2008-W American Silver Eagle Proof NGC PF69 UC

2008-W American Silver Eagle proof

2008 was an important year in the history of the iconic American Silver Eagle coin program. As a result of the global economic crisis that developed that year, silver buyers flocked to precious metals, driving the price of silver to as high as $20.92. However, by the end of the year silver was much lower.

Demand for the bullion version of this coin was intense throughout the year, and sales for the first time surpassed 20 million, reaching 20,583,000 for the year, which was more than double the previous year’s sales level. The U.S. Mint struggled to keep up with this unprecedented level of demand, and twice during the year it had to suspend sales of the bullion coins to its network of authorized purchasers and institute a rationing policy. In the years since then, as demand grew even higher, it has had to take similar steps on several occasions.

Sales of the proof coin in 2008 were adversely affected by the situation with the bullion coins since by law the Mint is required to prioritize production of the bullion coins. In August the Mint abruptly halted production of the proof coins, and production was not resumed until 2010. This was due to a shortage of silver blanks or planchets.

The cancellation of proof coins from August 2008 until October 2010 angered many collectors, who were especially unhappy that there collections would forever lack a 2009 proof coin. Appeals were made to the Mint director to seek approval from Congress to issue proof coins in 2009, but those were not successful.

Why purchase this PF69 UC 2008-W proof Silver Eagle?

NGC has graded 38,882 of the 2008-W proof coins. Of those 57% or 22,030 graded proof 70, while 43% or 16,705 graded proof 69. The number of coins that graded below proof 69 is statistically negligible.

This proof 69 coin is a beautiful and very affordable example of the superb design and production quality of American Silver Eagle proof coins, one of the most popular modern coin series.

It will make a welcome addition to your collection.