Sales ended for the 2012 San Francisco Proof Silver Eagle Two-Coin Set on Thursday, July 5, 2012 at 5 PM Eastern Time, and during the final hours 564 more units were ordered according to the last update on the United States Mint’s online odometer.
The cumulative total finished at 251,302 and potentially earned $37,682,734.90 in revenue since each was priced $149.95.
Orders for the popular set surpassed the 100,000 marker in the first four days, the 200,000 milestone after 25 days, and then crossed 250,000 in the hours before the deadline. The sales window was only open four weeks, from June 7 to July 5, and there were no ordering or mintage limits.
The process now is to see how many orders will be fulfilled, or shipped. After all, some orders will be deemed problems or cancellations and there will likely be a few returns. Shipments are estimated to begin on or about July 27 but could last through October.
Compared to two prior unique Silver Eagle Sets, the 2012-S set performed well for the U.S. Mint. Last year’s five-coin 25th Anniversary Silver Eagle Set sold out of its 100,000 mintage in less than one day, indicating the new set would sell at least that. Then there was the three-coin 20th Anniversary Silver Eagle Set in 2006. It was reported that 248,875 of them were sold before sales were discontinued.
The latest Silver Eagle set contains two coins that were minted in San Francisco and bear the "S" mint mark. One coin was a regular proof strike, but the other coin was a reverse proof strike, which meant it had a unique finish where the raised designs were brilliant and mirror-like on a background that was frosted.
San Francisco Mint Silver Eagle Background
Generally, the San Francisco Mint does not produce proof Silver Eagle coins, but it does have a strong history with the series. When the American Silver Eagle debuted in 1986, both the proof and bullion versions were minted in San Francisco. Then in 1992 the responsibility shifted to Philadelphia and later, in 2001, West Point took over production.
Next, when demand for bullion Silver Eagle peaked in 2011, the San Francisco Mint started assisting West Point with the bullion production effective May 31, 2011. Finally, the California mint struck the collector uncirculated Silver Eagle for the 25th Anniversary Set.
The United States Mint has had a facility in San Francisco, California since 1854, largely due to the California Gold Rush that started a few years earlier. It moved twice into larger buildings, in 1874 and again in 1937.
Although the 2012 San Francisco Proof Silver Eagle Two-Coin Set was not officially called an anniversary set by the United States Mint, the San Francisco facility is celebrating its 75th anniversary this year at its current location.