As a numismatist, collector, or silver bullion connoisseur, you more than likely know about the American Silver Eagle. As one of the most popular, if not THE most popular, silver bullion options in the world, the coin has made a tremendous impact on the hobby. Even after 35 years, it proved once again in 2021 with all the hype it garnered as the reverse design changed how important it was among collectors worldwide. However, it never is a bad idea to let those who are not as familiar with the American Silver Eagle in on some pretty essential facts to know about it. It also is not a bad idea for even the most seasoned of collectors to refresh themselves on the intricacies of perhaps one of the greatest coins to have ever come from the United States Mint.
1. First introduced in 1986.
The American Silver Eagle was first introduced to us, the coin collecting hobby, in 1986 after the passage of the Liberty Coin Act of 1985. It was signed into law by President Ronald Reagan and since has turned into the most popular silver bullion option in the world.
2. It has a face value.
American Eagle Silver Bullion Coins are backed by the United States government as the weight and purity is guaranteed. Each coin contains a minimum of one Troy ounce of 99.9% pure silver. Each coin has a $1 face value, but the true value lies in the bullion content.
3. Its design is based on the Walking Liberty half dollar.
The obverse has a modified version of Adolph A. Weinman’s Walking Liberty half dollar that was produced from 1916 through 1947. The reverse design was created by John Mercanti (1986-2021) and Emily Damstra (2021-current).
4. There are a number of versions of the American Silver Eagle.
Back in 1986 when it was first introduced, the American Silver Eagle had a bullion edition option and a Proof option. In 2006, the Uncirculated (or Burnished as some may know it) was introduced. In addition, American Silver Eagle sets were created starting in 2006 with the 20th Anniversary Silver Coin Set that included a Reverse Proof coin. In 2013, another version was created with the Enhanced Uncirculated coin and in 2019, an Enhanced Reverse Proof version was introduced.
5. 2009 was an odd year for the American Silver Eagle.
Ever since 1986, the American Silver Eagle had had a Proof version. Again, in 2006, an Uncirculated edition was introduced and became an annual release. That is, until 2009. There were no Proof or Uncirculated edition American Silver Eagles minted in 2009, just the bullion edition. No one quite knows why the decision was made by the Mint to do this.
6. They are produced at multiple locations.
The coins and their different finishes are produced at Philadelphia, West Point, and San Francisco. Generally, the Proof versions have been minted at West Point and San Francisco. The Uncirculated versions are usually produced at West Point in addition to the bullion edition.
7. The Freedom of Information Act unveiled a whole new side of the minting of these coins in recent years.
Now known by the public, the Mint has used San Francisco and Philadelphia to mint bullion edition coins that normally would have only been minted at West Point. This is important because they were never identified as having been minted anywhere other than West Point until years later.
8. “Emergency Issues” have been minted.
As a response to the COVID-19 pandemic in 2020 and 2021, it was found that the Mint used both the Philadelphia and San Francisco Mints to produce bullion edition coins as demand was high and shut downs were prevalent. These small allocations were called ‘Emergency Issues.”
9. In 2021, the Mint introduced a new reverse after 35 years.
2021 was a big year for the American Silver Eagle as the reverse changed for the first time mid-way through the year. In order to tell the difference between them, they were identified as Type 1 and Type 2. The former Heraldic Eagle was replaced with the Eagle Landing design.
10. The United States Mint does not sell bullion coins to the public.
Ever since its introduction to the nation, the American Silver Eagle bullion edition has not been available for direct purchase from the United States Mint by the public. They are only made available to authorized bullion coin dealers. Prices of the coins are dictated by the market price of silver at the time.
Source: United States Mint; The Official 2023 Red Book
