2003 $1 Silver Eagle MS67 Certification #48544492, PCGS #9964

Charles Morgan

The 2003 American Silver Eagle

In 2003, the West Point Mint struck 8,495,008 American Silver Eagle bullion coins. Following Mint tradition, these bullion issues do not carry a mintmark. While this mintage represented a decline of roughly two million coins from the near record-breaking 2002 release (#9959), it remained a strong showing.

Historically, Silver Eagle mintages serve as a barometer for American social and political anxiety. Volumes surged in anticipation of Y2K, spiked following 9/11, and remained high throughout the Obama administration. After a three-year decline during Trump's first term, figures surged again in 2020. The COVID-19 pandemic and subsequent economic destruction it wrought caused investors to flock to metals, and the Mint scrambled to keep up with demand as safety protocols significantly impacted production. For future numismatists, these geopolitical shifts remain the primary key to understanding the coin’s supply-and-demand cycles.

Collecting the 2003 American Silver Eagle

Returning to the 2003 issue, the 2003 Silver Eagle is traded in four primary tiers: bulk bullion, raw individual coins, and PCGS-certified MS69 or MS70 grades. Given that silver was priced at roughly $5/oz upon the coin's release, a long-term hold of the metal must be considered "prescient" in light of market activity in 2025 and 2026.

Regarding the split between PCGS MS69 and PCGS MS70, a modest premium separates the two. Approximately 9% of all coins graded by PCGS earn our "perfect" grade. Historically, the most significant jumps in MS70 populations occur following the submission of fresh "Monster Boxes" containing superior coins. In this regard, it truly is the luck of the draw, as some boxes are comprised of coins that struggle to meet even our MS69 standard. While collectors should expect to see additional MS70s added to our population reports, it likely won't happen at a pace that would upset current market dynamics.

Special Editions and Varieties

Legacies of Freedom Set

A notable secondary market exists for the 2003 Legacies of Freedom Two-Coin Set. This set (limited to 50,000 units) paired a standard 2003 Silver Eagle with a 2002 Silver Britannia bullion coin from the United Kingdom. A similar UK-exclusive set, titled "Ladies of Liberty," was limited to 25,000 units.

Notable Signature Labels

PCGS has certified 2003 American Silver Eagles featuring a variety of signature labels, a few of which are quite rare*.

• Lance Armstrong (Athlete) | (included in #9964) 204 coins
• Leonard Buckley (Coin Designer) | (#808452) 49 coins: all MS70
• Leonard Buckley, First Strike (Coin Designer) | (#911606) 15 coins: all MS70
• Thomas Cleveland, Arrows (Coin Designer) | (#807612) 65 coins : all MS70
• Thomas Cleveland, Arrows, First Strike (Coin Designer) | (#911603) 15 coins: all MS70
• Thomas Cleveland, Blue Eagle (Coin Designer) | (#779457) 5 coins: all MS70
• Thomas Cleveland, Blue Eagle, First Strike (Coin Designer) | (#902442) Unique: MS70
• Thomas Cleveland, Native (Coin Designer) | (#807610) 65 coins: all MS70
• Thomas Cleveland, Native, First Strike (Coin Designer) | (#911605) 15 coins: all MS70
• Thomas Cleveland, with Sun (Coin Designer) | (#807614) 65 coins: all MS70
• Thomas Cleveland, with Sun, First Strike (Coin Designer) | (#911604) 15 coins: all MS70
• Emily S. Damstra (Coin Designer) | (#893033) Unique: MS70
• Tommy Franks (Army General) | (included in #9964) 70 coins
• Fred Haise (Astronaut) | (#856910) 17 coins: all MS70
• David Hall (PCGS Co-Founder) | (#916908) 6 coins: all MS70
• Jessica Lynch (American Soldier, former P.O.W.) | (included in #9964) 1,435 coins
• John Mercanti, Flag (U.S. Mint Chief Engraver) | (#689410) 49 coins: all MS70
• John Mercanti, Signature, First Strike (U.S. Mint Chief Engraver) | (#609154) 36 coins: all MS70
• John Mercanti, Signature (U.S. Mint Chief Engraver) | (#530884) 111 coins: 48 MS69, 63 MS70
• John Mercanti, Silver Eagle Signature (U.S. Mint Chief Engraver) | (#897322) 6 coins: all MS70
• Ed Moy (U.S. Mint Director) | (#532530) 51 coins: 50 MS69, 1 MS70
• Robert Parish, Naismith Private Collections (Athlete) | (#896568) 7 coins: all MS70
• Michael Reagan, Silver Eagle (Media Personality) | (#831660) 17 coins: all MS69

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

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