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

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)

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).

I learned something new :)

Enhanced Uncirculated was 1st released in 2013, the reverse proof and the Reverse Proof was 1st released in 2006.

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

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



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




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

Mega Red further states

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.

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.