By Charles Morgan and Hubert Walker for CoinWeek Notes …..
Starting in 2006, the United States Mint added a special strike American Silver Eagle with a “Burnished” finish to its product portfolio. Aimed at the collector market, the Burnished coin has a premium uncirculated finish and is struck with the West Point Mint’s “W” mintmark. Although seemingly similar, the Burnished versions are produced using a special process whereby blanks are first treated in a Spaleck machine, where tiny balls polish the surfaces. Then, the coins are hand-fed one at a time into a specially adapted coin press, resulting in a coin with a matte finish. Another key differentiator between the Burnished American Silver Eagle and the bullion strike counterpart is the presence of a mintmark.
The Mint offered the 2007-W American Silver Eagle at an issue price of $21.95 ($34.06 in 2024 dollars). In total, 621,333 coins were sold, making the 2007-W Burnished the most plentiful American Silver Eagle produced with this finish. Collector enthusiasm for the Burnished versions declined for the 2008 release, after which the Mint put the offering on hiatus until 2011.
How Much Is the 2007-W Burnished American Silver Eagle Worth?
Silver reached an average spot price of $13.38 in 2007 and the United States Mint’s sales price marked a premium of about 64% over spot. Today, raw coins sell for an average price of about $55 each, an 87% increase over spot. The Mint’s decision to release the series intermittently is a reflection of the sales numbers. Some collectors bristled at the complication of a series that launched in 1986 with just Proof and Bullion versions. These complaints would be further fueled when the Mint introduced Reverse Proofs, Enhanced Uncirculated versions, and Enhanced Reverse Proofs. The grading services added to this glut by promoting special label programs and applying parenthetical mintmarks on bullion strike coins.
The certified market for the 2007-W Burnished American Silver Eagle is largely driven by mass marketers. NGC and PCGS combined have graded over 44,000 coins in “perfect” 70, and over 100,000 in 69. These certification figures are more in line with what one would expect to see for a common date Morgan Dollar. In fact, it is around this time when we believe the American Silver Eagle overtook the Morgan Dollar as one of the most heavily promoted coins in the industry.
Coins graded MS69 or SP69 retail for roughly the same price as raw coins, but on sites like eBay, one finds no shortage of 69s selling for $4 or $5 over spot. Mint State 70s typically trade for well under $100. Despite this, the certified population of the 2007-W Burnished American Silver Eagle continues to rise, with about 1,000 coins added to the 70 population each year. NGC continues to receive the most submissions, outpacing PCGS for this date by a 2:1 margin.
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Market Data and Noteworthy Specimens
Top Population: PCGS SP70 (10,465, 7/2024), NGC MS70 (33,845, 7/2024), and CAC SP70 (4, 7/2024).
- NGC MS70 #3141927-024: eBay, June 29, 2024 – $95.
- NGC MS70 #6575304-037: eBay, June 28, 2024 – $100.01.
- NGC MS70 #2208525-086: eBay, June 28, 2024 – $55. Early Releases insert.
- PCGS SP70 #49129879: eBay, June 26, 2024 – $71.98.
- NGC MS70 #3141927-004: eBay, June 25, 2024 – $52.
- PCGS SP70 #46616061: eBay, June 22, 2024 – $56.
- PCGS MS70 #13489794: eBay, June 22, 2024 – $75. First Strike insert.
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Design
Obverse:
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 reaches out and presents a welcoming and open hand. So large is Lady Liberty that she is superimposed over the obverse legend Liberty ringing the obverse – in fact, she obscures 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 2007.
Weinman’s Liberty Walking design quickly became one of America’s most iconic numismatic images. Still, it does bear a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Weinman’s design would be used with minor modifications on the American Silver Eagle bullion coin starting in 1986.
Reverse:
The Heraldic Eagle of the United States Mint Chief Engraver John Mercanti 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 (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR. The W mintmark is below the branch.
Edge:
The edge of the 2007-W American Silver Eagle bullion coin is reeded.
Coin Specifications
| American Silver Eagle Burnished Coin | |
| Year of Issue: | 2007 |
| Mintmark: | W (West Point) |
| Mintage: | 621,333 |
| Alloy: | 99.9% silver |
| Weight: | 31.1 g |
| Diameter: | 40.6 mm |
| Edge: | Reeded |
| OBV Designer: | Adolph A. Weinman |
| REV Designer: | John M. Mercanti |
| Quality: | Burnished |
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### Expert Analysis
With the increasing popularity of coin collecting amongst collectors and investors, the market for special strike coins like the Burnished American Silver Eagle has seen fluctuations over the years. The introduction of various finishes and special label programs has added complexity to the American Silver Eagle series, impacting collector enthusiasm and market values.
### Rarity and Value
The 2007-W Burnished American Silver Eagle holds significance as the most plentiful coin with this finish produced, making it a desirable piece for collectors. Despite its higher mintage compared to later releases, its value has appreciated over time, reflecting the demand for this specific issue.
### Growing Certified Populations
The rise in certified populations of the 2007-W Burnished American Silver Eagle, particularly in high grades like MS70 or SP70, indicates a trend towards third-party grading and encapsulation. This trend, combined with the introduction of special inserts and labeling by grading services, has influenced pricing and market dynamics for this coin.
### Investment Potential
For collectors and investors looking to add the 2007-W Burnished American Silver Eagle to their holdings, paying attention to market trends, population reports, and pricing fluctuations can provide valuable insights for making informed decisions about acquiring or selling these coins.