1991 $1 Silver Eagle MS66 Certification #44693479, PCGS #9846

Charles Morgan

The 1991 American Silver Eagle

Sales volume for the 1991 American Silver Eagle bullion coin (#9846) was sharply higher than for the three preceding years, with the United States Mint reporting total sales of 7,191,066 coins. This stood as the highest mintage of the decade until 1999, when bullion sales surpassed 7.4 million coins before routinely reaching 8 to 10 million in subsequent years.

In the Silver Eagle bullion series, early dates (1986–2000) represent a markedly different collector market than later dates:

• Post-2000 Demand Drivers: Investor appetite for physical bullion increased following the events of 9/11 and exploded to record levels during the 2008 financial collapse.
• PCGS Grading Growth: While bullion coin submissions to PCGS date back to our earliest days, it was not until around 2001 that American Silver Eagles were submitted for encapsulation in high volume. Just a few years later, in 2005, PCGS introduced our First Strike® program, which catapulted the series into the stratosphere.

Collecting the 1991 American Silver Eagle

Because early-date American Silver Eagles rarely achieve a top grade, a dramatic value disparity separates PCGS MS69 and PCGS MS70 coins. Even in lower grades, any PCGS-encapsulated coin commands a modest premium over melt value thanks to the PCGS Grade and Authenticity Guarantee. This protection is key: counterfeits can be remarkably deceptive, and the U.S. Mint did not add enhanced anti-counterfeiting security features to the series until 2021.

WTC Ground Zero Recovery Coins

Beneath 4 World Trade Center, a subterranean vault owned by the Bank of Nova Scotia held roughly $200 million in gold and silver bullion. After Ground Zero recovery crews reached the intact vault, its contents were spirited away under heavy guard so demolition work could continue. Coin dealer Lee Minshull acquired approximately 100,000 recovered Silver and Gold Eagles from the bank for $560,000. PCGS authenticated the coins and slabbed them with custom "WTC Ground Zero Recovery" flag labels. While the Bank of Nova Scotia donated its initial purchase proceeds to 9/11 relief organizations, Minshull’s team marketed the coins to collectors, generating nearly $3 million in sales and donating all resale proceeds to the World Trade Center Memorial Fund. This effort earned Minshull the American Numismatic Association's Harry J. Forman Dealer of the Year Award in 2014. Today, these historical holders remain sought after on the secondary market.

Other Notable Signature Labels

PCGS has certified 1991 American Silver Eagles featuring a variety of signature labels, a few of which are quite rare*.

• Emily S. Damstra (Coin Designer) | (#893022) 3 coins: 3 MS69, 1 MS70
• David Hall (PCGS Co-Founder) | (#916896) Unique: MS70
• John Mercanti, First Strike, Flag (U.S. Mint Chief Engraver) | (#976378) 8 coins: all MS70
• John Mercanti, Flag (U.S. Mint Chief Engraver) | (#697979) 16 coins: 1 MS69, 15 MS70
• John Mercanti, Mint Engraver Series (U.S. Mint Chief Engraver) | (#679460) 9 coins : all MS70
• John Mercanti, Signature, First Strike (U.S. Mint Chief Engraver) | (#612318) 192 coins: 189 MS69, 3 MS70
• John Mercanti, Signature (U.S. Mint Chief Engraver) | (#530896) 92 coins: 47 MS69, 45 MS70
• John Mercanti, Silver Eagle Signature (U.S. Mint Chief Engraver) | (#880705) 207 coins: all MS70
• Ed Moy, Signature (U.S. Mint Director) | (#532545) 50 coins: all MS69
• Michael Reagan, Silver Eagle (Media Personality) | (#831666) 16 coins: all MS69
• Stephanie Sabin, Flag (PCGS President) | (#1002804) 2 coins : both MS70

*Signers' coin populations may change over time. Additional Mercanti and Moy coins may exist under the standard PCGS coin number.

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