100 Greatest U.S. Modern Coins Series: 2006-P $1 American Silver Eagle, Reverse Proof

Anniversary sets from the United States Mint are extremely popular. More specifically, the American Silver Eagle Anniversary sets. Although there has not been one since 2013, you have to wonder if 2021 will see a 35-year set. We, as the numismatic collective, can only hope.

But if you can recall all the way back to 2006 when the 20th Anniversary of the American Silver Eagle Program was being celebrated, you will remember a special collector edition set that was released with three different silver-coin finishes from the Mint. One of the finishes included a first-ever for the American Silver Eagle program even though it had been used previously for Platinum American Eagle coins from 1997-2000.

That coin from that set happens to be the next explored in our series featuring the top 100 Greatest United States Modern Coins as described in Whitman Publishing’s fourth edition of the publication. With authors Scott Schechter and Jeff Garrett in addition to influence from some of the top coin dealers from across the country, we will break down this first-ever coin and the precedence it set for future, big-time American Silver Eagles.

#31 - 2006-P $1 American Silver Eagle, Reverse Proof

The Mint’s announcement of the 20th Anniversary Set came on August 21, 2006, and put into motion a collector edition set that would prove to not only increase sales but increase the spectrum the American Silver Eagle would come to have. The three-coin silver coin set would have three different finishes---a Proof coin, an Uncirculated coin, and a Reverse Proof coin. The Reverse Proof coin would definitely make a splash as American Silver Eagles were of high interest to collectors already. Adding a special finish, one that would be the first in existence for the series, sought to drive the interest even higher.

The set would be limited to 250,000, which meant that the Reverse Proof Silver Eagle would be limited to such with the Proof and Uncirculated versions from the set also being available on their own in Original Government Packaging. This limited mintage meant that the Reverse Proof Silver Eagle from the anniversary set would be the lowest minted American Silver Eagle next to the Proof 1995-W at the time. This is also where the Mint would hope to guarantee sales as the 2006-P Reverse Proof American Silver Eagle would ONLY be available with the purchase of the three-coin set.

With the anticipation of the sales of the new set, the United States Mint would limit them to 10 per household with a $100 retail price. Available on August 30th at noon, collectors and dealers alike itching to get the 20th Anniversary Set would slow the website and the toll-free number available to order from would stay busy without a chance to get through. Aside from the trouble of ordering the set, if you were lucky enough to purchase one, the shipping time would also prove to be frustrating. Some collectors would not receive their set until early October. The cost of Reverse Proof Silver Eagles would only continue to climb since their initial sales. The marketplace would prove to swallow the sets and their demand would only drive prices higher.

Since then, prices and demand have leveled out despite the key issue of the three-coin series still being quite possible. Since then, Reverse Proof Silver Eagles have made their way into other special anniversary sets from the Mint, including the 2011’s five-coin set, 2012’s first-ever San Francisco version in the anniversary set, and the first-ever West Point minted Reverse Proof Silver Eagle included in 2013’s West Point Anniversary set.

In the first publication of this book series from Whitman, this coin came in at #11 on the top 100 list. Through the 2nd, 3rd, and now 4th editions, the coin has dropped a total of 20 spots to its current ranking (#31).