By Charles Morgan and Hubert Walker for CoinWeek Notes…..
1995 proved to be a ho-hum year for American Silver Eagle bullion coin production. After the wave election of 1994 that ushered in a GOP majority in the House of Representatives for the first time since 1952 and control of the Senate, investors saw more opportunities in the stock market than in the bullion sector. As a result, silver prices flatlined throughout most of the year, averaging just $5.20 an ounce ($10.85 adjusted for inflation).
The 1995 American Silver Eagle bullion version is in the middle of a three-year run of low-mintage releases. In 1994, the United States Mint produced a then-record low 4,227,319 bullion strike coins, which was followed by 4,672,051 in 1995. Lower than both was the record-low mintage of 3,603,386 coins in 1996. Of the three dates, only the 1996 sells for a significant premium in its raw form. The 1995 sells for prices on par with issues from other 20th-century U.S. coin series.
A Turning Point in the Market
Through 2014, only NGC had certified any 1995 American Silver Eagle in the grade of MS70. PCGS had encapsulated more than 5,300 coins, but none graded higher than MS69. The service had concerns regarding the milk spotting issue and chose to discontinue the certification of “perfect” coins to protect itself against the liability of having to buy back coins that turned in their holders. In 2015, however, there was a significant shift with both NGC and PCGS starting to grade more coins in MS70.
Insight into Market Data and Noteworthy Specimens
NGC continues to receive the majority of all submissions for American Silver Eagles and has certified nearly 29,000 additional MS69 coins–along with 707 new MS70s, for a 69:70 ratio of 17.78:1. Meanwhile, PCGS has certified more than 4,200 MS69s since 2015 and 237 new 70s, for a ratio of 17.89:1. CAC, which began accepting American Silver Eagle submissions in 2023, reports a small population of 27 MS70s at the time of writing in June 2024.
Naturally, as the PCGS pops increased, the prices of their MS70s declined. Noteworthy specimens like PCGS MS70 #47438752, NGC MS70 #4434872-035, and PCGS MS70 #46403892 have all been sold at auctions for significant amounts, indicating the demand for high-grade 1995 American Silver Eagles in the market.
Insight into Design and Specifications
The design of the 1995 American Silver Eagle showcases Adolph A. Weinman’s iconic Lady Liberty on the obverse and John Mercanti’s Heraldic Eagle on the reverse. The coin, minted in 99.9% silver, weighs 31.1 grams and has a diameter of 40.6 mm. It features reeded edges, adding to its aesthetic appeal and security against counterfeiting.