By Charles Morgan and Hubert Walker for CoinWeek Notes …..
In April 2012, the United States Mint announced it would mark the 75th Anniversary of the third San Francisco Mint building by issuing the 2012 American Silver Eagle San Francisco Proof Set. The set was announced in the spring and launched on June 7, at an issue price of $149.95 ($208 in 2024 inflation-adjusted dollars).
The two-coin set consisted of one Proof and one Reverse Proof American Silver Eagle, both struck at the San Francisco Mint and carrying the “S” mintmark. The addition of these coins brought the number of American Silver Eagles offered in 2012 to five, the others being the 2012 American Silver Eagle bullion coin, which was struck without identifying mintmarks at the West Point and San Francisco Mint locations; the 2012-W American Silver Eagle Burnished Uncirculated coin, and the 2012-W American Silver Eagle Proof.
Because it was a set exclusive, the 2012-W American Silver Eagle Reverse Proof is the lowest mintage 2012 Silver Eagle, beating the 2012-W Burnished by 1,139 coins.
The U.S. Mint first offered Anniversary Silver Eagle sets in 1995, with the release of the 10th Anniversary Set, which included the key date 1995-W American Silver Eagle Proof. In 2006, the Mint offered a three-coin 20th Anniversary Set, which included the 2006-W American Silver Eagle Burnished, the 2006-W American Silver Eagle Proof, and the 2006-P American Silver Eagle Reverse Proof.
The Mint’s next major American Silver Eagle set marked the series’ 25th anniversary in 2011 and featured the next appearance of a Reverse Proof coin, struck in Philadelphia. The 2012 American Silver Eagle San Francisco Two-Coin Set marked the third time that the Mint offered a Reverse Proof and the first time one was struck in San Francisco.
The following table lists the Reverse Proof issues for the Type 1 or Heraldic Eagle American Silver Eagle, with “Enhanced” referring to the Enhanced Reverse Proof coins of 2019.
Of the seven Reverse Proofs, the 2012-S ranks fifth in mintage. The included 2012-S American Silver Eagle Proof, while a significant release, was also available for purchase in the Making American History Coin and Currency Set, produced in collaboration with the Bureau of Engraving and Printing (BEP), which handles the production of our nation’s paper currency.
Mint-on-Demand
In 2012, the Mint grew increasingly sensitive to customer frustration after several high-profile releases resulted in online chaos. Previously, coin dealers used their customer lists to circumvent ordering limits, while speculators purchased multiple examples for immediate resale. Even though it was a viable strategy for the average collector to “buy extra” to sell the additional sets to pay for the set you keep, many were shut out. But following the five-hour sell-out of the 25th Anniversary Set in 2011, the Mint experimented with a mint-on-demand model for the 2012 American Silver Eagle San Francisco Proof Set. With this model, the Mint would allow for unlimited orders during a one-month ordering window. With some stock made in advance, the Mint would produce the remainder based on demand. So that customers would know how many coins had been sold throughout the sales period, the Mint published a sales odometer.
The mint-to-order model was a blow to speculators as they could not manufacture scarcity immediately after a product launch. The Mint would use this strategy for several future releases but eventually revert to the typical “malleable” production limits, much to the chagrin of collectors.
How Much Are 2012 American Silver Eagle San Francisco Proof Sets Worth?
After the four-week ordering window closed and all sets were delivered, sales totaled 224,981 – nearly 2.5 times the number of 2011 25th Anniversary Sets sold. The 2012 set sold for $149.95 retail, and unlike prior special offerings when sets sold out, there was no bubble market in the immediate aftermath of its release because the perception of the set was that it was not scarce. Today, these sets trade for about $170 in original government packaging, which, with inflation, means that the set has lost about 18% of its original value.
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Read CoinWeek’s In-Depth Analysis of the Coins from the 2012 American Silver Eagle San Francisco Proof Set
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