2011-S American Silver Eagle Burnished : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The 2011-S American Silver Eagle is a limited-edition Burnished Uncirculated American Silver Eagle that was solely accessible as a part of the five-coin American Eagle twenty fifth Anniversary Silver Coin Set. The American Eagle twenty fifth Anniversary Coin Set upped the ante on the twentieth Anniversary Set, with three unique cash along with the usual bullion and Proof strikings.

Launched on October 27, 2011, at a problem worth of $299.95 every, a product restrict of 100,000 units, and a family ordering restrict of 5, the twenty fifth Anniversary Set bought out inside minutes. And inside minutes of that, speculators started to submit listings on eBay utilizing inventory photographs of the set and display screen grabs of their profitable buy. Inside minutes, collectors who have been shut out by the United States Mint have been eagerly paying $500 or extra {dollars} for the Mint’s hottest numismatic product of the yr. When the primary wave of licensed cash was returned from the grading providers, licensed units in 69 have been promoting for over $900, whereas 70 units have been commanding $1,500 or extra!

Together with the 2011-S American Silver Eagle, the twenty fifth Anniversary Set included the 2011 American Silver Eagle bullion coin, the 2011-W American Silver Eagle Burnished coin, the 2011-W American Silver Eagle Proof, and the 2011-P American Silver Eagle Reverse Proof.

The 2011-S American Silver Eagle Burnished coin was the primary and thus far solely Burnished Silver Eagle struck on the San Francisco Mint.

Issues to Know Earlier than You Purchase or Promote a 2011-S American Silver Eagle

For the reason that 2011-S American Silver Eagle was bought solely within the American Silver Eagle twenty fifth Anniversary Set, which had a mintage of simply shy of 100,000 items, we will put ahead a number of concrete observations which will help in your resolution to both purchase or promote an instance of the limited-mintage subject.

First, the 2011-S American Silver Eagle Burnished coin is to not be confused with the 2011 American Silver Eagle bullion coin, a few of that are marked as being “Struck at San Francisco” despite the fact that the cash bear no mintmarks. These cash have been attributed to San Francisco by the labels affixed to the inexperienced monster field and should not meaningfully totally different than the bullion points struck on the West Level facility.

Let’s begin with the licensed inhabitants. At CoinWeek, once we speak about licensed cash, we discuss with cash graded by CAC, NGC, and PCGS. Different grading providers exist, and we’re certain they supply their prospects with a great service, however collectors and market makers extra extensively settle for these “huge three”.

A lot of the NGC- and PCGS-certified cash have been submitted throughout the first yr of the product’s launch. CAC, a comparatively new full-service grading firm, didn’t certify fashionable cash when it solely operated as a stickering service. Due to this, its licensed inhabitants won’t yield significant knowledge. We are saying this as a result of somebody would possibly wish to market the primary CACG MS70 coin as being “uncommon” when the reality is that CAC was simply late to the sport, and extra MS70 cash are forthcoming.

In 2014, once we final tracked the licensed inhabitants of 2011-S American Silver Eagles, PCGS reported 9,114 70s, whereas NGC graded 20,890. Ten years later, the PCGS inhabitants has solely elevated by 800 cash, whereas the NGC pop is up 1,000. For a traditional coin like a Barber Half Greenback or Standing Liberty Quarter, these will increase on the prime finish of the inhabitants (even on the prime three or 4 grades) can be wildly disruptive to the market. For American Silver Eagles, nevertheless, a rise of fewer than 200 cash per yr may be very low, and we might name this a secure inhabitants. Even at MS69, the inhabitants enhance is at inconsequential ranges.

Contemplating simply CAC, NGC, and PCGS certification numbers, we estimate that 52-55% of the whole mintage has been licensed. Past these cash, an unknown whole of the five-coin units has been damaged up and bought individually. We can not scientifically measure the attrition price, however we’d not be stunned to be taught that not more than 30% of the unique units bought stay intact. And a considerably low variety of these stay in unopened packaging. May the sensible long-term play be on contemporary units in Authentic Authorities Packaging? We predict so.

Again to licensed cash. In MS69, the 2011-S American Silver Eagle Burnished coin sells for about $130-$150. Ten years in the past, these cash bought for $180 every for PCGS and $220 for NGC. Adjusted for inflation, these totals equal $240-$290 in at the moment’s cash. In MS70, at the moment’s collectors ought to anticipate to pay between $200 and $220 a coin, with some examples being “discount priced” at $180 or much less. 2014 consumers have been paying $400 or extra for the cash in inflation-adjusted {dollars}.

The decline in market worth for MS69s and MS70s factors to the dangers of post-release “FOMO” (worry of lacking out) and these stabilized costs point out that the coin sells for a major premium over the non-set 2011 Silver Eagles, however that at the moment’s demand is softer in what seems to be a purchaser’s market.

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Market Information and Noteworthy Specimens

Prime Inhabitants: PCGS MS70 (9,915, 12/2024), NGC MS70 (21,896, 12/2024), and CAC MS69 (23, 12/2024).

• NGC MS70 #3560040-026: eBay, December 26, 2024 – $177.50. Early Releases. 22 Bids.
• NGC MS70 #3560312-013: eBay, December 25, 2024 – $299. Early Releases. Purchase it Now.
• PCGS MS70 #46112079: eBay, December 24, 2024 – $259.95. Purchase it Now.
• NGC MS70 #4108727-012: eBay, December 23, 2024 – $275. Early Releases. Purchase it Now.
• PCGS MS70 #24098115: eBay, December 23, 2024 – $199.99. First Strike. Purchase it Now.
• PCGS MS70 #83413192: eBay, December 20, 2024 – $199.95. Purchase it Now.
• NGC MS70 #3686073-018: eBay, December 11, 2024 – $195. 1 Bid.
• PCGS MS70 #2413958: eBay, December 10, 2024 – $395. John Mercanti signature label. Purchase it Now.
• PCGS MS70 #28820050: eBay, December 4, 2024 – $222.50. First Strike. 16 Bids.

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Design

Obverse:

Artist Adolph A. Weinman’s determine of Girl Liberty is depicted mid-stride. She is wearing a flowing robe and draped with a big billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and army glories of America, respectively. As Liberty strides confidently in the direction of the rising solar, she reaches out and presents a welcoming and open hand. She is superimposed over the obverse legend LIBERTY ringing the obverse, obscuring half of the “BE” and nearly all the “R”. Above Liberty’s outstretched rear foot is the motto IN GOD WE TRUST, and under her is the date 2011.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a standard picture on French cash. Numismatist Roger Burdette posited in his guide Renaissance of American Coinage (2007) that this was not a coincidence and whereas Adolph Weinman didn’t straight copy, he did derive vital inspiration from Roty’s work.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned on the heart 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 (prime) UNITED STATES OF AMERICA is wrapped across the design and the fineness and denomination (backside) 1 OZ. FINE SILVER. ONE DOLLAR. The “S” mintmark of the San Francisco Mint is situated under the department.

Edge:

The sting of the 2011-S American Silver Eagle Burnished Uncirculated coin is reeded.

Coin Specs

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