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.

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Jack

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

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… Read more »

jim

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

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… Read more »

Shawn

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

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

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

Joe

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

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

Let’s here about your experience old man.

Ed

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

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

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

Ed

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

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

Joe

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

Ed

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

Ed

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

Stuart Wheeler

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… Read more »

Victor

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… Read more »

Ed

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

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

RonnieBGood

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… Read more »

Joe

Called NGC no (FIRST DAY OF ISSUE) label.

Ed

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

jim

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

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

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

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… Read more »

Victor

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… Read more »

Schim

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

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… Read more »