2012-S Silver Eagle Two-Coin Set Moves to Secondary Market

by Darrin Lee Unser on July 10, 2012 · 25 comments

2012 American Silver Eagle San Francisco Two-Coin Proof Set

2012-S Silver Eagle Two-Coin Set

U.S. Mint sales of the 2012-S American Silver Eagle Two-Coin Proof Set from San Francisco ended last Thursday, July 5, 2012. An ending sales figure published on the set’s product page the following day listed the total number sold at 251,302.

With roughly a quarter of a million purchased, thousands will make their way into the secondary market. In fact, some appeared for "pre-sale" on sites like eBay even before the proof set went on sale on June 7, 2012. Many more have been listed since, and there have been some sizable premiums paid.

Set Premiums in Secondary Market

Through its entire four-week sales window ending on July 5, 2012, the 2012-S Silver Eagle Two-Coin Set was priced by the U.S. Mint at $149.95. Secondary market buyers have shelled out more than that.

A look at successful eBay auctions over the last month finds premiums of 12% to 66%. $194 was the average price paid while the proof set was still available from the Mint.

One reason for paying more in the secondary market could be attributed to order positioning. U.S. Mint customers who placed their orders first will get them soonest. The bureau has indicted that shipments will begin around July 27 and continue through mid-October. Thus, if a seller on eBay indicates their orders were among the first received, a bidder may have been willing to pay more to insure faster receipt. It could also entitle them to special grading opportunities such as a First Strike designation.

Current auctions on eBay are holding at about the same price points. Most bidders have been be able to get a Silver Eagle Two-Coin Set for a bit under $200. Those looking to buy immediately will pay more with the cheapest Buy It Now prices around $240.

Only time will tell if the secondary market premiums hold. With a likely ending mintage close to 250,000 after returns and cancellations trim the last reported sales total, many more will undoubtedly be offered for re-sale.

Each proof set includes one 2012-S Proof American Silver Eagle and one 2012-S Reverse Proof American Silver Eagle, both bearing the San Francisco ‘S’ mint mark. The reverse proof has a mirror-like design against a frosted background. That is the opposite of the standard proof Silver Eagle issued by the U.S. Mint annually since 1986.

{ 25 comments… read them below or add one }

Glenn Stoyan July 10, 2012 at 7:44 pm

I bought 4 sets on the first day and 2 sets the last day

Joe July 10, 2012 at 9:23 pm

Whats up with first release or early release designation by NGC dose anyone know the rules for the 2012-S American Silver Eagle Two-Coin Proof Set? Thanks.

bill July 10, 2012 at 11:12 pm

first strike is a scam to get more of your money

Tony July 11, 2012 at 3:20 am

In response to the comment made by Bill on July 10,2012
You are so so right

steve1942 July 11, 2012 at 8:06 am

Joe, NGC has a special label for set, see their site:
To honor this special release, NGC is offering a unique San Francisco Mint label. All submissions will be automatically encapsulated with this new label.

tim July 11, 2012 at 11:24 am

all sets sent to pcgs or ngc may have to be sent in unopened mint shipping box.

Joe July 11, 2012 at 2:37 pm

Thanks steve1942 I have the answer to my ? from the NGC site. They say to submit them raw in the capsules by the end of August to get early releases or first releases designation. You also can get the new label or blue label & brown label all the same price. No early or first releases on brown label.

Jack July 11, 2012 at 3:53 pm

Does anyone else have concerns sending an unopened box to the grading companies? There’s nothing to stop them from switching out coins. I would love to set them up if you know what I’m saying. I’m with Bill on the “scam” thing!!!

Joe July 11, 2012 at 5:31 pm

I have been collecting my NGC Silver Eagles since 1986. That’s the way I like to collect them. They’re easier to store if you have a lot of them. I have a lot of multiples.

Joe July 11, 2012 at 5:33 pm

I have been collecting my NGC Silver Eagles since 1986. That’s the way I like to collect them. They’re easier to store if you have a lot of them.

Rich July 11, 2012 at 7:21 pm

@bill – the fact is with today’s advancement in the minting process a lot of coins are graded ‘perfect’. The first strike, early release, first releases, etc are just designations that differentiate a perfect coin from another perfect coin. If you really think those designations are a scam you should not collect graded coins. Bottom line – collectors are paying more for these labels because it adds to the rarity and therefore value – to a another collector of course. Look at the price range for all the differently labeled 25th Anniv Sets. I buy and sell so I welcome the opportunity to add a premium for the first coins off the press.

Rich July 11, 2012 at 7:23 pm

@steve1942 @ joe
Write exactly what type of special label you want on the invoice you submit to NGC.

Rich July 11, 2012 at 7:33 pm

@Jack – If I thought the grading company was up to no good I wouldn’t even send them a lincoln cent. I would be more worried about the carrier service than anything. Regardless, you dont need to send them the unopened box. That only applies when one or more coins in the set are sold individually as well as with the set. E.g 2011 W Silver Eagle. Sold in the 25th Anniv set and also individually. In the case of the San Fransico Set we are getting for 2012 – there are no other 2012 S Silver Eagles being sold outside of the set.

Joe July 11, 2012 at 8:55 pm

I have to correct myself I been sending my Silver Eagles to NGC for certification sense 1987 thats when they started. I also buy them already certified if the price is right. Rich I back you up 100%. I have received my share of proof & mintstate 70″s from NGC.

bill July 11, 2012 at 9:52 pm

Rich, thanks for the reply but I do not (or will I ever) have any graded coins in my collection. I think it takes the fun out of it. To have your coin entombed in a plastic tomb is a little weird(kinda like Vlad Lenin lol). You cant touch it, hold it, or even view it without the plastic getting in the way. To pay someone else to say, “boy your coin sure is shiny” is a scam! Sure your coin may be worth more than one that is not graded but you had to pay more to get it graded. I even thought of buying graded coins just to set them free but Im not Rich like you (pun intended) 🙂

Jeff July 11, 2012 at 11:28 pm

wanted to add my 2 cents on the Early Release/First Strike label. Nobody knows, included the U.S. Mint, which coin is minted 1st, 2nd, or last. The Mint doesn’t track in which order the coins come off the press. This is stated in the lawsuit brought against NGC. And in most instances, the Mint already has huge numbers already minted and ready for shipping when the coins are released for sale. The early release/first strike is a marketing ploy by the grading companies. It is based solely on getting coins to the grading companies in their specified time frame. And it just baffles the mind why they bring a premium over normal labeled coins.

RonnieBGood July 12, 2012 at 1:02 pm

To be perhaps the lone one to back a grading company, chew on this:
The price of a coin varies greatly based on the grade. The grading companies of NGC and PCGS provide grading service. They are the ones that have risen to the top. Others have tried and failed. Failed because we the public have judged then as not good enough. With NGC 3 certified “Graders” are used to check each coin. The least grade of the 3 is the one used on the coin. So if a coin sent from the Mint for grading and is given by the three separate graders an “MS70, MS69 & MS70”, then the coin is graded an “MS69”! They provide the service of protecting the collecting community from being “taken” by overpaying for an “opinion” of a coin grade. They also guarantee this service and give you options on selling it to them or being compensated for the difference in grade!
Hope this helps to understand the process. Member ANA and NGC.

Mike July 12, 2012 at 1:10 pm

Is it correct to say that as long as I keep them in their original unopened box and I get my sets in the early batch sent out that I can always send them in later, lets say 1 year from now to get them graded as First Release? Is this just with PCGS?
Just asking, probably will not do this though.

RonnieBGood July 12, 2012 at 1:25 pm

To Jeff and others:
I did also want to comment on Coin Labeling. You are correct in saying that the Label adds no value to the coin. The Mint does not track the order that coins come out of the Mint and the “First Strike, Early Release, etc” only state that the coin was sent to the Grader within the First 30 Days of issue! To ass/u/me that this is a sharper strike or from a newer die is not a good assumption. Most collector coins for the entire year are run within one week and are done months in advance of sales! When they are not, that is when you see the shipping dates pushed into the future.
Dies are polished and/or replaced as needed to maintain Quality Control. To pay extra for the Label is just a “market” that the Grading Services have created (it costs an extra $5 per coin for these labels). They will cater their Labeling Services to large grading orders/buyers. There are many specialty Labels that have been done so “Buyer Beware”! An informed collector is a smart collector. Member ANA and NGC.

RonnieBGood July 12, 2012 at 1:28 pm

Mike, Yes.
Only PCGS will Grade First Release beyond 30 days by date from unopened boxes.

Mike July 12, 2012 at 1:29 pm

Thanks RonnieBGood

Rich July 12, 2012 at 4:11 pm

Good stuff RonnieBGood.

Skip Goez July 16, 2012 at 5:43 am

I bought mine from the mint one hour before the deadline—–am now waiting for them to show up—-until they do, I will start filling in some other 2012 issues and treat myself to some other Silver Eagles from other years——Sounds alittle paranoid out there——-I wonder if I resent all mt Eagles from ’86 on, would I receive a ’70 instead of ’69——-to my eyes, ’69 and ’70’s look exactly the same——so—–when these 2012’s come in from the mint—–do I not or do I do open the case——that is the question——–Skip

jonny oneal August 6, 2012 at 11:03 am

I ordered one set the first day. I received them last week, about Wednesday of the last week in July. When I opened the undamaged box, I immediately noticed without using a loupe that the reverse proof had a gouge in the sun with a scratch leading to the edge. This was on the coin obtainable only by buying the set. Talk about disappointment. I have written the mint and will send pictures but I believe the Mint should replace that coin. There was no limit on ordering, so ‘extra’ coins must exist for the Mint to sell to AP dealers. If anyone has had this happen to them, I would appreciate knowing. If anyone knows what I should do to get the coin replaced and maintain the integrity of the set, I would appreciate being alerted. Cannot believe the Mint was so careless with such a highly touted offering. It had to occur while being packed, I would hazard a guess. It certainly did not happen while being delivered or while I opened the box to examine the coins. And am I glad I did. So, be aware. Even or especially the Mint makes errors. Sadly, it usually blames it on the buyer but in this case I had a witness to the entire transaction who is ready to file an affidavit swearing under oath what I have just written. Otherwise, it is a beautiful set.

Bob Myers December 8, 2012 at 2:27 pm

I have a set of these reverse proof San Francisco dollars. Thinking of sending
them in for grading.
What difference does first release or early release have to do with anything?
I just ordered within the time frame, got my coins, so now what?

Bob Myers

Leave a Comment