1998-P American Silver Eagle Proof. Image: Stack’s Bowers / CoinWeek.
By Charles Morgan and Hubert Walker for CoinWeek Notes …..
In 1998, the United States Mint offered American Silver Eagles in an Uncirculated finish for bullion investors and as a Proof for its numismatic customers. The Proof version was struck at the Philadelphia Mint and released at an issue price of $24. Much of what is written about this issue in published references pertains to the $1 price increase and the maximum mintage reduction from 500,000 to 450,000. The price increase had no apparent impact on demand, as the coin sold out, and the decrease in mintage was based on sales projections, as only a disappointing 435,368 coins sold the year before.
The overall quality of the 1998-P American Silver Eagle Proof was exceptional, and Philadelphia would strike Proofs for two more years before the Mint moved Proof production to West Point.
10-Year Trends in the 1998-P American Silver Eagle Proof Certified Market
Through 2014, NGC and PCGS had certified 23,154 examples, with a total of 3,554 in Proof 70 Deep Cameo/Ultra Cameo. In the intervening years between then and now, the two grading services have added an average of 1,440 coins annually to the rolls, a significant number of which are “perfect” coins. What’s interesting with these figures is the collapse of the 69-to-70 ratios that existed before. At PCGS, through 2014, 4.53 PR69s were graded for each 70. At NGC, 8.9 PF69s were graded for each 70. For all coins graded since, these ratios have fallen to 1.3:1 and 1.64:1, respectively. Driving these declines may be a phenomenon that we wrote about in our Market Whimsey column in The Numismatist. We call it “terminal point“.
Certified coin markets skew in favor of profitable coins for the submitter. For each coin, there is a minimum grade that a coin must earn before the submission fees are justified. In the case of American Silver Eagles, that figure used to be Mint State/Proof 69, with 70 being the most profitable grade. Now it seems that the viability of 69s is in doubt, and PCGS is already reporting more MS70s graded across the series than MS69s! Given trends at NGC, is it unreasonable to expect a similar outcome?
To get a true picture of the price impact of the rising populations on the 1998-P American Silver Eagle Proof, we make an inflation adjustment to the historical data to compare prices in 2024 dollars. Ten years ago, 69s traded on par, and NGC 70s sold for a slight premium because NGC had certified 25% fewer coins in that grade. At the time, 69s sold for $55 ($74 in 2024 IAD), while NGC 70s sold for $200 ($268). Today, raw coins trade on par with 69s, at about $60, while 70s trade for about $150, a 40% decline from 2014 values.
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1998-P American Silver Eagle Proof Market Data and Noteworthy Specimens
Top Population: PCGS PR70DCAM (4,621, 9/2024), NGC PF70UCAM (4,545, 9/2024), and CAC PR70DCAM (5, 9/2024).
PCGS PR70DCAM #43928775: eBay, September 5, 2024 – $195.36.
PCGS PR70DCAM #16348001: eBay, September 1, 2024 – $144.50.
PCGS PR70DCAM #50473662: eBay, August 31, 2024 – $137.
NGC PF70UCAM #6091768-049: eBay, August 31, 2024 – $299.10. John Mercanti-signed label.
PCGS PR70DCAM #49528788: eBay, August 30, 2024 – $135.61.
NGC PF70UCAM #221892-011: eBay, August 29, 2024 – $168.50.
PCGS PR70DCAM #48078745: eBay, August 28, 2024 – $131.38.
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Design
Obverse:
Early 20th-century artist Adolph A. Weinman’s figure of 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 presents a welcoming open hand. The upper portion of Liberty is superimposed over the obverse legend LIBERTY, 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 1998.
The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins.
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 clockwise around the top of the design, and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is cradled counterclockwise at the bottom. The P mintmark is below the branch.
Edge:
The edge of the 1998-P American Silver Eagle Reverse Proof coin is reeded.
Coin Specifications
American Silver Eagle Reverse Proof Coin
Year of Issue:
1998
Mintmark
P (Philadelphia)
Mintage:
450,000
Alloy:
.999 silver
Weight:
31.1 g
Diameter:
40.6 mm
Edge:
Reeded
OBV Designer:
Adolph A. Weinman
REV Designer:
John M. Mercanti
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