the ending price of .35. You would now have a gain of only 9.69%!
It is also fascinating to take note that special edition silver proof coins like the 1995-W Proof Silver Eagle and also the 2006 Reverse Proof are usually valued at even more!
The 2011 Proof Silver Eagle coins won't be available for sale from the U.S. Mint until July 6, 2011. And even though you can no longer order the 2010 American Silver Eagle Proof coin through the U.S. Mint's website, they are still available for sale at: http://BullionBargains.us
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American silver eagle coins
The official silver bullion coin of the United States is the American Eagle. Originally minted in 1986 by the US Mint, the Silver American Eagle Coin is comprised of 99.9% pure silver with a weight of one troy ounce and has a nominal face value of one dollar. It was authorized by the Liberty Coin Act and it's weight and purity are certified by the United States Mint. There have been 3 versions of the Silver Eagle released for investors and collectors. There is the Bullion Silver Eagle, the Proof Silver Eagle and the Uncirculated Silver Eagle.
The very first Silver Eagle Coin was struck in San Francisco on October 29th 1986. The minting was presided over by the Secretary of The Treasury James A. Baker III at the San Francisco Assay Office. The event was dubbed the San Francisco Silver Rush of 1986.
The Bullion Eagle was originally minted from 1986-1998 at the San Francisco Mint and do not bear any mint mark. Then in 1999 for two years they were minted at bothe the Philadelphia Mint and the West Point Mint. However, since 2001 the coins have exclusively been minted at the West Point Mint in West Point, NY.
The Proof Silver Eagle originally was minted through the San Francisco Mint and had the "S" mint mark from 1986-1992. From there they moved to the Philadelphia Mint and were struck with a "P" mint mark. They remained there until 2001 when they made the move to the West Point Mint which is where they are still being minted today with the "W" mint mark. There was no 2009 Proof Silver Eagle but again in 2010 the Proof coin returned still minted out of West point.
Uncirculated Silver Eagle coins were minted from 2006-2008 and designed by the US Mint for collectors. The coins were struck at the West Point Mint using burnished blanks. Sometimes referred to as W Uncirculated or Burnished Uncirculated, these coins have been out of production since 2008.
==> SPECIAL RELEASE
There have also been a few Special Issue Silver Eagle Series released.
1993 saw the release of the Philadelphia Set which was issued to commemorate the bicentennial of the very first striking of American Coins at the Philadelphia Mint.
In 1995 there was a West pint Mint issued Silver Eagle issued along with the Philadelphia Mint release. This coin is known as the 1995-W Proof Silver Eagle and was sold as a part of the 10th Anniversary American Eagle 5 Coin Set. The set also included Proof Gold Eagles in 1oz, 1/2oz, 1/4oz and 1/10oz sizes. A very limited number of these sets were produced and they continue to be a highly desired piece.
2000 brought the United States Millennium Coinage and Currency Set that had a 2000 Silver Eagle Bullion Coin minted at the West Point Mint but without the "W" mint mark.It also included a 2000 Denver mint released Sacagawea Dollar and an uncirculated 1999 one dollar bill. There were only 75,000 sets minted and less than twenty are known to contain Sacagawea dollars that do not have a burnished finish.
In early 2004 the US Mint issued the Legacies of Freedom United States and United Kingdom Silver Bullion Coin Set. The set contained of a 2003 bullion Silver Eagle and a 2002 Silver Britannia bullion coin from the United Kingdom.
In celebration of the 20th Anniversary of the American Silver Eagle program in 2006, the United States Mint released a very special Reverse Proof Silver Eagle coin form the Philadelphia Mint. This Reverse Proof coin was available as part of a set that also included the standard Proof Silver Eagle and the new Burnished Uncirculated Silver Eagle coins. The Silver Reverse proof features a frosted background and mirrored surfaces.
The Uncirculated Silver Eagles were also issued with the 20th Anniversary Gold and Silver Eagle Set which had an extremely low issue of only 20,000 sets.
2007 and 2008 had the uncirculated Silver Eagle coins packaged with each years Philadelphia minted Presidential Dollars and Denver minted Sacagawea dollars in the start of the Annual Uncirculated Dollar Coin Set.
==> SILVER EAGLE DESIGN
The design of the United States Silver Eagle's obverse side was taken from the Walking Liberty which had originally been used for the Walking Liberty Half Dollar from 1916-1947. It became one of the most iconic American Silver Coin designs and was a favorite of the American public. For that reason, the design was brought back for the Silver Eagle Bullion coin with the year of release, LIBERTY and IN GOD WE TRUST being added.
The reverse design has a heraldic eagle behind a shield grasping an olive branch in its right talon and arrows in its left. It is holding a banner in its beak that is inscribed with E PLURBIS UNIM. It also has 13 stars representing the 13 original Colonies as well as UNITED STATES OF AMERICA, 1oz FINE SILVER ONE DOLLAR as well as the mint mark when there is one.
From its original minting to today, the Silver Eagle American Bullion Coin remains one of the most desired and collected coins in not only the American Silver Coin series but of all of the US minted bullion coins. With special releases, yearly mintings and even the odd error popping up Silver Eagles are a great choice for every collector.
For more information on silver eagle dollars and others Details please visit proof silver eagles Website.
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