Mint News Blog

News, Information, and Commentary on US Mint Products

Thursday, May 29, 2008

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
The supply of 2008-W ASE Reverse of 2007 available on eBay seems to be relatively steady. At any given time there seem to be between 200 and 300 available for auction. Here's a look at the current eBay listings.

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



At May 29, 2008 at 12:54 PM , Anonymous Anonymous said...

Are the NGC and PCGS grading figures available yet?

At May 29, 2008 at 1:29 PM , Blogger Mint News Blog said...

Good question. yes, there is some info available. I will add this to the main post.

NGC's Census shows a total of 10,737 graded with Reverse of 2007. Of that amount, 5,067 received an MS 70 grade.

PCGS's Online Pop Report does not show any numbers yet, but the CW article stated 1,171 with Reverse of 2007 with only 121 in MS70.

CW article also included ANACS grading 1,986 with Reverse of 2007 with 789 in MS70.

Total graded from all 3 services so far... 13,894

At June 15, 2008 at 7:49 PM , Blogger Unknown said...

Any thoughts on the value of an SP70 ANACS rated 2008 Silver Eagle with 2007 reverse?

At June 16, 2008 at 4:03 AM , Blogger Mint News Blog said...

I have not seen any realized sales for the ANACS graded coins.

If I had to venture a guess, I would think they would sell around the same level as NGC grade MS 70's.

At June 23, 2008 at 3:19 PM , Anonymous Anonymous said...

Is the Mint still shipping these coins?

At July 21, 2008 at 10:31 AM , Anonymous Anonymous said...

do you think this coin is worth spending $2,700 for a pcgs first strike?

At July 21, 2008 at 10:35 AM , Blogger Mint News Blog said...

In my personal opinion, no.

I just don't think there is much room left for price appreciation from that level.

At August 4, 2008 at 6:01 PM , Anonymous Anonymous said...

I did not know of this variety until today. I inspected 15 coins froma shipment in March and found that 7 of them had the 2007 reverse. Nice find.

At August 5, 2008 at 3:27 PM , Anonymous Anonymous said...

I've been dealing in coins for several decades, and while the variety will be in demand by some collectors, there is just no way to justify the currrent price levels.

$500 for an NGC MS69? No way ... that's about where the MS70 should be priced.

With a slow economy and tight money, I look for the price on this coin to come down quickly.

Smart sellers should price their coins about 20% under the current price levels. You'll still make a nice profit, better than what you'll make when everyone starts dumping these coins to raise cash. Once the price begins to drop on this coin, it will drop like an avalanche.

At August 14, 2008 at 9:09 PM , Anonymous Anonymous said...

Collectors had long hoped that the 2008 Dollar Set would contain some ASE with the 2007 reverses. These sets have now begun to be received, and no one that I have heard from has received anything other than the regular 2008 burnished Eagle.

So now the question is where is the 47,000 coins that were supposedly produced? Based on the low certification numbers and the number of raw coins that are appearing on eBay, I'm going to go out on a limb and say that I don't believe that 47,000 were or will be released.

This is a heavily collected series, and the demand for this particular coin will far exceed the available supply.

This coin is a strong buy!

At October 23, 2008 at 6:53 AM , Anonymous Anonymous said...

I've been following the '08 error ASE on E-Bay since it's discovery. Quantities seem very limited whie prices had softened there now is a resurgence. There may be more interest looking for a safehaven to park money in. I have also noticed more '95w's listed as those prices have definitely declined possibly due to the fact that the '08 error may now become the key date and variety.

At October 23, 2008 at 7:22 AM , Blogger Mint News Blog said...

Thanks for your comments. I've been meaning to post another update on the 2008-W Silver Eagle Rev of 2007. Hopefully I will get to that next week.

The fact that prices have not collapsed (as some were predicting) shows that this variety might have some staying power.

At March 2, 2009 at 10:39 AM , Anonymous Anonymous said...

there are 5 dif 2006 w unc silver eagles unc satin proof unc satin unc satin matte rev unc burnish unc burnish matte rev this is what makes up the unc subset

At May 19, 2009 at 6:41 PM , Anonymous Robert T. Jenkins said...

I ordered my UNC. SILVER EAGLES in
FEB. of 08. Since this was the 1ST time possible to order ,and the coins wre all struck during the same shift. How come all 08/07 REV'S are not 1ST STRIKES?

At May 20, 2009 at 1:40 PM , Blogger Mint News Blog said...

This is a question that has come up before.

My take - the "First Strike" designation is something attributed by the grading companies, not something reflective of the actual order of striking, so it is subject to whatever rules or definitions they apply.

At December 5, 2009 at 2:39 PM , Anonymous Anonymous said...

I picked up one this week for $27.50 from ebay. neither seller nor myself knew that the coin was the reverse 2007, extremely lucky find!

At June 24, 2010 at 10:03 AM , Anonymous Bill Carson said...

I acquired an ANACS MS-70 matte slabbed for $30 from an idiot who didn't know what he had. He hauls garbage and someone he hauled for threw it out, so not only did he get it for free, someone actually paid him to take it. Probably someone emptying their drawers out and a relative owned the coin. The owner will at some point notice it missing, I'm sure. I'd hate to be there when that happens. I am not making this up.

At July 12, 2010 at 11:42 AM , Blogger Unknown said...

Has Anyone found a Silver Eagle 08-07 Reverse Error in a 2008 Annual UNC Dollar Set ? I just wandering if I should open my set to look ? Thanks

At July 12, 2010 at 12:15 PM , Blogger Mint News Blog said...

To my knowledge there haven't been any discoveries of the 2008 Silver Eagle Reverse of 2007 Variety in one of these sets.

The reverse of 2007 coins were shipped early in the year (March, April, May 2008). The Annual Dollar Set wasn't released until later in the year (August 2008) so I don't think any of the rare variety made it into the sets.


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