American Silver Eagle

The American Silver Eagle is the official silver bullion coin of the United States. It was first issued by the United States Mint on November 24, 1986. Each coin contains one troy ounce of 99.9% pure silver and has a nominal face value of one dollar. The coin is authorized by Title II of Public Law 99-61 (Liberty Coin Act) and is certified by the United States Mint for its content, weight, and purity. Besides the bullion version, proof and uncirculated versions are also available for collectors. The coin has been produced at the Philadelphia, San Francisco, and West Point Mints and can be used for Individual Retirement Account investments.

Design

The obverse of the coin features the “Walking Liberty” design by Adolph A. Weinman, which was originally used on the Walking Liberty Half Dollar from 1916 to 1947. The obverse includes the year of minting, the word “LIBERTY,” and the phrase “IN GOD WE TRUST.” This design was updated in 2021 to include a new rendering and the artist’s mark under “IN GOD WE TRUST.”

The reverse design of the 2021 Silver Eagle (Type 2) by Emily Damstra depicts an eagle landing on a branch, similar to the 1971 Eisenhower Dollar reverse. It is inscribed with “UNITED STATES OF AMERICA,” “1 OZ. FINE SILVER • ONE DOLLAR,” and “E PLURIBUS UNUM,” along with a mintmark if applicable.

From 1986 to 2021, the reverse, designed by John Mercanti, showed a heraldic eagle behind a shield, holding an olive branch and arrows, with thirteen stars above. This design, modified slightly starting in 2008, included the phrases “UNITED STATES OF AMERICA,” “1 OZ. FINE SILVER ~ ONE DOLLAR,” and “E PLURIBUS UNUM.”

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Legislative History

The American Silver Eagle program began in response to proposals in the 1970s and 1980s to sell silver from the Defense National Stockpile. To address the potential negative impact on silver prices, legislation was introduced to sell the silver through coin issuance. On May 27, 1982, Senator James A. McClure proposed a bill to use silver from the stockpile for coinage to avoid depressing silver prices. The Liberty Coin Act was enacted on July 9, 1985, authorizing the Silver Eagle program.

In 2002, the program was extended to allow the purchase of silver on the open market when the stockpile was depleted. The bill was signed into law by President Bush on July 23, 2002.

Minting History

The first American Silver Eagle was minted in San Francisco on October 29, 1986. Bullion coins were produced at the San Francisco Mint until 1998, then at the Philadelphia and West Point Mints. Proof coins were minted at San Francisco until 1992, then at Philadelphia, and later at West Point. Uncirculated coins have been minted at West Point since 2006, with a special issue from San Francisco in 2011.

Special Issues

Notable special issues include the “Philadelphia Set” in 1993, the “1995-W Proof Silver Eagle” in 1995, and various anniversary sets, such as the “30th Anniversary” coins in 2016. In 2019, the Mint released the “Pride of Two Nations” silver coin set, and the “End of World War II 75th Anniversary American Eagle” was issued in 2020.

Varieties

The 2008-W Silver Eagle is known for its “Reverse of 2007 Variety,” caused by a die error.

Effect of Recession

The global recession of 2008 led to a surge in demand for Silver Eagle coins. The Mint temporarily suspended sales to authorized dealers and implemented an allocation program. Proof and uncirculated versions were also affected, with some years’ issues being canceled or delayed. In response to high demand, the “Coin Modernization, Oversight, and Continuity Act of 2010” gave the Secretary of the Treasury authority to mint coins in sufficient quantities to meet public demand.

Production and Distribution

To compensate 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, 2009. These coins are among the rarest uncirculated issues to date. Despite being physically identical to the West Point coins, these Philadelphia Mint Silver Eagles were certified by coin grading companies as “Emergency Issues.” Production at West Point resumed on April 21, 2009.

Mintages

The following table summarizes the mintages of American Silver Eagle coins from 1986 to 2023:

• 1986: 5,393,005 bullion; 1,446,778 proof; Total: 6,839,783
• 1987: 11,442,335 bullion; 904,732 proof; Total: 12,347,067
• 1988: 5,004,646 bullion; 557,370 proof; Total: 5,562,016
• 1989: 5,203,327 bullion; 617,694 proof; Total: 5,821,021
• 1990: 5,840,110 bullion; 695,510 proof; Total: 6,535,620
• 1991: 7,191,066 bullion; 511,925 proof; Total: 7,702,991
• 1992: 5,540,068 bullion; 498,654 proof; Total: 6,038,722
• 1993: 6,763,762 bullion; 405,913 proof; Total: 7,169,675
• 1994: 4,227,319 bullion; 372,168 proof; Total: 4,599,487
• 1995: 4,672,051 bullion; 438,511 proof; Total: 5,110,562
• 1995-W: Proof only: 30,125
• 1996: 3,603,386 bullion; 500,000 proof; Total: 4,103,386
• 1997: 4,295,004 bullion; 435,368 proof; Total: 4,730,372
• 1998: 4,847,549 bullion; 450,000 proof; Total: 5,297,549
• 1999: 7,408,640 bullion; 549,796 proof; Total: 7,958,436
• 2000: 9,239,132 bullion; 600,000 proof; Total: 9,839,132
• 2001: 9,001,711 bullion; 746,398 proof; Total: 9,748,109
• 2002: 10,539,026 bullion; 647,342 proof; Total: 11,186,368
• 2003: 8,495,008 bullion; 747,831 proof; Total: 9,242,839
• 2004: 8,882,754 bullion; 801,602 proof; Total: 9,684,356
• 2005: 8,891,025 bullion; 816,663 proof; Total: 9,707,688
• 2006: 10,676,522 bullion; 1,092,477 proof; 466,573 uncirculated; Total: 12,235,572
• 2006-P Rev. Pr.: Proof only: 248,875
• 2007: 9,028,036 bullion; 821,759 proof; 621,333 uncirculated; Total: 10,471,128
• 2008: 20,583,000 bullion; 700,979 proof; 533,757 uncirculated; Total: 21,817,736
• 2009: 30,459,000 bullion only
• 2010: 34,764,500 bullion; 849,861 proof; Total: 35,614,361
• 2011: 40,020,000 bullion; 947,355 proof; 409,776 uncirculated; Total: 41,377,131
• 2011-S: Uncirculated only: 99,882
• 2011-P Rev. Pr.: Proof only: 99,882
• 2012: 33,742,500 bullion; 869,386 proof; 226,120 uncirculated; Total: 34,838,006
• 2012-S: Proof only: 285,184
• 2012-S Rev. Pr.: Proof only: 224,981
• 2013: 42,675,000 bullion; 934,812 proof; 222,091 uncirculated; Total: 43,831,903
• 2013-W Enh.: Uncirculated only: 281,310
• 2013-W Rev. Pr.: Proof only: 281,310
• 2014: 44,006,000 bullion; 944,757 proof; 253,169 uncirculated; Total: 45,203,926
• 2015: 47,000,000 bullion; 707,518 proof; 223,879 uncirculated; Total: 47,931,397
• 2016: 37,701,500 bullion; 651,467 proof; 237,753 uncirculated; Total: 38,590,720
• 2017: 18,065,500 bullion; 400,287 proof; 176,739 uncirculated; Total: 18,642,526
• 2018: 15,700,000 bullion; 381,810 proof (W); 208,270 proof (S); 138,966 uncirculated; Total: 16,429,046
• 2019: 15,032,000 bullion; 401,635 proof (W); 189,052 proof (S); 128,564 uncirculated; Total: 15,751,251
• 2019-S Enh. Rev. Pr.: Proof only: 29,803
• 2019-W Enh. Rev. Pr.: Proof only: 99,933
• 2020: 31,329,500 bullion; 154,864 uncirculated; Total: 31,329,500
• 2020 V75 Proof: Proof only: 74,721
• 2021: 28,275,500 bullion; 415,978 proof (W) Type 1; 274,355 proof (S) Type 2; 434,475 proof (W) Type 2; 187,404 uncirculated (W) Type 2; Total: 29,587,712
• 2021 Reverse Proof Type 1 and Type 2 Set: Proof only: 124,094 sets and 248,188 individual coins total
• 2022: 15,963,500 bullion; 690,939 proof (W); 358,551 proof (S); 198,344 uncirculated; Total: 17,211,334
• 2023: 24,750,000 bullion; 159,905 proof (W); 205,245 proof (S); 135,945 uncirculated; Total: 25,251,095

Sources:

• “Final Figures for American Eagle Bullion (in pieces).” United States Mint. Archived from the original on June 5, 2011. Retrieved April 23, 2011.
• Yeoman, Richard S. (2016). Bressett, Kenneth (ed.). The Official Red Book: A Guide Book of United States Coins: 2017 (70 ed.). Atlanta: Whitman Publishing. ISBN 978-0-7948-43854.
• “Silver Eagle Mintage.” Silver Eagle Guide. December 2, 2008. Retrieved September 12, 2018.
• “U.S. Mint’s bullion coin sales remain in a slump.” Coin World. Retrieved September 12, 2018.
• “American Silver Eagle Bullion Coins.” USA Coin Book. Retrieved June 4, 2020.
• “U.S. Mint Cumulative Sales Figures.” U.S. Mint. Retrieved February 1, 2024.

Distribution

Sales of American Silver Eagle bullion coins began on November 24, 1986, and initial inventories sold out immediately due to high demand. The coins, along with American Gold Eagle bullion coins, were intended as viable investment alternatives to those produced by other countries. To ensure wide distribution, the United States Mint awarded a contract to Grey Advertising to market the coins both domestically and internationally. Advertising efforts were expanded in the following years.

Silver Eagle bullion coins are not sold directly to the public. Instead, they are distributed through a network of authorized purchasers. These purchasers must meet specific criteria, including being an experienced market maker, having a broad customer base, and meeting a tangible net worth requirement. Authorized purchasers must order a minimum of 25,000 coins, which they sell to secondary retailers.

Security Features

Counterfeit coins, particularly from China, are a significant problem. To deter counterfeiting and maintain product integrity, the American Silver Eagle bullion coin incorporates several security features:

• Reeded Edges: Grooves along the coin’s perimeter serve as a visual and tactile authentication measure, making tampering evident.
• Edge Notch: Since 2021, an additional anti-counterfeiting feature of a missing reed or notch varies depending on the mintage year.
• Advanced Technology: Intricate designs and high-definition details, including realistic renditions of the Walking Liberty image, help ensure authenticity.
• Mint Mark: A unique mint mark indicates the specific U.S. Mint facility responsible for the coin’s production, enhancing traceability and verifying origin.

Conclusion

The American Silver Eagle coin has established itself as a significant and enduring symbol in the world of numismatics and investment. Since its inception in 1986, it has been a popular choice for investors and collectors alike, valued for both its silver content and its iconic design. The coin’s varied mintages over the years reflect its evolving demand and the Mint’s response to market conditions.

The efforts to ensure wide distribution through authorized purchasers and the inclusion of advanced security features demonstrate the United States Mint’s commitment to maintaining the coin’s integrity and value. The ongoing production and innovation, including special issues and enhanced designs, continue to add to the coin’s appeal.

Whether for investment, collection, or appreciation of its design, the American Silver Eagle remains a prominent and respected piece in the realm of bullion coins.