Sales volume for the 1991 American Silver Eagle was sharply higher than for issues from the three preceding years, with the United States Mint reporting sales of 7,191,066 coins. This would stand as the highest mintage of the decade through 1998. In 1999, Silver Eagle bullion coin sales surpassed 7.4 million coins, and in subsequent years it was not unusual for sales to reach eight to 10 million.
For the bullion side of the American Silver Eagle series, the early dates–which encompass 1986 through about 2000–present a markedly different collector market than the later dates. After 2000, investor demand for physical precious metals coins ticked up following the tragedy on 9/11. The financial collapse of 2008 caused sales to increase to record levels. Another factor that cultivates the divide between early issues and more recent ones are the changes in policy at NGC and PCGS that allowed dealers and collectors to submit bullion coins for certification.
The 1991 American Silver Eagle MS-70 Market Has Changed Radically Over the Past Decade
The coin market, like any collectibles market, is often unpredictable. This is true with rare coins, as sometimes a new example of an important issue is discovered in an old piece of furniture or is repatriated from a long-held overseas collection. The truth is, there is no way that any of us can know with absolute certitude how many examples of any given coin actually survive.
The market for modern coins is not as unpredictable as it is for classic coins, but it can be highly volatile. This volatility is plainly present in the American Silver Eagle market, where the certified population of MS-70 coins will continue to rise each year for the foreseeable future.
Ten years ago, CoinWeek conducted a thorough analysis of the certified population of each issue in the American Silver Eagle series, tracking population growth at NGC and PCGS for the grades MS-69 and MS-70. An enormous disparity in the number of coins certified by each service existed, and for the many early dates in the American Silver Eagle series, PCGS reported populations in the single digits with certain dates having no examples certified in the top grade.
An issue with coins developing milk spots after their encapsulation (all evidence pointed to a production issue at the U.S. Mint) caused PCGS to change its policies regarding the MS70 grade for most early American Silver Eagles. A July 10, 2007 Press Release provided collectors with guidance regarding the service’s intention to begin grading the coins “based on their condition at the time of grading, without the probability of future spotting.” In that same press release, PCGS announced that it was investigating the milk spot issue for earlier date Silver Eagles. From 2007 to 2015, this investigation yielded nothing that enticed the company to change its policies regarding the older date issues.
In 2015, the 1991 American Silver Eagle was one of the coins where no PCGS MS-70 coins had every been certified. In 2024, the population now stands at 329, which is roughly 9% of every 1991 Silver Eagles certified by PCGS since 2015. We infer that a change in policy as it pertained to 1991 Silver Eagles primed the pump for new submissions and that the high grading percentage is owed in part to crossovers from NGC. On this issue, we have not reached out to PCGS for comment.
Over the course of the same 10 years, NGC has increased its population of 1991 Silver Eagles by more than 30%. The population of NGC MS-70s has increased from 192 coins to 1,487. The NGC MS70 success rate is roughly 3.3% over this period of time. In the years leading up to 2015, that success rate was only 0.2%
This begs the question, are the grading services seeing better coins, or have the standards been adjusted?
CAC launched a new full-service grading service in 2023. Its population data is still too low to draw any real conclusions. As of February 2024, the service reported 20 coins in MS-69 and 15 coins in MS-70. We understand that dealers have sent the company a number of coins in NGC and PCGS holders as well as raw coins.
What are 1991 American Silver Eagles in MS-69 and MS-70 Worth?
The value of the 1991 American Silver Eagles has held stable for many years, with the typical example graded by NGC or PCGS selling for $40 to $50 retail. If you intend to buy one of these coins, make sure the seller offers a review-return policy in the event that the coin has a milk spot. Most professional dealers will not buy or sell spotted coins, and typically, a well-photographed coin is sufficient for one to make a smart purchasing decision.
