Now that the first collectors and speculators are receiving in hand
their five-coin 2011 American Eagle 25th Anniversary Silver Coin sets,
the secondary market is showing its first completed sales as well.
The sets were offered for sale by the U.S. Mint at noon Eastern Time
on Oct. 27 at $299.95 with a household limit of five sets. Many
collectors battled for hours with the Mint’s website and telephone
lines to secure their sets — some engaging the help of relatives,
co-workers or friends — and the 100,000 sets sold out after less than
In the past few weeks, many buyers have been disappointed as the
Mint has canceled orders for various reasons, both annoying collectors
and fueling a secondary market marked by scarcity as marketers
struggle to gather significant quantities of the sets.
For a read on the secondary market, looking at online auctions like
eBay provides instant gratification.
At the top of the market are certified Mint State 70 and Proof 70
sets. One of these five-coin Numismatic Guaranty Corp. certified
“perfect” sets sold on Nov. 13, with 49 bids raising the final price
to $3,800, while another set graded NGC Proof and MS-70 sold on Nov.
15 for $3,600.
Perfection has its price. In contrast, a certified MS-69 and Proof
69 set realized “just” $1,276.11 on Nov. 13.
Unopened sets are selling for as much as $850 individually as of
Nov. 15, or $4,000 when offered in sealed five-set boxes as shipped by
the Mint. More than 100 sealed five-set packages sold for between
$3,600 and $3,900 on eBay during the first week of sales. These prices
are comparable to what’s being paid in the dealer-to-dealer wholesale market.
Just a week earlier, as the first sets arrived in people’s mail
boxes, the going rate was $600 a set.
Unopened boxes are receiving a $25 to $75 premium over opened boxes,
as dealers assume that the opened boxes have been already pre-screened
for MS-70 and Proof 70 coins.
Three-coin sets that are stripped of the two coins unique to the set
— an Uncirculated 2011-S American Eagle silver dollar and a Reverse
Proof 2011-P American Eagle silver dollar — are selling for between
$150 and $200 on eBay.
On eBay, Reverse Proof 2011-P coins are being offered in 10-coin
lots and individually at the $375 level while Uncirculated 2011-S
coins are trading at the $350 level. In the wholesale markets, the two
coins are trading at $275 to $300 each.
It is unknown if these premiums will last and if the five-coin set
price will stay at the $700 to $800 level, or if it will stabilize to
something more attainable for average collectors who were unlucky in
their attempt to secure sets directly from the Mint. ■