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Is There A Difference Between An "American Eagle 1 Ounce Silver Proof Coin"

 
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 Posted 02/11/2020  06:43 am Show Profile   Bookmark this topic Add mmk412 to your friends list Get a Link to this Message
Is there a difference between an "American Eagle 1 ounce Silver Proof Coin" and an "American Eagle 1 ounce Proof Silver Bullion Coin"? The coins I buy from the US Mint are designated as "American Eagle 1 ounce Silver Proof Coin" and when I go online to shop for American Eagles they are usually designated as "American Eagle 1 ounce Proof Silver Bullion Coin". The boxes they come in also shows the difference in the description. I'm including images to help explain myself. Thanks.

mmk412
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 Posted 02/11/2020  07:24 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
The coins are basically the same thing but with different finishes.

There are several versions of the American Silver Eagle. The basic "bullion" version doesn't come with a case and it has no mint mark. This is the lowest cost version. They sell for around $21 (today) since the price is based on the price of silver the cost will fluctuate. I purchased them last year from $17 to $22.

The next version is the burnished ASE, this is the same as the "bullion" with a mint mark. These come in a case and sell for around $45.

After that you get the proof. The proof is really pretty and comes in a nicer box with a hinge that can be opened and closed. These have either the W (West Point ) or S (San Francisco) mint mark. These cost around $58

The final version is the Enhanced Reverse Proof, this a special finish and in 2019 had 2 limited releases with people paying stupid money for the S version. These cost $65 for s and the W was only included in the pride of 2 nations set.

Please note that the prices for 2020 have gone up. The bullion from speaking to my LCS went up around $1, the proof went up by $8.50

Those are the "official" from the US mint versions, companies will put a "bullion" ASE in a pretty box and sell it for more but any ASE without a mint mark doesn't deserve any more money, you can pick these up from places like AP Mex or a local coin shop for around $21 (today)

Some proof versions also sell below Mint pricing, check prices in a few places as you can overpay.

For an example of what the different finishes look like see below. (left to right) 1 bullion, 1 "burnished", 2 proof (w and s), 2 enhanced reverse proof (both s)



Edited by hfjacinto
02/11/2020 07:34 am
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 Posted 02/11/2020  09:57 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
to the Community!

Your post was moved to the appropriate forum for the proper attention.
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 Posted 02/11/2020  11:09 am  Show Profile   Bookmark this reply Add BadDog to your friends list Get a Link to this Reply

Quote:
Is there a difference between an "American Eagle 1 ounce Silver Proof Coin" and an "American Eagle 1 ounce Proof Silver Bullion Coin"?

No, it's just a change in the wording on the packaging (and maybe the COA as well?). I think the change in the wording on the packaging started with the 2007 coins. The coins themselves are still proof finish coins and there is no difference in the coins except for the year and possibly the mint mark (depending on the year, the mint mark could be either P, S or W).
Edited by BadDog
02/11/2020 11:12 am
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 Posted 02/11/2020  8:10 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
There are several versions of the American Silver Eagle. The basic "bullion" version doesn't come with a case and it has no mint mark. This is the lowest cost version. They sell for around $21 (today) since the price is based on the price of silver the cost will fluctuate. I purchased them last year from $17 to $22.

The next version is the burnished ASE, this is the same as the "bullion" with a mint mark. These come in a case and sell for around $45.

After that you get the proof. The proof is really pretty and comes in a nicer box with a hinge that can be opened and closed. These have either the W (West Point ) or S (San Francisco) mint mark. These cost around $58

The final version is the Enhanced Reverse Proof, this a special finish and in 2019 had 2 limited releases with people paying stupid money for the S version. These cost $65 for s and the W was only included in the pride of 2 nations set.


Also Reverse proof and Enhanced Uncirculated
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 Posted 02/11/2020  8:29 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply

Quote:
Also Reverse proof and Enhanced Uncirculated


I learned something new :)

Enhanced Uncirculated was 1st released in 2013, the reverse proof and the Reverse Proof was 1st released in 2006.
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 Posted 02/11/2020  8:45 pm  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply

Quote:
Is there a difference between an "American Eagle 1 ounce Silver Proof Coin" and an "American Eagle 1 ounce Proof Silver Bullion Coin"?


No difference. They are identical coins with the possible exception of a mint mark.
ANA #R3154474
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 Posted 02/11/2020  8:54 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
No difference. They are identical coins with the possible exception of a mint mark.


There's no such thing as a bullion proof ASE. It's either a proof ASE or it isn't, some people may add bullion into the title to increase search views, but there is only one bullion version
Edited by basebal21
02/11/2020 9:07 pm
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 Posted 02/12/2020  07:38 am  Show Profile   Check Foxwoods Man's eBay Listings Bookmark this reply Add Foxwoods Man to your friends list Get a Link to this Reply

Quote:

There's no such thing as a bullion proof ASE. It's either a proof ASE or it isn't, some people may add bullion into the title to increase search views, but there is only one bullion version


Correct but the question was prompted by the OGP that SAID "Proof Silver Bullion coin". It wasn't about a person adding it to a listing


Quote:
No difference. They are identical coins with the possible exception of a mint mark.


Exactly,,,and I never noticed that on the packaging before ..thanks for showing
Edited by Foxwoods Man
02/12/2020 07:40 am
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 Posted 02/12/2020  08:10 am  Show Profile   Bookmark this reply Add BadDog to your friends list Get a Link to this Reply

Quote:
There's no such thing as a bullion proof ASE.

What? Did you look at the OPs photos?

The US Mint package clearly states "American Eagle One Ounce Proof Silver Bullion Coin". So, obviously there is such a thing as a bullion proof ASE coin.

As I said earlier, in 2007 the US Mint removed the word bullion from the packaging and reordered the rest of the words to be "American Eagle One Ounce Silver Proof Coin". Again, the OPs photos clearly show this.

It's the change in wording that was confusing the OP, but again, there is no difference in these proof coins except for the year and mint mark (depending on the year).

I've never quite understood why some collectors get hung up on whether or not the various ASE finishes with mint marks are bullion or not. Is there some sort of stigma attached to collecting a bullion coin?

Every ASE the US Mint produces is authorized by the same law, 31 USC 5112 (e)(f)(g)(h), which states

Quote:
(e) Notwithstanding any other provision of law, the Secretary shall mint and issue, in qualities and quantities that the Secretary determines are sufficient to meet public demand, coins which-
(1) are 40.6 millimeters in diameter and weigh 31.103 grams;
(2) contain .999 fine silver;
(3) have a design-
(A) symbolic of Liberty on the obverse side; and
(B) of an eagle on the reverse side;
(4) have inscriptions of the year of minting or issuance, and the words "Liberty", "In God We Trust", "United States of America", "1 Oz. Fine Silver", "E Pluribus Unum", and "One Dollar"; and
(5) have reeded edges.

(f) Silver Coins.-
(1) Sale price.-The Secretary shall sell the coins minted under subsection (e) to the public at a price equal to the market value of the bullion at the time of sale, plus the cost of minting, marketing, and distributing such coins (including labor, materials, dies, use of machinery, and promotional and overhead expenses).
(2) Bulk sales.-The Secretary shall make bulk sales of the coins minted under subsection (e) at a reasonable discount.
(3) Numismatic items.-For purposes of section 5132(a)(1) of this title, all coins minted under subsection (e) shall be considered to be numismatic items.

(g) For purposes of section 5132(a)(1) of this title, all coins minted under subsection (e) of this section shall be considered to be numismatic items.

(h) The coins issued under this title shall be legal tender as provided in section 5103 of this title.


So, if you want to call all ASE coins bullion coins then IMHO that's ok since the law says their price is determined first by the market value of silver bullion. If you want to call all ASE coins numismatic coins, then again IMHO that's ok too since the law says all ASE coins are considered to be numismatic items (the law even says this TWICE, so I guess it's significant).

Or you can just go with the Red Book, which says

Quote:
The silver eagle is a one ounce bullion coin with a face value of one dollar. (1993 edition, 46th edition)

Quote:
The American Silver Eagle (face value $1, actual weight one ounce) is a legal-tender bullion coin with weight, content, and purity guaranteed by the federal government. (2017 Mega Red, 2nd edition)

Quote:
The American Silver Eagle is a one-ounce bullion coin with a face value of one dollar. (2018 Large Print Edition, 71st Edition)

Those are the only Red Books I currently have. You Red Book collectors can check what other editions say.

Mega Red further states
Quote:
In addition to regular investment-grade strikes, the U.S. Mint offers its bullion coins in various collectible formats.

which recognizes the fact that all of the mint marked varieties of the ASE are specifically produced to be collected, rather than stacked as an investment in silver, but they are all still bullion coins.
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 Posted 02/12/2020  08:15 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
Bad dog thank you!

I've been chastised also for saying the same thing. Some people get hung up on terms.
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 Posted 02/12/2020  4:21 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
The US Mint package clearly states "American Eagle One Ounce Proof Silver Bullion Coin". So, obviously there is such a thing as a bullion proof ASE coin.


It's just the normal proof coin with dumb packaging. They've never done a proof finish bullion ASE

Bullion coins aren't sold to directly to the public and they aren't sold with the huge premiums the collector versions are.
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