The U.S. Mint began minting the American Eagle silver dollar coin series in 1986. The series would go on to be hugely popular among both investors and collectors alike. In the years that followed, the public would devour the coins in this series while enjoying an affordable and easy way to invest in silver.
Authorized by the 1985 Liberty Coin Act, the silver that was initially used in minting these coins came from the excess silver that was stored in national defense stockpiles by the U.S. government. The stockpiles were depleted by 2002, but Congress authorized the continuation of the program with open market silver being used in the production of coins in subsequent years.
Each coin in the American Silver Eagle coin series contains one troy ounce of silver. The coins are legal tender with a face value of one U.S. dollar, although the coins are sold in the retail market based on the current market value of silver. The U.S. Silver Eagle coins are the only coins in the world that have purity and weight that is guaranteed by the United States government. Consequently, this is the only silver coin investment that can be included in an individual retirement account (IRA) in the U.S.
The design is quite unique. The obverse of the coin bears a design known as a Walking Liberty. This design was originally used on half dollar coins that were minted from 1916 to 1947. The design of the obverse is by Adolph Weinman. The mottoes “In God We Trust” and “Liberty” are also stricken on the obverse.
The reverse of the coin is a design by John Meranti, an engraver working for the U.S. Mint was the coin series was initially created. The reverse is a heraldic eagle equipped with a breast shield. The eagle is clutching arrows in one talon and a branch from an olive tree in the other. The motto of the U.S. is stricken on the reverse “E Pluribus Unum” which is Latin for “In God We Trust”. The reverse also bears the denomination of the coin, which is one dollar, and the notation of the silver content, which is one ounce.
The coin series features a proof (uncirculated) and bullion version each year. Beginning with the 20th anniversary of the coin series in 2006, the Mint also bega to offer a version know as burnished uncirculated, which was made from a polished die. The coins have been produced at three mint locations throughout the years, including the Philadelphia Mint, San Francisco Mint, and West Point Mint, and are struck with a letter (P, S, W) indicating the minting location.
Bullion Silver Eagle coins are not sold directly to the public by the U.S. Mint, but rather are sold to its network of purchasers who are authorized to buy and resell the coins. The U.S. Mint sells Silver Eagle coins in bulk lots of 25K coins per lot. Authorized dealers are usually coin dealers, precious metal sellers, banks, and brokerages, who then distribute the coins to the general public.
