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1993-P Proof American Silver Eagle : A Collector’s Guide

1993-P American Silver Eagle Proof. Image: Stack's Bowers / CoinWeek.
1993-P American Silver Eagle Proof. Image: Stack’s Bowers / CoinWeek.

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

For the 1993 Proof American Silver Eagle, the United States Mint shifted production from the San Francisco Mint to the Philadelphia Mint. That year, San Francisco continued to strike the annual Clad and Silver Proofs Sets–as well as the 1993 Bill of Rights Proof Half Dollar and Silver Dollar coins–while Philadelphia marked its 200th year producing the country’s circulating coins, striking the clad business strike and Proof 50th Anniversary of World War II commemorative coins, and handled production of the collector and investor portions of the American Eagle Program.

The 1993-P American Silver Eagle was offered at an issue price of $23 USD ($49.71 in 2024 dollars). This was, as usual, a significant premium over the year’s annual silver spot price of $4.31. Demand for the American Silver Eagle was softer than in 1992, and the Mint reported a mintage of just 405,913 pieces, which includes 1993-P Proof American Silver Eagles sold in the 1993 Philadelphia Mint Bicentennial Set.

1993 Philadelphia Mint Bicentennial Set

To mark the 200th Anniversary of the start of regular coinage at the Philadelphia Mint, the United States Mint offered a limited-edition five-piece Proof Set featuring the 1993 Proof American Gold Eagle in 1/10, 1/4, and 1/2-ounce denominations, the 1993-P Proof American Silver Eagle, and a Proof .76 ounce, .900 fine Proof Bicentennial of the Philadelphia Mint Silver Medal. The set was offered at an issue price of $499 ($1,078 in 2024 dollars).

The 1993 Philadelphia Set included three American Gold Eagles Proofs, an American Silver Eagle Proof, and a Bicentennial of the Philadelphia Mint Silver Medal in Proof. Image: Stack's Bowers.
The 1993 Philadelphia Set included three American Gold Eagles Proofs, an American Silver Eagle Proof, and a Bicentennial of the Philadelphia Mint Silver Medal in Proof. Image: Stack’s Bowers.

A total of 12,869 sets were sold. None of the coins in the set are indiscernible from the regular Proof issues, but the third-party grading services occasionally label them as “Philadelphia Set” coins. It is not unusual for the coins and medals in this set to exhibit some degree of haziness or toning due to the reactive nature of the packaging.

What Is the 1993-P Proof American Silver Eagle Worth?

In its raw form, sellers have seen bids up to $80 for the 1993-P Proof American Silver Eagle in our May 2024 survey of the last 90 days of eBay results. This amount is roughly on par with the same price for coins graded Proof 69 by either NGC or PCGS.

Proof 70 coins have sold for a wide range of prices in the past year, from $660 to $1,525 for coins with hand-signed label inserts. The coin in the grade and the signature labels are much more common than collectors realize, so we do not endorse a strategy of paying double or triple the prevalent market value for the novelty label. To add to the insanity, on April 23, 2024, a PCGS PR70DCAM dappled with milk spots – and advertised as such – sold for $695 on eBay because of its supposedly scarce Thomas Cleveland label.

Another thing to consider is that the ratio of Proof 69 to Proof 70 grading events at NGC and PCGS has dropped considerably in the past 10 years. Through early 2015, NGC had graded one 70 for every 36.79 Proof 69s in their census table. PCGS’s ratio, at the time, was 11.21:1. Over the past nine years, the 70s have been added to the population data at a rate of 2.89:1 (69:70) at NGC and 2.31:1 at PCGS. With 69s selling for the same amount as raw coins, the coin’s Terminal Point may incentivize only the grading of “perfect” coins.

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Market Data and Noteworthy Specimens

Total Certified Population (as of 5/2024): 44,573.

Top Population: PCGS PR70DCAM (2,905, 5/2024), NGC PF70UCAM (2,644, 5/2024), and CAC PR70DCAM (18, 5/2024).

  • NGC PF70UCAM #4394443-001: eBay, April 29, 2024 – $850.
  • NGC PF70UCAM #3863058-024: eBay, April 24, 2024 – $973.33.
  • PCGS PR70DCAM #28008672: eBay, April 23, 2024 – $695. Prominent milk spots. Thomas Cleveland signed insert.
  • PCGS PR70DCAM #33258730: April 20, 2024 – $1,525. John Mercanti signed insert.
  • NGC PF70UCAM #4528009-020: Stack’s Bowers, April 10, 2024, Lot 94666 – $780.
  • PCGS PR70DCAM #39778547: eBay, April 4, 2024 – $1,295. James Peed signed insert.
  • PCGS PR70DCAM #45427572: eBay, April 4, 2024 – $845. Cameron Reagan signed insert.
  • NGC PF70UCAM #4956022-007: Stack’s Bowers, April 3, 2024, Lot 13531 – $660.
  • NGC PF70UCAM #6250936-017: Stack’s Bowers, April 13, 2022, Lot 9706 – $480.

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Design

Obverse:

Sculptor Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, 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 also reaches out and presents a welcoming and 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 outstretched rear foot is the motto IN GOD WE TRUST, and below her is the date 1993.

The design resembles sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist and CoinWeek contributor Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence. While Adolph Weinman did not directly copy Roty’s work, he did derive significant inspiration from it. 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:

Future United States Mint Chief Engraver John M. Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR. Below the olive branch is the P mintmark of Philadelphia.

Edge:

The edge of the 1993-P American Silver Eagle Proof coin is reeded.

1993-P Silver Eagle Proof Coin Specifications

American Silver Eagle Proof Coin
Year Of Issue: 1993
Denomination: One Dollar (USD)
Mintmark: P (Philadelphia)
Mintage: 405,913
Alloy: 99.9% silver
Weight: 31.1 g
Diameter: 40.6 mm
Edge: Reeded
OBV Designer: Adolph A. Weinman
REV Designer: John M. Mercanti

 

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References

https://data.bls.gov/cgi-bin/cpicalc.pl

CoinWeek Notes
CoinWeek Notes
CoinWeek Notes presents expert analysis and insights from Charles Morgan and Hubert Walker, the award-winning editors of CoinWeek.com.

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