The American Silver Eagle Program from the United States Mint has introduced the numismatic community to a plethora of collectable coins. From firsts to finishes, to mintmarks and anniversary sets, the program has changed the game for collectors. This was true from the beginning as we are about to find out from Whitman Publishing’s fourth edition of their 100 Greatest United States Modern Coins series. Along with authors Jeff Garrett and Scott Schechter, we are going to talk more about the significance of an early 1990’s Proof Silver Eagle that has not only landed in the top 100 of all U.S. modern coins but has cemented its importance among the American Silver Eagle series itself.
#59 – 1994-P $1 American Silver Eagle, Proof
When the American Silver Eagle Program first introduced us to bullion coinage in 1986, it also introduced us to the Proof versions. While the Proof coins were sold directly from the United States Mint to collectors, the designs were the same as the bullion coins and were also intended for investment purposes. The Proofs, which also included mintmarks unlike the bullion versions, were distinguishable in their manufacturing as they were struck two times on polished blanks from dies that were prepared to give a mirrored field in addition to frosted fields.
In 1986, over 1.4 million Proof Silver Eagles were sold. The following year would see 900,000 sold. However, sales would soon decline as silver prices fell and collectors would see coins trading on the secondary market for less than the Mint’s issue price. By 1994, the Proof American Silver Eagle sales hit a low with only 372,168 coins sold. It was the lowest number to date for the Proof version and quite frankly, the Mint was bewildered. In response, the game plan was different going into 1995 as the Mint would lengthen the sales period from two months to throughout most of the year and issue a special Proof 1995-W American Silver Eagle 10th anniversary coin (1995-W Proof American Silver Eagle). These efforts in conjunction with marketing upped sales from 10 to 20% in the following years.
Silver prices would continue to steadily increase over the 2000s. In turn, Proof American Silver Eagles would also increase with collectors wanting to build sets with the coins. With that came the realization that the 1994-P Proof Silver Eagle was a key date and more difficult to locate, driving its price upward and out of reach for many.