The American Silver Eagle 1 Oz Coin is one of the most popular and iconic coins in the world. It's been a staple of the US Mint's product line since 1986.
Designed by Adolph A. Weinman, the obverse of the coin features a stunning depiction of Lady Liberty walking forward, carrying a torch and an olive branch.
The coin's reverse side, designed by John Mercanti, showcases a majestic eagle in flight, symbolizing freedom and strength. The eagle's wings are spread wide, as if soaring through the skies.
The American Silver Eagle 1 Oz Coin is made from 1 troy oz of 99.9% pure silver and has a diameter of 40.6 mm.
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History
The 1 oz. American Silver Eagle has a rich history dating back to 1986, when it was first introduced by the United States Mint.
The creation of the coin was authorized by the Liberty Coin Act of 1985, which aimed to provide American investors with a convenient and reliable way to invest in silver.
Since its inception, the 1 oz. American Silver Eagle has become a prominent fixture in the precious metals market, gaining popularity for its weight, purity, and iconic designs.
The coin has remained a trusted choice for collectors and investors seeking a tangible and enduring asset that represents both American history and the enduring value of silver.
Design and Varieties
The design of the American Silver Eagle 1 oz coin is a masterpiece of American symbolism and heritage. The iconic "Walking Liberty" design on the obverse, originally used on the Walking Liberty Half Dollar coin from 1916 to 1947, 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 obverse was slightly updated in 2021 to feature a new rendering of Weinman's design and the addition of his artist mark under IN GOD WE TRUST.
The newly designed reverse of the 2021 American Silver Eagle (Type 2) was designed by Emily Damstra, showing an eagle landing on a branch. 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.
One notable variety of the Silver Eagle series is the "2008-W Silver Eagle Reverse of 2007 Variety", which appeared in 2008. This variety is distinguishable by differences in the "U" in UNITED STATES and the dash between SILVER and ONE.
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Design
The design of the American Silver Eagle is a masterful representation of American symbolism and heritage. The iconic "Walking Liberty" design by Adolph A. Weinman on the obverse depicts Lady Liberty draped in the American flag, striding confidently towards the sunrise.
The obverse is inscribed with the year of minting or issuance, the word LIBERTY, and the phrase IN GOD WE TRUST. The obverse was slightly updated in 2021 to feature a new rendering of Weinman's design and the addition of his artist mark under IN GOD WE TRUST.
John Mercanti's design on the reverse showcases a mighty heraldic eagle with outstretched wings, clutching an olive branch in its right talon and arrows in its left. The eagle is encircled by thirteen stars, representing the original American colonies.
The reverse is inscribed with the phrases UNITED STATES OF AMERICA, 1 OZ. FINE SILVER~ONE DOLLAR, and E PLURIBUS UNUM. The design was slightly modified starting with 2008 coins, with the addition of a serif on the U of UNITED and a slight change between SILVER and ONE.
The 2021 American Silver Eagle (Type 2) features a new rendering of Weinman's design on the obverse and a new reverse design by Emily Damstra, showing an eagle landing on a branch. 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.
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Burnished
Burnished silver eagles were first produced in 2006 and have been made annually, except for 2009 and 2010. These coins have a distinctive matte-like finish.
One of the key ways to identify burnished silver eagles is by a "w" mint mark on the reverse side of the coin. This mint mark indicates that the coin was produced at the West Point Mint.
Burnished silver eagles can be distinguished from proof silver eagles by their lack of a special dye and single strike, which results in a more subtle appearance.
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Design and Varieties
Bullion Silver Eagles are typically sold in tubes of 20 coins and can be purchased from coin dealers and other authorized providers.
The U.S. Mint does not sell these coins directly to the public.
Bullion Silver Eagles from 1986, 1994, and 1996 trade at higher levels than most other years.
Original rolls of silver eagles from 1999 and earlier are in slightly higher demand than silver eagles produced in 2000 or later.
The face value of an American Silver Eagle bullion coin is US$1, reflecting their issue and monetization as coins.
The coins are legal tender for all debts public and private at their face value, as per 31 U.S.C.§ 5112(h).
Most bullion versions of the Silver Eagle coin 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, trading at a premium above the intrinsic value of the silver they contain.
Proof
The proof Silver Eagle coins have a fascinating history. From 1986 to 1992, they were minted at San Francisco and bear the "S" mintmark.
The minting location changed in 1993, and proof coins were produced at Philadelphia until 2000, bearing the "P" mintmark.
From 2001 to 2008, the proof coins were minted at West Point and bear the "W" mintmark. No proof versions were minted in 2009.
In 2010, the proof coins resumed production at West Point, once again bearing the "W" mintmark.
The 1995-W Proof Silver Eagle is a highly sought-after and valuable coin, only available as part of a 5-coin proof gold and silver eagle anniversary set.
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Legislation and Availability
The American Silver Eagle 1 oz coin has a fascinating history, and its availability has been influenced by several legislative efforts. In 1982, Senator McClure introduced a bill to redirect the sale of silver from the National Defense Stockpile through the issuance of silver coins.
The bill was referred to committees, but it wasn't enacted until 1985, when Senator McClure introduced an amendment to the Statue of Liberty-Ellis Island Commemorative Coin Act, which added a new section known as the Liberty Coin Act. This act authorized the Secretary of the Treasury to mint and issue silver bullion coins.
The American Silver Eagle bullion program was established under Title II of Public Law 99-61, which was signed into law by President Reagan on July 9, 1985. The program has been popular, with the coins selling out in 2013 and again in 2015, prompting the Mint to implement an allocation program to manage demand.
Here's a brief timeline of the program's availability:
- 2013: The Mint suspended sales of American Silver Eagle bullion coins after the first week due to high demand.
- 2014: The Mint ran out of 2014-dated American Eagles in November.
- 2015: The Silver Eagle coins were sold out in the first week of July, but the Mint resumed sales at the end of July.
Coin Legislation
In 1982, Senator McClure introduced a bill, S. 2598, to sell silver from the National Defense Stockpile through the issuance of silver coins, aiming to minimize the impact on the depressed price of silver.
The bill was referred to committees but never enacted, and the government's sale of silver was indefinitely postponed, causing the price of silver to soar.
Senator McClure reintroduced a similar bill, S. 269, on January 27, 1983, which was also referred to the Committee on Banking, Housing, and Urban Affairs.
This time, the bill was not enacted, but it laid the groundwork for future legislation.
The Liberty Coin Act, introduced by Senator McClure on June 21, 1985, was added to H.R. 47 as an amendment.
This amendment authorized the Secretary of the Treasury to mint and issue silver bullion coins, with specific coin specifications and sales requirements.
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Key points of the Liberty Coin Act include:
- Authorize the Secretary of the Treasury to mint and issue silver bullion coins
- Coin specifications including diameter, weight, fineness, general design, inscriptions, and edge finish
- Coin sales
- Numismatic and legal tender statuses
- Purchase of silver from stockpile
- Effective date of October 1, 1985, and stipulation that no coins may be issued or sold before September 1, 1986
The Senate agreed to the amendment by voice vote on June 21, 1985, and it was added to H.R. 47, which was later signed into law by President Reagan on July 9, 1985.
Recession's Impact on Availability
The Mint suspended sales of American Silver Eagle bullion coins in January 2013 due to high demand.
This was not the first time the Mint had to ration silver coin sales. In 2008, the Mint implemented an allocation program for 18 months due to high demand.
The Silver Eagle coins were sold out in the first week of July 2015, marking the second time the mint's silver coins had sold out in the past nine months.
In 2013, a historic drop in silver increased demand for silver coins, forcing the Mint to ration silver coin sales.
Here are some notable instances of sold-out silver coins:
- 2013: Historic drop in silver increased demand, forcing the Mint to ration sales for 18 months.
- 2014: 2014-dated American Eagles sold out in November 2014.
- 2015: Silver Eagle coins sold out in the first week of July 2015.
Frequently Asked Questions
How much is a 1 oz Silver Eagle worth today?
A 1 oz Silver Eagle is currently worth $32.49. For the most up-to-date pricing, check the link above.
Sources
- https://en.wikipedia.org/wiki/American_Silver_Eagle
- https://en.numista.com/catalogue/pieces1493.html
- https://www.blanchardgold.com/product/1-oz-american-silver-eagle-coin-bu-dates-vary/
- https://atlantagoldandcoin.com/what-you-need-to-know-before-you-sell-silver-eagles/
- https://www.roslandcapital.com/products/american-silver-eagle
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