One of the special Silver Eagles issued in 2011 by the United States Mint was the 2011-P Reverse Proof American Silver Eagle. This coin appeared exclusively as part of the five-coin 25th Anniversary American Silver Eagle Set.
Collectors sought out the set in large part because of the inclusion of two coins struck and released only in the collection. Those two special coins are this Reverse Proof Eagle and a 2011-S Uncirculated American Silver Eagle.
This release was not the first time the United States Mint issued an Eagle with the special reverse finish. The 2006-P Reverse Proof American Silver Eagle appeared that year as part of the 20th Anniversary American Silver Eagle Set. Just like that previous set, collectors scrambled to obtain the newest version and a sell-out occurred in just hours.
A reverse proof coin features design elements that appear opposite of the standard proof coin. On a regular proof coin from the United States Mint, the devices have a frosted appearance while the field appears mirror-like. The reverse proof coin has mirror-like devices with a frosted field.
Designs and other specifications for the Silver Eagles have remained the same since their debut. This includes a composition of one ounce of .999 fine silver. It also includes an obverse depiction of "Walking Liberty" and a reverse of a heraldic eagle with shield.
The obverse design was originally completed by Adolph A. Weinman for the 1916-1947 half dollar coin and is considered by many to be one of the most beautiful designs ever struck on an American coin. The reverse was designed by US Mint engraver John Mercanti.
2011 Reverse Proof Silver Eagle Mintages
Demand for the 2011-P Reverse Proof American Silver Eagle and the other four coins of the 25th Anniversary Set was so intense that a complete sell-out occurred in just four and a half hours. The set had a mintage of 100,000 which is also the same mintage as the reverse proof coins since they were only sold as part of the collection. The five-coin sets had an original US Mint price of $299.95.
Bullion Silver Eagle demand in 2011 also proved high. According to the US Mint, 40,020,000 year-dated Silver Eagles were sold in 2011. The average London Fix for Silver that year was $35.12