The United States Mint released the 2003-W American Silver Eagle Proof on April 2 at an issue price of $24 per coin ($41.55 in 2024 inflation-adjusted dollars). The Mint set the mintage at a maximum of 750,000 and sales were strong. The Mint's final total tally was 747,831 coins.
Quality was never an issue for most 2003-W American Silver Eagle Proofs. Most come fully struck, with deeply frosted devices and nearly perfect mirrored fields.
Up to 2014, the leading grading services routinely certified coins in the "perfect" grade of Proof 70 Deep Cameo/Ultra Cameo (PCGS at a 4.28:1 ratio and NGC at 1.84:1). These ratios have fallen to about 1:1 over the last 10 years. We assume this is partially due to the market; if not, adjustments to grading standards may be at play. The leading grading services have averaged about 1,500 additional coins annually over the past decade.
The 2003-W American Silver Eagle Proof coin has lost 10% to 25% of the value it held in 2014 when it traded for about $50 in Proof 69 Deep Cameo/Ultra Cameo and $90 in Proof 70. Adjusting for inflation, this works out to $68 and $121. Today's market bears $50 to $60 for 69s and typically $80 to $90 for 70s. The increase in certified populations is not a major factor in this decline like it is for other issues. Instead, the 2003-W American Silver Eagle Proof is trading as a generic issue. When generic Proofs increase in price, the value of the 2003-W will follow suit.
Artist Adolph A. Weinman's figure of Lady Liberty is depicted mid-stride. She is seen as a full-body figure dressed in a flowing gown and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she presents a welcoming and open hand. The upper portion of Liberty is superimposed over the obverse legend LIBERTY ringing the obverse, obscuring half of the "BE" and almost the entire "R". Above Liberty's rear foot is the motto IN GOD WE TRUST. Below her is the date 2003.
United States Mint Chief Engraver John Mercanti's Heraldic Eagle is positioned at the center. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend UNITED STATES OF AMERICA is wrapped around the top of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is at the bottom.
Edge:
The edge of the 2003-W American Silver Eagle Proof coin is reeded.