According to a notice that will be published in the Federal Register tomorrow, the pricing for the United States Mint’s 2012 American Eagle San Francisco Two Coin Silver Proof Set will be $149.95.
Each set includes one 2012-S Proof Silver Eagle and one 2012-S Reverse Proof Silver Eagle, both struck at the San Francisco Mint. Based on information available, it seems that both of these coins will be unique to the special offering and not available elsewhere.
As previously announced, the sets will be minted to demand, however orders will only be accepted during a four week window from June 7, 2012 at 12:00 Noon ET to July 5, 2012 at 5:00 PM ET.
At first impression, the pricing for the special set seems high. However, by dissecting the prices of past offerings, the price doesn’t seem too far out of line.
The 2011 25th Anniversary Silver Eagle Set, which contained five coins (a proof, reverse proof, two uncirculated coins, and a bullion coin) was priced at $299.95. At the time of offering, the US Mint was selling individual proof coins at $58.95 each, individual uncirculated coins at $50.95 each, and an individual bullion coin would have been at least $34. Adding up these four coins ($58.95, $50.95, $50.95, and $34) yields $194.85, leaving $105.10 for the reverse proof coin and packaging.
The US Mint currently sells the individual “W” mint marked proof coin for $59.95, which leaves $90 for the reverse proof coin and packaging within the upcoming San Francisco Silver Eagle Set.
These numbers are not completely comparable and transferable due to different production volumes and differences in the price of silver, but roughly seem to support pricing for the upcoming set.
Beyond the pricing, the prospects for the two sets are also much different. While both contain two unique coins, last year’s offering was limited to a mintage of 100,000, which ultimately proved much too small given the demand. The current offering has an open ended mintage, which will basically be determined by collector demand. I will have a full post on the offering closer to the release date.