2006-W American Silver Eagle Proof : A Collector’s Guide

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

The United States Mint complicated the collector side of its American Silver Eagle program in 2006. With the authorizing legislation of a silver and gold bullion coin program, Congress had given the Mint some latitude in how it handled the collector versions of the coins. Starting in 1986, the Mint issued a bullion version for investors and a Proof version for collectors. Outside of a one-off 10th Anniversary Set in 1995, the Mint released two versions of the American Silver Eagle each year until 2006, when four versions were issued.

This expansion begins what we consider to be the second era of the program, where the series becomes increasingly complex with the addition of Burnished, Reverse Proof, and Enhanced Uncirculated (and Enhanced Reverse Proof) finishes.

Sold at an issue price of $27.95, the 2006-W American Silver Eagle Proof mintage exceeded one million coins for the first time since the first-year Proof in 1986. This was no doubt due to the inclusion of the coin in the 20th Anniversary Silver Eagle Set.

The 20th Anniversary Silver Eagle Set

The United States Mint marked the 20th Anniversary of the American Silver Eagle program with a limited-edition set. Released on August 30, 2006, the set included three coins: a Burnished 2006-W Uncirculated Coin, a 2006-P Reverse Proof, and the standard 2006-W Proof. Curiously, the 2006 American Silver Eagles issues were actually the 21st in the series and the Mint had previously marked the American Eagle’s 10th anniversary in 1995. That set included four American Gold Eagles and the key-date 1995-W American Silver Eagle.

Nearly a quarter of the 2006-W American Silver Eagle Proof total mintage is accounted for with the sell-out of the 20th Anniversary Silver Eagle Set. While identical to the individually sold Proofs, the two major grading services certify and track the coins in their population reports separately. As far as we’re concerned, better data management would have this population embedded as a subset of the total issue. Furthermore, we find no compelling reason to pay a premium for the set’s 2006-W American Silver Eagle Proof.

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Market Data and Noteworthy Specimens

The certified population of 2006-W American Silver Eagles in Proof 70 have more than doubled since 2014. The PCGS 70 population has increased from 4,674 to 10,714, and NGC has gone from 21,787 to 41,277 as of July 19, 2024. Over this period, the value of 69s has decreased slightly when adjusted for inflation, while 70s have fallen from $90 ($120 adjusted for inflation) in 2014 to… let’s just be kind… $80 today. This is a 33% drop in value over 10 years. The certified population accounts for 12.7% of the total mintage.

Top Population: PCGS PR70DCAM (10,714*, 7/2024), NGC PF70UCAM (41,277*, 7/2024), and CAC PR70DCAM (130, 7/2024).

*total includes regular issue and 20th Anniversary Set coins.

• NGC PF70UCAM #3686001-016: eBay, July 17, 2024 – $82.
• NGC PF70UCAM #1530610-085: eBay, July 15, 2024 – $71.26. First Strikes label.
• NGC PF70UCAM #4299401-033: eBay, July 14, 2024 – $76. Wyatt Earp novelty insert.
• PCGS PR70DCAM #12793964: eBay, July 13, 2024 – $102.50.
• PCGS PR70DCAM #18615003: eBay, July 12, 2024 – $77.
• NGC PF70UCAM #4526216-037: eBay, July 12, 2024 – $73.

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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 – 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 2006.

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 2006-W American Silver Eagle Proof coin is reeded.

Coin Specifications

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