2009 American Silver Eagle : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
2009 marked the first year of the Obama Administration. President Barack Hussein Obama, a once-in-a-generation politician, capitalized on his youthful appearance, affable personality, and soaring oratory in the 2008 election and entered office at a time of serious financial instability. The global financial system melted down in October 2008, and the Bush Administration, working in a bipartisan fashion, was forced to pump trillions of dollars into the economy to stave off the worst.

This tumult spurred investors to purchase a record 20,583,000 American Silver Eagle bullion coins. In 2009, that record was smashed. The United States Mint worked around the clock to produce 30,459,000 bullion strike 2009 American Silver Eagles. At capacity and unable to secure a sufficient number of blanks to meet demand, the Mint opted to cancel that year’s Proof issue. 2009 would be the only year in the series where a Proof version was not issued. Incidentally, this new record was broken in 2010, and broken again in 2011.

Curiously, the American Gold Eagle bullion program did not appreciate a similar dramatic increase in demand.

We would be remiss to omit that partisan politics played a part in the increased demand for bullion coins in the first term of the Obama Administration. Nationally known precious metals dealers commonly use political angles to market their products, and for good reason – their customers tend to be right-leaning or libertarian and view silver and gold bullion coinage as hard money. During the first few years of Obama’s first term, a common sales pitch for bullion coins involved stoking fears of hyperinflation brought about by runaway debt.

Hyperinflation never came, and the debt’s continued growth under subsequent presidential administrations makes us wonder how serious anybody is about confronting the issue.

How Much Is the 2009 American Silver Eagle Worth?

First and foremost, the 2009 American Silver Eagle is a one-ounce silver bullion coin and the majority of the issue’s mintage is traded as a commodity coin at a $5 to $10 premium over spot.

More than 500,000 coins have been certified by the leading grading services, with the most frequently assigned grades being MS69 and MS70.

MS69 coins sell on websites like eBay and through retail coin dealers for a small premium over raw, with prices trending between $45 and $50 per coin. We do not recommend that collectors pay extra for “limited edition” labels as these typically do not command premiums on the secondary market. One exception is any coin with a hand-signed John Mercanti label. These often sell for more, but designer Mercanti has signed untold tens of thousands of inserts over the years. The main purpose of these novelty labels is to help dealers differentiate their stock of graded American Silver Eagles from the graded American Silver Eagles offered by other dealers.

Ten years ago, MS70 2009 American Silver Eagles sold for about $50 ($67 in 2024 inflation-adjusted dollars). Supply was as plentiful then as it is now. The current value is also about $50, but examples in older holders sell for $40 and up.

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Market Data and Noteworthy Specimens

The tipping point for third-party certification of American Silver Eagles came in 2009. With MS68 Eagles no longer profitable, submitters and grading services shifted their business models towards MS69 and MS70 coins. With over 123,000 PCGS-graded MS68s (nearly all in “First Strike” holders), this issue marks the last year the service encapsulated coins in this grade in quantity.

Austin, Texas-based bullion dealer United States Rare Coin and Money Reserve offered American Silver Eagle bullion coins to select customers as a holiday gift in 2009. The coins come ungraded but encapsulated in a PCGS holder with a black and white insert with the company logo and the message “Thank you for your business. Happy Holidays! 2009 1 oz. Silver American Eagle.” Coins in these inserts sell at the low-end price of a standard-graded MS69 coin.

PCGS released a Barack Obama-themed label on the heels of Obama’s 2009 Inauguration. The Newport Beach, California firm also issued a special label to commemorate the 200th anniversary of Abraham Lincoln’s birth.

CACG Michael Garofalo-signed inserts were offered in quantity through the company Coin Advisor.

Top Population: PCGS MS70 (43,074, 8/2024), NGC MS70 (16,010, 8/2024), and CAC MS70 (158, 8/2024).

• NGC MS70 #3376428-009: eBay, August 5 2024 – $90.
• NGC MS70 #3255690-012: eBay, August 5, 2024 – $85.50. Early Releases insert.
• PCGS MS70 #15281702: eBay, August 5, 2024 – $39.99.
• PCGS MS70 #15645240: eBay, August 4, 2024 – $44.
• PCGS MS70 #15636306: eBay, August 4, 2024 – $51.
• PCGS MS70 #12918114: eBay, August 3, 2024 – $71. First Strike insert.
• PCGS MS70 #15281703: eBay, August 3, 2024 – $40.99.
• CACG MS70 #78051594: eBay, August 2, 2024 – $66. Michael Garofalo-signed insert.
• CACG MS70 #78051594: eBay, July 26, 2024 – $57. Michael Garofalo-signed insert.
• NGC MS70 #3256307-081: eBay, July 24, 2024 – $215. Mercanti-signed insert.

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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, 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 2009.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Weinman’s Liberty Walking design 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:

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 2009 American Silver Eagle bullion coin is reeded.

Coin Specifications

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