1988-S American Silver Eagle Proof : A Collector’s Guide
By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The same year that the American Silver Eagle Proof coin debuted, the United States Mint had a runaway hit with the Statue of Liberty Centennial Commemorative Coin Program. The Statue of Liberty Proof silver dollar sold 6,925,627 pieces, while the clad half dollar sold 6,414,638. Demand for these collector coins was more than five times higher than for the Proof version of America’s first silver bullion coin. Today, collector enthusiasm is clearly more in the Silver Eagle camp.
When the Mint produced the 1988-S American Silver Eagle Proof, the modern commemorative craze was waning. Collectors purchased only 1,359,366 Proof examples of the rather uninspired 1988 Seoul Olympiad commemorative. Meanwhile, the 1988-S American Silver Eagle Proof sold 557,370 pieces. This figure was a far cry from the 1986 demand, but the half-million sales number would more-or-less continue through 1992. Because of the care taken in producing these coins, the Mint had successfully established a sizable collector base for its annual silver Proof coin.
The U.S. Mint offered the 1988-S American Silver Eagle Proof for sale at $23. Adjusted for inflation, this comes to about $60 in 2024 dollars. The price of silver at the start of 1988 was about $6.80. The metal would peak at $8.00 at the end of July before retreating to $6.00 at the end of the year. Collectors in 1988 were okay with paying the Mint’s stiff surcharge.
What Is the 1988-S American Silver Eagle Proof Coin Worth?
Ten years ago, the typical 1988-S American Silver Eagle sold for about $50 in Proof 69 Deep Cameo/Ultra Cameo. This was a slight premium over the prices sellers were getting for the same coin in Original Government Packaging. $50 in 2013 money is equivalent to $66 in today’s money. Using that as our measuring stick, we see that the 1988-S American Silver Eagle has essentially held its value in the Proof 69 (OGP) grade. The date is a steady seller, and the certified population at this level has increased by 13,821 pieces since March 2014.
The population of Proof 70s has also increased. From 2013 to 2014, PCGS added 287 Proof 70s to its pop report. In the 10 years since, it has added, on average, 254 coins per year. As of this publication, the PCGS population stands at 3,780. Interestingly, this is a ratio of 2.56 70s to one 69 (Through 2014, that ratio was 9:1).
NGC reportd the much lower population of 842 Proof 70s in 2014; today, that number has grown to 3,095. In real terms, the difference between the two grading services is negligible.
CAC, a new grading service reports only eight coins in its census – all Proof 70s.
So, how much is a Proof 70 1988-S American Silver Eagle Proof worth in 2024?
CoinWeek reviewed over 50 prices realized on the leading online auction websites. What this data shows will surprise you. At the low end, a PCGS PR70DCAM sold in January 2024 for $128.50 in the company’s generic blue “fader” label. On February 19, 2024, a buyer paid $995 (the asking price) for an NGC PF70UC example with a signed John Mercanti label. That same coin in a Mercanti-signed label sold for $545 a month earlier. On February 9, 2024, a PCGS PR70DCAM with a John Mercanti-signed label sold for $362.95. These prices are all over the place and indicate an active market that lacks clear pricing information.
What should you pay for a Proof 70 today? A more realistic retail price is between $300 and $320. History shows that the “hand-signed premium” will not likely hold.
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Market Data and Noteworthy Specimens
The PCGS PR70DCAM has increased from 3,780 to 4,206 since March 2024. In that same period, the NGC population rose from 3,095 70s to 3,291.
Top Population: PCGS PR70DCAM (4,206, 2/2025), NGC PF70UC (3,291, 2/2025), and CAC PR70DCAM (17, 2/2025)
- NGC PF70UCAM: eBay, February 18, 2025 – $369
- PCGS PR70DCAM: eBay, February 16, 2025 – $320. 19 bids. John Mercanti signature label.
- NGC PF70UCAM: eBay, February 11, 2025 – $414. 21 bids. Ed Moy signature label.
- PCGS PR70DCAM: eBay, February 10, 2025 – $309.92.
- PCGS PR70DCAM: eBay, February 7, 2025 – $349.95.
- PCGS PR70DCAM: eBay, February 2, 2025 – $198.50.
- NGC PF70UCAM: eBay, March 4, 2024 – $320
- PCGS PR70DCAM: eBay, March 3, 2024 – $241.50. Michael Reagan Signature Label.
- PCGS PR70DCAM: eBay, February 28, 2024 – $534.99. John Mercanti Signature Label.
- NGC PF70UCAM: eBay, February 16, 2024 – $364. Elizabeth Jones Signature Label.
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Design
Obverse:
Sculptor Adolph A. Weinman’s Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown, and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she also reaches out and presents a welcoming and open hand. So large is Lady Liberty that she is superimposed over the obverse legend LIBERTY ringing the obverse – in fact, she obscures half of the “BE” and almost the entire “R”. Above Liberty’s outstretched rear foot is IN GOD WE TRUST, and below her is the date 1988.
The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins. Numismatist Roger Burdette posited in his book Renaissance of American Coinage (2007) that this was not a coincidence and while Adolph Weinman did not directly copy, he did derive significant inspiration from Roty’s work. Weinman’s Liberty Walking design quickly became one of America’s most iconic numismatic images and would be used with minor modifications on the American Silver Eagle bullion coin starting in 1986.
Reverse:
United States Mint Chief Engraver John M. Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon that bears the motto E PLURIBUS UNUM. Above its head, is a constellation of 13 stars configured in an upside-down pyramid formation. Wrapping around the design is the legend (top) UNITED STATES OF AMERICA and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR. Below the olive branch is the S mint mark of San Francisco.
Edge:
The edge of the 1988 American Silver Eagle Proof coin is reeded.
Coin Specifications
| American Silver Eagle Proof Coin | |
| Year of Issue: | 1988 |
| Denomination: | One Dollar (USD) |
| Mintmark: | S (San Francisco) |
| Mintage: | 557,370 |
| Alloy: | 99.9% silver |
| Weight: | 31.1 g |
| Diameter: | 40.6 mm |
| Edge: | Reeded |
| OBV Designer: | Adolph A. Weinman |
| REV Designer: | John M. Mercanti |
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The post 1988-S American Silver Eagle Proof : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.
1. The comparison of the 1988 Silver Eagle Proof sales to the Seoul Olympics commemorative is a compelling illustration of collector preferences at the time. It really highlights the Eagle’s growing popularity.
2. I hadn’t realized how much the price of silver fluctuated during 1988. It puts the Mint’s surcharge in a different perspective.
3. The disparity in Proof 70 prices is remarkable. It underscores the importance of understanding the nuances of the market before buying or selling.
4. The information on population increases for PR70DCAM and PF70UC coins is valuable for collectors tracking long-term trends.
5. It’s insightful to see how Weinman’s design for the Silver Eagle drew inspiration from earlier numismatic art. The connection to Roty’s Sower adds another layer of appreciation.