The U.S. Mint entered the palladium coin market in 2018 with its Proof American Eagle 1-ounce palladium $25 coin and in 2019 released a second version with a Reverse Proof finish. As the Mint explains, “Reverse proof coins feature frosted backgrounds, while their design elements are polished to a mirror-like finish, creating a magnificent contrast.”

As of April 21, the Reverse Proof 2019-W American Eagle palladium coin remains available on the Mint’s website for $2,850. A look at the PCGS population report shows that it is a well-made issue, with PCGS grading nearly 80 percent of its submissions Proof 70. As a result, the prices for these are largely set at a modest premium to bullion content. For example, on April 5, GreatCollections offered a PCGS Proof 70 coin in its online auction for $2,420, while platinum closed on April 3 at $2,140 an ounce.

Just six weeks earlier, on Feb. 23, the online auctioneer offered a PCGS First Strike example graded Proof 69 for $2,649, a slight discount to the $2,690 per ounce spot price of Feb. 21. When perfection is easily attainable, collectors can be picky on even the slightest flaws.

The issue launched on Sept. 12, 2019, with a maximum of 30,000 pieces and a price of $1,987.50. While slightly less than one third of the mintage sold in the first day of sales, palladium has since increased in price, which has brought attention to the issue.

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