Final 2012-S American Silver Eagle Two-Coin Proof Set Sales

by Mike Unser on December 7, 2012 · 14 comments

2012 American Silver Eagle San Francisco Two-Coin Proof Set

Final sales of the 2012-S American Silver Eagle Two-Coin Proof Set were updated

2012-S American Silver Eagle Two-Coin Proof Sets are a bit scarcer than first thought, finalized sales from the United States Mint show.

One of the most sought-after numismatic products of the year, the proof set had U.S. Mint reported sales of 251,302. That was the preliminary total last spit out by the Mint’s sales odometer — a visual tool that gave customers a daily sales total during the set’s four-week ordering window from June 7, 2012 through to July 5, 2012

Returns and cancellations since then have toggled down the amount by 26,321. On Thursday, December 6, 2012, a U.S. Mint official stated that final sales for the 2012-S American Silver Eagle Two-Coin Proof Set is 224,981. The tally is unaudited, but not likely to change much.

Why the correction? Contained within the proof set is one 2012-S Reverse Proof American Silver Eagle and one 2012-S Proof American Silver Eagle. Collectors thought both coins were exclusive to the set. Many of them became disenchanted when learning later that another product, the Making American History Coin and Currency Set, would also include the 2012-S Proof. An angry call went out to cancel proof set orders. Some collectors did… and the U.S. Mint was jabbed in the eye. The 26,321 drop translates to a U.S. Mint revenue loss of more than $3.94 million.

Still, those who held onto their sets may be bit a happier at this point. 2012-S Reverse Proof American Silver Eagles suddenly became more attractive with sales of 224,981. The American Eagle series through its 27-year history sports just three coins with a lower mintage. It was four before the sales update. Those with lower mintages are the 1995-W Proof American Silver Eagle at 30,125; the 2011-P Reverse Proof American Silver Eagle at 100,000; and the 2011-S Uncirculated American Silver Eagle also at 100,000.

Secondary market prices in July for one 2012-S American Silver Eagle Two-Coin Proof Set ran about $194. That level has not really changed for ungraded sets, although sets with the coveted 70 grade have sold from double to triple the amount. The question is, will this latest news drive prices higher?

{ 14 comments… read them below or add one }

Jack December 8, 2012 at 5:09 am

That is great to hear! That makes their mintage less than the 2006 Anniversary REV PR. HSN must be getting backed up with the sets and needed a selling point. Just in time for Christmas shipping. Excellent marketing ploy.

annie December 8, 2012 at 6:21 am

this set is already dead. that is why a lot of collectors cancel it.

Jesse December 8, 2012 at 9:31 am

many dealers don’t even know this information yet. I can see prices appreciating 30% or more once this article hits coin world magazine and gets disseminated to the general collecting public and the smaller dealers

Mercury December 8, 2012 at 1:19 pm

It now make all the sense in the world why it is that the U.S. Mint has released the 2012 Limited Edition Silver Proof Set for the ungodly amount of $149.95 When you consider the $3.94 million dollars the U.S. Mint loss in revenue because of the cancellations of the 2012-S American Silver Eagle Two-Coin Proof Set, what better way to make up for the loss then by passing on the shortfall to the coin collecting community. The 26,321 drop in the Two-Coin Proof Set at exactly $149.95 a pop can now be made up from the revenue gained by those who will purchase the 2012 “Limited” Edition Silver Proof Set. Unfortunately for coin collectors, in this trade off there are no apples for apples. As future market projections will show, the Mint has everything to gain from this transaction. I guess the only other option would have been to make up the difference by reselling the returned Two-Coin Proof Set. Nah! That’s would have been too low of a blow even for the Mint to have considered.

Joe December 8, 2012 at 1:29 pm

So what is the mint going to do with the 26,321 leftover sets?

Mercury December 8, 2012 at 2:01 pm

“So what is the mint going to do with the 26,321 leftover sets”?

To answer your question: It is standard practice to have the coins melted down and the silver sold for melt value and reprocessed into the next years’ silver coin allotments.

RonnieBGood December 9, 2012 at 10:53 am

The original idea for this set was to be “Minted to Order” with the last of the sets to be sent out in time for the Holidays. There were no “leftover sets”. The 26k + drop was in the initial sets ordered.

RonnieBGood December 9, 2012 at 11:27 am

I am proud of the collectors that have banded together on the purchase of the”ASE 2 Coin Proof Set” to send a message to the US Mint. I was among those that cancelled my order to send a $4 Million dollar message to US Mint: “Do not Cross Collectors”.

True Collectors purchase coins for the “Joy of the Hobby”. The Mint has so obviously come up with new Silver Eagle releases with only profit in mind (reference the 2012 Limited Edition Silver Proof Set and the Making Coin and Currency Set). This pattern is not limited to Silver Eagles.

The Mint has opted to ignore the “Voice of Collectors” in letters, and posts to their on-line web site. Dedicated collectors reached out together to get the Mints attention by way of their pocketbook. The only language they seem to be able to understand.

Tommy December 9, 2012 at 4:47 pm

I think another that people cancel or returned so many is the quality. the first 100,000’s quality is sucks, I returned all 2 sets I ordered. The later one is better. We can also see the result from PCGS, 70s are much less than they expected at very beginning.

Homer December 10, 2012 at 4:35 pm

This set is currently undervalued in my opinion.

Robert M. Wells December 11, 2012 at 4:14 pm

I’ve started a collection beginning with 1986-2012, of course I consider myself a collector, I can’t afford enough cheap dollors to purchase 69 and 70’s all the time. However, I have several, but most a 60-62 is this not a hedge? Also, have full sets of 1888-1878 Mogans from different mints. Again, is this not a start, any information I will learn from.

Brian V. December 12, 2012 at 12:37 pm

The only time I ever slabbed Mint Modern Commems, I was very upset. 3 proof, and 2 biz strikes of the Lincoln 200 year silver dollars. All came back 69 with one 68. If they are polishing dies and using special planchets handled by gloved workers throughout the process, why no 70’s ??? I have lost money with the original Mint cost, and 5 x $20 slabbing fees plus shipping, I will never see my investment returned. You can buy slabbed 69’s for less than my outlay per piece at coin shows, shops, and E-bay. I hope my nephews like Ol’ Abe, as these will be left to them in my will.

william p dator July 19, 2013 at 10:57 pm

I am a silver eagle lover and collector and I don’t collect them hoping to make
a profit. I look forward to ever new eagle that is minted. The best things in life is
a surprise,thank you U S mint. If you want more tomorrow than you have today,
put your money in the bank. The best thing that has happened to numismatics
is certified and graded slabs. Look at 2006, you have the 3 coin set. The 2 coin set
silver-gold the W coin is the same in 3 different cases but certifying them makes
them different from one another. 2006 was the year we all saw the true value of
slabbing. THANK YOU -STORMYSDAD

eric June 3, 2015 at 9:14 pm

i have the 2015 redbook…. and next to the 2012 s proof ASE, it says there was only 60,203…. and yet this article says there was 224,00 set made…. can anyone explain to me how?

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