1994-P American Silver Eagle Proof : A Collector’s Guide

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

In 1994, the United States Mint reported declines in orders for a range of numismatic and investment offerings. Not everything in the catalog was impacted, but sales were soft for the American Silver Eagle bullion and Proof coins.

The 1994-P American Silver Eagle Proof coin has a mintage of 372,168 – the lowest Proof mintage up to that point in the series. This made the coin a favorite of telemarketers and promoters, and it even got ranked in Whitman Publishing’s 100 Greatest U.S. Modern Coins. To commemorate this “achievement”, NGC issued a special label featuring the signature of Greatest U.S. Modern Coins author Jeff Garrett. Some have said that the 1994 is a “key date” within the series, but is such talk warranted?

To make that determination, let’s look at some comparables.

The 1994-P American Silver Eagle Proof’s 372,168 mintage may be on the low side for the series, but it is substantially higher than any U.S. Mint Proof Set issued before 1955, and the 1994-P beats the 1955 Proof Set by 6,032 coins. Nobody considers the 1955 Proof Set or any of the Proof Sets that immediately proceeded it as key issues, even as these vintage sets have a much higher attrition rate than the 1994-P.

In 1994, the Mint also offered a range of commemorative coins. All of them underperformed. For example, the Mint sold fewer 1991-1995 World War II 50th Anniversary Half Dollars and Silver Dollars than it did 1994-P ASE Proofs, and yet these commemoratives are treated as common coins. The Uncirculated 1994 World Cup Silver Dollar sold only 81,524 pieces and today trades for spot.

But wait, there’s more.

In 1994, the Mint issued coins commemorating Thomas Jefferson, the Vietnam Veterans Memorial, the Prisoner of War Museum, Women in Military Service Monument, and the Bicentennial of the U.S. Capital. None of these programs reported sales anywhere near that of the comparatively common 1994-P American Silver Eagle. Should these lower-mintage commemoratives rank among the 100 Greatest Modern U.S. Coins? No.

Furthermore, when it comes to the lowest-mintage Proof Type I American Silver Eagles, the 1994-P isn’t even in the top five.

So, then, why is it considered a key date? Because it makes for a good story. Because it juices up profit margins. And because most collectors can’t afford the 1995-W American Silver Eagle, which is the bonafide key to the series.

How Much Is the 1994-P American Silver Eagle Proof Coin Worth?

Through September 2024, the leading grading services have graded just over 42,200 1994-P American Silver Eagle Proofs, approximately 11% of the total mintage. With that, numerous specimens remain in their original government packaging and may never be submitted for grading. In a survey of completed eBay transactions from July-September 2024, the average price for a raw example is between $100 and $115.

Coins graded Proof 69 typically sell for the same amount, although published price guides state retail prices closer to $200. The current price level reflects a 33% decrease since 2014.

The certified population of Proof 70s has increased more than fourfold over the past 10 years. This increase in Proof 70 grading events corresponded with a decrease in the 69:70 ratio – which is logical considering that 69s and raw coins now trade on par (see Terminal Point to understand the market theory). With rising populations came significant price declines. Adjusted for inflation, 70s sold for about $2,300 in 2024 inflation-adjusted dollars. Today, coins sell for about $800, a 65% decrease in value.

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Market Data and Noteworthy Specimens

The 1994-P American Silver Eagle Proof had an original issue price of $23 ($49.48 in 2024 inflation-adjusted dollars).

Top Population: PCGS PR70DCAM (3,015, 9/2024), NGC PF70UCAM (2,377, 9/2024), and CAC PR70DCAM (13, 9/2024).

• NGC PF70UCAM #4555673-024: eBay, September 6, 2024 – $799.
• NGC PF70UCAM #6247627-068: eBay, September 4, 2024 – $795. Ed Moy signature label.
• PCGS PR70DCAM #45684543: eBay, September 1, 2024 – $816. Michael Reagan signature label.
• NGC PF70UCAM #6798759-014: eBay, September 1, 2024 – $850.
• PCGS PR70DCAM #50473651: eBay, August 31, 2024 – $680.
• PCGS PR70DCAM #47081295: eBay, August 24, 2024 – $299.99. Multiple milk spots. T.D. Rogers signature label.

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Design

Obverse:

Artist Adolph A. Weinman’s figure of 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 presents a welcoming 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 1994.

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. It would be used with minor modifications on the American Silver Eagle Proof 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 bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend UNITED STATES OF AMERICA is wrapped clockwise around the top of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is wrapped counterclockwise around the bottom.

Edge:

The edge of the 1994-P American Silver Eagle Proof coin is reeded.

1994-P American Silver Eagle Proof Coin Specifications

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