By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The United States Mint produced American Silver Eagles in Uncirculated (bullion) and Proof formats in 2005. Both finishes were produced at the West Point Mint but the bullion coin does not carry the “W” mintmark, as is usual.
Sales of the 2004 and 2005 are statistically similar, with the 2005 issue accounting for an 8,271 increase year-to-year.
In August, category 5 Hurricane Katrina made landfall in New Orleans, causing extensive damage and killing over one thousand people. Also affected was the nation’s ability to keep up with fuel demand as refinery capacity was throttled for months due to the storm and its aftermath. Within days, gas prices surged to over $3.00 a gallon. For working and middle-class Americans, the economic impact of higher gas prices quickly bled into other areas – namely consumer finance and housing. This sent the silver spot price on a sharp upward push that would continue through the Great Recession of 2007-2009.
How Much Is a 2005 American Silver Eagle Worth?
The 2005 American Silver Eagle carries a range of values, the baseline being the coin’s intrinsic value as one ounce of .999 fine silver backed by its $1 legal tender status. Seldom will one be able to acquire an example for either amount. Instead, the 2005 American Silver Eagle bullion coin typically trades for a small premium over spot price in its raw form (as a single coin, or in volume) and potentially more as a numismatic collectible coin.
In that context, the 2005 American Silver Eagle is often marketed as a certified coin in the grades of MS69 or MS70 – 70 being a “perfect” coin without post-production flaws. Combined, the leading grading services have certified over 200,000 coins from this issue, with over 94% graded MS69. It is worth noting that most of these Silver Eagles were certified within a year of the coin’s release and that submissions have yielded a higher ratio of 70s than 69s in recent years. We assume this is due to simple economics (submitters may not want to pay grading fees for coins that aren’t perfect), but other factors may be at play as this phenomenon is consistent across the entire series.
For 69s, prevailing market prices are more or less similar to uncertified “raw” coins. For 70s, recent eBay auction results range from $80 on the low end to $160 on the high end. Certain signature labels command a premium over this, but collectors should know that dealers are not as willing to pay extra for these when buying the coins back. In 2015, a decade after the 2005 American Silver Eagle’s release, PCGS MS70s traded for $310 each, which is $418 when adjusting for inflation. Current sales data indicates a price decline of 58%.
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2005 American Silver Eagle Market Data and Noteworthy Specimens
Coins with American Flag “First Strike” labels signed by designer John Mercanti were graded in the fall of 2014. Disgraced athlete Lance Armstrong signed 11 MS69 Silver Eagle labels in 2005.
Top Population: PCGS MS70 (2,964, 11/2024), NGC MS70 (6,612, 11/2024), and CAC MS70 (117, 11/2024).
- PCGS MS70 #28082750: eBay, November 22, 2024 – $225. John Mercanti signature label.
- NGC MS70 #6564377-006: eBay, November 20, 2024 – $149.
- NGC MS70 #6796119-028: eBay, November 19, 2024 – $99.
- NGC MS70 #1856152-024: eBay, November 17, 2024 – $83.
- NGC MS70 #1990150-088: eBay, November 16, 2024 – $110. First Strikes.
- PCGS MS70 #49532341: eBay, November 8, 2024 – $159.99.
- PCGS MS70 #26777359: eBay, October 29, 2024 – $189. First Strike.
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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 American civil and military glories, respectively. As Liberty strides confidently towards the rising sun, she reaches out a welcoming open hand. She is superimposed over the obverse legend LIBERTY ringing the obverse, blocking 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 2005.
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 runs clockwise along the top of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is at the bottom.
Edge:
The edge of the 2005 American Silver Eagle bullion coin is reeded.
Coin Specifications
| American Silver Eagle Bullion Coin | |
| Year of Issue: | 2005 |
| Mintage: | 8,891,025 |
| 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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