The American Eagle bullion program started in 1986 with the production of gold and silver coins and in 1997 expanded to include platinum bullion coins. It has since proven extremely popular with collectors and investors. As the program enjoys its 30th anniversary this year, some issues have become identified as condition rarities in top Mint State 70 and Proof 70 Deep Cameo grades, although rising population reports for some of these issues have caused concern for collectors who spend massive sums for these expensive, low-population rarities. 

The Coin:

1993 American Eagle half-ounce gold $25 coin, PCGS Proof 70 Deep Cameo

The Price:

$11,574.93

The Story:

While it’s understandable why bullion issues from the first decade of the American Eagle program can be rare graded MS-70, it’s less clear for Proof coins, which were sold directly to collectors in protective capsules rather than rolls, why some issues from this era can be very rare at MS-70.

The 1993 American Eagle half-ounce gold $25 coin is very rare in the “perfect” grade, and at the March American Numismatic Association auction, Heritage sold one graded Proof 70 Deep Cameo by PCGS for $11,574.93.

Today PCGS has graded 136 of these Proof 70 Deep Cameo. In 2014, GreatCollections sold one for $19,800 in February and another for $16,500 in October. Part of the reason for the decline in price may be the rapidly expanding population. When GreatCollections sold a PCGS Proof 70 Deep Cameo for $22,825 on Dec. 22, 2013, the auctioneer noted that at that time it was one of just 31 in this grade.

Keep reading this Market Analysis:

• One of only 13 MS-70 1989 American Eagle gold $50 coins sells
• MS-70 early issue American Eagle platinum $50 a key

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