1997 American Silver Eagle : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The 1997 American Silver Eagle, like many pre-2000 bullion strikes, has a complicated story that will not be apparent to those looking at the issue at a superficial level. What is commonly said about the 1997 is that this issue has the third-lowest mintage in the series, with only the 1996 and 1994 American Silver Eagles being lower. The 1996 mintage is 691,618 coins lower, which amounts to 1,383 fewer Monster Boxes. Regardless of whether the 1997 American Silver Eagle has the third-lowest or the 30th-lowest mintage, 4,295,004 is a sufficient number of coins to satisfy the collector market for generations. We don’t accept that this issue is a semi-key or “tough date”.

The certified market for the 1997 American Silver Eagle echoes what we have seen for many supposed condition rarities in this series: a disparity between MS70 populations at PCGS and NGC, leading to massive PCGS premiums and an overwhelming mass-market preference for NGC, followed by a rapid rise in PCGS populations with the 69:70 ratio from the recent period being drastically different than what was reported before. We make no inference as to why this is the case, but it is the case and as a result, the record prices paid for PCGS MS70 1997 American Silver Eagles in 2016 are five times higher than what the same coin would sell for today.

In 2014, the PCGS MS70 population was three coins, with 4,865 certified at MS69. As of July 24, 2024, the PCGS population is 263 in MS70 and 9,255 in MS69.

How a Change in Submission Policy Impacted American Silver Eagle Populations

Through about 2008, it was not unusual for American Silver Eagle bullion coins to grade out at MS68 or MS69, with occasional pieces that picked up contact marks in transit because of how the submitter packaged them grading MS66 or below. These oddball grades are difficult for sellers to process and the grading services all but eliminated these coins from their census by allowing bulk submitters to select a minimum grade. With a minimum of MS69 selected, coins that did not qualify were simply returned. So long as enough coins earned the minimum grade or higher, the submitter was not charged for those that did not make the cut.

69:70 Grade Ratios Have Fallen Dramatically Since 2014

Without knowing precisely what changed since 2014, we can see that the ratio of 69:70 at PCGS has gone from 1,499:1 to 16.95:1. The NGC ratio has declined as well, but not as dramatically. In 2014, NGC graded 165 MS69s for every 70. For coins graded over the past 10 years, their ratio has fallen to 67:1.

With such a low population of MS70 coins at the outset, collectors were willing to bid coins up well above comparable coins graded by NGC. The fact that NGC would certify, on average, three MS70 coins per Monster Box made the Sarasota, Florida firm a natural choice for mass-market submitters. As it was clear that the PCGS MS70 population had entered a phase of steady growth (NGC is still adding 70s at a roughly 1.7:1 pace), the justification for big PCGS premiums went away. Today, coins from the two services trade on par.

Another interesting point for the investor relates to the price performance of NGC coins. Ten years ago, NGC MS70s traded for $950 to $1,100, a range that was down from the previous year. Adjusting for inflation, this range would be $1,275 to $1,475 in today’s dollar – which is also today’s market level for PCGS and NGC MS70 coins. To put a finer point on it, the value of NGC MS70 1997 American Silver Eagles has merely kept up with inflation since 2014, while the record-setting PCGS MS70 sold in 2016 has lost 86% of its inflation-adjusted value.

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1997 American Silver Eagle Market Data and Noteworthy Specimens

Since July 2024, the NGC population of MS70 coins has increased from 977 to 1,015, and the PCGS population of MS70 coins has increased from 263 to 267. Over the same period, the CAC population has fallen from 10 to 5.

Top Population: PCGS MS70 (267, 3/2025), NGC MS70 (1,015, 3/2025), and CAC MS70 (5, 3/2025).

• PCGS MS70 #47620513: eBay, August 10, 2024 – $3,995. John Mercanti signature label.
• NGC MS70 #5843799-001: eBay, July 24, 2024 – $1,995. John Mercanti signature label.
• NGC MS70 #1863485-015: eBay, June 11, 2024 – $1,228.79.
• PCGS MS70 #45210175: eBay, May 25, 2024 – $1,374. John Mercanti signature label.
• NGC MS70 #6017009-004: eBay, May 4, 2024 – $1,328.21. John Mercanti signature label.
• NGC MS70 #1863485-040: Stack’s Bowers, April 3, 2024, Lot 13537 – $960.
• NGC MS70 #1857470-010: Heritage Auctions, January 15, 2024, Lot 92059 – $1,500. John Mercanti signature label. Heavily milk-spotted.
• PCGS MS70 #39839764: Heritage Auctions, October 9, 2023, Lot 51421 – $780. PCGC pop 110 when offered.
• PCGS MS70 #81873640: Heritage Auctions, August 4, 2017, Lot 4749 – $4,465. PCGS Pop 39 when offered. Heritage Auctions, December 25, 2019, Lot 27593 – $612. David Lawrence Rare Coins, July 11, 2021, Lot 676997 – $1,450.
• PCGS MS70 #81938071: GreatCollections, October 30, 2016, Lot 402117 – $7,969.50. Possibly re-certified in Mercanti signature label.
• PCGS MS70 #81325820: Heritage Auctions, September 8, 2016, Lot 5839 – $6,462.50. PCGS Pop 14 when offered.

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Design

Obverse:

Artist 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 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 the motto IN GOD WE TRUST, and below her is the date 1997.

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.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend (top) UNITED STATES OF AMERICA is wrapped around the design and the fineness and denomination (bottom) 1 OZ. FINE SILVER. ONE DOLLAR.

Edge:

The edge of the 1997 American Silver Eagle bullion coin is reeded.

Coin Specifications

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