To mark the 25th anniversary of the American Eagle coin program, the United States Mint released a special set which included the 2011 Reverse Proof Silver Eagle. This was the second time that a reverse proof Silver Eagle had been minted, following the previous coin released to mark the 20th anniversary.
In August 2011, the Deputy Director of the United States Mint announced the plans to produce and offer the 25th Anniversary Silver Eagle Set. Each set would include five different coins, two of which would only be available within the limited edition product. The coins were a proof version struck at West Point, an uncirculated version struck at West Point, an uncirculated version struck at San Francisco, a reverse proof version struck at Philadelphia, and a regular bullion version.
Sales of the anniversary sets began on October 29, 2011. The maximum mintage was established at 100,000 and an ordering limit of five sets per household was imposed. Pricing for the set was $299.95 each. In less than a day, the US Mint received orders to fulfill the maximum product limit and secondary market prices quickly rose.
The 2011 Reverse Proof Silver Eagle was struck at the Philadelphia Mint and carries the “P” mint mark on the reverse. The coins featured raised design elements and inscriptions that are mirrored, against a frosted background. This is the reverse of the typical arrangement for modern proof coins. This represented only the third coin that the US Mint had ever produced with a reverse proof finish.
The estimated mintage for this issue is 100,000 based on the maximum product limit for the 25th Anniversary Silver Eagle Set. This represents the second lowest mintage for any coin of the series.