American Silver Eagles are nearing their 36th year of production. The United States Mint in that time frame has created the popular bullion coin in a number of different finishes, including our next spotlight on Whitman Publishing’s 100 Greatest United States Modern Coins Fourth Edition. A first of its kind, this anniversary edition of the American Silver Eagle made quite the splash in the hobby only after everyone realized how great the coin really was and it was too late.
#92 - 2013-W $1 American Silver Eagle, Enhanced Uncirculated
The Mint was always looking for a way to one-up themselves while simultaneously doing something that had never been done before. When it comes to the American Silver Eagle program, this was especially true. They went big for the 75th Anniversary of the West Point Mint’s construction and what would come from it was a two-coin set that featured a Reverse Proof coin and the first-ever Uncirculated American Silver Eagle with an Enhanced finish.
Upon the announcement of the set and this new “Enhanced Uncirculated” finish in January of 2013, collectors were unsure of what the term meant and how the coin would come out. James Bucki, an online columnist, was allowed to release photos of the coin that were taken during the striking of the examples at the West Point Mint. This would allow the public to see that coin for the first time.
Featuring a mix of three finishes, the obverse depicted a “shallow mirrored finish” where the blue in the American flag would be while the stars would be “heavily frosted.” The entirety of the design on the obverse, including the legends, are featured in a reflective area that contrasts with a heavy white frost. The fields are then featured in a light frost finish. The 2013 American Silver Eagle West Point Two-Coin Silver Set officially went on sale from May 9 to June 6, 2013. The sets were produced according to demand which allowed customers to order as many as they wanted. They were issued for $139.95 and the sets would then start shipping in June after the presale window closed.
At the time, the Mint decided to have orders taken this way to prevent customers from being shut out of the ordering process of those items that were lower in mintage. The first week saw 180,000 units sold. By the end of the ordering period, 281,310 units were sold. This was seen as a success and the process went just as the Mint hoped. However, this is where the problem occurred.
By the time October of 2013 rolled around, just a few months later, the Mint amended the sales to 235,689 units. This was a major difference from their original number. One of the reasons was due to cancellations. While this was normal as credit cards were not able to be processed, etc, the biggest amount of cancellations came from those who wanted to see what the coins were selling for after the sales period by the Mint had ended. The coins were going for a premium, so they ended up cancelling their orders.
While the initial reaction to the ordering system was hopeful, it would then change as the overabundance of the coins would overwhelm the market and in turn caused the coins to lose value almost instantly. However, due to the incredible eye appeal and collectability of the coins, they regained traction and were then being traded over their issue price. They are rarely sold without their Reverse Proof counterpart.
This coin was first introduced in the 3rd edition of this publication and has not moved rankings.