I have some 2001 Proof Silver Eagles along with their Certificate of Authenticity. They were minted in West Point, have 1 troy oz weight, 99.9% silver. I noticed the value of these coins are higher than I paid for them about 11 years ago -- is that because of the coin itself or because the price of silver is higher? If/when I sell these coins, will I be selling for the coin or the silver? If anyone could offer me more information on this coin (I am not a collectr and these are the only coins I have ever owned), I would sure like to hear more about these coins I own. Thank you in advance!
Welcome to cointalk! Silver has gone up in price quite a bit since 2001. The coin is worth at least $28 for it's silver price. However collectors will pay more than that, because their is a premium for silver eagles. Not only that, but a proof coin is worth even more, because proof coins are made on specially prepared dies, giving the coin a more shinier appearance. They sell for about $45+ on eBay.
As the previous poster said there is a value to these above the silver value. It's called a numismatic premium, meaning it does have collector value. Proof ASE's are a very popular collectable coin and you should have no problem selling if that's your intent. Detecto's price is a little low. I suspect he didn't do much research to come up with that number. Yes, the last one that comes up on a search did sell for 43 and change, but he didn't notice that it didn't include the COA and packaging. Taking the average of the last 12 auctions and throwing out the highest and lowest and including shipping, I came up with an average selling price of $58.50. Of course you couldn't expect to get that from a dealer.
So, is that to say, if the price of Silver were to lower over the next few years, that the selling value of these coins may, or may not fall because they arent directly related to the price of silver?! As I said, I am very new to coins and only have some of these 2001 Proof Silver Eagles. With silver being at one of its highest prices in history, I am just trying to find out if the coin's highest value would be when silver is at a high point, or if 'time' will help the value go up more than the peek of the silver price. On a slightly related note -- is there a way to find out what the price/cost was to buy this Proof Silver Eagle directly from the US Mint in 2001...and how that relates to this $58 average value you posted? Thank you!!
$24...... [edit to add] Ben, your proof coins are very closely tied to the bullion market and as such will rise or fall in price dependent upon metals prices. That is not to say that collectors don't lust after them (as many do here) and they will always maintain a much higher premium than regular bullion eagles.
Okay, thank you! I have some coins still in the Original U.S. Postal Service Priority Mail Boxes that were sent to me directly from the U.S. Mint in 2001 -- is there any more value to those coins that have never been seen since they were shipped from the mint. Or does the coin have the exact same value as the coins that I removed from the U.S. Postal Service boxes? Thank you again!
When I ordered the Proof Silver Eagles in 2001 -- the mint shipped all the coins in a few different boxes...i only opened one of those boxes and left the other boxes closed with the coins inside. I didnt know if there was any added value because the quility can be low (which wouldnt be good for me) or it could be very high or even an error -- so I was wondering if a slightly higher price may be paid for that added unknown factor of no one seeing these coins since they were shipped from the West Point Mint more than 11 years ago.
They are all 2001 eagles? How many of them do you have? I don't think that there are any known errors among this issue. Value can run anywhere between $35 and $155 depending on their grade. BTW Welcome to CT, Ben
Unlike the 25th anniversary eagles, which carry a premium in an un-opened mint box, I doubt there is any extra value associated with your's, Ben.
How much does it cost per coin to get them each a grade?? And are you saying, since there aren't any known errors -- that I should open those original 2001 US Mint Shipping Boxes? Thanks!!
Look at the web sites for PCGS and NGC. It's $14 per coin plus $8 invoice fee with a minimum of 5 coins at NGC, after paying for a membership. You can join ANA for less $$ and get NGC submission privileges. You could also submit via your local dealer. Most Eagles grade at 68 or above. Grading may or may not be a good investment on these. There will be conflicting opinions here at CT on the merits of grading.
I wouldn't send them in for grading because it won't add much value to your coins and will cost too much money (around $30/coin) Most of these coins tend to grade out between pr-68 or pr-69 so my advice would be to leave them in OGP (original government packaging). If you want graded eagles, buy them that way......
You will probably get about $50 for a 2001 proof ASE. They are currently related to the price of silver, which is a little over $28/oz. You may get closer to $60 but I'm guessing that the sales and marketing costs will take about $10 of it.
Ben: Welcome to CT! There are people out there who will buy your ASEs in the unopened mint boxes at a premium, so they can send them off to get graded in hopes of a perfect 70. When/if you sell, be sure to factor that into your asking price. I think you can get about $70 each for the ones in the sealed mint boxes. Do not open the boxes. ASEs are known to develop milk spots over time so you may not like what you see. Let a buyer assume that risk and not you. TC
