Close-up of numbers '201' embossed on a metallic surface.

A New Appreciation for the 2011 “No S” Doubled Die Obverse American Silver Eagle

12/01/2025 | The Institute for Silver Dollar Education and Research |

FOR IMMEDIATE RELEASE PRESS CONTACT: MICHAEL S. FEY (201) 859-2337

Ironia, NJ—December 1, 2025. Among the very popular American Silver Eagle series from 1986 to date, there are only a few known doubled dies. These include the 1992-S Proof Doubled Die Reverse, the 1990-S Proof Doubled Die Obverse, and the business strike of the 2011 “No S†Doubled Die Obverse. This is to provide the reader with a new appreciation for the 2011 “No S†doubled die obverse.

The business strike mintages of the 2011 American Silver Eagle were 40,020,000 at the Philadelphia mint, and 99,882 at the San Francisco mint. Even though the business strike silver dollars were struck in San Francisco for the 25th Anniversary Silver Eagle Set, it was minted without an “S†mint mark. Hence, I am referring to it as the 2011 “No S†silver dollar to distinguish it from the much more common Philadelphia struck Eagle.

  • With a scant mintage of under 100,000 pieces, many coins were broken out of these sets and sent to the grading services to be certified as 2011 25th Anniversary Eagle $1 Early Release coins. These carry very little premium, if any, over their Philadelphia counterpart.*

One die pair struck of the 2011 “No S†mintmark 25th Anniversary Eagle was found to be a doubled die obverse. Doubling was most noticeable at the extra thickness in the top of the “0†in the date, at Ms. Liberty’s lower skirt and ray, and at the inside of the upper left serif of the “U†in “Trust†(see attached photos from Wexler’s Die Varieties (http://doubled die.com/2224937.htm). It’s important to note, that other die pair Eagles were struck in San Francisco in 2011 which do not display the doubled die.

Close-up of numbers '201' embossed on a metallic surface.
2011 “No S†Doubled Die Obverse: Thick Upper O†in Date. Photo Courtesy of Wexler’s Die Varieties
Close-up of creamy green swirl texture.
2011 “No S†Doubled Die Obverse Doubled: Bottom of Liberty’s Gown and Lower Sun Ray. Photo Courtesy of Wexler’s Die Varieties
Close-up of embossed letters forming the word 'TRU'.
2011 “No S†Doubled Die Obverse: Inside upright of the “U†of In God We Trust. Photo Courtesy of Wexler’s Die Varieties

If we conservatively assume that only two die pairs were used to strike the entire mintage of nearly 100,000 2011 “No S†Eagles, and the die life was approximately equal, then we can safely assume that about 50,000 doubled dies might exist, and it could be less! I sent a Freedom of Information (FOI) request to the San Francisco mint several months ago to find out how may die pairs were used for the 2011 Eagle striking and their respective mintages but have yet to hear back. I will provide an update as soon as the San Francisco Mint customer service responds.

We now know the key date proof, the 1995 W American Silver Eagle, from the 10th Anniversary Gold Eagle Proof Set with a small mintage of only 30,125 has traded in the $3000 or higher range for may years. We also know, the burnished 2008 W Reverse 2007 Silver Eagle variety with a small estimated mintage of about 47,000 pieces (2023 McMorrow-Hernandez) trades in the $325 range or higher. Therefore, the 2011 “No S†San Francisco 25th Anniversary with an estimated 50,000 or less mintage should trade higher than a common price.

Most dealers and collectors are unaware of the 2011 “No S†doubled die so that this variety can now easily be cherry-picked out of 2011 certified 25th Anniversary holders. I anticipate that these rare and underappreciated Eagles will quickly appreciate in value as more dealers and collectors learn about this variety.

2023. McMorrow-Hernandez, Joshua. A Guide Book of American Silver Eagles. The Official Red Book. Whitman Publishing, LLC, Pelham, AL