By Charles Morgan and Hubert Walker for CoinWeek Notes
1994-P American Silver Eagle Proof: A Key Date or Not?
In 1994, the United States Mint saw a decline in orders for various numismatic and investment offerings. Among those impacted were the American Silver Eagle bullion and Proof coins. The 1994-P American Silver Eagle Proof coin had a mintage of 372,168, the lowest up to that point in the series. This low mintage led to it being favored by telemarketers and promoters, earning it a spot in Whitman Publishing’s 100 Greatest U.S. Modern Coins. Despite this recognition, some question whether the 1994-P truly deserves the status of a key date within the series.
Comparables and Context
When compared to other historical Proof Sets, the 1994-P American Silver Eagle Proof’s mintage, while low for the series, is significantly higher than pre-1955 U.S. Mint Proof Sets. Additionally, other commemorative coins issued in 1994, such as the World War II and World Cup commemoratives, sold fewer pieces than the 1994-P ASE Proofs yet are not considered key issues. Even compared to other lowest-mintage Proof Type I American Silver Eagles, the 1994-P does not rank in the top five.
Insight: Despite the low mintage of the 1994-P American Silver Eagle Proof, its status as a key date may be more a result of storytelling and profit potential than its true rarity or significance within the series.
Market Data and Noteworthy Specimens
As of September 2024, approximately 11% of the total mintage of 1994-P American Silver Eagle Proofs have been graded by leading services. Raw examples of the coin typically sell for $100 to $115, while Proof 69 examples usually command similar prices, though price guides list them higher. The decrease in value over the years is notable, especially for Proof 70 coins, which have seen a significant increase in population and subsequent price decline.
Insight: The market data surrounding the 1994-P American Silver Eagle Proof exemplifies the fluctuations in value and popularity that can occur over time, influenced by grading populations and collector demand.
Design and Specifications
The design of the 1994-P American Silver Eagle Proof features Adolph A. Weinman’s Liberty Walking design on the obverse and John Mercanti’s Heraldic Eagle on the reverse. This iconic imagery has contributed to the coin’s enduring appeal among collectors. With a mintage of 372,168, a weight of 31.1 grams, and a diameter of 40.6 mm, the 1994-P American Silver Eagle Proof remains a notable piece in the American numismatic landscape.
Insight: The timeless design and specifications of the 1994-P American Silver Eagle Proof contribute to its ongoing popularity and historical significance within the American coinage tradition.