1995-P American Silver Eagle Proof : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

1995 marked the 10th anniversary of the American Eagle Bullion Coin Program. Launched for the benefit of precious metals investors and to liquidate the Silver Strategic Stockpile, American Silver Eagle bullion coins saw strong demand during the program’s first 18 months, followed by steady sales throughout much of the late 1980s and early ’90s.

The legislation that authorized the sale of gold and silver legal tender bullion coins also provided for the sale of Proof versions to the United States Mint’s numismatic customers. Proofs were sold individually, at a premium price, and struck using specially prepared dies and blanks to impart a thick cameo frost on the raised elements in stark contrast to the coin’s deeply mirrored fields.

From 1986 to 1994, the Mint produced two American Silver Eagles each year: the bullion version and the Proof. For the program’s 10th anniversary, the Mint expanded the offerings to three: the regular bullion and Proof versions plus the 1995-W American Silver Eagle, which was part of a $995 five-coin set that also included four American Gold Eagle Proof coins.

The 1995-P American Silver Eagle Proof has always stood in the shadow of the 1995-W. The 1995-W is highly coveted and out of reach for most Silver Eagle collectors since its initial offering. The 1995-P, on the other hand, has a mintage of 438,511 coins – of which more coins have been certified by the combined efforts of CAC, NGC, and PCGS than the entire mintage of 1995-W American Silver Eagle Proofs.

What can be said about the 1995-P, then? Sold in 1995 at an issue price of $23 ($48.17 in 2024 inflation-adjusted dollars), the 1995-P American Silver Eagle Proof is frequently offered for sale in its original government packaging or as a certified coin on sites like eBay and by major online auction firms. In its raw form, the 1995-P Silver Eagle Proof commands less of a premium than the 1994-P American Silver Eagle Proof (which has a lower mintage) and is priced similarly to the 1996-P Proof.

Proof 69 examples are ubiquitous and have the advantage over raw coins due to the sleeker coin holder and the benefit of having a trackable certification number. From a price perspective, the value added is negligible.

Proof 70 coins represent the (current) pinnacle grade for the issue. This is the most interesting grade level for collectors but also the grade that carries the most downside risk.

The table above shows the impact of rising Proof 70 populations for the 1995-P American Silver Eagle over the past 10 years. The PCGS 70 population has increased by almost 300%, while the NGC population has risen by over 200%; this has led to value declines of 40% and 44%. With only 9% of the overall mintage certified, there is no shortage of 1995-P American Silver Eagle Proofs for bulk submitters to add to these populations. At some point, the issue will reach equilibrium, where new coins do not materially take away from the market value of all that came before. The newly graded coins may also benefit from being encapsulated in newer holders and are hopefully no longer susceptible to milk spotting.

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Market Data and Noteworthy Specimens

Top Population: PCGS PR70DCAM (3,772, 10/2024), NGC PF70UCAM (3,607, 10/2024), and CAC PR70DCAM (0:35 stickered:graded, 10/2024).

• PCGS PR70DCAM #49628780: eBay, October 1, 2024 – $204.50.
• PCGS PR70DCAM #49528779: eBay, September 30, 2024 – $287.
• NGC PF70UCAM #6809464-039: eBay, September 30, 2024 – $279.99. Tom Uram signature label.
• PCGS PR70DCAM #27294505: eBay, September 29, 2024 – $170.50.
• NGC PF70UCAM #6914684-002: eBay, September 28, 2024 – $320.
• PCGS PR70DCAM #47536846: eBay, September 21, 2024 – $185.
• PCGS PR70DCAM #35688329: eBay, September 20, 2024 – $380. John Mercanti signature label.

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Design

Obverse:

Artist Adolph A. Weinman’s figure of Lady Liberty is depicted mid-stride. She is dressed in a flowing gown and draped with a large billowing American flag, holding laurel and oak branches in her left hand. 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, obscuring half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST; below her is the date 1995.

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 wraps around the top of the design, and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is at the bottom. The P mintmark for the Philadelphia Mint is below the branch.

Edge:

The edge of the 1995-P American Silver Eagle Proof coin is reeded.

1995-P Silver Eagle Proof Coin Specifications

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