Coin Blog

I've just received by 2011 Silver Proof Set from the US Mint. The annual set was released much earlier than normal, as the US Mint pushed up the release dates for all three of their core annual sets. I'm overall pleased with the purchase, even though it was a bit pricey.

As you will see from the picture, they changed the color scheme for the lenses containing silver coins to black. The silver coins look much more stunning against this background. Since 1999, the background had been red. Before that, from 1992 to 1998, black backing and boxes were used.

Besides the five America the Beautiful Quarters pictured, the sets also include the cent, nickel, dime (silver), half dollar (silver), Native American Dollar, and the four Presidential Dollars for this year.

Following silver's 80%+ rise last year, a price increase for the 2011 Silver Proof Set was pretty much a given. The set was $67.95 compared to last year's price of $56.95. The interesting thing is that the 2010-dated sets still remain available for sale at the original price.

If the price of silver experiences another strong year, at some point the silver value of last year's set will exceed the US Mint price. What happens then?

With the month about two-thirds gone, the US Mint has already sold 4,588,000 ounces worth of silver bullion through the American Eagle Bullion Program. The total sales for ounces of gold has reached 75,500.

The amount for silver is significant since it already marks a monthly record for American Silver Eagles. The previous record occurred when the US Mint sold 4,260,000 coins in November 2010.

The US Mint has been selling 2011 Silver Eagles since January 3, 2011. Added to this amount are some remaining 2010 Silver Eagles that remained within inventory at the start of the year. Sales have been subject to "standard allocation," which is the US Mint's fancy way of saying "rationing."

The price of silver has recently pulled back from over $30 per ounce to $27.50. Are investors using this as an opportunity to increase their positions?

A exciting new variety has recently been discovered for the 2008-W Silver Eagle Coin.

This variety is found on the "collectible version" of the 2008 Silver Eagle which is only available directly from the US Mint.  These versions are different than the bullion versions because they carry the "W" mint mark to indicate the West Point Mint.

The variety has to do with the reverse design of the coin.  The design was slightly changed from 2007 to 2008.  Some 2008 coins bear the 2007 design and are being designated "Reverse of 2007."

The easiest way to spot the 2008-W Silver Eagle with the Reverse of 2007 is by the letter "U" of "United States" on the reverse of the coin.  Coins bearing the 2007 style reverse will have a bowl shaped "U."  Coins bearing the 2008 style reverse will have a spur at the bottom of the right side of the letter.

Prices for the variety seem to be going up quick so keep an eye out for these or check your coins carefully if you have any in your collection!