Limited Edition sets fail to sell out first day
- Published: Oct 6, 2017, 9 AM
News Update: The U.S. Mint issued a statement at 1:06 p.m. Eastern Time Oct. 6 announcing the lifting of the two-sets-per-household ordering restriction for the 2017 Limited-Edition silver Proof set. The sets went on sale Oct. 5.
During the first nearly 22 hours the 2017 Limited Edition Silver Proof set was available from the U.S. Mint, sales of the maximum 50,000 sets available totaled 29,164. Customers were still able to place orders for the set as Coin World went to press Oct. 6.
The set went on sale at noon ET Oct. 5.
The set, initially limited to two per household at $139.95 per set, is the second of two 2017 sets containing a Proof 2017-S American Eagle silver dollar. The other is the 2017 Congratulations set.
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Some in the coin marketplace anticipated that despite the household ordering restrictions, the set would register a complete sellout soon after sales began, but that scenario did not materialize.
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As the launch of sales of the set loomed, some speculators placed notices on Facebook and other social media outlets offering to pay premiums for sets, expecting the Mint to sell out of its inventory.
Some of the speculation was based on past experiences. On April 4, the Mint sold out of its offering of 75,000 Congratulations sets. That product was offered at $54.95 each. There were no household ordering restrictions.
The Limited Edition Silver Proof set contains the Proof 2017-S American Eagle 1-ounce .999 fine silver dollar and .900 fine silver Proof versions of the 2017-S Roosevelt dime, Kennedy half dollar, and five America the Beautiful quarter dollars — for Effigy Mounds National Monument in Iowa; Frederick Douglass National Historic Site in the District of Columbia; Ozark National Scenic Riverways in Missouri; Ellis Island in New Jersey; and George Rogers Clark National Historical Park in Indiana.
Sales of the 2017 set follow those of the 2016 Limited Edition Silver Proof set.
No 2015 Limited Edition Silver Proof set was offered; sales of the planned set were delayed until December 2015 and Mint officials decided to cancel the set rather than offer it for just a few weeks to comply with congressional mandate that all Proof American Eagle silver dollars sold in 2016 bear the 30th anniversary edge device.
The Mint also offered Limited Edition Silver Proof sets in 2012, 2013, and 2014.
Previous sets contain the same coins as the 2017 set — the silver Roosevelt dime, five America the Beautiful quarter dollars, and Kennedy half dollar, plus an American Eagle silver dollar.
The Proof 2017-S American Eagle silver dollar in the two 2017 sets is the second such piece to be struck at the San Francisco Mint since 1992. The most recent one was struck in 2012 for a set marking the 75th anniversary of the current San Francisco Mint (the regular Proof 2012 coins were struck at the West Point Mint).
The San Francisco Mint struck the annual Proof American Eagle silver dollar each year from the introduction of the series in 1986 through 1992.
In 1993, Proof American Eagle silver dollar production was moved to the Philadelphia Mint, with coins issued annually through 2000 bearing that facility’s P Mint mark. The only exception between 1993 and 2000 was in 1995, when two silver Proof American Eagles were issued — one at the Philadelphia Mint for individual purchase, and the second, at the West Point facility. The 1995 West Point Mint strikes were included in a special five-coin set that also included Proof versions of the four American Eagle gold coins, with the silver coin being a bonus. The five-coin Proof sets were offered at the same $999 price as the four-coin gold Proof sets. The U.S. Mint sold a total of 30,125 of the five-coin Proof sets.
Examples of the Proof 1995-W American Eagle silver dollar alone trade hands today for thousands of dollars each and are the key to the series.
In 2001, Proof American Eagle silver dollar output was moved to the West Point Mint.
The West Point Mint has struck a Proof American Eagle silver dollar annually since, except for 2009, when Proof production was suspended because silver blanks were all diverted to bullion coin production.
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