2011-P American Silver Eagle Reverse Proof : A Collector’s Guide

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

The United States Mint’s curation of the collector versions of the American Silver Eagle bullion coin has led to several idiosyncratic issues over the program’s nearly 40 years. The first of these special coin releases was the famous 1995-W American Silver Eagle Proof, which was also the first American Silver Eagle Proof striking issued by the West Point Mint. That coin, sold only in the 10th Anniversary American Eagle Proof Set, undersold its product limit and quickly became the key to the series.

In 2006, the Mint released the American Eagle 20th Anniversary Silver Coin Set. This set contained three coins, including the series’ first Burnished Uncirculated strike and its first Reverse Proof. The 20th Anniversary Set, which had a 250,000 unit product limit, sold out quickly and was the blueprint for the Mint’s 25th anniversary release in 2011.

The five-coin 25th Anniversary American Silver Eagle Set included the 2011 bullion strike, the regular Proof issue struck at West Point, a Reverse Proof (the series’ second) struck at the Philadelphia Mint, and Burnished coins struck at San Francisco and West Point. The set, which had a 100,000-unit product limit, cost $299.95 each and had an order limit of five per household. To get around this order limit, several leading coin dealers utilized their mailing lists to incentivize customers to purchase sets on their behalf. Many collectors participated in this scheme, which ultimately allowed them to keep one set for themselves (essentially free of charge) and to sell the resellers the extra sets at a profit.

Additionally, third-party grading services worked with dealers and collectors on a variety of label programs.

With high collector and reseller demand, the 25th Anniversary Set sold out within minutes of release, and eBay sellers were getting as much as $1,000 per set from collectors on the first day of issue. NGC and PCGS 70 sets sold for as much as $5,000. A few sellers even offered sets before they had them in stock. In response to this questionable practice, eBay halted “pre-sales” of the coins and required sellers to post photos of the sets in hand with their listings. Some got around this issue by posting proof-of-purchase photographs.

In the immediate aftermath of the 25th Anniversary American Silver Eagle Set’s release, many in the hobby criticized the Mint for empowering speculators to profit at the expense of the average collector. Coin resellers deflected this criticism, but the Mint took it seriously and began experimenting with different ways of releasing its high-profile limited-edition products. These efforts met with mixed results as modern coin marketers scored a string of successes between 2011 and 2014, repackaging popular Mint products that they played a major role in making hard-to-get upon release.

How Much Is the 2011-P Reverse Proof American Silver Eagle Worth?

While demand for the 2011-P Reverse Proof American Silver Eagle has cooled off, the coin continues to sell at prices that match or exceed the full set’s issue price. More frequently encountered in Proof 69 or Proof 70, the 2011-P retails for about $200 to $220 in 69 and $350 to $400 in 70.

Loose “raw” examples of the 2011-P Reverse Proof Silver Eagle are seldom offered on eBay. They are more likely to be offered as part of the complete set, which in 2024 sell for $400 to $450.

While most of the coins certified by the leading grading services were reviewed within the first year of the coin’s release, the services continue to receive an average of 300 2011-P Reverse Proofs per year. As of July 14, 2024, NGC and PCGS report a combined population of 51,598 coins – with more than half grading Proof 70 at PCGS and twice as many grading 70 than 69 at NGC. CACG, a new grading service, has certified less than two dozen coins, none finer than Proof 69.

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Market Data and Noteworthy Specimens

Top Population: PCGS PR70 (10,327, 7/2024), NGC PF70 (20,649, 7/2024), and CAC PR69 (22, 7/2024).

• NGC PF70 #3560190-097: eBay, July 6, 2024 – $380.
• NGC PF70 #3519886-006: eBay, June 29, 2024 – $316. Early Releases label.
• PCGS PR70 #24127829: eBay, June 29, 2024 – $418. John Mercanti signed First Strike label.
• NGC PF70 #3559864-063: eBay, June 26, 2024 – $375. Early Releases label.
• PCGS PR70 #31024586: eBay, June 25, 2024 – $480. John Mercanti signed First Strike label.
• NGC PF70 #4140420-005: eBay, June 24, 2024 – $390.

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 and open hand. So large is Lady Liberty that she is superimposed over the legend LIBERTY that rings the top half of 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 2011.

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; with minor modifications, it would be utilized on the American Silver Eagle bullion coin starting in 1986.

Reverse:

The Heraldic Eagle of United States Mint Chief Engraver John Mercanti is positioned at the center. 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 eagle holds an olive branch in its dexter claw (viewer’s left) and arrows in its sinister (viewer’s right). The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR. The “P” mintmark is located below the olive branch.

Edge:

The edge of the 2011-P American Silver Eagle Reverse Proof coin is reeded.

Coin Specifications

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