In terms of sheer numbers sold, American Silver Eagles are by far the most popular precious metal coin the United States Mint produces. They are the top selling silver coin around the world.

Authorized by Congress in 1985 by the Liberty Coin Act which became Public Law: 99-61 on July 9, 1985, Silver Eagle coins were first minted in 1986. Each is struck from 0.999 fine silver — the highest level for any silver coin manufactured by the U.S. Mint, and weigh 1.000 troy ounces.

The annually issued eagles are available in a bullion version intended for investors and sold for a small premium above silver prices. They are also available in proof and uncirculated conditions which are intended for coin collectors. The official naming convention used by the Mint to describe each of the three versions are:

• American Eagle Silver Bullion Coins (The 2010-dated coins were released on January 19, 2010.)
• American Eagle Silver Proof Coins (not issued since 2008)
• American Eagle Silver Uncirculated Coins (began in 2006, and not issued since 2008)

Visually, the bullion coins look much like the uncirculated versions. A major differentiating factor is that the latter will include a mint mark on the reverse denoting the Mint production facility. The bullion coins have no mint mark. The proof version is readily apparent by the shine and mirror like surfaces. These also include a mint mark. All coins feature the exact same designs.

Silver Eagle Coin Design

Each Silver Eagle obverse (heads side) features a modern interpretation of Adolph A. Weinman’s design that was used on Walking Liberty half dollars between 1916 and 1947. Considered by many as one of the most beautiful coins minted, the Mint describes the portrayal as:

"An ever hopeful Lady Liberty striding confidently toward the sunrise, draped in the strength of the Stars and Stripes carrying in her arms branches of laurel and oak to symbolize both civil and military glory."

Also shown are the inscriptions "LIBERTY," "IN GOD WE TRUST" and the year. Weinman’s initials are also on the hem of Lady Liberty’s gown.

US Mint Sculptor-Engraver John Mercanti designed the reverse (tails side) depicting a Heraldic Eagle with shield, an olive branch in the right talon and arrows in the left. The eagle’s beak holds a scroll containing the words "E PLURIBUS UNIM." Surrounding the eagle are the inscriptions "UNITED STATES OF AMERICA," "1 OZ. FINE SILVER" and "ONE DOLLAR." Mercanti’s initials are directly below the arrows.

Coin Availability and Sales

Current year collector proof and uncirculated versions are sold directly by the U.S. Mint. The uncirculated 2008-W American Silver Eagle coin was sold for $25.95. The proof 2008-W American Silver Eagle was listed at $29.95. (For the first time in history, collector versions were not issued in 2009 as a result of unprecedented demand for their bullion counterparts.) Prior year releases may be obtained through the secondary market with prices depending greatly on whether they were graded and then to what level.

The Mint does not sell bullion coins directly to the public, but instead to a small group of authorized purchasers who in turn resell them to precious metal providers, investors, dealers and collectors.

Typically, a coin’s value is determined from its limited mintage, rarity, condition and age. In the case of bullion American Silver Eagles, it is mostly determined by the market value of the ounce of silver it is made from for new releases. Specifically, their price points change daily based on silver prices, as do the premiums depending on demand and availability. When there is plenty of supply, new year issues can often be purchased for about $1.50 over the current silver spot price. These are often graded by 3rd parties as well, with much higher premiums resulting for top grades.

Since 1986, the Mint has sold more than 207 million of the silver bullion eagles.

Types of Eagles

Briefly detailed are the types and key date eagles through the years.

Bullion Coins

As previously mentioned, the bullion eagles do not have a mint mark. From 1986-1988, they were struck at the Mint’s Philadelphia facility. From 1999-2000, they were produced in both Philadelphia and West Point. Since 2001, they have been produced solely at West Point.

Proof Coins

From 1986-1992, American Silver Eagle Proofs were minted at the San Francisco facility and included the "S" mint mark. From 1993 through 2000, they were produced in Philadelphia and featured the "P" mint mark. Since 2001, Proof Silver Eagles have been minted in West Point and bear the "W" mint mark.

1995-W Proof Silver Eagle

An interesting year for the Silver American Eagles was 1995. That was the year the Mint released the first special limited edition set celebrating the eagles 10th anniversary.

In this case, it was a 1995-W Proof Silver Eagle and it was only available through a special 5-coin proof anniversary set that honored American Eagle bullion coinage.

The other coins in the set included the one-ounce, half-ounce, quarter-ounce and tenth-ounce American Eagle Gold coins for a total price of $999 for each of the 30,125 sets minted. The price tag was steep for Silver Eagle collectors, and many took the gamble and waited for the coins to get broken out and appear separately in the secondary market.

Given the limited mintage and high demand, the 1995-W soon sold by itself for over a thousand dollars. The price continues to escalate.

Uncirculated / Burnished Eagles / 2006 Reverse Proof Silver Eagle

The US Mint began to directly sell a new type of eagles to coin collectors in 2006. Many refer to these coins as the "W Uncirculated " or "Burnished" Silver Eagle.

In the same year as part of the 20th anniversary celebration of the American Eagle Silver coins, the Mint also released a 2006 Reverse Proof Silver Eagle from the Philadelphia Mint. However, this coin could only be purchased through a limited mintage anniversary 3-coin set, which also included the standard Proof coin and the new "W" burnished coin.

While the reverse proof was only offered in 2006, the "W" burnished uncirculated coins continued as a new annual offerings.