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.
Additional Insight:
One interesting aspect of the 1998-P American Silver Eagle Proof is the exceptional quality of the coin, which showcases the craftsmanship of the Philadelphia Mint. The decision to move Proof production to West Point after two years adds a layer of historical significance to these early Proof issues.
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”.
Additional Insight:
The evolving trends in grading ratios for American Silver Eagles offer a glimpse into the changing dynamics of the numismatic market. The shifting emphasis from MS/PR 69 to 70 grades and the impact on values highlight the market forces at play.
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.
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.
Additional Insight:
The intricate details and symbolism in the design of the 1998-P American Silver Eagle Proof reflect the artistry and craftsmanship of the Mint’s engravers, creating a visually striking and historically significant coin.
Coin Specifications
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
Overall, the 1998-P American Silver Eagle Proof stands out as a noteworthy issue with both historical significance and enduring collector interest. The evolving trends in grading ratios and values offer valuable insights into the numismatic market dynamics surrounding this iconic coin.