The 1994-P American Silver Eagle Proof coin is a significant piece for coin collectors and investors due to its unique features and limited mintage. This guide will break down the essential details of the 1994-P Silver Eagle, its market value, and its design, making it easier to understand for both new and experienced collectors.
Overview of the 1994-P American Silver Eagle Proof Coin
In 1994, the United States Mint faced a drop in demand for various coins, including the American Silver Eagle series. Despite this, the 1994-P American Silver Eagle Proof coin stands out because of its low production numbers. Here’s a summary of its key features:
| Feature | Detail |
|---|---|
| Year of Issue | 1994 |
| Mintage | 372,168 |
| Original Issue Price | $23 ($49.48 in 2024 dollars) |
| Current Price Range | $100 – $115 (raw) |
| Graded Proof 69 Price | Approximately $200 |
| Graded Proof 70 Price | Around $800 |
Why Is the 1994-P American Silver Eagle Proof Special?
Comparison to Other Coins
Although the 1994-P has a low mintage, it is not the rarest or most valuable coin in the American Silver Eagle series. Here’s a comparison with other significant coins and Proof Sets:
| Coin/Set | Mintage | Comment |
|---|---|---|
| 1955 Proof Set | Lower than 1994-P | Higher attrition rate, not considered key |
| 1994 World Cup Silver Dollar | 81,524 | Lower mintage, but trades at spot prices |
| Thomas Jefferson Commemoratives | Various | None matched the 1994-P’s sales numbers |
Key Date Status
Despite its marketing as a key date, the 1994-P is not among the top five lowest-mintage Proof Type I Silver Eagles. It is often highlighted because it tells an engaging story and provides a more affordable alternative to the 1995-W American Silver Eagle, which is the true key date.
Market Value of the 1994-P American Silver Eagle Proof Coin
Current Prices
The value of the 1994-P American Silver Eagle Proof coin varies based on its condition and grading. Here’s a look at recent prices and trends:
| Grade | Population (9/2024) | Average Price | Price Change Since 2014 |
|---|---|---|---|
| Raw | N/A | $100 – $115 | 33% decrease |
| Proof 69 | N/A | Approximately $200 | 33% decrease |
| Proof 70 | 5,392 (PCGS & NGC) | About $800 | 65% decrease |
Noteworthy Specimens
Here are some examples of high-grade 1994-P American Silver Eagle Proof coins recently sold:
| Specimen | Grade | Price | Date of Sale |
|---|---|---|---|
| NGC PF70UCAM #4555673-024 | Proof 70 | $799 | September 6, 2024 |
| PCGS PR70DCAM #45684543 | Proof 70 | $816 | September 1, 2024 |
| PCGS PR70DCAM #50473651 | Proof 70 | $680 | August 31, 2024 |
| PCGS PR70DCAM #47081295 | Proof 70 | $299.99 | August 24, 2024 |
Design Details of the 1994-P American Silver Eagle Proof
Obverse
The obverse of the coin features Lady Liberty, designed by Adolph A. Weinman. This design is notable for its:
| Design Element | Detail |
|---|---|
| Image | Lady Liberty in a flowing gown, holding laurel and oak branches |
| Inscriptions | “LIBERTY”, “IN GOD WE TRUST”, and “1994” |
| Design Inspiration | Similar to Oscar Roty’s “The Sower” on French coins |
Reverse
The reverse of the coin showcases the Heraldic Eagle, designed by John Mercanti:
| Design Element | Detail |
|---|---|
| Image | Heraldic Eagle with a ribbon and stars |
| Inscriptions | “UNITED STATES OF AMERICA”, “E PLURIBUS UNUM”, “1 OZ. FINE SILVER. ONE DOLLAR” |
Edge
The edge of the coin is reeded, contributing to its distinctive appearance.
Specifications
Here is a table summarizing the specifications of the 1994-P American Silver Eagle Proof coin:
| Specification | Detail |
|---|---|
| Year | 1994 |
| Mintage | 372,168 |
| Alloy | .999 silver |
| Weight | 31.1 grams |
| Diameter | 40.6 mm |
| Edge | Reeded |
| Obverse Designer | Adolph A. Weinman |
| Reverse Designer | John M. Mercanti |
Conclusion
The 1994-P American Silver Eagle Proof coin holds a special place in the world of coin collecting due to its low mintage and unique design. While it is often considered a key date, its true rarity and value are more nuanced. Understanding the coin’s market trends, design, and comparison with other coins can help collectors make informed decisions about its value and significance.
FAQ’s
What is the significance of the 1994-P American Silver Eagle Proof coin?
The 1994-P American Silver Eagle Proof coin is significant due to its low mintage of 372,168, making it a notable piece among collectors. Despite its lower production, it is not the rarest in the series but remains popular due to its unique design and historical context.
How much is the 1994-P American Silver Eagle Proof coin worth?
As of September 2024, the 1994-P American Silver Eagle Proof coin typically sells for $100 to $115 if ungraded. Graded Proof 69 coins are priced around $200, while high-grade Proof 70 specimens can fetch about $800. Prices have seen a significant decrease over the years.
What design elements are featured on the 1994-P American Silver Eagle Proof coin?
The coin features Lady Liberty on the obverse, designed by Adolph A. Weinman, and the Heraldic Eagle on the reverse, designed by John Mercanti. The obverse shows Liberty with a flowing gown and branches, while the reverse displays an eagle clutching a ribbon with the motto “E PLURIBUS UNUM.”