The American Silver Eagle is the official silver bullion coin of the United States. It was first released by the United States Mint on November 24, 1986. It is struck only in the one-troy ounce size which has a nominal face value of one dollar and is guaranteed to contain one troy ounce of 99.9% pure silver. It is authorized by Title II of Public Law 99-61 (Liberty Coin Act, approved July 9, 1985). 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 version and an uncirculated version for coin collectors. The Silver Eagle has been produced at three mints: the Philadelphia Mint, the San Francisco Mint, and the West Point Mint. The American Silver Eagle bullion coin may be used to fund Individual Retirement Account investments.
Design
The design on the coin’s obverse was taken from the “Walking Liberty” design by Adolph A. Weinman which originally had been used on the Walking Liberty Half Dollar coin of the United States from 1916 to 1947. As this iconic design had been a public favorite—and indeed 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 reverse was designed by John Mercanti and portrays a heraldic eagle behind a shield; the eagle grasps an olive branch 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 stars representing the Thirteen Colonies. 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 if applicable.
Value
American Silver Eagle bullion coins carry a face value of one dollar. This is their legal value reflecting their issue and monetization as coins. The coins are legal tender for all debts public and private at their face value of one dollar. This face value does not reflect their intrinsic value which is much greater and is dictated by their silver content and the metal’s spot price.
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 $20 as of early 2010) and are traded at a small premium above the intrinsic value of the silver they contain; most proof versions (around $55–$60 as of 2010) and uncirculated versions (around $25–$90 as of 2010) sell for more. Some issues sell for significant sums, for example the 1995-W proof ($3,500 as of 2010) and the 2006 20th anniversary set containing a special “Reverse Proof” coin along with a regular proof coin and the new “Burnished Uncirculated” coin (over $300 as of 2010).
References:
“Publication 590: Individual Retirement Arrangements”. United States Department of the Treasury, Internal Revenue Service.
“United States Mint Offers New ‘Legacies of Freedom’ Set”. United States Mint.
The Official Red Book: A Guide Book of United States Coins: 2011 (64 ed.). Atlanta: Whitman Publishing.
May 2, 2010
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