2010-W American Silver Eagle Proof : A Collector’s Guide

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

The United States Mint struck American Silver Eagles in two finishes in 2010: the 2010 American Silver Eagle Bullion Strike for investors and the 2010-W American Silver Eagle Proof for the numismatic market. Both versions were produced at the West Point Mint, but only the Proof coin was struck with West Point’s “W” mintmark.

In 2010, demand for Silver Eagles remained at record levels, driven largely by continued investor unease in the aftermath of the Great Recession and staggering levels of government spending to strengthen the financial and housing markets. In 2009, the Mint could not source a sufficient number of silver blanks and canceled the annual Proof version, marking the first time since the series’ debut in 1986 that Proofs were not issued.

Nevertheless, collector enthusiasm did not flag with the disruption and a total of 849,861 American Silver Eagle Proofs were sold in 2010 at an issue price of $45.95 ($66.75 adjusted for inflation). One would have to go back to 1986 and 1987 to see Proof mintages surpass this total.

Some of this demand was driven by certified coins grading Proof 69 and Proof 70. NGC and PCGS combined have graded nearly 100,000 coins as of September 2024 and just over 50% of those are graded Proof 70.

Milk Spotting on 2010-W American Silver Eagle Proofs

An issue with the 2010-W American Silver Eagle that collectors of “perfect” certified coins frequently encounter is “milk spots“. These appear as cloudy spots on the surface of a silver coin and are the result of a reaction with residual chemicals left on its surface during the minting process.

This chemical reaction can occur at any time, and it is not unusual to find that American Silver Eagle Proofs develop this issue after encapsulation. The 2010-W American Silver Eagle imaged above was graded PR70DCAM by PCGS and later became dappled in milk spots on the obverse and reverse.

In our opinion, the coin is reduced to bullion once this happens and should not trade at a significant market premium. However, not every American Silver Eagle collector is well-informed and the coin imaged above sold for over $100.

What Is the 2010-W American Silver Eagle Proof Worth?

The overwhelming majority of 2010-W American Silver Eagle Proofs remain in their original government-issued packaging. In this format, collectors should expect to pay between $55 and $65 per coin. This means that the 14-year price performance for the 2010-W Proof has been a net negative.

In Proof 69, NGC and PCGS coins trade for a wider range of prices. It is possible to find 69s at “raw” coin prices, but a small premium of up to 10% is not unusual. These levels have held steady since we last analyzed the series in 2014.

Proof 70s generally trade for about $100. Expect to pay more for coins with signature labels.

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Market Data and Noteworthy Specimens

Top Population: PCGS PR70DCAM (21,138, 9/2024), NGC PF70UCAM (32,153, 9/2024), and CAC MS70 (0:36 stickered:graded, 9/2024).

• PCGS PR70DCAM #34149948: eBay, September 21, 2024 – $102.60. First Strike John Mercanti-signed label.
• NGC PF70UCAM #6021647-109: eBay, September 21, 2024 – $96.02. John Mercanti-signed label.
• PCGS PR70DCAM #19032531: eBay, September 19, 2024 – $109. First Strike label.
• PCGS PR70DCAM #19023108: eBay, September 18, 2024 – $99.99. First Strike label.
• NGC PF70UCAM #3684439-019: eBay, September 18, 2024 – $119.95.
• NGC PF70UCAM #3971064-159: eBay, September 17, 2024 – $99. Elizabeth Jones 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. Liberty holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As she strides confidently towards the rising sun, she reaches out her open hand. So large is Lady Liberty that she is superimposed over the word LIBERTY, obscuring half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST, and 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 is wrapped around the top of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is wrapped around the bottom. The W mintmark for West Point is under the branch.

Edge:

The edge of the 2010-W American Silver Eagle Proof coin is reeded.

Coin Specifications

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