About the 2019 S Silver Eagle Enhanced Reverse Proof
You may have heard of the coin called the American Silver Eagle. It is a one ounce silver coin that is issued by the US mint each year across The United States. These coins are normally minted in high numbers so they sell for fairly cheap prices. They normally cost less than $20 per coin. Every once in awhile the US Mint does a limited run of these coins. This creates scarcity and makes these coins more rare and sought after.
What makes the 2019 S Silver Eagle special and collectible?
In November 2019 the S Silver Eagle Enhanced Reverse Proof coin became the lowest mintage American Silver Eagle ever issued. It’s mintage is 30,000 coins. Previously the record was held by the 1995 W (West Point) American Silver Eagle at 45,000 coins. The 1995 W was a limited edition coin that was released along side the “10th Anniversary American Gold Eagle Five Coin Set” in 1995. 30,125 sets in total were sold with this coin included. Because the mintage was so low, many people tried to buy as many coins as they could.
How can I get one?
The first 900 2019 S Silver Eagle Enhanced Reverse Proof were officially released from the Baltimore Whitman Coin Expo in November 2019. Only 900 Coins were available from Baltimore for sale that day. This made the first 900 coins extra rare because they all came with an included certificate of authenticity signed by the director of the San Francisco Mint that commissioned the 2019 S coin. His name is David J. Ryder.
A couple days later on November 14, 2019 just before Thanksgiving the remaining 44,100 coins were sold on the US Mint’s website for $65.95. With shipping and handling costs added to the price, the coin sold for a total of around $75. The coins went on sale at noon that day at 12:00 EST exactly. Within 60 seconds, the website had frozen and all orders and use of the US Mint’s site came to a halt.
What happened?
The US Mint’s website could not handle all the traffic that was accessing the site to purchase the coins when they launched at noon that day. This caused the website to crash and orders were no longer going through. Some say the website crashed because there was too many people, however it was also speculated that some people were using purchasing bots to buy coins from the site. Around 15 minutes after the initial launch of the coin, the sites came back up and the coin had already been sold out during the down time of the website. Many people got coins and countless others were upset that they weren’t even given a chance to purchase one of these limited edition coins.
What does a special coin like this sell for?
The 1995 W coin that was previously mentioned sells for prices higher than $3500 – $6000 dollars online. In the days after the release of the reverse 2019 S the coin was purchased for $75 and was being flipped for well over $1000+ dollars. The initial 900 coins released at the Baltimore coin show with authenticated paperwork from the mint were selling for prices over $6000!
Why is the coin worth so much?
The 2019 S reverse proof silver eagle is worth a lot of money because of perceived value. The US Mint appears to be trying to reengage a market that hasn’t been doing so well. In recent years, silver eagles hadn’t been selling as well. In theory, to bump the numbers and interest back up they started doing more and more limited edition runs of these coins. This made the value of specific dates and mint marks to skyrocket in value and interest.
Will the value of the coin stay high?
Many people bought into the speculation that the 2019 S reverse proof would also skyrocket in value because of it’s low mintage. While the 1995 W also had low mintage, it is an inherently more rare coin. The 1995 W was only able to be purchased when also buying a several thousand dollar gold coin collection package. Also, there were less coins from 1995 that were professionally graded and landed a perfect MS 70 grade. On the other hand, nearly every single 2019 S coin was a 69 or a 70 grade. This in my opinion limits the true value of the coin. In the end, the 2019 S coin is only worth about $18 worth of silver metal so I would definitely keep my eye on this coins value to see what happens in the future!.