Owner Comments:
Along with the introduction of bullion coinage in the United States in 1986, Proof versions sold directly by the Mint to collectors were also introduced. The designs of the silver eagle and gold eagle Proof coins were the same as for the bullion versions intended for investors, although they did include the mintmark, which was omitted from the bullion issues. Proofs were also specially manufactured: they were struck twice on polished blanks from dies that were prepared to impart a mirrored field as well as the frosted devices that lend the silver eagle Proof a rich, cameo-like appearance. It’s clear that collectors were hungry for a one-ounce U.S. silver coin. Before the silver eagle, collectors of modern issues had to buy foreign coins if they wanted silver. This gap in U.S.-minted coinage was a contributing factor to the issuance of the silver eagle. The design of the silver eagle was also a strong draw to collectors, as it reused the Liberty Walking design created by A.A. Weinman for the half dollar that circulated from 1916 to 1947. The Liberty Walking half dollar has often been called the most beautiful U.S. silver coin ever produced. For all these reasons, in addition to the fact that this was the first silver dollar to be produced in nearly a decade, sales of the 1994-P American silver eagle Proof were strong right out of the gate. In 1986, an as-yet-unsurpassed 1.4 million Proof silver eagles were sold. In 1987, another 900,000 were sold. Thereafter, sales began to cool. After peaking at more than $10 an ounce in 1987, silver prices declined. Silver traded between $6 and $7 an ounce throughout much of the late 1980s, but would fall below $4 an ounce in the early 1990s, souring collectors on buying coins from the Mint that were trading in the secondary market for less than the $23 issue price. Sales of the Proof silver eagle hit a new low in 1994, reaching only 372,168 coins—the lowest figure in the series up to that point. In response to stunted sales, the mint made several change in 1995. First, they lengthened the sales period from just two months to most of the year. Second, the issued a special tenth anniversary coin, the 1995-W silver eagle which we all know and love.
Garrett, Jeff; Schechter, Scott. 100 Greatest US Modern Coins (Kindle Locations 2767-2773). Ingram Distribution. Kindle Edition.