When Bubbles Burst
In the previous issue of PCGS Insider, we highlighted the Onza Troy struck by the Banco de México. The 1949 Onza Troy was the first one-ounce silver bullion coin to be issued by a government. The coin took a hiatus for a while, and production resumed from 1978 through 1980.
On January 19, 1980, the price of one troy ounce of silver reached a record-closing price of $49.45 because two brothers named Nelson Hunt and William Hunt manipulated the silver futures markets; the duo was infamously known as “the Hunt Brothers.” By the end of December 1981, the price of silver had hit the price of $8.48, which means it had lost over 82% of its value from its pinnacle less than two years earlier. The peak of the silver bubble in 1980 left many collectors, investors, and speculators scratching their heads. Banco de México elected not to issue the Onza Troy for 1981.
In 1982, Banco de México redesigned the bullion coin, and the obverse introduced the Angel of Independence. Two volcanoes, Popocatépetl and Iztaccíhuatl, are proverbial twins flanking Lady Liberty. This design is derived from a famous landmark called the “Monument of Independence” located in Mexico City, Mexico, and is also known locally as El Ángel. The landmark was commissioned to be constructed by the president of Mexico, Porfirio Díaz. Architect Antonio Rivas Mercado was in charge of the project, which began in 1902; the monument was completed in 1910 to commemorate the centennial of the beginning of Mexico’s War of Independence. The reverse of this newly issued bullion coin depicts the “Eagle with Snake” in its beak and the bottom half of the snake held with its talons, which is a classic design among Mexican coinage and is an image featured on the Mexican flag.
The Onza Troy was no more. The Onza Libertad became the new one-ounce bullion coin.
A New Era Begins
The 1982 Onza Libertad was struck at the mint in Mexico City, Mexico, and these coins were issued in rolls of 20 coins each. Rolls of the Onza Libertad can be found on eBay, with lots carrying the common dates selling between $1,100 to $1,300 per roll. These coins were packaged in metallic-looking cardboard rolls stacked on top of each other, and one side is about 90% exposed to the elements. On that end of the roll, the coin may randomly tone marvelous colors, and collectors frequently pay up handsomely for these examples. The other side is covered with two strips of metallic silver tape, with the words in blue stating “Banco de México 20 ONZAS DE PLATA DE .999.”
Silver bullion is soft, as it is almost 100% pure. It’s therefore prone to a buffet of problems, such as nicks on the highpoints, and whatever your wandering mind may imagine, which could bruise your precious collectibles. What this translates into for collectors of coins in MS70 grades is that no such numismatically “perfect” example exists for the first nine years of this series. MS69 is the highest grade to be scored from that period of this series – if you are fortunate to even score one at all.
If you choose to bid in an auction on eBay for an MS69, where a majority of transactions take place for Onza Libertads, be prepared to pay up, as many will fight you until the end, given the competitive nature of the market. From 1982 through 1986, some 1 million to 2 million Onza Libertads were produced, and the most condition-sensitive date is 1982, which will cost about $1,000 in a grade of PCGS MS68. A variety known as the 1982 DDO (Doubled Die Obverse) could cost $2,000 or more if you’re seeking an MS68 example. Buying the remaining dates in PCGS MS68 will cost Onza Libertad collectors anywhere between $200 and $400 per coin.
Rounding Out The Series
The 1987 Onza Libertad, in comparison to the previous years, has a relatively low mintage of 500,000 coins. This year also has a variety known as the 1987-Mo Doubled Die Obverse, which can set collectors back about $200 in a PCGS MS66 grade. The 1988 issue is also known for a DDO variety that is slightly scarcer than 1987 and would cost about $300 in PCGS MS66. For the years 1989 and 1990, collectors can expect to pay between $150 to $200 for a PCGS MS66 example.
In 1991, two types of Onza Libertads were struck: Type 1 Onza (mintage 1.1 million), and Type 2 Onza (mintage included in the Type 1 mintage). The Banco de México struck the 1991 Type 1 “Onza” Libertad, and during the year they planned to release a five-coin set with fractional coinage and a design change on both sides. This five-coin set included a one-ounce, ½-ounce, ¼-ounce, 1/10-ounce, and 1/20th-ounce coin. Only 50,000 sets were issued, and the word “OnZa” is spelled just as you can see from the picture, with a capital and lowercase letter rotated. On the TYPE 1, “ONZA” is capitalized as illustrated, and the design is more compact in general.
Accounts vary online about the Type 2 OnZa Libertad mintage, but savvy collectors have been aware of this low mintage for many years. The PCGS population report also confirms that the coin is not easy to find in general, and there may be 50,000 coins or less. Since the beginning of 2025, the 1991 Type 2 has witnessed a sharp price increase, and a PCGS MS69 will more than likely cost collectors a cool $3,000 nowadays. Collectors have recognized that the 1991 Type 2 coin is scarcer to find than the famed 1998 Onza Libertad issue. The proverbial cat has moderately been climbing out of the bag over the years, and it is now running.
From the date range of coins from 1992 through 1995, the most sought-after years are 1994 (mintage 400,000), then 1995 (mintage 500,000), 1992 (mintage 2.4 million), and 1993 (1 million) being the most common of these dates in terms of condition. The design change in 1991 made MS70 grades difficult to acquire, as the highpoints are prone to friction. The only date where a collector may find a PCGS MS70 is the 1993 issue, and there is one MS70 graded for 1992.
In 1996, Banco de México made another reverse design change; the Angel of Independence design is smaller, but the design now includes part of the column, and the diameter of the coin also became wider. The coins of this design have a better chance of scoring an MS70 than the previous designs, as the highpoints are not as high. Our 1996 (mintage 300,000) and 1997 (mintage 100,000) Onza Libertads are semi-key years and could cost a collector about $650 for a PCGS MS69 specimen.
The 1998 issue is the series key with a mintage of only 67,000 coins. This date has been sought after by collectors for many years, and an MS69 example can cost a collector about $2,500; an MS70 can fetch some $6,000! A variety exists for the 1998 Onza Libertad, which is called the “Die Chip on Eagles Head.” This coin trades at about a 50% premium, and a PCGS MS69 can cost north of $4,000 today. The 1999 Onza Libertad (mintage 95,000) is a semi-key date as well, and an example can be purchased in a PCGS MS69 grade for about $800 to $900. Collectors who would like to assemble a set sans varieties may consider building the Mexican Onza Libertad Silver, Circulation Strikes (1982-present).
The Evolving Onza Libertad
Starting in 2008, the mintages for the Onza Libertad increased significantly from the previous years and then dropped below the one million mark beginning in 2012. Keep in mind that the price of silver reached a price of $48.70 per ounce in April of 2011, the highest price achieved for the precious metal since 1980. Silver prices saw a steady decline for the next several years. Onza Libertads from 2008 through 2024 graded PCGS MS69 can be purchased for $150 or less, and sometimes for as little as a 25% premium over the spot price of silver. Minting technology has also improved over the years at the Banco de México, which has translated into more MS70s being graded. In 2015, coin rolls issued from the mint now consisted of 25 coins in a plastic tube instead of the 20 coins issued per roll in cardboard, as was the case since 1982.
Popularity of the silver Onza Libertad continues growing at a brisk pace. Since the beginning of 2025, prices for scarce issues have substantially increased, though premiums may be cooling as the year draws to a close. However, if silver were to rise to $50 per troy ounce, prices for Onza Libertads would increase accordingly. The 1991 Type 2 OnZa Libertad seems to have passed the standard 1998 Onza Libertad issue in terms of PCGS MS69 pricing.
In the long run, price rises may continue as more Onza Libertad collectors enter the marketplace. The scarce 1998 Onza Libertad “Die Chip on Eagles Head” will more than likely also continue its ascent as demand ramps up and collectors aim to complete PCGS Registry Sets like the Mexican Onza Libertad Silver with Varieties, Circulation Strikes (1982-present). Finally, the 1999/2000 Onza Libertad Mule is one coin that would be missing from most of these sets due to elevated pricing.
In September 2025, PCGS published an article titled “The Mexico 2025 Silver Onza Libertad Series: Already Elusive?” In the article, we noted that only 300 Onza Libertad were produced for 2025, according to an official release from the Banco de México. This coin remains elusive, however, as of this writing, we still have no clarification as to whether that figure of 300 is a final mintage record for the 2025 Onza Libertad.
Apparently, the 2024 Onza Libertad sold very poorly, and the Banco de México is currently sitting on a cache of unsold coins. This matter did not sit well with Congress in Mexico, and their solution was to cut production drastically. Small quantities of silver coinage were authorized, and gold coinage was not issued. Hopefully, in 2026, production will resume to levels where more collectors can afford the newly minted coins once again.