2004 American Silver Eagle : A Collector’s Guide

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

The 2004 American Silver Eagle bullion coin had a mintage of 8,882,754, marking an inconsequential 4% increase from the year before. The entire mintage was produced at the West Point Mint, but the coins carry no mintmark. American Silver Eagle bullion coins struck between 2000 and 2007 generally carry mintages between 8-10 million coins–to that point, a level of interest found only in the series’ first two years. Of course, the financial crisis of 2008 would herald a tremendous surge in demand for bullion coins as the stock market lost nearly $8 trillion during the Great Recession.

What Is the 2004 American Silver Eagle Worth?

The ratio of MS69 to MS70 coins has decreased considerably over the past 10 years at NGC and PCGS. Prior to 2014, PCGS reported 8.88 MS69s for every MS70 in their census; NGC’s ratio was 44.2:1 through the same period. Since 2014, these ratios have dropped to 3.6 and 12.5:1, respectively. It is unclear what accounts for this statistically significant change. It could be a loosening of the grading standard or a change in customer submission practices (perhaps they are only requesting that the coins that qualify as 70 be graded). But it’s not because better coins are being consistently submitted 10 to 20 years after their initial release.

Raw coins pulled from original boxes or tubes have likely been mishandled and would probably not grade MS69 or 70.

As 2004 American Silver Eagles in MS70 were selling for the inflation-adjusted price of $200 in 2014 and are now selling for about $110, a 45% decrease in value over the past decade is noted. American Silver Eagles remain a heavily promoted series, so expect the MS70 population to increase in the years to come.

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2004 American Silver Eagle Market Data and Noteworthy Specimens

A few interesting notes regarding 2004 American Silver Eagles:

• Signature labels signed by Lance Armstrong were offered for sale by The First Commemorative Mint. PCGS reports a population of 812 coins, all graded MS69. Coins came bundled with a “Live Strong” bracelet and a Certificate of Authenticity signed by PCGS’ (and CoinWeek contributor) Ron Guth.
• Celebrity Iraq War veteran Jessica Lynch signed 601 MS69 label inserts for PCGS. These coins came with a Certificate of Authenticity signed by PCGS’ Senior Grader Michael “Miles” Standish.
• U.S. General Tommy Franks returned to sign two labels for 2004 Silver Eagles. Both coins reported in PCGS’ population reports were MS69s.
• Former NASA Astronaut Kathryn Sullivan also signed labels for PCGS in 2004. We presume, as was the case with the other signature labels of the period, that the Sullivan coins were also all graded MS69. PCGS does not report a population for this novelty program.
• 429 PCGS “First Strike” labels (all MS70) signed by reverse designer John Mercanti were graded in the fall of 2014, 10 years after the coin’s release.
• NGC introduced a new basic label design in 2003.

Top Population: PCGS MS70 (4,365, 11/2024), NGC MS70 (5,361, 11/2024), and CAC MS70 (0:19 stickered:graded, 11/2024).

• PCGS MS70 #80570570: eBay, November 11, 2024 – $189. John Mercanti signature label.
• NGC MS70 #8153045-005: eBay, November 11, 2024 – $109.95.
• NGC MS70 #5763074-036: eBay, November 8, 2024 – $349.95. John Mercanti signature label.
• PCGS MS70 #45691736: eBay, November 7, 2024 – $107.50.
• PCGS MS70 #47264587: eBay, November 5, 2024 – $169. First Strike insert.
• PCGS MS70 #33739288: eBay, November 5, 2024 – $159. First Strike insert.
• PCGS MS70 #45691807: eBay, November 4, 2024 – $150.
• NGC MS70 #2621111-014: eBay, November 4, 2024 – $125.
• PCGS MS70 #44304467: eBay, October 29, 2024 – $64.25. Len Buckley signature label.

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Design

Obverse:

Artist Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, 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 a welcoming 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, and below her is the date 2004.

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.

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 of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR wrap counterclockwise around the bottom.

Edge:

The edge of the 2004 American Silver Eagle bullion coin is reeded.

Coin Specifications

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