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$20,000 for a Silver Eagle? What?Over the past week, several clients contacted us about item 52747 on GreatCollections, a 1999 $1 Silver Eagle with a minimum bid of $14,000. Some accused us of making an error with the minimum bid, while others wanted to know what they were missing (meanwhile, I thought our opening bid was conservative!)
Ian Russell on Sat, May 26, 2012 11:24:14 PM
Well, as the bid just topped $20,000, I felt compelled to write about this particular coin.
The population at NGC is 78 coins (while PCGS has not yet graded a single MS-70). 78 seems high, but for this extremely popular series, it's the lowest pop in the series and certainly the key to the set. Out of the 78 coins, many have spotted, making this one of the finer examples. They are rarely offered on the market, and despite all the Silver Eagle business we do, this is the first example we've handled.
Most 1999 Silver Eagles are in poor condition for different reasons. The coins easily damage and have a low grade rate for MS-69s. Like the 2000, they easily spot, and not a light spot - many have severe spotting/marks.
The consignor of the coin purchased it back 10 years ago when not as many people collected MS-70 Silver Eagles. Today, it is one of the most widely collected series.
As I write this, the current bid is $20,001 (plus the 10% buyer's fee), with almost 24 hours to go. While we have sold several Silver Eagles in the past year for over $10,000 each, this is our first that topped the $20,000 mark.
View the 1999 $1 Silver Eagle NGC MS-70 at GreatCollections