By Charles Morgan and Hubert Walker for CoinWeek Notes …..
Following the success of the 2012 American Silver Eagle San Francisco Proof Set, the United States Mint released a two-coin set in 2013 to honor the 75th Anniversary of the West Point Mint. The West Point Mint was established in 1938 as a bullion depository and was the principal storage location for the nation’s silver stockpile. As with Fort Knox, the West Point Mint is located on the grounds of a military installation–in this case, the historic and prestigious United States Military Academy at West Point, New York.
While the West Point Mint did not receive official mint status until 1988, the site produced Lincoln Memorial Cents from 1974 to 1986 and Washington Quarters from 1977 to 1979. These coins were struck to augment the output of the Philadelphia Mint and did not carry a mintmark. The first use of the “W” mintmark came in 1983 with the issuance of the 1983 Los Angeles Olympics $10 gold commemorative coins.
The first American Silver Eagle Proof to be struck at West Point was the key date 1995-W American Silver Eagle Proof. From 2001 onward, West Point was the primary facility used by the Mint to produce Proof Silver Eagles.
The two coins that comprise the 2013 West Point American Silver Eagle Two-Coin Set are the 2013-W American Silver Eagle Enhanced Uncirculated and the 2013-W American Silver Eagle Reverse Proof. Cameo and heavily mirrored finishes cover some of the Enhanced Uncirculated coin’s raised elements, and the Reverse Proof features mirrored devices and cameo contrast in the fields – the opposite of a typical United States Proof coin.
Strong Demand At Release
The two-coin set was released on May 9 and offered for $139.95. As with the 2012 San Francisco Silver Eagle Two-Coin Set, the 2013 West Point Set was struck to demand, with the Mint giving collectors and dealers a four-week ordering window. The set’s release was met with record demand and coincided with the opening of the 2013 American Numismatic Association’s (ANA) National Money Show in New Orleans.
During the first two hours of availability, the Mint reported sales of 88,000 sets. The crush of orders caused the Mint’s website to crash on launch day, resulting in an hour-long disruption for customers. Within the first week, 182,000 sets were sold; after that, demand slowed. For resellers, the open ordering window tamped down on speculation. However, companies that managed to get graded products to market first realized the greatest profits from the program.
Marc Landry Discusses the Release of the 2013 West Point Two-Coin Silver Eagle Set
CoinWeek video producer David Lisot interviewed Philadelphia Mint Plant Manager Marc Landry at the 2013 ANA National Money Show, where the two discussed the release and technical considerations of the 2013 West Point American Silver Eagle Two-Coin Set and the 2013-W American Buffalo Reverse Proof Gold Coin.
How Much is the 2013 West Point American Silver Eagle Set Worth?
During the Mint’s four-week ordering window, direct customers purchased 281,310 West Point American Silver Eagle Two-Coin Sets. One-third of these sets were broken up and submitted to third-party grading services for encapsulation and resale. From this total, roughly two-thirds earned the perfect 70 grade. If purchasing “perfect 70” examples of both coins from this set, expect to pay between $250 and $300.
Sets in original government packaging sell for less, with recent eBay sales ranging from $180 to $250.
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Read CoinWeek’s In-Depth Analysis of the Coins from the 2013 American Silver Eagle West Point Two-Coin Set
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