2 oz Libertad Silver 2004 Proof: Value & Mintage of 600

The 2004 2 oz Silver Libertad in Proof finish is one of the low-mintage keys of the modern Libertad series, with only 600 coins struck. That tiny production number is what separates it from common bullion Libertades that trade near melt. If you inherited or found one, it is worth well above its silver content, provided it is genuine and in original condition.

What it is

The Onza Libertad is Mexico's official silver bullion and collector coin, minted by the Casa de Moneda de México (the Mexican Mint). "Onza" means ounce. This particular piece is the 2 ounce version in Proof finish, meaning mirror-like fields and frosted, sculpted reliefs, produced specifically for collectors rather than for bulk investment.

The design shows the Winged Victory (Ángel de la Independencia) on one side and the Mexican coat of arms surrounded by historical seals on the other, a design collectors worldwide recognize on sight.

Technical specifications

Spec	Detail
Year	2004
Finish	Proof
Weight	62.2 grams (2 troy oz)
Diameter	48 mm
Metal	Silver .999 fine
Edge	Reeded
Mintage	600 coins
Series	Onza Libertad

What it's worth

Two forces set the price on this coin: the silver content (a hard floor) and the collector premium from the 600-coin mintage (the real driver).

At roughly 2 troy ounces of pure silver, the metal alone gives it a melt floor that moves with the silver spot price, generally in the range of 50 to 70 USD depending on the market that day. No genuine example should ever sell below that.

The collector value sits well above melt. Because only 600 were struck in Proof, a certified example in high grade (PF67 to PF70 from NGC or PCGS) commonly trades in the 200 to 600 USD range, and top-population PF70 pieces can push higher when two collectors want the same coin. Raw (uncertified) coins with the original Banco de México capsule and box still command a strong premium over melt, but expect a discount versus a graded example because buyers price in the risk.

The exact number depends on grade, whether you have the original Banxico blister/box, and the silver spot price the day you sell. Check your coin against our coin condition grading guide before you set a price.

Is it rare?

Yes, by modern standards. A mintage of 600 is low. For comparison, common-date bullion Libertades are struck in the hundreds of thousands and trade at melt plus a small premium. The 2004 2 oz Proof belongs to the scarce end of the series, which is exactly why it carries a real premium. If you have one, you are holding a genuine key date, not a bullion coin.

Where to sell it

Because this is a precious-metal collector coin, sell where the price reflects both the silver and the scarcity:

• A verified numismatic dealer from the Pesoteca directory, who can appraise it on the spot and weigh it in front of you.
• The Pesoteca buy-and-sell forum, where collectors who understand the 600 mintage compete for it.

Photograph the obverse, reverse, and edge in good light, note whether you have the original capsule and box, and compare against the range above before accepting an offer. Avoid dumping it to the first bidder on general marketplaces, where buyers often price it as scrap silver.

How to tell if it's genuine

Verify the weight (62.2 grams) with a jewelry scale and the diameter (48 mm) with calipers, then compare to the specs above. Counterfeits usually miss on weight or diameter, show flat or mushy relief, or have dull rather than true mirror fields. On a real Proof, the fields are mirror-bright and the raised design is frosted white. Be suspicious of any offer priced below the silver value, that is a classic sign of a fake or a scam.

For the surest confirmation, submit it to NGC or PCGS for grading and authentication; a certified holder also raises what buyers will pay.

Have a 2004 2 oz Libertad Proof, or think you spotted a mint error on one? Post clear photos on the Pesoteca forum and let collectors weigh in before you sell.

2 troy ounces Libertad silver 2004 Proof

This piece is the 2-troy-ounce silver Libertad, struck by the Mexican Mint in 2004 in its Proof version.

Technical data. It contains 62.2 g of pure silver at .999 fineness and measures 48 mm in diameter. On the reverse it bears the effigy of the Angel of Independence, chosen by Banxico as the official symbol of the series since 1981. On the obverse appears the National Coat of Arms in its pre-1969 version, along with other historical coats of arms as an identity mark of the family.

Role within the set. It is a piece for serious collecting. Its mintage is far lower than that of the standard ounce, and its large format lets the detail of the engraving stand out. It is often hunted side by side with the 5-ounce piece.

Context of the year. In 2004 Vicente Fox Quesada was in office. The first physical silver ETF in the United States, the iShares Silver Trust, was launched. International demand for silver bullion took off.

Proof finish. The Proof finish, also known as mirror, is achieved by polishing the dies to a specular shine in the fields, while the reliefs are frosted by micro-blasting. The piece comes off the press ready for display: it is not touched with bare hands nor handled without gloves. Banxico delivers it in a sealed plastic capsule with an individually numbered certificate of authenticity. The Proof mintage is always far lower than that of the regular finish of the same year, and its price on the secondary market is usually 40% to 80% above the equivalent BU version.

Mintage. Banxico reported in its official tables a minting of 6,240 pieces for this combination of fraction, year, and finish. That number is the basis for gauging the piece's relative scarcity within the program.