Update on 2008-W Silver Eagle Reverse of 2007
The last time I wrote about the 2008-W Silver Eagle Reverse of 2007 Variety was nearly a month ago. At that time, the variety had only been confirmed for less than two weeks, but was already causing quite a stir.
As a brief recap, some of the 2008-W Burnished Silver Eagles available directly from the US Mint were struck using the reverse die type of 2007. The "Reverse of 2007" is most easily distinguished by the appearance of the "U" of "United States." The Reverse of 2007 will have a bowl shaped "U" while the Reverse of 2008 will have a spur on the right side of the letter.
Around the end of April, the US Mint provided an estimate of 47,000 as the total potential number of 2008-W Silver Eagles with the Reverse of 2007.
Prices from online dealers and eBay auctions were extremely volatile around this time. Many believed that prices were unsupportably high, although a case could also have been made for the opposite conclusion. For this previous analysis check out the post: 2008-W Silver Eagle Reverse of 2007 Mintage Estimate.
Since this time prices have increased. Based on a sampling of eBay auctions ended in the last 24 hours, current prices now seem to be around the following levels:
- Raw: approx. $540
- NGC MS 69: approx. $610
- NGC MS 70: approx. $950
- PCGS MS69 First Strike: approx. $750
- PCGS MS70 First Strike: over $3,000
Can these price levels be sustained or even go higher? There seems to be a constant supply of the coins reaching the market, but at the same time a constant and growing demand. The American Silver Eagle is a highly popular and widely collected series. The variety has added an exciting new aspect to the 22 year old series.
At these prices, personally I wouldn't be a buyer, but then again I probably wouldn't have bought the 1995-W Proof Silver Eagle back in the days when it was going for $1,000.
Update: As requested, here are some figures on the total number of "Reverse of 2007" coins graded by the major third party grading services:
NGC's Online Census shows a total of 10,737 graded with Reverse of 2007. Of that amount, 5,067 received an MS 70 grade. (as of May 27)
PCGS's Online Population Report does not show any numbers yet, but a recent Coin World article stated 1,171 with Reverse of 2007 with only 121 in MS70. (as of May 14)
The CW article also included ANACS grading 1,986 with Reverse of 2007 with 789 in MS70. (as of May 14)
Total graded from all 3 services based on most recent data... 13,894
2008-W Silver Eagle Reverse of 2007 Discovered
2008-W Silver Eagle Reverse of 2007 Mintage
2008-W Burnished Silver Eagles Reverse of 2007
Labels: Silver Eagles