If you follow along with our blog series covering Whitman Publishing’s 100 Greatest United States Modern Coins, you may know that our last entry in the series covered a Platinum American Eagle bullion coin. This go ‘round, we have another Platinum Eagle to break down alongside authors Jeff Garrett and Scott Schechter. This time, we look at a different finish, size, and denomination from the fourth edition.
#38 – 2008-W $50 American Platinum Eagle
Dating back to the mid-2000s, the United States Mint started offering collectors Uncirculated (or Burnished) versions of the Platinum American Eagle. The bullion coins were only sold to authorized dealers who purchased in bulk, and the Proof versions were offered directly to customers with a price premium. The Uncirculated versions were meant to mirror the way the Proofs were sold, but at a more affordable price.
The coins featured the ‘W’ mint mark for West Point and were struck using “specially burnished blanks.” Also mirroring the Proof series in design, the reverses changed annually, often a part of a thematic series. With the 2008-W Uncirculated Platinum Eagles, this was the case as it was the last in a 3-year run that honored the three branches of government. The 2008-dated Proof and Uncirculated coins depicted the judicial branch as an image of Justice is holding a scale from her fingers to represent the balance of law. She also holds a sword to represent the power of reason with an eagle behind her symbolizing the nation.
Back when these coins were being released, the Mint was still issuing fractional coins in both the Gold Eagle and Platinum Eagle series. Traditionally, according to Garrett and Schechter, the 1/2oz and 1/4oz coins were the worst sellers in the program. The four-coin sets were the biggest sellers. In 2008, the precious metal market was enduring major volatility, including platinum. The $50 Platinum Eagle went on sale on July 1st for $1,199.95. Other than the four-coin set (priced at $4,289.95), it was one of the most expensive products ever offered by the Mint. Price fluctuations of the metal outweighed the demand for the coins, resulting in just 970 individual 2008-W $50 Platinum Eagles being sold. Combined with its presence in the four-coin set, there is a total mintage of just 2,253 coins. After the poor sales, the Mint put the coins on hiatus after 2008.
Since the first edition of the series, this coin’s rank has moved down six spots from #32.