2020(P) Emergency Production Silver Eagles - Good Investment or Scam?
2020(P) Emergency Production Silver Eagle
You may have seen the latest craze for this "ULTRA RARE" 2020 Emergency Production Silver Eagle minted in Philadelphia. DON'T FALL FOR THIS SCAM! Supposedly, the US Mint recently produced 240,000 bullion silver eagles dated 2020 at the Philadelphia Mint since the normal production facility at West Point was closed for a couple weeks due to COVID-19 concerns. However, the Philadelphia and West Point bullion silver eagles use the exact same dies and minting process and the coins themselves do not even carry any mintmark. The only difference is a sticker placed on the green monster box to show where the coins were minted. The US Mint even issued a press release about this (see below).
However, the coins themselves are "homogeneous" with no mint mark. The coins from West Point and Philadelphia are therefore "identical and indistinguishable from one another". This did not deter the major grading companies (PCGS, NGC, and others) from taking advantage of consumers with the false claim of an "ultra-rare" silver eagle issue. This is simply not the case and if you ever remove the coins from the holders, they would be indistinguishable from West Point minted coins. The grading companies get away with this scam by placing a small (P) on the label in parenthesis which shows that the coins were minted in Philadelphia even though the coins carry no mintmark whatsoever.
For this reason, we do not recommend these coins at all. However, if you have $79 (MS69) to $249 (MS70) burning a hole in your pocket, go for it! The coins can be easily found on eBay but not from Silver Eagle Coin Company!
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