1992 American Silver Eagle – History and Value

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
After a surge of American Silver Eagle gross sales in 1991, demand softened significantly in 1992. Nonetheless, the 1992 American Silver Eagle offered a respectful 5,540,068 cash – a complete greater than the bullion strike coin gross sales in three of its first 4 years of launch. In 1992, the United States Mint produced high-quality cash totally struck, satiny, and sometimes freed from main blemishes. Often, some would stain because of the Mint’s technique of washing the planchets. These stains are recognized within the trade as “milk spots“.

Rising Pops of 1992 American Silver Eagles Collapsed Excellent Coin Costs

The associated fee to buy bullion strikes was significantly cheaper in 1992, because the silver spot worth hovered round $4 (8.90 in 2024 inflation-adjusted {dollars}) for a lot of the 12 months. If one had been to have bought the bullion coin as an funding upon its launch, by 2024, that investor would have skilled a 3.24% inflation-adjusted annual price of return.

The identical can’t be mentioned about those that invested in MS70 cash licensed by both PCGS or NGC.

Right here’s why.

After we final reported intimately about this situation 10 years in the past, the overall licensed inhabitants of the 1992 American Silver Eagle was 103,712 items. As of April 22, 2024, that quantity has elevated to 146,252, which exhibits an annual development price of 4,250 cash. 96% of those cash had been graded both MS69 or MS70. Submitters now not settle for grades under MS69. Cash that don’t earn this minimal grade are returned as uncooked cash.

In 2014, MS69 cash from each companies routinely traded for between $36 and $40. NGC dominated the market share, with over 90% of the cash licensed at MS69 being of their holders. One of many causes for this disparity was that NGC, not like PCGS, was prepared to provide distinctive Eagles its MS70 grade. By 2014, NGC had licensed 349 of them, including about 40 or 50 a 12 months. PCGS, however, had graded just one coin at MS70. We consider that their first coin was graded thusly someday in 2013.

January 2017 started with two PCGS MS70s provided at competing auctions. GreatCollections offered PCGS #82638048 on January 1, 2017, for a document worth of $18,150. Later that week, on the Winter FUN Present, Heritage Auctions offered their examples (PCGS #81997703) for $16,450. A second MS70 from the identical submission that yielded the GreatCollections coin was provided and offered on January 22 for $15,400. By the point Heritage provided PCGS #83779618 on April 28, the inhabitants of 70 had elevated to 9 cash. Sellers had been actively making an attempt to make MS70s, and the costs, resulting from new cash being made, had been quickly declining—the April 28 coin offered for $9,987.50, and cash offered at Heritage in August and September introduced even decrease costs. By the summer time of 2018, the PCGS inhabitants had grown to 42 cash, and the going price for a “good” 1992 American Silver Eagle had fallen to $2,000.

With PCGS now not stingy with the appellation of the MS70 grade, the licensed inhabitants elevated at a price of about 30 new cash per 12 months. Whereas the 2012 MS69 to MS70 ratio at PCGS was 6,927:1, within the years since, that price has come right down to about 18.84:1. NGC continues to exhibit market dominance within the complete variety of cash submitted. The Sarasota, Florida-based grading service grades a median of three,400 cash of this date annually. Their MS69:MS70 ratio for this era is 31.6:1.

CACG solely started accepting American Silver Eagles for grading within the Spring of 2023; they’ve licensed solely 17 examples so far. From that complete, three had been graded MS70.

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Market Information and Noteworthy Specimens

The NGC MS70 inhabitants has elevated from 1,405 to 1,741 since April 2024, whereas the CAC inhabitants at MS70 has elevated from three to 301, and the PCGS inhabitants has rised from 320 to 324 over the course of the identical interval.

Prime Inhabitants: PCGS MS70 (324, 11/2024), NGC MS70 (1,741, 4/2024), and CAC MS70 (301, 4/2024).

• NGC MS70 #4422791-016: eBay, October 3, 2024 – $590. Ken Bressett signed label.
• NGC MS70 #4493095-005: eBay, September 8, 2024 – $921.
• PCGS MS70 #38014271: eBay, September 7, 2024 – $1,250.
• PCGS MS70 #49571998: eBay, August 30, 2024 – $1,227.
• NGC MS70 #6354059-001: eBay, August 22, 2024 – $1,675. John Mercanti signed label.
• NGC MS70 #6476406-301: eBay, April 27, 2024 – $1,795. John Mercanti signed label.
• NGC MS70 #4434872-022: eBay, April 14, 2024 – $860.
• NGC MS70 #4653337-012: eBay, April 2, 2024 – $880.
• NGC MS70 #3551544-003: eBay, March 27, 2024 – $927.87.
• PCGS MS70 #43773908: Heritage Auctions, March 18, 2024, Lot 50156 – $1,020.
• NGC MS70 #2724571-062: eBay, February 18, 2024 – $1,429. Ed Moy signature insert.
• PCGS MS70 #35315038: Heritage Auctions, February 14, 2024, Lot 23998 – $1,110. John Mercanti signature insert.
• PCGS MS70 #36076072: Heritage Auctions, October 9, 2023, Lot 51366 – $960.

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Design

Obverse:

Adolph A. Weinman’s Girl Liberty is depicted mid-stride. She is seen as a full-body determine, 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 navy glories of America, respectively. As Liberty strides confidently in the direction of the rising solar, she additionally reaches out and presents a welcoming and open hand. So massive is Girl Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – the truth is, she obscures half of the “BE” and virtually your entire “R”. Above Liberty’s outstretched rear foot is IN GOD WE TRUST, and under her is the date (1992).

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 e book Renaissance of American Coinage (2007) that this was not a coincidence and whereas Adolph Weinman didn’t straight copy, he did derive important inspiration from Roty’s work. Weinman’s Liberty Strolling design shortly grew to become considered one of America’s most iconic numismatic photographs and could be used with minor modifications on the American Silver Eagle bullion coin beginning in 1986.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned on the middle 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 (high) UNITED STATES OF AMERICA is wrapped across the design and the fineness and denomination (backside) 1 OZ. FINE SILVER. ONE DOLLAR.

Edge:

The sting of the 1992 American Silver Eagle bullion coin is reeded.

Coin Specs

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