1994-P 1 Oz Proof American Silver Eagle $1 NGC PF69 UC SKU16714

1994-P 1 Troy Oz Silver Eagle $1 NGC PF69 UC Proof 69 Ultra Cameo SKU16714

1994-P American Silver Eagle proof Coin

In 1994 sales of both the bullion and proof versions of the iconic American Silver Eagle declined substantially, which was probably in large part due to an increase of almost $1 in silver prices that year. That year the average price of silver reached $5.28.

For collectors who bought and held coins from 1994 this turned out to be good news since the mintage of the 1994-P proof coin came in at 372,168, which is the second-lowest for the entire proof coin series after the 1995-W coin. Not surprisingly, the 1994-P proof coin has commanded a premium over more common date coins with higher mintages.

In fact, the 1994-P coin is ranked as no. 60 in the third edition of Jeff Garrett and Scott Schechter's 100 Greatest U.S. Modern Coins (Whitman, 2014), an important reference book in this field. The authors note that the 1994-P is a key date for the American Silver Eagle coin series and that it is more difficult to locate than the 2006-W Reverse Proof issue, which has a lower mintage.

In reaction to the slump in sales in 1994 the U.S. Mint too several steps to boost sales including extending the period in which buyers could order the coins and issuing a special 10th anniversary set.

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