Opinions divided over 2019 Pride of Two Nations Coin Set

By Louis Golino

In mid-June, the U.S. Mint added the 2019 Pride of Two Nations Set to its product schedule, including details about the two-coin set to be released on July 3. Designed to celebrate U.S.-Canadian friendship and the intertwined history of the two North American neighbors, it includes new collector versions of an American Silver Eagle and a Canadian Silver Maple Leaf — each weighing in at one ounce of silver, but with a fineness of .999 and .9999, respectively.

New Finishes

In addition to being the first set issued in conjunction with the Royal Canadian Mint, and only the second collaborative effort between the U.S. Mint and a foreign mint after the recent U.S.-Royal Australian Mint Apollo 11 50th Anniversary Set, the two coins will feature finishes never used previously on these two major icons of modern coinage.

Hover to zoom.

The Silver Eagle will feature an enhanced Reverse Proof finish, which the technical staff of the U.S. Mint explained this way:

The field is frosted like our signature Reverse Proof product.  The artwork is selectively frosted and polished at different levels to highlight various design elements.

On the Mint’s website is some more information:

An enhanced Reverse Proof coin has the same frosted background as a standard Reverse Proof, but different design element finishes. The enhanced Reverse Proof has multiple polished and frosted finishes assigned to different isolated design elements. The coin’s selective polishing and frosting dramatically enhances the visual impact of its designs, bringing new life to Adolph A. Weinman’s full-length figure of Liberty featured on the coin’s obverse.

The Mint plans to have a limited number of sets for sale in mid-August during the ANA World Fair of Money if any are still available at that time.

The $5 Maple Leaf coin, which in its bullion version is the world’s second-bestselling silver coin after the Silver Eagle, will feature a modified Proof finish, which Alex Reeves of the Royal Canadian Mint described this way:

The textbook definition of a Proof finish consists of a frosted central motif, with frosted inscriptions over a mirror field. This is the way we strike our annual Proof silver dollar for example. In the Pride of Two Nations Limited Edition Two-Coin Set, our inscriptions have the same natural shine as the field instead of a frosted appearance, creating a coin with a modified Proof finish.

In addition, the $1 eagle has a reeded edge, is struck at the West Point Mint, and carries a “W” mint mark, while the Maple Leaf has a serrated edge, is struck at the Ottawa Mint, and does not carry a mint mark. The set packages the two coins together in a blue clamshell case (for those sold by the U.S. Mint and a black case for those sold by the RCM) with the logos of both mints on the outside and U.S. and Canadian flags inside and the certificate of authenticity will for the first time be bilingual in English and French and features the dual flags.

Also, the design by Walter Ott of a maple leaf on the RCM coin is the same one used since the silver bullion coin debuted in 1988 (and since 1979 on the gold maple) with a background of radial lines added, but the perimeter design of small stars and maple leaves is new.

A June 25 press release from the RCM notes: “The maple leaf and eagle are proud symbols of our neighboring nations, which have grown and prospered together for more than 150 years,” said Marie Lemay, president and CEO of the Royal Canadian Mint. “We are proud that these same emblems, found on our famous Silver Maple Leaf and Silver Eagle bullion coins, could be brought together in an inspiring new coin set that celebrates the special bond between Canada and the United States.”

As for the timing of the release, it comes at a perfect moment to celebrate the history of both countries — a day before the July 4 American Independence celebration and just after July 1, which is Canada Day, previously known as “Dominion Day” — the day in 1867 when Canada, Nova Scotia, and New Brunswick united to become a dominion within the British Empire.

Mintage Factor

In addition to the unique finishes of the coins, the other aspect that has drawn the most attention from collectors so far is the mintage of the coins — a topic about which there exists some confusion. The listing for the set on the U.S. Mint website states that both the mintage and product limit is 100,000. However, the RCM will be offering another 10,000 sets starting also on July 3, which means the overall mintage for both coins will be 110,000, which was confirmed by Michael White, the U.S. Mint’s spokesman on June 24. There is also a household order limit at the U.S. Mint of five sets.

This is a key issue, especially for Silver Eagle collectors, because the 2019-W enhanced Reverse Proof eagle will be one of the lowest-mintage issues in the most widely collected modern U.S. coin series. After the 1995-W Proof and the 2008-W with Reverse of 2007 burnished Uncirculated coin, the next lowest eagles are two coins from the 2011 25th anniversary set — the 2011-P Reverse Proof and the 2011-S burnished coin, which both have mintages of 99,882 coins. After that, the current next lowest is the 2017-S Proof at 123,799.

On the one hand, with a mintage of 110,000, the enhanced Reverse Proof will be the fifth-lowest mintage coins of the series. Since millions of people collect the coin, which is required for a complete set, demand over time should considerably exceed supply. On the other hand, many collectors are less enthusiastic about a new eagle with a new finish than they were back in 2013 when the last special eagle set was released. However, that set was sold to demand and its mintage was much higher at 281,310. It also remains to be seen whether a future eagle might have a lower mintage.

Moreover, there is little doubt collectors would have preferred a lower maximum mintage below 100,000, but anything that low would likely lead to a massive frenzy, instant sellout, and widespread criticism from those who were unable to order.

Coin forum posters are divided at the moment between those who think the set is priced too high and seem non-plussed about the new finish (thought their views could change once they see the coins or at least good photographs of them) and those who are excited about the set, especially the new eagle. However, even some of those interested in the set find the $139.95 price tag high, while others point out it is in line with previous special eagle sets. The 2013-W West Point set was also priced at $139.95 but included two silver eagles and spot silver was considerably higher at the time.

Too Many Finishes?

Some collectors say they are tired of seeing special finishes added to the iconic coin as opposed to more significant change such as striking it in high relief or even changing the design, which was considered several years ago for the reverse. Consider this recent comment in a forum about the new set:

There must have been a reason I stopped messing with Silver Eagles. Oh, now I remember — it’s not about collecting anymore. Too many special finish varieties, too many special issues.

When speaking at a dinner in March for the Pennsylvania Numismatic Association the night before the start of the 2019 ANA convention held in Pittsburgh, U.S. Mint Director David J. Ryder said he was exploring a possible change to the design of the Silver Eagle, which would require the approval of Treasury Secretary Steven Mnuchin.

It is worth noting that while it might seem like there are endless varieties of eagles, in reality, there are not that many in a series which now includes 90 different coins but only a handful with special finishes. In addition to the bullion, burnished and Proof coins, there are three Reverse Proofs and one enhanced Uncirculated coin as of now. The burnished Uncirculated coins issued since 2006 are struck on burnished planchets and carry a “W” mint mark. They have a more matte and uniform appearance than bullion coins that have a more lustrous appearance.

The key issue about the new enhanced Reverse Proof finish is whether it is distinctive enough to really matter to collectors. Though it appears only enhanced on the obverse side in the images on the Mint’s website, Mint officials said they were told both sides are enhanced.

In addition, while coin forum posters are not necessarily representative of collectors except perhaps when there is a consensus view expressed by many people across multiple forums, quite a few of them seem rather uninterested in the new Maple Leaf for three main reasons. These are because they do not collect the series, note it is not really a low mintage for a Maple Leaf collector coin or don’t see it as having secondary market potential.

At the same time, it is worth remembering that the new set may result in more Canadian collectors collecting eagles and even in more Americans becoming interested in Maple Leaf coins.  Keep in mind that among those U.S. collectors who collect foreign coins, the two countries’ coins most collected are those from Canada and Mexico.

Market Outlook

To the extent consensus exists about the forthcoming set it is that it is a must-have for eagle collectors and that it will sell out, which seems very likely since many buyers will purchase multiple sets, especially dealers who will have many coins graded and sell 70-graded examples at a substantial premium.

The main question is how long it will take to sell out, and on that opinion is also divided. For example, one poster on a forum noted:

The only question will be how long it remains available. The 2011 Anniversary Set, with a similar mintage of 100,000, sold out in about 4.5 hours. I don’t expect this set to sell out that quickly, but IMHO it will sell out. Earlier this year, the Kennedy/Apollo Half Dollar Set took about four weeks to sell out. I suppose that this set could sell out in a similar amount of time, but it might go quicker.

It, of course, remains to be seen what happens when the set launches on July 3 as well as in the longer-term. But between die-hard eagle collectors and Maple Leaf enthusiasts combined with coin sellers who sense a good profit potential between the mintage and what they expect to get for 70-graded coins, the set will probably sell out quickly — probably not in minutes or perhaps even hours but likely within either a day or couple days, especially with many buyers purchasing multiple sets (including dealers who will each obtain many sets by getting around the household limit). In fact, a telltale sign of demand will be whether dealers try to once again enlist their buyers to help them obtain more sets.

First day sales will play a key role, since if those sales are not around half of the total that result will depress sales in the following days and shape the short-term market potential for the coin. In the longer-term, much will depend on whether the enhanced Reverse Proof finish is used again and how many times and on the mintages of future special eagles. If the new eagle remains unique in appearance and one of the lowest-mintage issues, it should continue to command a premium and will be desired by future collectors.

Louis Golino is an award-winning numismatic journalist and writer specializing primarily in modern U.S. and world coins. His work has appeared in Coin World, CoinWeek, The Greysheet and CPG Market Review, The Numismatist, Numismatic News, FUN Topics, The Clarion and COINage, among other publications. His first coin-writing position was with Coin Update.

In 2015, his CoinWeek.com column, “The Coin Analyst,” received an award from the Numismatic Literary Guild for best website column. By 2017, he received an NLG award for best article in a non-numismatic publication with his “Liberty Centennial Designs,” which was published in Elemetal Direct. In October 2018 he received a literary award from the Pennsylvania Association of Numismatists (PAN) for his article, “Lady Liberty: America’s Enduring Numismatic Motif,” that appeared in The Clarion in 2017.

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Comments

  1. Donnie says

    Louis,
    Thanks again for the article. I’m sure most of the MNB readers have already read it , as you provided the link to it in your posting yesterday.

    CaliSkier,
    It looks like Gateway Coins is pretty much a one man operation. I checked the website today and there was a notice posted that the physical store and mail order part will be shutdown July 1-7. Evidently there are no additional employees to keep things going.
    I did see that you mentioned that in your phone calls to Gatewest the same man has answered your calls for the past 10 years. Interesting.

  2. So Krates says

    I see that the lists of lowest mintage ASE posted here have the 08/07 Reverse. While I can see including it in a collection and maybe in an album, but it’s a variety/error and as such probably shouldn’t be ranked for mintage purposes. Or should it?

  3. cagcrisp says

    @So Krates says,”I see that the lists of lowest mintage ASE posted here have the 08/07 Reverse. While I can see including it in a collection and maybe in an album, but it’s a variety/error and as such probably shouldn’t be ranked for mintage purposes. Or should it?”

    Yep. I saw the same thing. Shouldn’t be listed in mintage figures. It’s a variety

    On a Yesterday Post from Donnie “3. 2011 P reverse proof and 2011 S enhanced uncirculated (tied at 100,000)

    The 2019 enhanced reverse proof would come in 4th at 110,000”

    IF you have two items tied for 3rd, the next item would be 5th…Not 4th…

  4. So Krates says

    Re: Gatewest

    Lots of shops close up for a week in the summer. Doesn’t mean it’s a one-man-band.

    I did learn something today about Northern gold. Did you know they made a $2 1/15 troy oz gold CML? A mere 3450 coins struck only in 1994! sells for 2x-3x spot price

  5. Louis says

    Re: the 08/07 it is a debatable point. This has come up many times in the past, and most ASE collectors based on my experience do think it should be part of the mintage ranking and is needed for a full set. It is like certain major Morgan dollar varieties like 1879-S/Reverse of 1878, which is always part of a complete list and is not one of those obscure varieties like VAMs. In the past, when discussing the 2017-S Proof I once did not include the 08/07 and many readers chimed in and said I should. So there is no right answer here, but because it is a key date (second-lowest) and very widely known I believe it should be in the mintage ranking.

  6. CaliSkier says

    Update: You now can only order the set via phone from Gatewest. In theory that will void the use of VIP Points offered for online purchases. However, if you call them, perhaps if you ask, they will extend the VIP points discount? It can’t hurt to ask.

    Verbiage has also changed from a “Limit of 1 per customer” to “Limited Availability”. Don’t wait too long to order if interested as these should sell out today or tomorrow?

    They’re still processing orders from yesterday so no confirmation e-mail as of yet. I have an order number, so I’m not concerned.

    Louis thanks for your input re:2008 Rev pf 2007. I also think it’s debatable. Although it’s a variety, the mintage indeed is low. Perhaps I should have used OPTIONS vs FINISHES to reduce “some” MNB readers blood pressure? Good thing I didn’t give the mintages numbered rankings(1-6), asI probably would have made the same simple mistake as Donnie. Whew, disaster averted!!! LOL

  7. Donnie says

    Cag,

    You claim, per your 11:36 am post, that the 2008 reverse of ‘07 silver eagle shouldn’t be listed in mintage figures because it’s a variety. Well, why not? Exactly what disqualifies this particular variety from being included in the mintage figures? The 2011 SE reverse proof and the 2011 enhanced uncirculated, both with mintages slightly below 100,000, are varieties. Are they not counted in SE mintage figures?
    Furthermore, none of the grading companies treat the ‘08 reverse of ‘07 as an error coin, only a variety.
    I’m left wondering where you’ve gotten your information.

  8. cagcrisp says

    @Donnie…

    My post was a reply to So Krates (as I quoted)

    Here was the part that I referred to “but it’s a variety/error and as such probably shouldn’t be ranked for mintage purposes. ”

    I replied “Shouldn’t be listed in mintage figures. It’s a variety”

    I should have been clearer. I should have said “Shouldn’t be ranked for mintage purposes”

    The referenced 2008 is listed in Totals for 2008, not separate like the mintages for the two separate 2011 coins are…

  9. CaliSkier says

    Gatewest is sold out!

    Tip of the day. On July 3rd, if you get boxed out on your online purchase, call one of the 3 gift shops(D, P, or DC).

  10. merryxmasmrscrooge says

    Great theme considering the present political climate.
    Used to be able to cross into Canada w/o a passport until Bush and Trump came along.

    In my opinion, One coin with US Liberty obverse with Maple Leaf reverse would have been much better.

  11. merryxmasmrscrooge says

    Think I’ll pass on this gimmick.
    Every few years they keep lowereing the mintages of these “modern rarities” which lose value as lower and lower mintage products are released.

  12. Jerry Diekmann says

    Chasing lower and lower mintages for modern rarities will only result in you losing money over the long run.

  13. Buzz Killington says

    @SK . There is a rare $2 CML in Platinum, too, at 1/15 oz.

    I do wonder if there are more than 30,000 people in the world who need to have one of each type of ASE ever minted. It would be so much more fun to collect if they had different designs.

    I also wish this article didn’t contain a section titled “Market Outlook”. That is not real journalism, and is a cable news approach to the numismatic press. “If it is in demand, the price will go up.” That’s not news or journalism.

  14. Louis says

    Buzz is lecturing me on what is journalism and what isn’t and even how sections of my own article should be titled, yet his quote (because that’s what it means when you use quotation marks): ” “If it is in demand, the price will go up” not only does not appear anywhere in my piece, but it also does not reflect the spirit of what I said.

    I said if the finish remains unique to the ASE, i.e, no more are issued with the same finish in the future and if it remains one of the lowest-mintage in the series, then I believe it will be demanded in the future by collectors. I never said a word about the price going up. That was a very cheap shot, sir.

  15. just another dave in pa says

    They’re Franklin Mint-ifying the US Mint now with even more junk like Xmas ornaments and a whole array of finishes that are sure to please even the most discriminating fool.

    How long will it be before the first glow in the dark coin is available?

    They’ve gone to that well one too many times. If they used really good designs in lieu of sociopolitical statements and changing finishes they would have a hard time keeping up with sales.

    “So we beat on, boats against the current, borne back ceaselessly into the past.”

  16. Buzz Killington says

    “If the new eagle remains unique in appearance and one of the lowest-mintage issues, it should continue to command a premium and will be desired by future collectors.”

    Yes, I am criticizing the idea of your prognosticating on secondary market value. You can do this, but it is not journalism.

  17. just another dave in pa says

    I look at all these articles as marketing journalism. Taken with a grain of salt, they can sometimes be useful.

  18. Buzz Killington says

    @jadinpa

    What you say is true. But not everyone did take them with a grain of salt. A lot of posters over the years thought they were genuises by buying gold, and now they are gone from the hobby.

    I understand why auction houses do it, but if you promote this hobby as one that the market value can be predicted, and luckily, it is going up and what you buy “will continue to command a premium” people won’t trust the hobby. I think that is one explanation for the drastically reduced number of comments from back when gold and silver were riding high, going up and up. Until they weren’t.

    The fact is NO ONE KNOWS, OR CAN KNOW what the future will be like, so I don’t care to see predictions in articles about “commanding premiums” which is pointless prognostication. Just like how cable news doesn’t cover the issues, it covers polling and predictions.

  19. So Krates says

    No Buzz, I didn’t know about the 1/15th Pt CML. Going after the jewelry market I suppose. Mintage 1,470

  20. Buzz Killington says

    @SK — It was a failed one year experiment, it seems. I don’t see too many fractionals in Pt ever, and then mostly 1/10 oz. I very rarely see 1/4 or 1/2 Pt Maple leafs.

  21. just another dave in pa says

    “The future’s uncertain and the end is always near”

    or How I came to love absurdity and DJ Trump!!!

    The issues are whatever the media tell us the issues are these days. They just repeat talking points ad nauseum and try to incite a sad political movement. I sometimes love the idea that the two parties are in collusion and that everything we see on Media is political theatre for the masses.

    Everything today is the product of years and years of painstaking research and data collection or as you say, PAP (polling and predictions).

    I predict we’ll see much more PAP before it’s over.

  22. Jackie Marlowe says

    Both coins are nice looking. However only the Canadian coin is designed with the theme of Two Nations. The American coin is just another Eagle with a different finish. $139 is a lot of money for two ounces of silver worth $30 or so. One of the responses mentioned the US Mint becoming the Franklin Mint was interesting. Actually it is the Royal Canadian Mint that has gone that route big time. They have had glow in the dark coins for years in addition to odd shaped “coins” that commemorate dubious events, colorized coins and coins with gems embedded in them. It has become more of a souvenir shop than anything else at this point. No other Mint has gone off the deep end like the RCM. Yet. Let’s hope it stays that way.

  23. Jerry Shearman says

    I have to say that the U.S. Mint has hit a “HOME RUN” with their recent issue of the Pride of Two Nations double coin set this month . For sure the reverse proof silver eagle coins issued in the past few years are un doubt ably very attractive coins , but this enhanced reverse proof in the Pride of Two Nations double coin set is by far the most beautiful American Silver Eagle I have ever lay’ed my eyes on . Great job West Point Mint !

  24. VA Bob says

    People seem to forget the 2003 Silver Eagle & English Britannia Legacy of Freedom Set. I bought 2 back in 2003, one for my boy in England. They haven’t done that well over the years, considering the 50K mintage.

  25. says

    The blog on the 2019-W Enhanced reverse Proof ASE saying it is only 2nd to the 1995 W in number minted is incorrect. The lowest Mintage goes to the 2019-S Enhanced Reverse Proof…the now fabled US Mint Fiasco release that most regular collectors could not get, as they mostly went to the deep-pocketed Dealers.

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