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

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

The American Silver Eagle reached its 25th year in 2011, and to honor the world’s most successful bullion coin program, the United States Mint issued five versions of the coin: the 2011 American Silver Eagle bullion coin; the 2011-W American Silver Eagle Burnished coin, the 2011-W American Silver Eagle Proof coin, the 2011-S American Silver Eagle Burnished coin, and the 2011-P American Silver Eagle Reverse Proof. Of the five, three (the bullion strike and two West Point issues) were sold in the expected fashion; the last two were exclusives to the 2011 25th Anniversary American Silver Eagle Set.

The 2011-W American Silver Eagle was released on July 11 at an initial retail price of $59.95 ($85.70 in 2024 inflation-adjusted dollars). Over the summer, the price rose to $60.45 before settling to $58.95. The coin sold out on November 22. Collector enthusiasm was strong, reflected not only in the immediate sell-out of the set but also in the record prices for certified coins in the “perfect” 70 grade. This perfection is not out of reach for the interested collector, as the leading services have combined to certify nearly 38,000 coins as perfect Proof 70s.

It is common to see 2011-W Proofs labeled as either “25th Anniversary” or “25th Anniversary Set”, which can be confusing but is easily explained. All 2011-W American Silver Eagle Proofs are “25th Anniversary” coins – as is any American Silver Eagle issued in 2011 – and 2011-W American Silver Eagle Proofs labeled as “25th Anniversary Set” coins are coins pulled from the five-coin set and encapsulated. There is no technical difference between these designations so collectors have no reason to seek out or pay a premium for a 2011-W American Silver Eagle Proof simply because it was removed from the 25th Anniversary Set. Also, if a CAC, NGC, or PCGS label does not include the “25th Anniversary” nomenclature, the holdered coin is a 25th Anniversary specimen regardless.

Milk Spotting on 2011-W American Silver Eagle Proofs

Collectors of American Silver Eagles should educate themselves on the vexing problem of “milk spots“. These appear as cloudy spots on the surface of a silver coin and are the result of a reaction with residual chemicals left on its surface during the minting process.

Milk spots have a decidedly negative impact on a coin’s eye appeal and market value and can develop on certified coins after encapsulation. The coin above was graded Proof 70 before the spots developed and is best avoided as its resale potential is limited. In addition, milk spots are not covered under any leading third-party grading service’s grade guarantee.

How Much Are 2011-W American Silver Eagle Proofs Worth?

In September 2024, both “raw” and Proof 69 2011-W American Silver Eagle Proofs tend to trade for about $60 each. This is an approximately 30% decline in value, adjusted for inflation, since the coin’s release 13 years ago. In terms of collectibility, the 2011-W Proof is overshadowed by the 2011-S Burnished and 2011-P Reverse Proof coins, both of which are set exclusives and have much lower mintages.

Proof 70s are common and sell for a slight premium, with several recent sales on eBay ranging from $65 to $85. Approximately 10% of the total mintage has been certified.

* * *

Market Data and Noteworthy Specimens

Top Population: PCGS PR70DCAM (11,199, 9/2024), NGC PF70UCAM (26,636, 9/2024), and CAC PR70DCAM (102, 9/2024).

• NGC PF70UCAM #3560398-217: eBay, September 21, 2024 – $73.25.
• NGC PF70UCAM #2635134-010: eBay, September 21, 2024 – $85.
• NGC PF70UCAM #2571331-011: eBay, September 21, 2024 – $175. 25th Anniversary Set.
• NGC PF70UCAM #354494-016: eBay, September 19, 2024 – $129. Early Releases label.
• NGC PF70UCAM #2571392-008: eBay, September 18, 2024 – $68. 25th Anniversary Set.
• NGC PF70UCAM #3547697-024: eBay, September 18, 2024 – $89. Early Releases label.
• NGC PF70UCAM #3629971-009: eBay, September 18, 2024 – $63.
• PCGS PR70DCAM #33055724: eBay, September 17, 2024 – $66.81.

* * *

Design

Obverse:

Artist Adolph A. Weinman’s figure of Lady Liberty is 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 a welcoming hand. So large is Lady Liberty that she is superimposed over the legend LIBERTY; 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 2011.

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 UNITED STATES OF AMERICA is wrapped around the top of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is wrapped around the bottom. The W mintmark is below the branch.

Edge:

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

Coin Specifications

* * *