By Charles Morgan and Hubert Walker for CoinWeek Notes …..
It’s impossible to understand the rise of American Silver Eagle mintages starting in 1999 and then again in 2008 without discussing the role that fear played or how marketers exploited it and promoted distrust in the government, the Federal Reserve, and the “markets” to promote the sale of gold and silver bullion coins as a safer, smarter alternative.
Concerns about the millennium and public panic about the Y2K bug, which American companies spent between $300 and $600 billion to fix (according to analysts), primed the pump for an influx of new buyers.
Y2K fizzled out, but the September 11 terrorist attacks, which were aimed to shock and degrade American financial and military power, reengaged those fears. Throughout the 2000s, annual bullion coin mintages would double those reported in the 1990s. After the collapse of the banking and housing markets and the election of Barack Obama in 2008, those numbers would skyrocket.
Interesting Details Regarding the Certified Market for the 2001 American Silver Eagle
An unconfirmed number of “Gem Uncirculated” Silver Eagles were slabbed by PCGS in their 9/11 WTC label. We’ve seen reports that 1,440 may have been offered in this holder. Additionally, PCGS states that 980 were graded MS69 (none were graded MS70). PCGS also graded several 9/11 WTC-labelled coins MS68; these are not separated from the pop reports.
In 2011, Whitman LLC published a coin and book package offering “Gem UNCIRCULATED” 2001-Dated Silver Eagles with the 9/11 WTC Label. The booklet contained stories about today’s armed forces and included a 32-page “Service Scrapbook” for “your personal record of Military Service.”
NGC followed PCGS by offering its own “patriotic” and 9/11-themed inserts. These coins do not specify that they were recovered from the vaults at the Twin Towers.
Former Mint Director Edmund C. Moy served on the transition team for the Department of Homeland Security, a new Cabinet-level bureaucracy created after 9/11.
The PCGS population of certified 2001 American Silver Eagles also includes 400 MS69 coins signed by disgraced cyclist Lance Armstrong.
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Market Data and Noteworthy Specimens
Top Population: PCGS MS70 (399, 10/2024), NGC MS70 (1,756, 10/2024), and CAC MS70 (0:5 stickered:graded, 10/2024).
- PCGS MS70 #39811183: eBay, September 22, 2024 – $717.70.
- NGC MS70 #5843794-055: eBay, September 10, 2024 – $1149. John Mercanti signed label.
- NGC MS70 #3656220-026: eBay, September 2, 2024 – $875.
- NGC MS70 #1836690-005: eBay, August 20, 2024 – $789.
- NGC MS70 #6302147-005: eBay, August 14, 2024 – $525.01. John Mercanti signed label.
- PCGS MS70 #39811085: eBay, August 12, 2024 – $2,495. John Mercanti signed label.
- PCGS MS70 #46182590: eBay, August 10, 2024 – $1,795.
- NGC MS70 #6913905-023: eBay, August 2, 2024 – $899.95.
- NGC MS70 #6302887-006: Stack’s Bowers, August 23, 2024, Lot 11084 – $576. John Mercanti signed label.
- NGC MS70 #4392233-011: Stack’s Bowers, April 3, 2024, Lot 13543 – $780.
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Design
Obverse:
Artist Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is dressed in a flowing gown and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she presents an open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures 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 2001.
The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work. Weinman’s Liberty Walking design quickly became one of America’s most iconic numismatic images and would be used with minor modifications on the American Silver Eagle bullion coin starting in 1986.
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 clockwise around the top, and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR runs counterclockwise along the bottom.
Edge:
The edge of the 2001 American Silver Eagle bullion coin is reeded.
2001 Silver Eagle Coin Specifications
| American Silver Eagle Bullion Coin | |
| Year of Issue: | 2001 |
| Mintage: | 9,001,711 |
| Alloy: | .999 Silver |
| Weight: | 31.1 g |
| Diameter: | 40.6 mm |
| Edge: | Reeded |
| OBV Designer: | Adolph A. Weinman |
| REV Designer: | John M. Mercanti |
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