![2008 American Silver Eagle. Image: Stack's Bowers / CoinWeek.](https://coinweek.com/wp-content/uploads/2024/05/2008_American_Silver_Eagle_HA.webp)
By Charles Morgan and Hubert Walker for CoinWeek Notes …..
In 2008, the United States entered a period of economic free fall known as the “Great Recession“. What started as an economic downturn following a surge in gas prices after Hurricane Katrina escalated into a cascading meltdown of the housing sector, the credit markets, and myriad industries impacted by a shrinking GDP and a lack of access to borrowing. The stock market suffered massive losses heading into the 2008 general election, shedding more than 20% of its value by September and dooming the Republican ticket. Congress struggled to address the crisis, ultimately putting Treasury Secretary Henry “Hank” Paulson in the position to implement the Troubled Assets Relief Program, saving the auto industry and stabilizing the American banking industry.
![American Silver Eagle 2007-2008 Sales.](https://coinweek.com/wp-content/uploads/2024/07/ASE_2007-2008_Sales.webp)
This “perfect storm” of interrelated financial crises drove many investors into the precious metals markets. As a result, the United States Mint saw massive surges in demand for its one-ounce American Gold Eagle and Silver Eagle bullion coins. Silver Eagle sales increased from 9,028,036 in 2007 to 20,583,000 in 2008.
![American Gold Eagle 2007 vs. 2008 Sales.](https://coinweek.com/wp-content/uploads/2024/07/AGE_2007-2008_Sales.webp)
Amazingly, 2008 American Silver Eagle bullion coin sales could have been higher if not for the Mint’s inability to secure enough bullion to meet demand. Mint Director Edmund C. Moy wrote about this issue in the 2008 Mint Director’s Report, where he explained that the Mint was caught off guard by the unprecedented increase in demand for bullion coins and suggested that the Mint’s “just-in-time” inventory system did not take into account external economic factors when making its forecasts. In 2009, the Mint improved its sourcing procedures and saw a 50% increase in American Silver Eagle bullion coin sales over the record-setting 2008 total.
How Much Are 2008 American Silver Eagles Worth?
The 2008 American Silver Eagle was sold in Monster Boxes as a government-issued legal-tender bullion coin. Collectors and investors were able to purchase coins individually and in rolls from a variety of vendors at the local and national levels.
While the 2008 issue is now approaching 20 years old, its generous mintage makes the date common from a collector’s perspective.
In its raw form, the 2008 American Silver Eagle trades for about $38 to $42 retail. Fresh examples are available in sufficient quantity, so collectors are advised to avoid buying coins that have been mishandled, coins with ugly toning or excessive spotting, and coins sold in slabs as BRILLIANT UNCIRCULATED. The latter were likely submitted in bulk and did not qualify for the minimum grade of MS69.
Mint State 69 coins are ubiquitous and sell for a small premium over raw, typically no more than $10 to $15 more.
Mint State 70 coins have seen a slight uptick in value over the past 10 years. This is not the usual story for the American Silver Eagle series, especially with certain “conditionally rare” dates. We view this increase as the floor of the certified Silver Eagle series rising ever so slightly.
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Market Data and Noteworthy Specimens
2008 was the first year when PCGS seized the majority market share in American Silver Eagle grading.
This year, NGC retired its standard label insert design and introduced a new label that featured holographic elements.
Top Population: PCGS MS70 (26,238, 8/2024), NGC MS70 (12,156, 8/2024), and CAC MS70 (27, 8/2024).
- PCGS MS70 #15830035: eBay, August 14, 2024 – $124.99. First Strike holder.
- PCGS MS70 #47107842: eBay, August 14, 2024 – $104.50. First Strike holder.
- PCGS MS70 #47107843: eBay, August 13, 2024 – $104.50. First Strike holder.
- PCGS MS70 #06909671: eBay, August 10, 2024 – $56.63. First Strike holder. Milk spotted.
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Design
Obverse:
Artist 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 reaches out and 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 2008.
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 2008 American Silver Eagle bullion coin is reeded.
Coin Specifications
American Silver Eagle Bullion Coin | |
Year of Issue: | 2008 |
Mintage: | 20,583,000 |
Alloy: | .999 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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