The American Silver Eagle is the official
silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
bullion coin
Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the ...
of the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
.
It was first released by the
United States Mint
The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money; tha ...
on November 24, 1986. It is struck only in the one-
troy ounce
Troy weight is a system of units of mass that originated in 15th-century England, and is primarily used in the precious metals industry. The troy weight units are the grain, the pennyweight (24 grains), the troy ounce (20 pennyweights), and the ...
, which has a
nominal
Nominal may refer to:
Linguistics and grammar
* Nominal (linguistics), one of the parts of speech
* Nominal, the adjectival form of "noun", as in "nominal agreement" (= "noun agreement")
* Nominal sentence, a sentence without a finite verb
* Nou ...
face value
The face value, sometimes called nominal value, is the value of a coin, bond, stamp or paper money as printed on the coin, stamp or bill itself by the issuing authority.
The face value of coins, stamps, or bill is usually its legal value. Howe ...
of one
dollar
Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, U ...
and is guaranteed to contain one troy ounce of 99.9% pure
silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
. It is authorized by
Title II of Public Law 99-61 (Liberty Coin Act, approved July 9, 1985) and
codified as (e)-(h). Its content, weight, and purity are certified by the United States Mint. In addition to the bullion version, the United States Mint has produced a
proof
Proof most often refers to:
* Proof (truth), argument or sufficient evidence for the truth of a proposition
* Alcohol proof, a measure of an alcoholic drink's strength
Proof may also refer to:
Mathematics and formal logic
* Formal proof, a con ...
version and an
uncirculated version for
coin collectors
Coin collecting is the collecting of coins or other forms of minted legal tender.
Coins of interest to collectors often include those that were in circulation for only a brief time, coins with mint errors, and especially beautiful or historic ...
. The Silver Eagle has been produced at three mints: the
Philadelphia Mint
The Philadelphia Mint in Philadelphia was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national ...
, the
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint. Opened in 1854 to serve the gold mines of the California Gold Rush, in twenty years its operations exceeded the capacity of the first building. It moved into a new one in 1874, now kno ...
, and the
West Point Mint
The West Point Mint is a U.S. Mint production and depository facility erected in 1937 near the U.S. Military Academy in West Point, New York, United States. the mint holds 22% of the United States' gold reserves, or approximately 54 million oun ...
. The American Silver Eagle bullion coin may be used to fund
Individual Retirement Account
An individual retirement account (IRA) in the United States is a form of pension provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's ear ...
investments.
Design
The design on the coin's
obverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags, seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, ''o ...
was taken from the "Walking
Liberty
Liberty is the ability to do as one pleases, or a right or immunity enjoyed by prescription or by grant (i.e. privilege). It is a synonym for the word freedom.
In modern politics, liberty is understood as the state of being free within society fr ...
" design by
Adolph A. Weinman, which originally had been used on the
Walking Liberty Half Dollar
The Walking Liberty half dollar is a silver 50-cent piece or half dollar coin that was issued by the United States Mint from 1916 to 1947; it was designed by Adolph A. Weinman, a well-known sculptor and engraver.
In 1915, the new Mint Director, ...
coin of the United States from 1916 to 1947. As this iconic design had been a public favorite—and one of the most beloved designs of any United States coinage of modern times, silver or otherwise—it was revived for the Silver Eagle decades later. The obverse is inscribed with the year of minting or issuance, the word ''LIBERTY'', and the phrase
'' IN GOD WE TRUST''.
The newly designed reverse of the 2021 American Silver Eagle was designed by Emily Damstra and shows an eagle landing on a branch; much like that of the reverse of the 1971 Eisenhower Dollar Coins. The reverse is inscribed with the phrases ''UNITED STATES OF AMERICA'', ''1 OZ. FINE SILVER~ONE DOLLAR'', and
''E PLURIBUS UNUM'', as well as the
mintmark
A mint mark is a letter, symbol or an inscription on a coin indicating the mint where the coin was produced. It should not be confused with a mintmaster mark which is the mark of the mintmaster.
History
Mint marks were first developed to locate ...
if applicable.
From 1986 to 2021, the reverse was designed by
John Mercanti
John M. Mercanti (born April 27, 1943) is an American sculptor and engraver. He was the twelfth Chief Engraver of the United States Mint until his retirement in late 2010.
Biography
Mercanti was born in Philadelphia. There, he attended the Penn ...
and portrayed a
heraldic eagle
The eagle is used in heraldry as a charge, as a supporter, and as a crest. Heraldic eagles can be found throughout world history like in the Achaemenid Empire or in the present Republic of Indonesia. The European post-classical symbolism of the ...
behind a shield; the eagle grasping an
olive branch
The olive branch is a symbol of peace and victory associated with customs of ancient Greece and connected with supplication to gods and persons in power. It is found in most cultures of the Mediterranean basin and became associated with peace ...
in its right talon and arrows in its left talon, echoing the
Great Seal of the United States; above the eagle are thirteen
five-pointed star
A five-pointed star (☆), geometrically an equilateral concave decagon, is a common ideogram in modern culture.
Comparatively rare in classical heraldry, it was notably introduced for the flag of the United States in the Flag Act of 1777 and ...
s representing the
Thirteen Colonies
The Thirteen Colonies, also known as the Thirteen British Colonies, the Thirteen American Colonies, or later as the United Colonies, were a group of Kingdom of Great Britain, British Colony, colonies on the Atlantic coast of North America. Fo ...
. The reverse was inscribed with the phrases ''UNITED STATES OF AMERICA'', ''1 OZ. FINE SILVER~ONE DOLLAR'', and
''E PLURIBUS UNUM'' (on the banner that the eagle holds in its beak), as well as the
mintmark
A mint mark is a letter, symbol or an inscription on a coin indicating the mint where the coin was produced. It should not be confused with a mintmaster mark which is the mark of the mintmaster.
History
Mint marks were first developed to locate ...
if applicable.
Legislative history
Background: Defense National Stockpile silver sales
The impetus of the American Silver Eagle bullion program ultimately comes from
executive
Executive ( exe., exec., execu.) may refer to:
Role or title
* Executive, a senior management role in an organization
** Chief executive officer (CEO), one of the highest-ranking corporate officers (executives) or administrators
** Executive dire ...
plans through the 1970s and early 1980s to sell off silver from the
Defense National Stockpile. As ''
The Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' explained, "Several administrations had sought unsuccessfully to sell silver from the stockpile, arguing that domestic production of silver far exceeds strategic needs. But mining-state interests had opposed any sale, as had promilitary legislators who wanted assurances that the proceeds would be used to buy materials more urgently needed for the stockpile rather than merely to reduce the federal deficit."
Throughout the period, such sell-offs that did occur, as well as announcements of planned sell-offs, caused immediate declines in the price of silver. ''The Wall Street Journal'' reported in September 1976, "When the US government makes noises about selling silver from the federal stockpile, futures traders start unloading futures contracts in speculation that such a sale would depress prices."
Despite congressional opposition to the sale of stockpiled silver through early June 1981, the
House Armed Services Committee
The U.S. House Committee on Armed Services, commonly known as the House Armed Services Committee or HASC, is a standing committee of the United States House of Representatives. It is responsible for funding and oversight of the Department of Defe ...
decided on June 10 to approve a
Reagan administration
Ronald Reagan's tenure as the 40th president of the United States began with his first inauguration on January 20, 1981, and ended on January 20, 1989. Reagan, a Republican from California, took office following a landslide victory over D ...
request to sell government-owned silver beginning in fiscal year 1982 to help balance the
federal budget. In July 1981, the House and Senate agreed to allow the sale of 75% of the stockpiled silver (105.1 million troy ounces) over a three-year period,
and in September the price of silver fell 11% in response. Just before the first sale in October 1981, a group of politicians from
Idaho
Idaho ( ) is a state in the Pacific Northwest region of the Western United States. To the north, it shares a small portion of the Canada–United States border with the province of British Columbia. It borders the states of Montana and Wyom ...
—a major silver-producing state—attempted to block the auction, claiming that the sale could have a "disastrous effect" on the
United States silver mining industry in general and several Idaho silver mining companies in particular. On December 3, 1981,
Senator
A senate is a deliberative assembly, often the upper house or chamber of a bicameral legislature. The name comes from the ancient Roman Senate (Latin: ''Senatus''), so-called as an assembly of the senior (Latin: ''senex'' meaning "the el ...
James A. McClure (
R-Idaho) proposed an
amendment An amendment is a formal or official change made to a law, contract, constitution, or other legal document. It is based on the verb to amend, which means to change for better. Amendments can add, remove, or update parts of these agreements. They ...
(S.UP.AMDT.738) to the
Department of Defense Department of Defence or Department of Defense may refer to:
Current departments of defence
* Department of Defence (Australia)
* Department of National Defence (Canada)
* Department of Defence (Ireland)
* Department of National Defense (Philippin ...
appropriation bill
An appropriation, also known as supply bill or spending bill, is a proposed law that authorizes the expenditure of government funds. It is a bill that sets money aside for specific spending. In some democracies, approval of the legislature is ne ...
() to end the government's sale of silver "until the President, not later than July 1, 1982, redetermines that the silver authorized for disposal is excess to the requirements of the stockpile." The appropriations bill was signed into law (Public Law 97-114) with the amendment intact, effectively stopping the further sale of stockpiled silver.
Coin legislation
On May 27, 1982, Senator McClure introduced bill , "A bill to provide for the disposal of silver from the National Defense Stockpile through the issuance of silver coins", to "redirect the sale of silver from our national defense stockpile in an effort to minimize its affect on the already depressed price of silver." An identical companion bill, , was introduced on June 22 by
Representative
Representative may refer to:
Politics
* Representative democracy, type of democracy in which elected officials represent a group of people
* House of Representatives, legislative body in various countries or sub-national entities
* Legislator, som ...
Larry E. Craig (R-Idaho) but both bills were referred to committees and never were enacted. ''The Wall Street Journal'' reported on June 30 that the price of silver "soared after Interior Secretary James Watt announced that sales of the government's silver stockpile will be indefinitely postponed" as the government's legally required study on potential methods of selling the silver had been delayed.
On January 27, 1983, Senator McClure introduced another bill () almost identical to S. 2598. As he had in the earlier bill, the senator asked,
The bill was referred to the
Committee on Banking, Housing, and Urban Affairs
The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency), also known as the Senate Banking Committee, has jurisdiction over matters related to banks and banking, price controls, d ...
which held hearings on April 15, 1983, however, it was not enacted.
Some two years later, with sales still suspended, Senator McClure again introduced legislation aimed at requiring potential sales of stockpiled silver to be conducted through the issuance of coins minted from the silver. This time his legislation took the form of an amendment (S.AMDT.418) to , the "Statue of Liberty-Ellis Island Commemorative Coin Act". McClure's amendment—the "Liberty Coin Act"—added a new section (Title II) to H.R. 47. The amendment may be summarized into the following points:
* Authorize the Secretary of the Treasury to mint and issue silver bullion coins
* Coin specifications including diameter, weight,
fineness
The fineness of a precious metal object (coin, bar, jewelry, etc.) represents the weight of ''fine metal'' therein, in proportion to the total weight which includes alloying base metals and any impurities. Alloy metals are added to increase hardne ...
, general design, inscriptions, and edge finish
* Coin sales
* Numismatic and legal tender statuses
* Purchase of silver from stockpile
* Effective date of October 1, 1985, and stipulation that no coins may be issued or sold before September 1, 1986
Proposed on June 21, 1985, the Senate agreed to McClure's amendment by
voice vote
In parliamentary procedure, a voice vote (from the Latin ''viva voce'', meaning "live voice") or acclamation is a voting method in deliberative assemblies (such as legislatures) in which a group vote is taken on a topic or motion by responding vo ...
on the same day and it was added to H.R. 47; the House approved the amended bill three days later and it was signed into law by
President Reagan
Ronald Wilson Reagan ( ; February 6, 1911June 5, 2004) was an American politician, actor, and union leader who served as the 40th president of the United States from 1981 to 1989. He also served as the 33rd governor of California from 1967 ...
on July 9, 1985. Thus, the authorizing law for the American Silver Eagle bullion program is
Title II of Public Law 99-61 (Liberty Coin Act) codified as (e)-(h).
Program extension, 2002
The authorizing legislation for the American Silver Eagle bullion program stipulated that the silver used to mint the coins be acquired from the Defense National Stockpile with the intent to deplete the stockpile's silver holdings slowly over several years. By 2002, it became apparent that the stockpile would be depleted and that further legislation would be required for the program to continue. On June 6, 2002, Senator
Harry Reid
Harry Mason Reid Jr. (; December 2, 1939 – December 28, 2021) was an American lawyer and politician who served as a United States senator from Nevada from 1987 to 2017. He led the Senate Democratic Caucus from 2005 to 2017 and was the Sena ...
(
D-
Nevada
Nevada ( ; ) is a U.S. state, state in the Western United States, Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. N ...
) introduced bill S. 2594, "Support of American Eagle Silver Bullion Program Act", "to authorize the Secretary of the Treasury to purchase silver on the open market when the silver stockpile is depleted." The bill was passed by the Senate on June 21 and by the House on June 27 and signed into law () by
President Bush on July 23, 2002.
Minting history
The first American Silver Eagle coin was struck in
San Francisco
San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
on October 29, 1986.
Secretary of the Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
James A. Baker III presided over the striking ceremony held at the San Francisco Assay Office. According to a ''
Chicago Sun-Times
The ''Chicago Sun-Times'' is a daily newspaper published in Chicago, Illinois, United States. Since 2022, it is the flagship paper of Chicago Public Media, and has the second largest circulation among Chicago newspapers, after the ''Chicago T ...
'' article, as Baker "reached for the electronic button on press No. 105, he turned to the audience and said, 'I don't need a pick and shovel to start the San Francisco Silver Rush of 1986.'"
Bullion
Bullion Silver Eagle coins do not have mintmarks. From 1986 to 1998, they were produced at the
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint. Opened in 1854 to serve the gold mines of the California Gold Rush, in twenty years its operations exceeded the capacity of the first building. It moved into a new one in 1874, now kno ...
. From 1999 to 2000, they were produced at the
Philadelphia Mint
The Philadelphia Mint in Philadelphia was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national ...
and
West Point Mint
The West Point Mint is a U.S. Mint production and depository facility erected in 1937 near the U.S. Military Academy in West Point, New York, United States. the mint holds 22% of the United States' gold reserves, or approximately 54 million oun ...
.
In March 2011, the San Francisco Mint conducted trial strikes of bullion Silver Eagle coins in preparation for the resumption of full production later in the spring. The added production capacity provided by the San Francisco Mint supplements the output of the West Point Mint.
Proof
From 1986 to 1992,
proof
Proof most often refers to:
* Proof (truth), argument or sufficient evidence for the truth of a proposition
* Alcohol proof, a measure of an alcoholic drink's strength
Proof may also refer to:
Mathematics and formal logic
* Formal proof, a con ...
Silver Eagle coins were minted at San Francisco and these coins bear the "S" mintmark. From 1993 to 2000, they were minted at Philadelphia and these coins bear the "P" mintmark. From 2001 to 2008, they were minted at West Point and these coins bear the "W" mintmark.
No proof versions were minted in 2009. Beginning again in 2010, the proof coins were minted at West Point and bear the "W" mintmark.
Uncirculated
From 2006 to 2008 and beginning again in 2011, the United States Mint issued a collectible uncirculated Silver Eagle coin produced at West Point (bearing the "W" mintmark). The coins are struck on specially
burnished blanks and sometimes are referred to as "W Uncirculated" or "Burnished Uncirculated". Aside from the standard-issue burnished Eagles, there has been one burnished Eagle issue produced at San Francisco bearing the "S" mintmark for release in the "American Eagle 25th Anniversary Silver Coin Set" in 2011.
Special issues
1990s
*In 1993, the "Philadelphia Set" was issued to commemorate the bicentennial of the striking of the first official United States coins at the
Philadelphia Mint
The Philadelphia Mint in Philadelphia was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national ...
in 1793. The set included proof
American Gold Eagle
The American Gold Eagle is an official gold bullion coin of the United States. Authorized under the Gold Bullion Coin Act of 1985, it was first released by the United States Mint in 1986. Because the term "eagle" also is the official United ...
coins in 1/2 ozt, 1/4 ozt, and 1/10 ozt sizes, a proof Silver Eagle coin, and a 90% silver proof "U.S. Mint Bicentennial" medal, all with "P" mintmarks.
*In 1995, in addition to the regular proof coin minted at Philadelphia, the United States Mint also issued a proof coin minted at West Point. Known as the "1995-W Proof Silver Eagle", the coin was sold only as part of the "10th Anniversary American Eagle Five Coin Set" which also included the four 1995-W proof American Gold Eagle coins in 1 ozt, 1/2 ozt, 1/4 ozt, and 1/10 ozt sizes; 30,125 sets were sold.
2000s
*In 2000, the Mint issued the "United States Millennium Coinage and Currency Set" which included a 2000 Silver Eagle bullion coin minted at West Point (but without a "W" mintmark), a 2000
Denver-minted Sacagawea Dollar
The Sacagawea dollar (also known as the "golden dollar") is a United States dollar coin introduced in 2000, although not minted for general circulation between 2002 to 2008 and again from 2012 onward because of its general unpopularity with th ...
with a burnished finish, and an uncirculated 1999 series
one-dollar bill with a
serial number
A serial number is a unique identifier assigned incrementally or sequentially to an item, to ''uniquely'' identify it.
Serial numbers need not be strictly numerical. They may contain letters and other typographical symbols, or may consist enti ...
beginning with the numbers "2000". The sets sold out at the issue limit of 75,000 units. In fewer than twenty known sets, the Sacagawea Dollars do not have a burnished finish.
![Legacies of Freedom United States and United Kingdom Silver Bullion Coin Set cover](https://upload.wikimedia.org/wikipedia/commons/c/c9/Legacies_of_Freedom_United_States_and_United_Kingdom_Silver_Bullion_Coin_Set_cover.gif)
*In January 2004, the Mint issued the "Legacies of Freedom United States and United Kingdom Silver Bullion Coin Set" which consisted of a 2003 bullion Silver Eagle and a 2002 Silver
Britannia bullion coin from the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
. The set had an issue limit of 50,000.
*To celebrate the 20th anniversary of the American Silver Eagle program in 2006, the Mint issued a special "Reverse Proof Silver Eagle" coin minted at Philadelphia. This coin was available as part of a 3-coin set which also included the regular proof coin and the new "Burnished Uncirculated" coin. The reverse proof coin features a frosted background and mirrored raised surfaces (the opposite of a typical proof coin of the series). Uncirculated Silver Eagle coins also were available as part of the "20th Anniversary Gold & Silver Eagle Set" which had an issue limit of 20,000 (19,145 were sold) and included the one-ounce, 2006-W uncirculated American Gold Eagle.
![2007 United States Mint Annual Uncirculated Dollar Coin Set](https://upload.wikimedia.org/wikipedia/commons/0/02/2007_United_States_Mint_Annual_Uncirculated_Dollar_Coin_Set.jpg)
*In 2007 and 2008, uncirculated Silver Eagle coins were packaged with each year's issues of Philadelphia-minted
Presidential Dollars and Denver-minted Sacagawea Dollars in an "Annual Uncirculated Dollar Coin Set". The 2007 set became available directly from the Mint on December 3, 2007; the 2008 set was available from August 7, 2008 to January 28, 2010.
2010s
*In 2011, the Mint issued an "American Eagle 25th Anniversary Silver Coin Set" to celebrate the program's 25th anniversary. The set includes five coins in a lacquered presentation case: one proof coin minted at West Point, one uncirculated coin minted at West Point, one uncirculated coin minted at San Francisco, one reverse proof coin (frosted background with polished, mirror-like design elements/foreground) minted at Philadelphia, and one bullion coin.
*In June 2012, the Mint issued the "San Francisco American Silver Eagle Two Coin Proof Set" to commemorate the
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint. Opened in 1854 to serve the gold mines of the California Gold Rush, in twenty years its operations exceeded the capacity of the first building. It moved into a new one in 1874, now kno ...
's 75th anniversary. The set includes a 2012 proof Silver Eagle coin and a 2012-S reverse proof Silver Eagle coin, both minted in San Francisco.
*In August 2012, the Mint issued the "Making American History Coin and Currency Set" which includes a 2012 proof Silver Eagle coin (minted in San Francisco) and a Series 2009
five-dollar bill with serial numbers beginning with "150". The set celebrates the Mint's 220th anniversary and the
Bureau of Engraving and Printing
The Bureau of Engraving and Printing (BEP) is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is Federal Rese ...
's 150th anniversary.
*In November 2012, the Mint offered for sale the "2012 United States Mint Limited Edition Silver Proof Set" which includes a 2012 proof Silver Eagle coin (minted at West Point), five proof 90% silver quarters from the
America the Beautiful Quarters program (minted in San Francisco), one 90% silver
Kennedy half dollar
The Kennedy half dollar, first minted in 1964, is a fifty-cent coin currently issued by the United States Mint. Intended as a memorial to the assassinated 35th president of the United States John F. Kennedy, it was authorized by Congress just ov ...
(minted in San Francisco), and one 90% silver
Roosevelt dime (minted in San Francisco).
*In May 2013, the Mint offered for sale the "2013 American Eagle West Point Two-Coin Set" which includes two 2013 Silver Eagle coins minted at West Point: a reverse proof coin and an uncirculated coin enhanced with three finishes (heavy frost, light frost, and brilliant polish).
![A Graded American Silver Eagle](https://upload.wikimedia.org/wikipedia/commons/d/dc/A_Graded_American_Silver_Eagle.jpg)
*In 2016, the Mint issued "30th Anniversary" editions of the coin to celebrate the program's 30th anniversary. The coins were produced in both proof and uncirculated versions, and feature a special rim design with the inscription “30th ANNIVERSARY” incused on the edge of the coin, replacing the normal reeded edge. Proof versions went on sale in September 2016, uncirculated versions followed in December. Both were minted at West Point, NY, and bear the "W" mint mark.
*In June 2019, the United States Mint announced a partnership with the
Royal Canadian Mint
}) is the mint of Canada and a Crown corporation, operating under the ''Royal Canadian Mint Act''. The shares of the Mint are held in trust for the Crown in right of Canada.
The Mint produces all of Canada's circulation coins, and manufactures ...
to issue the ''Pride of Two Nations'' silver coin set containing special versions of the American Silver Eagle and
Canadian Silver Maple Leaf
The Canadian Silver Maple Leaf is a silver bullion coin that is issued annually by the Government of Canada since 1988. It is produced by the Royal Canadian Mint.
The Silver Maple Leaf is legal tender. The face value is 5 Canadian dollars. The m ...
coins. The American coin will be struck at the West Point Mint and will feature a reverse cameo proof finish, while the Canadian coin will be struck at the
Ottawa Mint and will feature a modified reverse design and proof finish.
The sets will be sold by both mints, with a product limit of 100,000 in the US and 10,000 in Canada.
*On November 14, 2019, the San Francisco mint mark Reverse Proof American Silver Eagles went on sale by the US Mint. These special Silver Eagles only had a mintage of 30,000. This low mintage beat the record set by the 1995-W Proof American Eagle that was released only with the 10th Anniversary Gold Eagle Proof Set and is the lowest mintage of all Type 1 Silver Eagles. This highly sought-after coin was limited by the US Mint to sell only one per customer, making for a chaotic day of release with the website crashing for many customers. The Enhanced Reverse Proof American Silver Eagle was the first numismatic coin offered by the US accompanied by a Certificate of Authenticity with a serial number. Also, these Silver American Eagles bear an "S" mintmark to note that these coins were minted at the San Francisco US Mint facility.
2020s
* On November 5, 2020, the Mint issued the "End of World War II 75th Anniversary American Eagle" silver proof coin, along with a gold counterpart. This special coin has a
privy mark
A privy mark was originally a small mark or differentiation in the design of a coin for the purpose of identifying the mint, moneyer, some other aspect of the coin's origin, or to prevent counterfeiting. One of the first instances of a privy mar ...
on its obverse in the shape of a bird's eye view of the
Rainbow Pool, along with lettering that says "V75". The silver proofs had a limited mintage of 75,000 coins.
* On September 13, 2021, the Mint issued the “American Eagle 2021 One Ounce Silver Reverse Proof Two-Coin Set Designer Edition.” This set honors the 35th anniversary of the American Silver Eagle Program and the design transition from the 1986 type 1 design to the 2021 type 2 design. The set featured a 2021 Reverse Proof Type 1 from the West Point Mint and a 2021 Reverse Proof Type 2 from San Francisco with a maximum mintage of 125,000 sets.
Varieties
The first significant
variety
Variety may refer to:
Arts and entertainment Entertainment formats
* Variety (radio)
* Variety show, in theater and television
Films
* ''Variety'' (1925 film), a German silent film directed by Ewald Andre Dupont
* ''Variety'' (1935 film), ...
of the Silver Eagle series appeared in 2008 and is known as the "2008-W Silver Eagle Reverse of 2007 Variety". The United States Mint made slight alterations to the reverse design between 2007 and 2008 and some 2008 uncirculated coins inadvertently were struck with the 2007 reverse type
die
Die, as a verb, refers to death, the cessation of life.
Die may also refer to:
Games
* Die, singular of dice, small throwable objects used for producing random numbers
Manufacturing
* Die (integrated circuit), a rectangular piece of a semicondu ...
resulting in a
die error. The variety is distinguishable by differences in the "U" in ''UNITED STATES'' and the dash between ''SILVER'' and ''ONE''.
Effect of recession on availability, 2008–2010
As a result of the
global recession
A global recession is recession that affects many countries around the world—that is, a period of global economic slowdown or declining economic output.
Definitions
The International Monetary Fund defines a global recession as "a decline i ...
, the demand from investors for bullion coins as a
hedge
A hedge or hedgerow is a line of closely spaced shrubs and sometimes trees, planted and trained to form a barrier or to mark the boundary of an area, such as between neighbouring properties. Hedges that are used to separate a road from adjoini ...
against
inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reductio ...
and economic downturn surged.
This increased demand began to affect the availability of American Silver Eagle bullion coins in February 2008 when sales to authorized dealers were suspended temporarily. In March 2008, sales increased ninefold from the month before (from 200,000 to 1,855,000).
[ In April 2008, the United States Mint began an allocation program, effectively ]rationing
Rationing is the controlled distribution of scarce resources, goods, services, or an artificial restriction of demand. Rationing controls the size of the ration, which is one's allowed portion of the resources being distributed on a particular ...
Silver Eagle bullion coins to authorized dealers on a weekly basis due to "unprecedented demand".[ At least one observer has questioned the legality of the allocation program, as the ]Treasurer of the United States
The treasurer of the United States is an officer in the United States Department of the Treasury who serves as custodian and trustee of the federal government's collateral assets and the supervisor of the department's currency and coinage produc ...
is required by law () to mint and issue these coins "in quantities sufficient to meet public demand". On June 6, 2008, the Mint announced that all incoming silver planchet
A planchet is a round metal disk that is ready to be struck as a coin. An older word for planchet is flan. They are also referred to as blanks.
History
The preparation of the flan or planchet has varied over the years. In ancient times, the f ...
s were being used to produce only bullion issues of the Silver Eagle and not proof or uncirculated collectible issues. The 2008 Proof Silver Eagle became unavailable for purchase from the United States Mint in August 2008 and the 2008 Uncirculated Silver Eagle sold out in January 2009 (however, it was available as part of the "2008 Annual Uncirculated Dollar Coin Set" until it sold out on January 28, 2010).
On March 5, 2009, the United States Mint announced that the proof and uncirculated versions of the Silver Eagle coin for that year were temporarily suspended due to continuing high demand for the bullion version. The allocation program that had been put in place in March 2008 was lifted on June 15, 2009, leading to speculation that proof and uncirculated versions might be produced before the end of the year. However, on October 6, 2009, the Mint announced that the collectible versions of the Silver Eagle coin would not be produced for 2009. The disappointment of collectors was expressed in a December 1 article by Representative
Representative may refer to:
Politics
* Representative democracy, type of democracy in which elected officials represent a group of people
* House of Representatives, legislative body in various countries or sub-national entities
* Legislator, som ...
Gary C. Peters (D-Michigan
Michigan () is a state in the Great Lakes region of the upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the 10th-largest state by population, the 11th-largest by area, and the ...
). Peters offered alternative scenarios to the cancellation of 2009 proof and uncirculated Silver Eagles and explained that he would be sending a letter to Mint Director Edmund C. Moy urging him to begin minting these products as soon as possible and continuing to do so until the end of the year. This effort was not successful and the collectible versions were not produced. The sale of 2009 Silver Eagle bullion coins was suspended from November 24 to December 6 and the allocation program was re-instituted on December 7; the product sold out on January 12, 2010.
Production of the 2010 Silver Eagle bullion coins began in January of that year (as opposed to beginning typically in December preceding the year of issue) and the coins were distributed to authorized dealers under an allocation program until September 3.
On July 20, 2010, Mint Director Edmund C. Moy provided testimony to the House Subcommittee on Domestic Monetary Policy and Technology on the matter of proof and uncirculated Silver Eagle coins, referencing the possibility of a legislative solution. Moy explained:
On September 22, 2010, Representative Melvin L. Watt (D-North Carolina
North Carolina () is a state in the Southeastern region of the United States. The state is the 28th largest and 9th-most populous of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, Georgia and So ...
) introduced the " Coin Modernization, Oversight, and Continuity Act of 2010" () to amend (e) and (i) by giving the Secretary of the Treasury authority to mint American Eagle silver and gold coins in "qualities .g. bullion, proof, or uncirculatedand quantities" sufficient to meet public demand. The bill was signed into law () by President Barack Obama
Barack Hussein Obama II ( ; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the U ...
on December 14, 2010.
On October 4, 2010, the Mint announced that 2010-dated proof American Silver Eagle coins would be available for purchase beginning on November 19, 2010, at a price of $45.95 per coin and that 2010-dated uncirculated Silver Eagle coins would not be produced.
2013–2015 availability
In January 2013, the Mint suspended sales of American Silver Eagle bullion coins after the first week due to high demand. The Mint resumed the allocation program that had been implemented from 2008 to 2010.
The Silver Eagle coins were sold out in the first week of July 2015. The Mint said its facility in West Point, New York, continued to produce coins and it resumed sales at the end of July 2015. This was the second time the mint's silver coins had sold out in the past nine months. The Mint ran out of 2014-dated American Eagles in November 2014. In 2013, the historic drop in silver increased demand for silver coins, forcing the mint to ration silver coin sales for 18 months.
Impact of COVID-19 on production, 2020
On March 28, 2020, the West Point Mint, believed to be the only producer of bullion American Silver Eagles from 2018 up until early 2020, was shut down for cleaning after an employee tested positive for SARS-CoV-2
Severe acute respiratory syndrome coronavirus 2 (SARS‑CoV‑2) is a strain of coronavirus that causes COVID-19 (coronavirus disease 2019), the respiratory illness responsible for the ongoing COVID-19 pandemic. The virus previously had a ...
. The facility reopened on April 1, and bullion coin production was reduced to prevent employee exposure to COVID-19
Coronavirus disease 2019 (COVID-19) is a contagious disease caused by a virus, the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The first known case was COVID-19 pandemic in Hubei, identified in Wuhan, China, in December ...
, before once again being shut down on April 15 due to safety concerns.
To make up for the reduced and later suspended production of silver bullion coins, the Philadelphia Mint struck 240,000 American Silver Eagles from April 8 through April 20, making them among the rarest uncirculated issues to date. Although these coins were physically identical to the West Point coins, coin grading
Coin grading is the process of determining the grade or condition of a coin, one of the key factors in determining its value. A coin's grade is generally determined by six criteria: strike, preservation, luster, color, attractiveness, and occasion ...
companies began certifying Philadelphia Mint Silver Eagles as "Emergency Issues." Production at West Point continued on April 21.
Mintages
Sources:
* Bullion 1986–2010:
* 1995-W, 2011–2014:
* 2015–2016:
* 2017:
*2018–2019:
Distribution
Bullion
Sales of American Silver Eagle bullion coins began on November 24, 1986, and initial inventories sold out "immediately due to the phenomenal demand".
Silver Eagle bullion coins, along with American Gold Eagle
The American Gold Eagle is an official gold bullion coin of the United States. Authorized under the Gold Bullion Coin Act of 1985, it was first released by the United States Mint in 1986. Because the term "eagle" also is the official United ...
bullion coins, were planned as "viable investment alternatives to the gold and silver bullion coins produced by other countries. ..." To ensure wide distribution of the coins, the United States Mint awarded a contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tran ...
to Grey Advertising
Grey Group is a global advertising and marketing agency with headquarters in New York City, and 432 offices in 96 countries, operating in 154 cities. It is organized into four geographical units: North America; Europe, Middle East & Africa, A ...
to assist in marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emph ...
and publicizing the coins domestically and internationally. Advertising efforts were expanded in fiscal years 1987 and 1988.
Like the American Gold Eagle and American Platinum Eagle
The American Platinum Eagle is the official platinum bullion coin of the United States. In 1995, Director of the United States Mint Philip N. Diehl, American Numismatic Association President David L. Ganz, and Platinum Guild International Execu ...
bullion coins, Silver Eagle bullion coins are not sold directly to the public by the United States Mint. In order to provide "effective and efficient distribution, which maximizes the availability of the coins in retail markets as well as major investment markets" the Mint utilizes a network of "authorized purchasers" to distribute the coins. The coins are sold in bulk
Bulk can refer to:
Industry
* Bulk cargo
* Bulk liquids
* Bulk mail
* Bulk material handling
* Bulk pack, packaged bulk materials/products
* Bulk purchasing
*
Baking
* Bulk fermentation, the period after mixing when dough is left alone to ferm ...
at a premium ($2.00 per coin effective October 1, 2010) over the spot price
In finance, a spot contract, spot transaction, or simply spot, is a contract of buying or selling a commodity, security or currency for immediate settlement (payment and delivery) on the spot date, which is normally two business days after the ...
of silver. The coins are sold to banks, brokerage companies, coin dealers, precious metal firms, and wholesale
Wholesaling or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional or other professional business users; or to other wholesalers (wholesale businesses) and related subordinated services. In ...
rs that meet the following requirements:
* Be an experienced and established market maker
A market maker or liquidity provider is a company or an individual that quotes both a buy and a sell price in a tradable asset held in inventory, hoping to make a profit on the ''bid–ask spread'', or ''turn.'' The benefit to the firm is that it ...
in silver bullion coins
* Provide a liquid two-way market for the coins
* Be audit
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...
ed annually by an internationally-accepted accounting firm
* Have an established broad base of retail customers to which to distribute the coins
* Have a tangible net worth
Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net ...
of $5 million (this requirement may be met using a letter of credit
A letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exp ...
)
Authorized purchasers must order a minimum of 25,000 coins which they sell to secondary retailers
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and t ...
that sell them, in turn, to the public. When sales of Silver Eagle bullion coins began in November 1986, the Mint had approved twenty-eight authorized purchasers to market the coins throughout the world.
Bullion coins are shipped in so-called "monster boxes". Each green plastic
Plastics are a wide range of synthetic or semi-synthetic materials that use polymers as a main ingredient. Their plasticity makes it possible for plastics to be moulded, extruded or pressed into solid objects of various shapes. This adaptab ...
box holds 500 coins which are packaged in 20-coin plastic tubes. On the lid of each box are two raised Department of the Treasury seals and the phrase "United States Mint" in raised lettering. Before shipping, the boxes are sealed with straps by the Mint and labeled with the year of issue and a serial number.
Proof, uncirculated, and special issues
Proof American Silver Eagle coins dated 1986 through 2008 were sold directly to the public by the United States Mint at a fixed price. The coins were packaged in a protective plastic capsule mounted in a satin
A satin weave is a type of fabric weave that produces a characteristically glossy, smooth or lustrous material, typically with a glossy top surface and a dull back. It is one of three fundamental types of textile weaves alongside plain weave ...
-lined, velvet
Weave details visible on a purple-colored velvet fabric
Velvet is a type of woven tufted fabric in which the cut threads are evenly distributed, with a short pile, giving it a distinctive soft feel. By extension, the word ''velvety'' means ...
-covered presentation case and accompanied by a certificate of authenticity
A certificate of authenticity (COA) is a seal or small sticker on a proprietary computer program, t-shirt, jersey, or any other memorabilia or art work, especially in the world of computers and sports. It is commonly a seal on paper authentic ...
. Proof Silver Eagle coins first became available through the United States Mint's subscription program in October 2002. Uncirculated coins dated 2006 through 2008 were sold directly to the public by the United States Mint in packaging similar to that of the proof coins; however, the 2006 coin's capsule was housed in a velvet drawstring bag. Special issues and sets are sold directly to the public by the United States Mint.
Value
American Silver Eagle bullion coins carry a face value of US$1. This is their legal value reflecting their issue and monetization
Monetization ( also spelled monetisation) is, broadly speaking, the process of converting something into money. The term has a broad range of uses. In banking, the term refers to the process of converting or establishing something into legal tend ...
as coins. Per , the coins are legal tender
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in pa ...
for all debts
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The de ...
public and private at their face value. This value does not reflect their intrinsic value which is much greater than their $1 legal tender face value. American Silver Eagle Coin prices and premiums are mainly dictated by the fluctuating silver spot price and ongoing supply-demand.
Mintages, and thus prices, of bullion, proof, and uncirculated Silver Eagle coins have varied widely, and the potential collector is advised to check a standard reference book before buying them. Generally, the bullion versions have been minted in the millions, while the proof and uncirculated versions were issued in the hundreds of thousands each. Most dates of the bullion issue are not particularly expensive (around $25 as of September 2016) and are traded at a premium above the intrinsic value of the silver they contain; most proof versions (around $65–$75 as of 2016) and uncirculated versions (around $25–$75 as of 2016) sell for more. Some issues sell for significant sums, for example, the 1995-W proof ($3,800 as of 2016) and the 2006 20th anniversary set containing a special "Reverse Proof" coin along with a regular proof coin and the new "Burnished Uncirculated" coin ($250 as of 2016).
See also
*America the Beautiful silver bullion coins
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
– United States silver bullion coin program
*American Buffalo (coin)
The American Buffalo, also known as a gold buffalo, is a 24-karat bullion coin first offered for sale by the United States Mint in 2006. The coin follows the design of the Indian Head nickel and has gained its nickname from the American Bison on t ...
– United States gold bullion coin program
*American Gold Eagle
The American Gold Eagle is an official gold bullion coin of the United States. Authorized under the Gold Bullion Coin Act of 1985, it was first released by the United States Mint in 1986. Because the term "eagle" also is the official United ...
– United States gold bullion coin program
*American Platinum Eagle
The American Platinum Eagle is the official platinum bullion coin of the United States. In 1995, Director of the United States Mint Philip N. Diehl, American Numismatic Association President David L. Ganz, and Platinum Guild International Execu ...
– United States platinum bullion coin program
*American Palladium Eagle
The American Palladium Eagle is the official palladium bullion coin of the United States. Each coin has a face value of $25 and is composed of 99.95% fine palladium, with 1 troy ounce actual palladium weight.
History
The Palladium Eagle was aut ...
– United States palladium bullion coin program
*Britannia (coin)
Britannia coins are British bullion coins issued by the Royal Mint in gold since 1987, in silver since 1997, and in platinum since 2018. The coin patterns feature various depictions of Britannia, a feminine personification of the United Kingdom ...
– British silver bullion coin program
*Bullion coin
Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the ...
*Canadian Silver Maple Leaf
The Canadian Silver Maple Leaf is a silver bullion coin that is issued annually by the Government of Canada since 1988. It is produced by the Royal Canadian Mint.
The Silver Maple Leaf is legal tender. The face value is 5 Canadian dollars. The m ...
– Canadian silver bullion coin program
*Silver as an investment
Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical cond ...
*United States dollar coin
The dollar coin is a United States coin with a face value of one United States dollar. Dollar coins have been minted in the United States in gold, silver, and base metal versions. Dollar coins were first minted in the United States in 1794.
While ...
References
Further reading
*
External links
United States Mint American Eagles page
Brochure from the United States Mint (2003)
Silver Eagle Guide
{{Adolph Weinman
United States silver coins
Currencies introduced in 1986
Goddess of Liberty on coins
Eagles on coins
Sun on coins
Flags on coins
Bullion coins of the United States
Silver bullion coins