1990 American Silver Eagle : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The 1990 American Silver Eagle saw a slight production increase over the 1988 and 1989 year-end totals. With a mintage of 5,840,110 pieces, the 1990 doesn’t stand out from the rest of the ’80s and ’90s issues in terms of overall scarcity, but it did enjoy some notoriety once for being a difficult issue to acquire in Mint State 70. Does that continue to be the case?

The total certified population of the 1990 Silver Eagle now sits at 129,551 pieces, with 2.22% of the total mintage now having been placed in certified holders. This tally is up significantly from the 89,066 figure we reported in 2014. Over the past 10 years, the grading services have combined to grade over 3,000 coins per year.

The Collapse of the 1990 American Silver Eagle MS70 Market

In January 2024, GreatCollections sold a PCGS-graded American Silver Eagle in MS70 for $3,362.62. The year before, that company sold seven PCGS-graded coins in the same grade, along with two certified by NGC at 70. The average price realized for these coins was just under $2,800. During the same period, Heritage Auctions offered seven MS70s, most graded by NGC. The standout was a fully-mirrored example graded NGC MS70* that brought $7,500 in January. Other than that coin, the remainder fell in line with what we saw at GreatCollections.

These prices indicate that the market for the 1990 American Silver Eagle still has strength, but at its current levels, it no longer has the condition rarity status that it enjoyed 10 years ago when the coin was a PCGS Pop 1 and an NGC pop 183.

Let’s go back in time and take a look at the sale of that coin in the context of the Silver Eagle market in 2015/2016.

As a pop 1 coin, the then-solitary PCGS MS70 1990 American Silver Eagle sold at Heritage Auction’s January 6, 2016 U.S. Coins Signature Auction, where it brought $12,925. At the time of its offering, CoinWeek had already reported extensively about the downward price movement of several other early-date American Silver Eagle bullion coins graded MS70 by PCGS.

One of those coins, the 1986 Silver Eagle, saw its population balloon from three coins to 31 over one year. At the time, this burst of newly minted coins had no precedent, given the fact that PCGS has been in business for nearly 30 years and has actively graded Silver Eagles for nearly half that time.

In our 2016 auction preview, we wrote:

It’s not a given that the same thing will happen to the 1990, but the fact is that it can happen.

In 2024, we can report that it did. Since the January 2016 Heritage sale, PCGS has seen increases to its census of 1990 American Silver Eagles by an average of 20 to 21 coins per calendar year. As of this writing, the PCGS MS70 population of the 1990 bullion strike stands at 183 pieces. In another 10 years, it is likely to surpass 400. The 1990 American Silver Eagle has gone from a PCGS condition rarity to a condition scarcity, and, at some point, will likely become conditionally uncommon. How long will the $2,800 price average be supported?

Another interesting area of the certified 1990 American Silver Eagle market is the growing population of “First Strike” coins.

In 2015, buyers paid sky-high prices whenever PCGS “First Strike” coins from this issue came to market. The reason for this scarcity was that the 1990 Silver Eagles were released more than a decade before the launch of the First Strike program. The service did qualify certain United States Mint products for the First Strike label if they were submitted in sealed Mint packaging with proof that the coins were delivered within 30 days of release. Ten years ago, the population of First Strike 1990 ASEs sat at 37 in MS69 with none finer. Today, PCGS reports 1,017 First Strikes with 517 in MS68, 378 in MS69, and 48 in MS70. Frankly, we are happy that the pops reflect the entire reality of the submission and that a small number of MS66 and MS67 coins were graded, along with the MS68s. These grades are unusual for the series as submitters can specify a minimum grade and usually set it at MS69.

NGC Continues to Dominate Silver Eagle Submissions While Grading Conservatively

NGC holds the dominant market position when it comes to the total number of coins certified in the American Silver Eagle series. This is true for all dates. At the time of writing, NGC reports 113,222 coins in MS69 and 630 coins in MS70. While 630 coins is considerably higher than 183 at PCGS, or four at CAC Grading (CACG), the percentage of coins graded 70 by NGC is a staggeringly low 0.5%. Over the past decade, however, the success rate at NGC has trended upward. Compare the 0.2% MS70 population after 80,000 coins were graded (through 2015) with the 1.4% success rate that submitters have enjoyed from the past 30,000 coins graded. During the same period, the PCGS success rate stands at 4.4%.

Too Soon to Evaluate CAC Grading Data

CAC Grading will make an impact on the modern coin market in due time. The company had a soft launch in the spring of 2023 as it transitioned from a stickering service that focused primarily on classic U.S. coins to a full-service U.S. coin grading business. Reports from well-placed CAC insiders suggest that the CAC populations reflect trial and error on the part of submitters and that many of the older date Eagles have been submitted for crossover from NGC or PCGS.

To date, the 1990 American Silver Eagle has not been a major focus for CAC’s dealer-submitters, as only 253 coins have been certified: 247 in MS69 and four in MS70.

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Market Data and Noteworthy Specimens

Top Population: PCGS MS70 (183, 10/2024), NGC MS70 (630, 10/2024), and  CACG MS70 (0:4 stickered:graded, 10/2024).

• PCGS MS70 #48893088: GreatCollections, January 28, 2024, Lot 1518064 – View. Secure Shield holder.
• NGC MS70 #6497991-014: Heritage, March 13, 2023, Lot 51228 – $3,120.
• NGC MS70 #6497976-014: Heritage, March 13, 2023, Lot 51227 – $2,880.
• NGC MS70 #1954654-006: Heritage, March 13, 2023, Lot 51226 – $2,880.
• PCGS MS70 #37510632: Heritage, April 22, 2021, Lot 91069 – $3,720. John Mercanti signature label.
• NGC MS70 #4441684-004: Heritage, December 30, 2020, Lot 29424 – $3,120. John Mercanti American Flag signature label. “From US Mint Sealed Box” on insert.
• PCGS MS70 #38014249: Heritage, August 3, 2020, Lot 3756 – $3,600.
• PCGS MS70 #35117292: Heritage, December 5, 2019, Lot 3460 – $3,600.
• NGC MS70 #1837848-002: Heritage, April 28, 2019, Lot 8516 – $1,440.
• NGC MS70 #3665967-022: Heritage, April 28, 2019, Lot 8517 – $1,560.
• NGC MS70 #2724567-023: Heritage, December 13, 2018, Lot 4030 – $1,440.
• NGC MS70 #2720111-087: Heritage, August 4, 2017, Lot 4704 – $4,935.
• NGC MS70 #1535359-001: Heritage, April 28, 2017, Lot 4958 – $4,700.
• NGC MS70 #1835: Heritage, January 6, 2017, Lot 6271 – $3,760.
• NGC MS70 #3327025-006: Heritage, April 29, 2016, Lot 5483 – $3,995.
• NGC MS70 #3729136-009: “The Steitz Collection,” Heritage, June 5, 2015, Lot 5071 – $4,935; Heritage, February 5, 2016, Lot 4459 – $3,760.
• NGC MS70 #3328318-005: Heritage, February 5, 2016, Lot 4460 – $3,290.
• PCGS MS70 #32721780: Heritage, January 6, 2016, Lot 3458 – $12,925.

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Design

Obverse:

Adolph A. Weinman’s Lady Liberty is dressed in a flowing gown and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she reaches out an open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST, and below her is the date 1990.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work. Weinman’s Liberty Walking design quickly became one of America’s most iconic numismatic images and would be used with minor modifications on the American Silver Eagle bullion coin starting in 1986.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon that bears the motto E PLURIBUS UNUM. Above its head, is a constellation of 13 stars configured in an upside-down pyramid formation. Wrapping around the top of the design is the legend UNITED STATES OF AMERICA and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR wrap around the bottom.

Edge:

The edge of the 1990 American Silver Eagle bullion coin is reeded.

Coin Specifications

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