Posted by Jeff Garrett on the Numismatic Guaranty Corporation Weekly Market Report …..
Silver Eagles are now collected by more people than about any other series on the planet.
In recent years an annual tradition in the numismatic world has begun at the beginning of every calendar year. Starting in January the U.S. Mint commences delivery of United States Silver Eagles. These coins have become the most collected series in numismatics. Several large rare coin companies, wholesalers and marketing operations submit tens of thousands of freshly minted coins for grading. NGC and other grading companies devote a large portion of their staff and resources to getting the coins graded, in holders and out the door. The number of coins graded in a short amount of time is truly amazing. Anyone with quantities of other numismatic coins that need grading may have to be patient.
Many probably wonder why this occurs every year. The simple answer is demand. Silver Eagles are now collected by more people than about any other series on the planet. The coins have a lot going for them, and the incessant demand by collectors is a prime factor for so many being submitted each year.
The following are just a few of the selling points for this popular series:
The coins are large and contain 1 ounce of pure silver. Collectors love large coins such as silver dollars and double eagles.
Silver Eagles feature one of the most beautiful designs of any United States coin. The Walking Liberty design by Adolf Weinman translates incredibly well in the larger format.
The coins are collectible, but very popular as a bullion play. Containing 1 ounce of pure silver, the coins are sought after by anyone interested in bullion.
The series is very collectible in MS 69 and have been struck since 1986. Anyone with around $1,500 or so can assemble a complete set of NGC MS 69 Silver Eagles. A complete set is quite impressive and can be added to each year.
This is where it gets really interesting. The Silver Eagle series is full of condition rarities in MS 70. A complete set of 1986 to date NGC MS 70 Silver Eagles would probably cost close to $100,000. It is also extremely challenging as many of the dates are seldom seen on the marketplace. Completing a set in MS 70 can be done, but takes a considerable amount of searching. The challenge is the attraction!
The series has a few of the greatest condition rarities in all of numismatics. These are coins that jump a huge amount from one grade to the next. The best example of this is the 1999 Silver Eagle. An MS 69 Silver Eagle can be purchase for around $85. An MS 70 1999 Silver Eagle is worth nearly $30,000. This may seem crazy to some collectors, but anyone searching for one of these can tell you how difficult they are to locate.
Silver Eagles produced in the last 10 years are very affordable in MS 70, most of which can be purchased for less than $100.
Finally, Silver Eagles are one of the most promoted coins in all of numismatics. Large companies sell huge numbers of these to new collectors. This is an incredible blessing for our industry. Thousands of new collectors are introduced to the hobby each year because they saw an ad for a Silver Eagle. The story is compelling for anyone even slightly interested in collecting coins. With a price point of less than $100 in MS 70, Silver Eagles are within reach of nearly every buyer. Large numbers of these new buyers quickly become interested in other, more advanced areas of the market.
In addition to bullion Silver Eagles, the U.S. Mint also produces special format coins for collectors each year. Traditionally this has been Proof issues struck for collectors. Proof coins are coins made in much smaller numbers on specially prepared dies. The coins are deeply mirrored with fully reflective surfaces. Proof Silver Eagles are simply stunning. The Mint has also begun to produce other types of Silver Eagles in the last several years. These include Reverse Proofs and Enhanced Finish examples. A complete set of Silver Eagles in Mint State and Proof is actually quite complex and very challenging.
This year the U.S. Mint broke from tradition and issued Proof Silver Eagles during the first couple of weeks in January. This only heightened the already hectic Silver Eagle season. The coins were first released at this year’s FUN show in Orlando. Buyers eagerly snapped up coins to submit to NGC for First Day of Issue release labels. This is another interesting phenomenon in recent years and will be the subject of an upcoming article.
Silver Eagles will probably continue to be highly sought after by beginning and advanced collectors alike. The series is extremely interesting and demand will probably grow in the future. Several Silver Eagles are listed in the book 100 Greatest Modern Coins by Scott Schechter and myself. There will undoubtedly be others added to the list as the U.S. Mint adds creative issues to the lineup.
The next time you see an ad for a Silver Eagle you will now know why so many people find them interesting. Perhaps the ad will get you started on what many consider the most fun numismatic collectible. We all start somewhere!