Will the secondary market for the Proof 2017-S American Eagle silver dollar change dramatically after Oct. 5 when the coin becomes available for the second time as part of the 2017-S Limited Edition Silver Proof set? 

The same coin was offered previously in the 2017 Congratulations set, which sold out in two minutes. That set was the latest in a mostly annual offering featuring a Proof American Eagle silver dollar.

The annual set generally attracts only minor interest from established collectors. The rapid sellout is attributed to the limited nature of the Proof 2017-S coin, which will be available only in the two sets. Typical editions of both sets generally feature the same annual Proof American Eagle silver dollar that is also offered individually and thus offer no coins that are distinctive.

How can collectors determine a coin’s value when price guides assign it different values? Also in this week’s print issue, we learn of the first report of a 2017 doubled die variety, found on a Lincoln cent.

The fast sellout of the Congratulations set, offered without household limit, resulted in strong secondary market prices for the special American Eagle dollar. The entire set was offered at $54.95, in an edition size of 75,000 sets. The final sales figure was just below 75,000, indicating few sets were returned.

Shortly after the set sold out on April 4, a strong secondary market for the set opened. Examples of the sets quickly appeared on eBay from sellers with “Buy It Now” options ranging from $110 to $225 per set. 

Prices for the Proof 2017-S American Eagle dollar rose from there. But as Steve Roach reported in a Market Analysis published online on May 19, prices were moderating by mid-May: “Several Professional Coin Grading Service Mint State 69 examples sold on eBay in April for $649. Prices now have moved to the $450 to $500 level. On May 4 a PCGS MS-70 example brought $5,201 on eBay, and in April they were selling for even more.”

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Prices for the special coin have fallen since. By Sept. 6, Proof 69 examples graded by Numismatic Guaranty Corp. with the Ultra Cameo designation and by PCGS with the Deep Cameo designation were being offered on eBay at a Buy-It-Now price of $120 by one seller. PCGS Proof 70 examples with various special slab inserts, some noted as Deep Cameo, were offered at prices of $240 to $350. Examples of the intact 2017 Congratulations set in original packaging were being offered at around $150 to $155 by sellers on eBay.

The long-term secondary market for the set could depend in part on the number of 2017 Limited Edition Silver Proof sets offered, a number Mint officials had yet to disclose a month before sales were to begin. The 2016 set was limited to an edition of 50,000.

One factor in any future price appreciation, as pointed out by Louis Golino in an April 13 Coin World blog, is that the Proof 2017-S American Eagle silver dollar will be the “second-lowest mintage regular Proof finish coin of the series, after the coveted 1995-W, and the lowest-mintage Proof of the series from San Francisco.” Those factors should play a role in the future market for the coin.