2012-S American Silver Eagle Two-Coin Proof Set Ordering Begins

by Rhonda Kay on June 7, 2012 · 32 comments

2012-S American Silver Eagle Two-Coin Proof Set

In a release notification e-mail, the U.S. Mint sent this image of the 2012-S American Silver Eagle Two-Coin Proof Set which went on sale today for $149.95

Starting at noon Eastern Time (ET), the United States Mint began accepting orders for its 2012-S San Francisco American Silver Eagle Two-Coin Proof Set which was released at the expected price of $149.95. An ordering deadline has been implemented with sales cutting off in four weeks, on July 5, at 5 PM ET.

Order volume was exceptionally high early as the U.S. Mint website went through what have become traditional hiccups during the debut of popular products — periods of complete downtime, inability to place orders and general sluggishness. While slowness remained prevalent across the Mint’s online store, very determined and very patient collectors were more readily able to place orders after some 90 minutes had passed, but it was still hit and miss. The site remains abnormally slow and prone to errors as of this writing, which is more than three and a half hours after the set went on sale.

[Update: The first reported sales figures for the set came in at 85,341. Those were published by the U.S. Mint close to 26 1/2 hours after the proof set was released.]

2012-S Proof and 2012-S Reverse Proof American Silver Eagle Coins

2012-S Proof and 2012-S Reverse Proof American Silver Eagle

The two-coin proof set is unique in that the proof Silver Eagles are produced at the U.S. Mint facility in San Francisco, California and not West Point, New York. Specifically, the proof set contains one 2012-S Proof American Silver Eagle and one 2012-S Reverse Proof American Silver Eagle. Each coin has the San Francisco ‘S’ mint mark. The reverse proof has a mirror-like design against a frosted background, or the opposite of the standard proof Eagle collectors have seen annually for all but one year since 1986.

Most observers feel the price is at least a tad on the steep side. With two troy ounces of the precious metal in the proof set, the current melt value is $58.56 while the London silver fix is $29.28 an ounce. That places the premium at $91.39.

Order and Shipping Information

Buyers may place an order for the 2012-S American Silver Eagle Two-Coin Proof Set through the U.S. Mint online product page, located here, or by calling the bureau at 1-800-USA-MINT (872-6468). There are no per household order limits in place.

As mentioned earlier, the ordering deadline is July 5, 2012 at 5 PM ET. After that, the U.S. Mint will cease sales.

Delivery of the proof set will take some time since the U.S. Mint does not plan to start filling orders until after sales have ended. The bureau currently has a posted message indicating that the sets will be available for shipping on July 27, 2012.

The process of selling for a limited-time, minting to demand, and shipping after the product is no longer sold is new for the Mint. It is in stark contrast to the five-coin 2011 American Silver Eagle 25th Anniversary Set that had a mintage limit of 100,000 and sold out in 4 1/2 hours, leaving some collectors who wanted one empty handed.

{ 32 comments… read them below or add one }

Jack June 7, 2012 at 5:39 pm

Wow, a daily total on sales of this set on the Mint’s web sight. Do we want to start a pool with first day’s totals? My guess, and I’m basing it on the Mint’s sight being “clogged” and past ASE sales, will be 225K-250K sets sold first day. Check the Mint’s sight around 3PM EST on the 8th for the results. These will have a mintage over 1M when it’s over with. I’ll send my dollar in to who ever is holding it for the pool. What a beautiful set though. Those reverse proofs are simply breath taking!

Mike June 7, 2012 at 7:45 pm

With all the nay sayers about the price and not worth buying I agree a lot of sets will be bought especially when you already see them on eBay for 300 a set. People try to down play this set but lets face it everybody bought a least one or two sets. Me I bought four sets and they will go nice with my two 25th anniversary sets from last fall. At any price the us mint decides it is hard to turn down or not buy a hot coin or set. Five years from now they probably will be worth 300 a set especially when graded pcgs70.

jim June 8, 2012 at 9:11 am

Jack – I find it difficult to see the detail in the reverse proof so I don’t get the enthusiasm for that coin.
Mike – In 5 years they’ll be worth twice what you paid and you only bought 4? Sounds like you’re not very confident in your profit projection. Since the only difference between these and others is the mint mark my bet is the premium will go down to $25-$50 at most once the 4 weeks are up.

Jared June 8, 2012 at 10:02 am

This is a must have, for at least 1 set for me. I am buying two, in the attempt to offset my guilt for only buying 1 25th Five coin set. I don’t think this will work. I fill better Sorry than safe here. If I buy zero and it holds a premium even if its slight, I will be greatly disappointed. On the other hand if I buy two and they drop in price then I don’t have to worry about selling them I will pass that burden on to my children… Just like I will pass on the Great National DEPT.. Let them deal with it…

I am going to guess the First week will be over 400,000 but it will not go over 10000000 total sales. The magic number the little bird told me was 881,221

Shawn June 8, 2012 at 4:16 pm

The pricing is a real stab in the back for collectors. There is zero justification for the pricing. The five coin set went for 60$ a coin with a great presentation box and the coins have a smaller mintage.
This is a rip-off. I bought my set, but see the probability of it falling in price as a real concern. Just as the uncirculated 2011 eagle was reduced and still hasn’t sold out.

jim June 9, 2012 at 7:05 am

I don’t believe there is a mintage limit for the 2011 uncirculated silver eagle – it’ll never sell out as they’ll keep making them until the 2012 version comes to market which won’t be until Aug 2, 1 1/2 months away.

Ed June 9, 2012 at 8:01 am

85k is high for the ist day. They should have offered it for 1 week.

Joe June 9, 2012 at 12:54 pm

Has anyone heard about a [first day of issue] label by NGC if the shiping box is not open. The date will be on the box.

Ed June 9, 2012 at 3:14 pm

You need to read my post, on my experience with PCGS, with a 2006 set son. Maybe your Father can talk to you soon….

Joe June 9, 2012 at 5:12 pm

Let’s here about your experience old man.

Ed June 10, 2012 at 7:11 am

2006 silver/gold 20th anniversery unc set, got it graded, slabed first strike,sold it for bullion. The mint and grading service took me for a ride. still made $500 on a set that was’nt unique for 20th anniversery.

Joe June 10, 2012 at 12:15 pm

Thank’s Ed glad to see you made out all right on that. But did anyone hear if there is going to be (First Day Of Issue) label by NGC for the 2012 American Silver Eagle two coin proof set.

Joe June 10, 2012 at 12:17 pm

Thank’s Ed glad to see you made out all right on that.

Ed June 10, 2012 at 12:31 pm

Joe:Take a look @ the 2006 set in redbook, selling for a little over spot…. You might find first day issue on tv , I do’nt know if they will even have an (early release) . You might want to check ebay for a reference though.

Ed June 10, 2012 at 12:38 pm

correction they do have an early release accourding to their site. guess they know about the shipping more than we do.

Joe June 10, 2012 at 3:37 pm

Ed, i’m going to call NGC tomorrow thankyou for your help.

Ed June 10, 2012 at 7:32 pm

Do’nt thank me .I’m just looking it up for you….:)

Ed June 10, 2012 at 7:38 pm

old man ?? I RETIRED @ 47.I’m now 49. LOL !!!

Stuart Wheeler June 11, 2012 at 7:04 am

I’ve been interested in numismatics for the most part since the mid 1960s; I’m old enough to remember finding 90% silver dimes, quarters and an occasional half dollar in circulation everyday. I recall from time to time Wheat cents, Buffalo nickels, Mercury dimes, Standing Liberty quarters as well as Walkers and Franklins being found in circulation as well. Yes, I’m old and pushing 60. Aside from all that, does anyone know what the 2012-S two coin Silver Eagle set will do to the price of the 2006 20th Anniv. set and the 2011 25th Anniv. set? I imagine people will try to take out the reverse proofs from both sets to make a three coin reverse proof set consisting of the 2006-P, 2011-P and 2012-S. Not including the West Point burnished coins, it appears that the 2011-S burnished Silver Eagle will be the only non-proof out of San Francisco carrying the S mint mark going forward. That’s my view.

Victor June 11, 2012 at 8:17 am

Don’t forget, don’t open the shipping container, if you expect to get them certified with a unique distinction. Chances are, the mint will somehow release them again, separately or as part of a year set of all silver eagles. Be prepared for all scenarios. Remember the 2006, anniversary set. Most of us opened them to see how nice they were and only one coin could then get the special designation. If you want them certified, and want ER designation, great send them in immediately after receiving them. If ER doesn’t concern you, wait till the year is out so you can be sure the Mint doesn’t put the kibosh on your plans. If no more “S” mint coins are released in another way, then you’re safe.
By the way, I ordered 6 sets. Not to sell, but for the children!

Ed June 11, 2012 at 10:40 am

How do you know the grading service does’nt switch your perfect 70 coin , with a 68 or 69??……..ya never saw what you had to begin with .and it’s BIG $$$

Ed June 11, 2012 at 10:42 am

when you join it can be silver,gold,platinum membership depending on how much you pay.

RonnieBGood June 11, 2012 at 1:12 pm

Early Releases & Special Designations, these are modern schemes by the grading companies and dealers to squeeze money out of inexperienced collectors. The grading companies even charge more for the “Special Label”. What is the great deal of the coin being sold within the 1st month of issue? It adds no value to the coin at all! There was a rumor that the strike would be better? The dies are polished or changed as necessary to maintain a MS or PF 69 to 70 from the US Mint. In very rare occasions a 68 will get through Quality Control. Don’t waste your money on an Early Release or a First Strike or any other type of Special Label. Mintages are typically low on special issues. Look at the total mintages and base your purchases on low issue numbers and not special labels.

Joe June 11, 2012 at 1:17 pm

Called NGC no (FIRST DAY OF ISSUE) label.

Ed June 11, 2012 at 2:47 pm

With my 2006 silver/gold set I got two MS68 !! I learned my lesson , never again.

jim June 12, 2012 at 7:50 am

RonnieBGood – right on! The special designation is a construct by the PCGS to create a demand so they can make more money. First Day Of Issue has relevance for stamps and in fact the issuing post office will use a special FDOI cancellation stamp. Since the mint doesn’t do something like that, when a coin is minted has no relevance to its value as a collectable. Collectors have been bamboozled into thinking stamp rarity and coin rarity are similar.

steve June 30, 2012 at 10:52 pm

This is the US Mint throwing us a bone for screwing the public on last years anniversary set (the one with the P reverse proof).
They are trying to screw us again with this set by setting the premium ridiculously high.

I hope this high premium precludes many from buying the set, keeping sales low, and forcing them to melt those unsold. If they break 200K, I will be surprised.

ron July 6, 2012 at 6:14 pm

With a mintage of a little over 250,000 the regular issue proof with the S mint mark on reverse might be a big sleeper.

Victor August 3, 2012 at 2:27 pm

In June, I wrote: “Don’t forget, don’t open the shipping container, if you expect to get them certified with a unique distinction. Chances are, the mint will somehow release them again, separately or as part of a year set of all silver eagles. Be prepared for all scenarios. Remember the 2006, anniversary set. Most of us opened them to see how nice they were and only one coin could then get the special designation. If you want them certified, and want ER designation, great send them in immediately after receiving them. If ER doesn’t concern you, wait till the year is out so you can be sure the Mint doesn’t put the kibosh on your plans. If no more “S” mint coins are released in another way, then you’re safe.
By the way, I ordered 6 sets. Not to sell, but for the children!”
Today, I received my 6 sets and yesterday, I happened to read on here that the mint will be releasing a coin and chronicle set, later this year which will have a 2012-S Proof ASE. So, My shipment of 75th Anniversary 2 coin sets will remain unopened. No way am I going to do what I did in 2006 with the three coin 20th anniversary set. Damn, there are too many reduntant issues, with the same coins.
Remember, forewarned is forearmed. Happy collecting.

Victor August 7, 2012 at 11:56 am

I just ordered 6 sets of the 2012 MAKING AMERICAN HISTORY COIN and Currency. As I said, previously, the S mint proof ASE is in both sets. Bravo, mint!
Order Date:08/07/2012 at 12:03 AM
These I will keep, unopened, because of the Proof 2012-S ASE is the same as the Proof 2012-S ASE in the 75th anniversary set. I also ordered 6 sets of those. I remarked in an earlier post how not opening them would retain “SET STATUS” in case another issue of the same coin was minted in 2012. Well, I can foresee the future. I did order another Coin and Currency, but just one, to open and enjoy. So, now I have, 5 25th anniversary 5 coin sets, unopened and the two sets coming in.That’s a lot of unopened boxes. I sure hope, no one at the mint, substitutes a brick, in the boxes.

Schim December 22, 2012 at 8:04 pm

I am pretty new to collecting and I have bought quite a bit of eagles 2012. Why do some look super shiny and some look like they haven’t been polished at all? They are almost grey looking and I saw the coin dealer open up a new tube right in front of me. Are they some kind of weird proof or are they normal. Somebody please respond so I don’t loose my shirt. Thank you

Victor DeCurtis December 27, 2012 at 12:05 pm

The “shiny” ones are called “Proof Strike” coins and they are made only for collectors. A premium is added onto the coins, above the actual value of the silver, in the coins. The “gray” dull Eagles, that the dealer took from a white plastic tube are considered bullion coins and are produced by the mint for investors and speculators. They are priced near to the current price of silver, plus a few dollars for the profit margin. The U.S. Mint, also mints the dull gray coins, for collectors, with a mint mark, usually a “W”. These also have a premium added to them, over and above the cost of the silver. Happy collecting, but always keep this in mind. Collectors, collect for the joy of having complete sets of what ever they have chosen to collect. Speculators buy as many of one or multiple different coins, hoping the price will go up, so that they can make a profit on what they sell. Collect or speculate, both have their inherent risks. Collecting will never disappoint you!

Leave a Comment