2004-W American Silver Eagle Proof : A Collector’s Guide

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

In 2004, the United States Mint issued American Silver Eagles in two formats: Proof and Uncirculated (bullion strike). Both qualities were produced at the West Point Mint, but only the Proof version carried the W mintmark. Issued at $27.95 (a $3.95 price increase over Proofs issued 1998-2003), the 2004-W American Silver Eagle Proof is a one-ounce .999 fine silver coin struck on specially prepared planchets and dies that result in mirror-like fields and thick cameo-covered devices. These features make the Proof issues easily discernible from the more common bullion strikes. Proof coins are made individually and handled carefully to reduce contact with other coins and handling marks.

How Much Is the 2004-W American Silver Eagle Proof Worth?

In original government packaging, the 2004-W American Silver Eagle today trades for about $55 to $60.

From a mintage of 801,602 coins, the leading grading services have combined to certify 55,040 examples as of August 14, 2024. Proof 69s outnumber Proof 70s by a ratio of 1.62:1. This figure is heavily influenced by pre-2014 submission figures, where PCGS 69s outnumbered PCGS 70s three-to-one. Over the past 10 years, however, the service has graded 69s and 70s on par. The NGC ratio over the same period is 1.14:1.

Adjusting for inflation, Proof 70s graded by NGC and PCGS were selling for $120 in 2014, while 69s were selling for $65. Proof 70 and 69 prices are roughly the same today, if not a little softer, with signature labels giving the coins a little extra juice despite thousands of signed slabs in the market.

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Market Data and Noteworthy Specimens

Top Population: PCGS PR70DCAM (6,345, 8/2024), NGC PF70UCAM (14,408, 8/2024), and CAC PR70DCAM (16, 8/2024).

• NGC PF70UCAM #6080747-064: eBay, August 5, 2024 – $219.12. John Mercanti signature label.
• PCGS PR70DCAM #29218255: eBay, August 4, 2024 – $74.
• NGC PF70UCAM #4397939-124: eBay, August 4, 2024 – $199. Edmund Moy signature label.
• PCGS PR70DCAM #29632616: eBay, August 4, 2024 – $108.
• PCGS PR70DCAM #29724553: eBay, August 2, 2024 – $125.
• NGC PF70UCAM #1554763-005: eBay, August 1, 2024 – $114.
• NGC PF70UCAM #6090805-008: eBay, July 27, 2024 – $97.
• NGC PF70UCAM #4514568-070: eBay, July 27, 2024 – $103.50. Edmund Moy 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 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, obscuring 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 2004.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Weinman’s Liberty Walking quickly became one of America’s most iconic numismatic images. It would be used with minor modifications on the American Silver Eagle bullion coin starting in 1986. The W mintmark of the West Point Mint is located in the bottom left field, below the branch.

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 (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR.

Edge:

The edge of the 2004-W American Silver Eagle Proof coin is reeded.

Coin Specifications

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