Proof-70 Eagle Sells for Record $90,000|
August 29, 2013
Westminster Mint of Plymouth, Minn., reported Aug. 21 that it has sold a Professional Coin Grading Service Proof-70 Deep Cameo 1995-W American silver Eagle for a world record price of $90,000.
The previous record of $86,654.70 occurred on March 31 when a collector outbid 21 others in an online auction conducted by GreatCollections.
“To set a new record price so soon after the previous record shows the current strength of the market for high-end collector coins and the desirability of this coin,” said Stephen Pfeil, vice president of Westminster Mint, a nationwide supplier of rare coins and gold and silver bullion.
The sale was made through the Madison, Wis., branch office of Westminster Mint to a private collector seeking to complete his collection of PCGS certified American silver Eagles.
“Our buyer now has a world-class coin collection,” Pfeil said.
Former U.S. Mint Chief Engraver and creator of the reverse design of the American Silver Eagle bullion coins John Mercanti calls it “King of the Silver Eagles” in his book American Silver Eagles. The coin is ranked No. 4 in the 100 Greatest U.S. Modern Coins.
The 1995-W is the ultimate key to the series with the lowest mintage and is notorious for imperfections, explaining the low percentage graded at the perfect Proof-70 DCAM grade. Only 17 coins have been certified perfect Proof -70 DCAM by PCGS.
American silver Eagle coins have been issued annually since 1986. They are collected by date, mintmark, condition and rarity. The Proof 1995-W American silver Eagle is the key coin in the series because it was available only in a five-coin 10th Anniversary set. The set also included Proof 1995-W 1-ounce, half-ounce, quarter-ounce and tenth-ounce American Gold Eagles.
The 10th Anniversary five-piece set was offered toward the end of the year when many people had already made their American silver Eagle purchases for the year – 438,511 regular issue Proof coins struck at Philadelphia were sold in 1995 for $23 each. The five-piece sets were offered for $999.
The U.S. Mint had set a limit of 45,000 10th Anniversary sets, but the final number sold was 30,125 sets. These coins were the first American silver Eagle coins produced with a “W” for West Point mintmark. Their final mintage of just 31,125 coins dwarfs any other coins in the series. Despite their high offer price, many of the 30,125 coins produced were weakly struck or have other issues that prevent them from being certified in the highest numismatic grades of Proof-69 and Proof-70.
This is why only 17 coins have ever been certified in the highest numismatic grade of Proof-70 Deep Cameo by PCGS.
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• See what guides and supplies our editors recommend for keeping up with your collection.
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On August 30, 2013 Gerald d'quin
On September 1, 2013 Jaykay
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