New from the United States Mint is its latest product for coin collectors, the annually issued Silver Proof Set.
There’s been extra excitement for these sets recently as secondary market values for newer issues have jumped over U.S. Mint issue prices. More about that later…
Sales of the 14-coin set began today with regular pricing of $53.95 and 10% discounted pricing of $48.55 through subscription. Last year’s set launched at $67.95 and a subscription discount was not available.
Coins of the Silver Proof Set
Like past years, this newest set includes coins in standard compositions and in 90% silver. Struck to proof quality at the U.S. Mint facility in San Francisco with each bearing an "S" mint mark, the coins of the 2014 Silver Proof Set include:
- 2014-S Warren G. Harding Presidential $1 Coin
- 2014-S Calvin Coolidge Presidential $1 Coin
- 2014-S Herbert Hoover Presidential $1 Coin
- 2014-S Franklin D. Roosevelt Presidential $1 Coin
- 2014-S Native American $1 Coin
- 2014-S Kennedy Half Dollar – struck from 90% silver
- 2014-S Great Smoky Mountains National Park (TN) – struck from 90% silver
- 2014-S Shenandoah National Park Quarter (VA) – struck from 90% silver
- 2014-S Arches National Park Quarter (UT) – struck from 90% silver
- 2014-S Great Sand Dunes National Park (CO) – struck from 90% silver
- 2014-S Everglades National Park Quarter (FL) – struck from 90% silver
- 2014-S Roosevelt Dime – struck from 90% silver
- 2014-S Jefferson Nickel
- 2014-S Lincoln Cent
Unique to this year’s release, aside from its lower opening price, are the many coins with one-year only designs. They include the four 2014-S Presidential $1 Coins, the 2014-S Native American $1 Coin, and the five 2014-S Silver America the Beautiful Quarters.
Proof coins from the San Francisco Mint are collector favorites because they have sharp reliefs and mirror-like backgrounds. Greater care is taken in making them. The San Francisco Mint polishes the blanks, polishes the dies, presses the coins more than once and employs a robotic packaging system. Human hands never touch the coins.
The 14 coins are separated into three protective lenses. One lens has the America the Beautiful Quarters, one lens has the Presidential $1 Coins and one lens has the remaining five coins to include the Native American $1 Coin, the Kennedy Half Dollar, the Roosevelt dime and the Lincoln cent.
Silver Composition, Melt Value and Premiums
The idea has been kicked around to strike more collectible products in 99.9% silver, like the Mint’s flagship American Silver Eagles. For now and in keeping with years of tradition, the 7 coins of silver are composed from 90% of the precious metal for an overall silver weight of 1.34 troy ounces.
With Tuesday’s London silver fix price of $19.33 an ounce, the 2014 Silver Proof Set has an intrinsic or silver set melt value of $25.90. Last year’s set launched on May 2 when the silver fixing was $23.97 an ounce, making its melt value $32.12.
The premium over the silver melt value for this year’s set at regular price is $28.05 and at the subscription discount price is $22.64. Last year’s set had a debuting premium of $35.83.
Also a factor in evaluating their non-numismatic worth is the face of the set’s coins at $6.91.
Sales Expectations and Secondary Market Values
Silver Proof Sets are among the best-selling products from the Mint. Sales have fallen from years ago but that has also lifted secondary market values. Around 170,000 are likely to move during the first week or so. By the time they go off sale, more than 400,000 should be ordered. The grid below offers opening and final sales for sets issued since 2008.
Sales of 2008 – 2013 Silver Proof Sets
|Debut Price||Coins||Debut Sales||Final Sales|
|2013 Silver Proof Set||$53.95||14||166,710||419,721|
|2012 Silver Proof Set||$67.95||14||189,628||395,443|
|2011 Silver Proof Set||$67.95||14||209,367||574,175|
|2010 Silver Proof Set||$56.95||14||241,656||585,414|
|2009 Silver Proof Set||$52.95||18||271,372||694,406|
|2008 Silver Proof Set||$44.95||14||292,004||774,874|
Modern Silver Proof Sets were introduced in 1992. The year 2012 marks the lowest sales total for the series. Secondary market values for 2012 sets have been in the $180-$210 range. Sets from last year are selling in the $70-$90 range.
Order Information and Limits
The 2014 Silver Proof Set may be ordered from the US Mint website via its annual product page or by calling the bureau’s toll-free number, 1-800-USA-MINT (872-6468).
Many of the U.S. Mint’s major products are available this year at a 10% discount by joining the Mint’s Online Subscription Program. For this product, subscribers saved $5.40.
Silver Proof Sets do not have household ordering limits, and mintages of are based on demand.