1994-P Proof American Silver Eagle

in Proof Silver Eagles

The 1994-P Proof American Silver Eagle would mark the end of a four-year slide in mintages for the Proof Eagle series. The series itself first appeared from the United States Mint in 1986 as the numismatic versions of bullion Silver Eagles created through an Act of Congress.

Congress initially required the production of the related bullion Eagles with the passage of the Liberty Coin Act of 1985 as a means to reduce the stockpile of the precious metal silver owned by the government. These Proof Silver Eagles were then also created for collectors by the US Mint, although it was not legally required to do so.

Both the proof and the bullion Silver Eagles have featured (and still do today) the same basic specifications and designs. This includes a composition of one ounce of .999 fine silver and a diameter of 40.60mm.

Designs for the series was generally dictated by the bullion coin authorizing legislation which required the obverse to by "symbolic of Liberty" and the reverse to feature an eagle. The design chosen for the obverse was actually a familiar one to collectors.

It depicts "Walking Liberty" and was first used by the US Mint on the 1916-1947 half dollar coin. The design is the work of artist Adolph A. Weinman and has grown to be considered by many as one of the most beautiful ever struck on an American coin. The reverse shows a heraldic eagle with shield image as designed by US Mint engraver John Mercanti.

Production of the 1994 Proof Silver Eagles was carried out by the US Mint’s facility in Philadelphia. This marked the second year for the Philadelphia production of the series with all previous strikes minted at the San Francisco facility.

1994 Silver Eagle Mintages

As previously mentioned, mintages for the year were at an all-time low compared to previous annual releases. In fact, aside from special releases, the 1994 stands as the lowest annual mintage for a Proof Silver Eagle. The United States Mint recorded a total number sold of just 372,168. This was a drop of 33,745 from the previous year and 323,342 from 1990. The US Mint sold each 1994 Proof Silver Eagle for $23.00.

Bullion Silver Eagles also saw mintage declines in 1994 with just 4,227,319 year-dated strikes sold. This was a drop of over 2.5 million from the previous year. The London Fix for Silver for 1994 averaged $5.28 an ounce, up significantly from 1993.

1994-P Proof American Silver Eagles on Sale

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