By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The United States Mint marked a quarter-century of continuous production of the American Silver Eagle bullion coin with a limited-edition five-coin set. Three of the coins included in the set–the standard 2011 American Silver Eagle bullion coin, the 2011-W American Silver Eagle Proof, and 2011-W American Silver Eagle Burnished coin–were available for purchase separately. But two of the coins–the 2011-P American Silver Eagle Reverse Proof and 2011-S American Silver Eagle Burnished coin were 25th Anniversary Silver Eagle Set exclusives.
The Mint announced the product’s release in August, setting an October 27 issue date, a $299.95 price ($417.87 in 2025 inflation-adjusted dollars), a product limit of 100,000 sets, and a household ordering limit of five. The announcement was met with some consumer criticism, as collectors who had purchased the three non-exclusive coins earlier in the year were now compelled to repurchase them in order to receive the two set exclusives. This critique was largely overshadowed by those eager to purchase the first Burnished American Silver Eagle struck at the San Francisco Mint and the Reverse Proof struck at the Philadelphia Mint.
From a dealer’s perspective, even with the household ordering limit, the release was a can’t-miss money-making opportunity. Modern coin market makers leveraged their customer lists by sending out solicitations to buy fresh, unopened sets at a premium, which turned their customers into proxy buyers. For collectors lucky enough to secure a spot in the queue before the set’s almost immediate sell-out, one could purchase five sets, keep one, sell four, and turn such a tidy profit that the set they kept would have been fully paid for.
The scheme paid off. Within hours of the set’s predictable sell out, resellers were selling it on eBay for prices in excess of $500. Within weeks, certified sets graded by NGC and PCGS began to appear on the market, these having been given special insert labels and consistently grading either 69 or 70. Sets graded a perfect “70” commanded prices over $1,200 as the bubble inflated.
That bubble burst within six months of release, and in 2025, one can purchase a complete set in government packaging for $500 or a certified 70 set for under $800.
A recent sale for a PCGS 70 set signed by Silver Eagle Type 1 reverse designer John Mercanti was offered on eBay in a true auction format and sold for $761 after 44 bids. Many eBay sellers list the set for above market “Buy It Now” prices. Collectors in 2025 should exercise patience and restraint to avoid overpaying.
In-Depth Analysis of the Coins in the 2011 American Silver Eagle 25th Anniversary Set by CoinWeek Notes
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Dig deeper into the American Silver Eagle by learning about the 2006 American Silver Eagle 20th Anniversary Set
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