American Silver Eagle
Encyclopedia
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) and codified as (e)-(h). 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.
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 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 star
s 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
(on the banner that the eagle holds in its beak), as well as the mintmark
if applicable.
plans through the 1970s and early 1980s to sell off silver from the Defense National Stockpile
. As the Wall Street Journal explained, "Several administrations had sought unsuccessfully to sell silver from the stockpile, arguing that domestic production of silver far exceeds strategic needs. But mining-state interests had opposed any sale, as had promilitary legislators who wanted assurances that the proceeds would be used to buy materials more urgently needed for the stockpile rather than merely to reduce the federal deficit." Throughout the period, such sell-offs that did occur, as well as announcements of planned sell-offs, caused immediate declines in the price of silver. The Wall Street Journal reported in September 1976, "When the US government makes noises about selling silver from the federal stockpile, futures traders start unloading futures contracts in speculation that such a sale would depress prices."
Despite congressional opposition to the sale of stockpiled silver through early June 1981, the House Armed Services Committee decided on June 10 to approve a Reagan administration request to sell government-owned silver beginning in fiscal year 1982 to help balance the federal budget
. In July 1981, the House and Senate agreed to allow the sale of 75% of the stockpiled silver (105.1 million troy ounces) over a three-year period, and in September the price of silver fell 11% in response. Just before the first sale in October 1981, a group of politicians from Idaho
—a major silver-producing state—attempted to block the auction, claiming that the sale could have a "disastrous effect" on the United States silver mining industry
in general and several Idaho silver mining companies in particular. On December 3, 1981, Senator
James A. McClure
(R
-Idaho) proposed an amendment
(S.UP.AMDT.738) to the Department of Defense
appropriation bill
to end the government's sale of silver "until the President, not later than July 1, 1982, redetermines that the silver authorized for disposal is excess to the requirements of the stockpile." The appropriations bill was signed into law (Public Law 97-114) with the amendment intact, effectively stopping the further sale of stockpiled silver.
Larry E. Craig
(R-Idaho) but both bills were referred to committees and never were enacted. The Wall Street Journal reported on June 30 that the price of silver "soared after Interior Secretary James Watt announced that sales of the government's silver stockpile will be indefinitely postponed" as the government's legally required study on potential methods of selling the silver had been delayed.
On January 27, 1983, Senator McClure introduced another bill almost identical to S. 2598. As he had in the earlier bill, the senator asked,
The bill was referred to the Committee on Banking, Housing, and Urban Affairs
which held hearings on April 15, 1983, however, it was not enacted.
Some two years later, with sales still suspended, Senator McClure again introduced legislation aimed at requiring potential sales of stockpiled silver to be conducted through the issuance of coins minted from the silver. This time his legislation took the form of an amendment (S.AMDT.418) to , the "Statue of Liberty-Ellis Island Commemorative Coin Act". McClure's amendment—the "Liberty Coin Act"—added a new section (Title II) to H.R. 47. The amendment may be summarized into the following points:
Proposed on June 21, 1985, the Senate agreed to McClure's amendment by voice vote
on the same day and it was added to H.R. 47; the House approved the amended bill three days later and it was signed into law by President Reagan
on July 9, 1985. Thus, the authorizing law for the American Silver Eagle bullion program is Title II of Public Law 99-61 (Liberty Coin Act) codified as (e)-(h).
(D
-Nevada
) introduced bill S. 2594, "Support of American Eagle Silver Bullion Program Act," "to authorize the Secretary of the Treasury to purchase silver on the open market when the silver stockpile is depleted." The bill was passed by the Senate on June 21 and by the House on June 27 and signed into law by President Bush
on July 23, 2002.
James A. Baker III
presided over the striking ceremony held at the San Francisco Assay Office. According to a Chicago Sun-Times
article, as Baker "reached for the electronic button on press No. 105, he turned to the audience and said, 'I don't need a pick and shovel to start the San Francisco Silver Rush of 1986.'"
. Since 2001, they have been minted only at West Point.
In March 2011, the San Francisco Mint conducted trial strikes of bullion Silver Eagle coins in preparation for the resumption of full production later in the spring. The added production capacity provided by the San Francisco Mint supplements the output of the West Point Mint.
against inflation
and economic downturn surged. This increased demand began to affect the availability of American Silver Eagle bullion coins in February 2008 when sales to authorized dealers were suspended temporarily. In March 2008, sales increased ninefold from the month before (from 200,000 to 1,855,000). In April 2008, the United States Mint began an allocation program, effectively rationing
Silver Eagle bullion coins to authorized dealers on a weekly basis due to "unprecedented demand." At least one observer has questioned the legality of the allocation program, as the Treasurer of the United States
is required by law to mint and issue these coins "in quantities sufficient to meet public demand." On June 6, 2008, the Mint announced that all incoming silver planchet
s were being used to produce only bullion issues of the Silver Eagle and not proof or uncirculated collectible issues. The 2008 Proof Silver Eagle became unavailable for purchase from the United States Mint in August 2008 and the 2008 Uncirculated Silver Eagle sold out in January 2009 (however, it was available as part of the "2008 Annual Uncirculated Dollar Coin Set" until it sold out on January 28, 2010).
On March 5, 2009, the United States Mint announced that the proof and uncirculated versions of the Silver Eagle coin for that year were temporarily suspended due to continuing high demand for the bullion version. The allocation program that had been put in place in March 2008 was lifted on June 15, 2009, leading to speculation that proof and uncirculated versions might be produced before the end of the year. However, on October 6, 2009, the Mint announced that the collectible versions of the Silver Eagle coin would not be produced for 2009. The disappointment of collectors was expressed in a December 1 article by Representative
Gary C. Peters
(D-Michigan
). Peters offered alternative scenarios to the cancellation of 2009 proof and uncirculated Silver Eagles and explained that he would be sending a letter to Mint Director Edmund C. Moy
urging him to begin minting these products as soon as possible and continuing to do so until the end of the year. This effort was not successful and the collectible versions were not produced. The sale of 2009 Silver Eagle bullion coins was suspended from November 24 to December 6 and the allocation program was re-instituted on December 7; the product sold out on January 12, 2010.
Production of the 2010 Silver Eagle bullion coins began in January of that year (as opposed to beginning typically in December preceding the year of issue) and the coins were distributed to authorized dealers under an allocation program until September 3.
On July 20, 2010, Mint Director Edmund C. Moy provided testimony to the House Subcommittee on Domestic Monetary Policy and Technology
on the matter of proof and uncirculated Silver Eagle coins, referencing the possibility of a legislative solution. Moy explained:
On September 22, 2010, Representative Melvin L. Watt (D-North Carolina
) introduced the "Coin Modernization, Oversight, and Continuity Act of 2010" to amend (e) and (i) by giving the Secretary of the Treasury authority to mint American Eagle silver and gold coins in "qualities [e.g. bullion, proof, or uncirculated] and quantities" sufficient to meet public demand. The bill was signed into law by President Barack Obama
on December 14, 2010.
On October 4, 2010, the Mint announced that 2010-dated proof American Silver Eagle coins would be available for purchase beginning on November 19, 2010, at a price of $45.95 per coin and that 2010-dated uncirculated Silver Eagle coins would not be produced.
Sources:
Silver Eagle bullion coins, along with American Gold Eagle
bullion coins, were planned as "viable investment alternatives to the gold and silver bullion coins produced by other countries. ..." To ensure wide distribution of the coins, the United States Mint awarded a contract to Grey Advertising to assist in marketing
and publicizing the coins domestically and internationally. Advertising efforts were expanded in fiscal years 1987 and 1988.
Like the American Gold Eagle and American Platinum Eagle
bullion coins, Silver Eagle bullion coins are not sold directly to the public by the United States Mint. In order to provide "effective and efficient distribution, which maximizes the availability of the coins in retail markets as well as major investment markets" the Mint utilizes a network of "authorized purchasers" to distribute the coins. The coins are sold in bulk
at a premium ($2.00 per coin effective October 1, 2010) over the spot price
of silver. The coins are sold to banks, brokerage companies
, coin dealers, precious metal firms, and wholesale
rs that meet the following requirements:
Authorized purchasers must order a minimum of 25,000 coins which they sell to secondary retailers
that sell them, in turn, to the public. When sales of Silver Eagle bullion coins began in November 1986, the Mint had approved twenty-eight authorized purchasers to market the coins throughout the world.
Bullion coins are shipped in so-called "monster boxes." Each green plastic
box holds 500 coins which are packaged in 20-coin plastic tubes. On the lid of each box are two raised Department of the Treasury seals
and the phrase "United States Mint" in raised lettering. Before shipping, the boxes are sealed with straps by the Mint and labeled with the year of issue and a serial number.
-lined, velvet
-covered presentation case and accompanied by a certificate of authenticity
. Proof Silver Eagle coins first became available through the United States Mint's subscription program in October 2002. Uncirculated coins dated 2006 through 2008 were sold directly to the public by the United States Mint in packaging similar to that of the proof coins; however, the 2006 coin's capsule was housed in a velvet drawstring bag. Special issues and sets are sold directly to the public by the United States Mint.
as coins. Per , 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 $50 as of September 2011) and are traded at a premium above the intrinsic value of the silver they contain; most proof versions (around $85–$90 as of 2011) and uncirculated versions (around $55–$100 as of 2011) sell for more. Some issues sell for significant sums, for example the 1995-W proof ($3,500 as of 2011) 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 2011).
Silver coin
Silver coins are possibly the oldest mass produced form of coinage. Silver has been used as a coinage metal since the times of the Greeks. Their silver drachmas were popular trade coins....
bullion coin of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. It was first released by the United States Mint
United States Mint
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...
on November 24, 1986. It is struck only in the one-troy ounce
Troy ounce
The troy ounce is a unit of imperial measure. In the present day it is most commonly used to gauge the weight of precious metals. One troy ounce is nowadays defined as exactly 0.0311034768 kg = 31.1034768 g. There are approximately 32.1507466 troy oz in 1 kg...
size, which has a nominal
Fiat money
Fiat money is money that has value only because of government regulation or law. The term derives from the Latin fiat, meaning "let it be done", as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used.Fiat money originated in 11th...
face value
Face value
The Face value is the value of a coin, stamp or paper money, as printed on the coin, stamp or bill itself by the minting authority. While the face value usually refers to the true value of the coin, stamp or bill in question it can sometimes be largely symbolic, as is often the case with bullion...
of one dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
and is guaranteed to contain one troy ounce of 99.9% pure silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
. It is authorized by Title II of Public Law 99-61 (Liberty Coin Act, approved July 9, 1985) and codified as (e)-(h). 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
Proof coinage
Proof coinage means special early samples of a coin issue, historically made for checking the dies and for archival purposes, but nowadays often struck in greater numbers specially for coin collectors . Many countries now issue them....
version and an uncirculated
Uncirculated coin
The term uncirculated coin can refer to three things:* A coin that is released to the public but not intended for general circulation but is available through a mint or through a local coin dealer...
version for coin collectors
Coin collecting
Coin collecting is the collecting or trading of coins or other forms of minted legal tender.Coins of interest to collectors often include those that circulated for only a brief time, coins with mint errors and especially beautiful or historically significant pieces. Coin collecting can be...
. The Silver Eagle has been produced at three mints: the Philadelphia Mint
Philadelphia Mint
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...
, the San Francisco Mint
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint, and was opened in 1854 to serve the gold mines of the California Gold Rush. It quickly outgrew its first building and moved into a new one in 1874. This building, the Old United States Mint, also known affectionately as The Granite Lady,...
, and the West Point Mint
West Point Mint
The West Point Mint Facility was erected in 1937 near the U.S. Military Academy in West Point, New York. Originally it was called the West Point Bullion Depository. At one point it had the highest concentration of silver of any U.S. mint facility, and for 35 years produced circulating pennies...
. The American Silver Eagle bullion coin may be used to fund Individual Retirement Account
Individual Retirement Account
An individual retirement arrangement is the blanket term for a form of retirement plan that provides tax advantages for retirement savings in the United States...
investments.
Design
The design on the coin's obverseObverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
was taken from the "Walking Liberty" design by Adolph A. Weinman
Adolph Alexander Weinman
Adolph Alexander Weinman was an American sculptor, born in Karlsruhe, Germany.- Biography :Weinman arrived in the United States at the age of 10. At the age of 15, he attended evening classes at Cooper Union and later studied at the Art Students League of New York with sculptors Augustus St....
, which originally had been used on the Walking Liberty Half Dollar
Walking Liberty Half Dollar
The Walking Liberty half dollar was a silver 50-cent piece or half dollar coin issued by the United States Mint from 1916 to 1947; it was designed by Adolph A. Weinman....
coin of the United States from 1916 to 1947. As this iconic design had been a public favorite—and 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
In God We Trust
"In God We Trust" was adopted as the official motto of the United States in 1956. It is also the motto of the U.S. state of Florida. The Legality of this motto has been questioned because of the United States Constitution forbidding the government to make any law respecting the establishment of a...
.
The reverse
Obverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
was designed by John Mercanti
John Mercanti
John M. Mercanti is an American sculptor and engraver. He was the twelfth Chief Engraver of the United States Mint until his retirement in late 2010.-Biography:...
and portrays a heraldic eagle
Eagle (heraldry)
The eagle is used in heraldry as a charge, as a supporter, and as a crest. Parts of the eagle's body such as its head, wings or leg are also used as a charge or crest....
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
Great Seal of the United States
The Great Seal of the United States is used to authenticate certain documents issued by the United States federal government. The phrase is used both for the physical seal itself , and more generally for the design impressed upon it...
; above the eagle are thirteen five-pointed star
Five-pointed star
A five-pointed star is a very common ideogram throughout the world. If the colinear edges are joined together a pentagram is produced, which is the simplest of the unicursal star polygons, and a symbol of mystical and magical significance....
s representing the Thirteen Colonies
Thirteen Colonies
The Thirteen Colonies were English and later British colonies established on the Atlantic coast of North America between 1607 and 1733. They declared their independence in the American Revolution and formed the United States of America...
. The reverse is inscribed with the phrases UNITED STATES OF AMERICA, 1 OZ. FINE SILVER~ONE DOLLAR, and E PLURIBUS UNUM
E pluribus unum
E pluribus unum , Latin for "Out of many, one", is a phrase on the Seal of the United States, along with Annuit cœptis and Novus ordo seclorum, and adopted by an Act of Congress in 1782...
(on the banner that the eagle holds in its beak), as well as the mintmark
Mint mark
A mint mark is an inscription on a coin indicating the mint where the coin was produced.-History:Mint marks were first developed to locate a problem. If a coin was underweight, or overweight, the mint mark would immediately tell where the coin was minted, and the problem could be located and fixed...
if applicable.
Background: Defense National Stockpile silver sales
The impetus of the American Silver Eagle bullion program ultimately comes from executivePresident of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
plans through the 1970s and early 1980s to sell off silver from the Defense National Stockpile
Defense National Stockpile Center
The Defense National Stockpile Center is a branch of the United State's Defense Logistics Agency, whose purpose it is to store, secure, and sell raw materials. The DNSC is based in Fort Belvoir and has operations throughout the United States...
. As the Wall Street Journal explained, "Several administrations had sought unsuccessfully to sell silver from the stockpile, arguing that domestic production of silver far exceeds strategic needs. But mining-state interests had opposed any sale, as had promilitary legislators who wanted assurances that the proceeds would be used to buy materials more urgently needed for the stockpile rather than merely to reduce the federal deficit." Throughout the period, such sell-offs that did occur, as well as announcements of planned sell-offs, caused immediate declines in the price of silver. The Wall Street Journal reported in September 1976, "When the US government makes noises about selling silver from the federal stockpile, futures traders start unloading futures contracts in speculation that such a sale would depress prices."
Despite congressional opposition to the sale of stockpiled silver through early June 1981, the House Armed Services Committee decided on June 10 to approve a Reagan administration request to sell government-owned silver beginning in fiscal year 1982 to help balance the federal budget
United States federal budget
The Budget of the United States Government is the President's proposal to the U.S. Congress which recommends funding levels for the next fiscal year, beginning October 1. Congressional decisions are governed by rules and legislation regarding the federal budget process...
. In July 1981, the House and Senate agreed to allow the sale of 75% of the stockpiled silver (105.1 million troy ounces) over a three-year period, and in September the price of silver fell 11% in response. Just before the first sale in October 1981, a group of politicians from Idaho
Idaho
Idaho is a state in the Rocky Mountain area of the United States. The state's largest city and capital is Boise. Residents are called "Idahoans". Idaho was admitted to the Union on July 3, 1890, as the 43rd state....
—a major silver-producing state—attempted to block the auction, claiming that the sale could have a "disastrous effect" on the United States silver mining industry
Silver mining in the United States
Silver mining in the United States began on a major scale with the discovery of the Comstock Lode in Nevada in 1858. The industry suffered greatly from the demonetization of silver in 1873 by the "Crime of 73," but silver mining continues today....
in general and several Idaho silver mining companies in particular. On December 3, 1981, Senator
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
James A. McClure
James A. McClure
James Albertus "Jim" McClure was an American politician from the state of Idaho, most notably serving as a Republican in the U.S. Senate....
(R
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
-Idaho) proposed an amendment
Amend (motion)
-Explanation and Use:-Main Motions:Any main motion and any motion to amend may be amended. However, a motion to amend a motion to amend may not be amended, due to the overly complex parliamentary situation that would frequently result.-Secondary Motions:...
(S.UP.AMDT.738) to the Department of Defense
United States Department of Defense
The United States Department of Defense is the U.S...
appropriation bill
Appropriation bill
An appropriation bill or running bill is a legislative motion which authorizes the government to spend money. It is a bill that sets money aside for specific spending...
to end the government's sale of silver "until the President, not later than July 1, 1982, redetermines that the silver authorized for disposal is excess to the requirements of the stockpile." The appropriations bill was signed into law (Public Law 97-114) with the amendment intact, effectively stopping the further sale of stockpiled silver.
Coinage legislation
On May 27, 1982, Senator McClure introduced bill , "A bill to provide for the disposal of silver from the National Defense Stockpile through the issuance of silver coins," to "redirect the sale of silver from our national defense stockpile in an effort to minimize its affect [sic] on the already depressed price of silver." An identical companion bill, , was introduced on June 22 by RepresentativeUnited States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
Larry E. Craig
Larry Craig
Larry Edwin Craig is a former Republican politician from the U.S. state of Idaho. He served 18 years in the U.S. Senate , preceded by 10 years in the U.S. House, representing Idaho's first district . His 28 years in the Congress rank as the second-longest in Idaho history, trailing only William...
(R-Idaho) but both bills were referred to committees and never were enacted. The Wall Street Journal reported on June 30 that the price of silver "soared after Interior Secretary James Watt announced that sales of the government's silver stockpile will be indefinitely postponed" as the government's legally required study on potential methods of selling the silver had been delayed.
On January 27, 1983, Senator McClure introduced another bill almost identical to S. 2598. As he had in the earlier bill, the senator asked,
The bill was referred to the Committee on Banking, Housing, and Urban Affairs
United States Senate Committee on Banking, Housing, and Urban Affairs
The United States Senate Committee on Banking, Housing, and Urban Affairs has jurisdiction over matters related to: banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes,...
which held hearings on April 15, 1983, however, it was not enacted.
Some two years later, with sales still suspended, Senator McClure again introduced legislation aimed at requiring potential sales of stockpiled silver to be conducted through the issuance of coins minted from the silver. This time his legislation took the form of an amendment (S.AMDT.418) to , the "Statue of Liberty-Ellis Island Commemorative Coin Act". McClure's amendment—the "Liberty Coin Act"—added a new section (Title II) to H.R. 47. The amendment may be summarized into the following points:
- Authorize the Secretary of the Treasury to mint and issue silver bullion coins
- Coin specifications including diameter, weight, finenessMillesimal finenessMillesimal fineness is a system of denoting the purity of platinum, gold and silver alloys by parts per thousand of pure metal by mass in the alloy. For example, an alloy containing 75% gold is denoted as "750". Many European countries use decimal hallmark stamps Millesimal fineness is a system of...
, 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
Proposed on June 21, 1985, the Senate agreed to McClure's amendment by voice vote
Voice vote
A voice vote is a voting method used by deliberative assemblies in which a vote is taken on a topic or motion by responding verbally....
on the same day and it was added to H.R. 47; the House approved the amended bill three days later and it was signed into law by President Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
on July 9, 1985. Thus, the authorizing law for the American Silver Eagle bullion program is Title II of Public Law 99-61 (Liberty Coin Act) codified as (e)-(h).
Program extension, 2002
The authorizing legislation for the American Silver Eagle bullion program stipulated that the silver used to mint the coins be acquired from the Defense National Stockpile with the intent to deplete the stockpile's silver holdings slowly over several years. By 2002, it became apparent that the stockpile would be depleted and that further legislation would be required for the program to continue. On June 6, 2002, Senator Harry ReidHarry Reid
Harry Mason Reid is the senior United States Senator from Nevada, serving since 1987. A member of the Democratic Party, he has been the Senate Majority Leader since January 2007, having previously served as Minority Leader and Minority and Majority Whip.Previously, Reid was a member of the U.S...
(D
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
-Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
) introduced bill S. 2594, "Support of American Eagle Silver Bullion Program Act," "to authorize the Secretary of the Treasury to purchase silver on the open market when the silver stockpile is depleted." The bill was passed by the Senate on June 21 and by the House on June 27 and signed into law by President Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
on July 23, 2002.
Minting history
The first American Silver Eagle coin was struck in San Francisco on October 29, 1986. Secretary of the TreasuryUnited States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
James A. Baker III
James Baker
James Addison Baker, III is an American attorney, politician and political advisor.Baker served as the Chief of Staff in President Ronald Reagan's first administration and in the final year of the administration of President George H. W. Bush...
presided over the striking ceremony held at the San Francisco Assay Office. According to a Chicago Sun-Times
Chicago Sun-Times
The Chicago Sun-Times is an American daily newspaper published in Chicago, Illinois. It is the flagship paper of the Sun-Times Media Group.-History:The Chicago Sun-Times is the oldest continuously published daily newspaper in the city...
article, as Baker "reached for the electronic button on press No. 105, he turned to the audience and said, 'I don't need a pick and shovel to start the San Francisco Silver Rush of 1986.'"
Bullion
Bullion Silver Eagle coins do not have mintmarks. From 1986 to 1998, they were minted at San Francisco. From 1999 to 2000, they were minted at Philadelphia and West PointWest Point, New York
West Point is a federal military reservation established by President of the United States Thomas Jefferson in 1802. It is a census-designated place located in Town of Highlands in Orange County, New York, United States. The population was 7,138 at the 2000 census...
. Since 2001, they have been minted only at West Point.
In March 2011, the San Francisco Mint conducted trial strikes of bullion Silver Eagle coins in preparation for the resumption of full production later in the spring. The added production capacity provided by the San Francisco Mint supplements the output of the West Point Mint.
Proof
From 1986 to 1992, proof Silver Eagle coins were minted at San Francisco and these coins bear the "S" mintmark. From 1993 to 2000, they were minted at Philadelphia and these coins bear the "P" mintmark. From 2001 to 2008, they were minted at West Point and these coins bear the "W" mintmark. No proof versions were minted in 2009. Beginning again in 2010, the proof coins were minted at West Point and bear the "W" mintmark.Uncirculated
From 2006 to 2008 and beginning again in 2011, the United States Mint issued a collectible uncirculated Silver Eagle coin produced at West Point (bearing the "W" mintmark). The coins are struck on specially burnished blanks and sometimes are referred to as "W Uncirculated" or "Burnished Uncirculated."Special issues
- In 1993, the "Philadelphia Set" was issued to commemorate the bicentennial of the striking of the first official United States coins at the Philadelphia MintPhiladelphia MintThe Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...
in 1793. The set included proof American Gold EagleAmerican Gold EagleThe American Gold Eagle is an official gold bullion coin of the United States. Authorized under the Gold Bullion Coin Act of 1985, it was first released by the United States Mint in 1986.- Details :...
coins in 1/2 ozt, 1/4 ozt, and 1/10 ozt sizes, a proof Silver Eagle coin, and a 90% silver proof "U.S. Mint Bicentennial" medal, all with "P" mintmarks.
- In 1995, in addition to the regular proof coin minted at Philadelphia, the United States Mint also issued a proof coin minted at West Point. Known as the "1995-W Proof Silver Eagle," the coin was sold only as part of the "10th Anniversary American Eagle Five Coin Set" which also included the four 1995-W proof American Gold Eagle coins in 1 ozt, 1/2 ozt, 1/4 ozt, and 1/10 ozt sizes; 30,125 sets were sold.
- In 2000, the Mint issued the "United States Millennium Coinage and Currency Set" which included a 2000 Silver Eagle bullion coin minted at West Point (but without a "W" mintmark), a 2000 Denver-mintedDenver MintThe Denver Mint is a branch of the United States Mint that struck its first coins on February 1, 1906. The mint is still operating and producing coins for circulation, as well as mint sets and commemorative coins. Coins produced at the Denver Mint bear a D mint mark...
Sacagawea DollarSacagawea dollarThe Sacagawea dollar is a United States dollar coin that has been minted every year since 2000. These coins have a copper core clad by manganese brass, giving them a distinctive golden color. The coin features an obverse by Glenna Goodacre. The reverse design has varied, from 2000 to 2008...
with a burnished finish, and an uncirculated 1999 series one-dollar billUnited States one-dollar billThe United States one-dollar bill is the most common denomination of US currency. The first president, George Washington, painted by Gilbert Stuart, is currently featured on the obverse, while the Great Seal of the United States is featured on the reverse. The one-dollar bill has the oldest...
with a serial numberSerial numberA serial number is a unique number assigned for identification which varies from its successor or predecessor by a fixed discrete integer value...
beginning with the numbers "2000". The sets sold out at the issue limit of 75,000 units. In fewer than twenty known sets, the Sacagawea Dollars do not have a burnished finish.
- In January 2004, the Mint issued the "Legacies of Freedom United States and United Kingdom Silver Bullion Coin Set" which consisted of a 2003 bullion Silver Eagle and a 2002 Silver Britannia bullion coin from the United KingdomUnited KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. The set had an issue limit of 50,000.
- To celebrate the 20th anniversary of the American Silver Eagle program in 2006, the Mint issued a special "Reverse Proof Silver Eagle" coin minted at Philadelphia. This coin was available as part of a 3-coin set which also included the regular proof coin and the new "Burnished Uncirculated" coin. The reverse proof coin features a frosted background and mirrored raised surfaces (the opposite of a typical proof coin of the series). Uncirculated Silver Eagle coins also were available as part of the "20th Anniversary Gold & Silver Eagle Set" which had an issue limit of 20,000 (19,145 were sold) and included the one-ounce, 2006-W uncirculated American Gold Eagle.
- In 2007 and 2008, uncirculated Silver Eagle coins were packaged with each year's issues of Philadelphia-minted Presidential Dollars and Denver-minted Sacagawea Dollars in an "Annual Uncirculated Dollar Coin Set." The 2007 set became available directly from the Mint on December 3, 2007; the 2008 set was available from August 7, 2008 to January 28, 2010.
- In 2011, the Mint issued an "American Eagle 25th Anniversary Silver Coin Set" to celebrate the program's 25th anniversary. The set includes five coins in a lacquered presentation case: one proof coin minted at West Point, one uncirculated coin minted at West Point, one uncirculated coin minted at San Francisco, one reverse proof coin (frosted background with polished, mirror-like design elements/foreground) minted at Philadelphia, and one bullion coin.
Varieties
The first significant variety of the Silver Eagle series appeared in 2008 and is known as the "2008-W Silver Eagle Reverse of 2007 Variety." The United States Mint made slight alterations to the reverse design between 2007 and 2008 and some 2008 uncirculated coins inadvertently were struck with the 2007 reverse type die resulting in a die error. The variety is distinguishable by differences in the "U" in UNITED STATES and the dash between SILVER and ONE.Effect of recession on availability, 2008–2010
As a result of the global recession, the demand from investors for bullion coins as a hedgeHedge (finance)
A hedge is an investment position intended to offset potential losses that may be incurred by a companion investment.A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, many types of...
against inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
and economic downturn surged. This increased demand began to affect the availability of American Silver Eagle bullion coins in February 2008 when sales to authorized dealers were suspended temporarily. In March 2008, sales increased ninefold from the month before (from 200,000 to 1,855,000). In April 2008, the United States Mint began an allocation program, effectively rationing
Rationing
Rationing is the controlled distribution of scarce resources, goods, or services. Rationing controls the size of the ration, one's allotted portion of the resources being distributed on a particular day or at a particular time.- In economics :...
Silver Eagle bullion coins to authorized dealers on a weekly basis due to "unprecedented demand." At least one observer has questioned the legality of the allocation program, as the Treasurer of the United States
Treasurer of the United States
The Treasurer of the United States is an official in the United States Department of the Treasury that was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different bureaus of the Department of the Treasury...
is required by law to mint and issue these coins "in quantities sufficient to meet public demand." On June 6, 2008, the Mint announced that all incoming silver planchet
Planchet
A planchet is a round metal disk that is ready to be struck as a coin. An older word for planchet is flan. They are also referred to as blanks.-History:The preparation of the flan or planchet has varied over the years...
s were being used to produce only bullion issues of the Silver Eagle and not proof or uncirculated collectible issues. The 2008 Proof Silver Eagle became unavailable for purchase from the United States Mint in August 2008 and the 2008 Uncirculated Silver Eagle sold out in January 2009 (however, it was available as part of the "2008 Annual Uncirculated Dollar Coin Set" until it sold out on January 28, 2010).
On March 5, 2009, the United States Mint announced that the proof and uncirculated versions of the Silver Eagle coin for that year were temporarily suspended due to continuing high demand for the bullion version. The allocation program that had been put in place in March 2008 was lifted on June 15, 2009, leading to speculation that proof and uncirculated versions might be produced before the end of the year. However, on October 6, 2009, the Mint announced that the collectible versions of the Silver Eagle coin would not be produced for 2009. The disappointment of collectors was expressed in a December 1 article by Representative
United States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
Gary C. Peters
Gary Peters (Michigan politician)
Gary Peters is the U.S. Representative for , serving since 2009. He is a member of the Democratic Party. The district includes most of Oakland County, a suburban county northwest of Detroit. He previously represented the 14th District in the Michigan Senate, and was a political science professor at...
(D-Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
). Peters offered alternative scenarios to the cancellation of 2009 proof and uncirculated Silver Eagles and explained that he would be sending a letter to Mint Director Edmund C. Moy
Edmund C. Moy
Edmund C. Moy is an American businessman and former government official. From 2006 to 2011 he served as the 38th Director of the United States Mint.-Early life and education:...
urging him to begin minting these products as soon as possible and continuing to do so until the end of the year. This effort was not successful and the collectible versions were not produced. The sale of 2009 Silver Eagle bullion coins was suspended from November 24 to December 6 and the allocation program was re-instituted on December 7; the product sold out on January 12, 2010.
Production of the 2010 Silver Eagle bullion coins began in January of that year (as opposed to beginning typically in December preceding the year of issue) and the coins were distributed to authorized dealers under an allocation program until September 3.
On July 20, 2010, Mint Director Edmund C. Moy provided testimony to the House Subcommittee on Domestic Monetary Policy and Technology
United States House Financial Services Subcommittee on Domestic Monetary Policy and Technology
The U.S. House Financial Services Subcommittee on Domestic Monetary Policy and Technology is a subcommittee of the House Committee on Financial Services...
on the matter of proof and uncirculated Silver Eagle coins, referencing the possibility of a legislative solution. Moy explained:
On September 22, 2010, Representative Melvin L. Watt (D-North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
) introduced the "Coin Modernization, Oversight, and Continuity Act of 2010" to amend (e) and (i) by giving the Secretary of the Treasury authority to mint American Eagle silver and gold coins in "qualities [e.g. bullion, proof, or uncirculated] and quantities" sufficient to meet public demand. The bill was signed into law by President Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
on December 14, 2010.
On October 4, 2010, the Mint announced that 2010-dated proof American Silver Eagle coins would be available for purchase beginning on November 19, 2010, at a price of $45.95 per coin and that 2010-dated uncirculated Silver Eagle coins would not be produced.
Mintages
| Year | Bullion | Proof | Uncirculated | Total |
|---|---|---|---|---|
| 1986 | 5,393,005 | 1,446,778 | - | 6,839,783 |
| 1987 | 11,442,335 | 904,732 | - | 12,347,067 |
| 1988 | 5,004,646 | 557,370 | - | 5,562,016 |
| 1989 | 5,203,327 | 617,694 | - | 5,821,021 |
| 1990 | 5,840,110 | 695,510 | - | 6,535,620 |
| 1991 | 7,191,066 | 511,925 | - | 7,702,991 |
| 1992 | 5,540,068 | 498,654 | - | 6,038,722 |
| 1993 | 6,763,762 | 405,913 | - | 7,169,675 |
| 1994 | 4,227,319 | 372,168 | - | 4,599,487 |
| 1995 | 4,672,051 | 438,511 | - | 5,110,562 |
| 1995-W | - | 30,125 | - | 30,125 |
| 1996 | 3,603,386 | 500,000 | - | 4,103,386 |
| 1997 | 4,295,004 | 435,368 | - | 4,730,372 |
| 1998 | 4,847,549 | 450,000 | - | 5,297,549 |
| 1999 | 7,408,640 | 549,796 | - | 7,958,436 |
| 2000 | 9,239,132 | 600,000 | - | 9,839,132 |
| 2001 | 9,001,711 | 746,398 | - | 9,748,109 |
| 2002 | 10,539,026 | 647,342 | - | 11,186,368 |
| 2003 | 8,495,008 | 747,831 | - | 9,242,839 |
| 2004 | 8,882,754 | 801,602 | - | 9,684,356 |
| 2005 | 8,891,025 | 816,663 | - | 9,707,688 |
| 2006 | 10,676,522 | 1,092,477 | 466,573 | 12,235,572 |
| 2007 | 9,028,036 | 821,759 | 621,333 | 10,471,128 |
| 2008 | 20,583,000 | 700,979 | 533,757 | 21,817,736 |
| 2009 | 30,459,000 | Not offered | Not offered | 30,459,000 |
| 2010 | 34,764,500 | 860,000 | Not offered | 35,624,500 |
| Total | 241,991,982 | 16,249,595 | 1,621,663 | 259,863,240 |
Sources:
- Bullion, 1986–2010:
- Proof and uncirculated, 1986–2010:
Bullion
Sales of American Silver Eagle bullion coins began on November 24, 1986, and initial inventories sold out "immediately due to the phenomenal demand."Silver Eagle bullion coins, along with American Gold Eagle
American Gold Eagle
The American Gold Eagle is an official gold bullion coin of the United States. Authorized under the Gold Bullion Coin Act of 1985, it was first released by the United States Mint in 1986.- Details :...
bullion coins, were planned as "viable investment alternatives to the gold and silver bullion coins produced by other countries. ..." To ensure wide distribution of the coins, the United States Mint awarded a contract to Grey Advertising to assist in marketing
Marketing
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...
and publicizing the coins domestically and internationally. Advertising efforts were expanded in fiscal years 1987 and 1988.
Like the American Gold Eagle and American Platinum Eagle
American Platinum Eagle
The American Platinum Eagle is the official platinum bullion coin of the United States. The coins were first released by the United States Mint in 1997. It is offered in 1/10, 1/4, 1/2, and 1 troy oz varieties and consists of .9995 fine platinum...
bullion coins, Silver Eagle bullion coins are not sold directly to the public by the United States Mint. In order to provide "effective and efficient distribution, which maximizes the availability of the coins in retail markets as well as major investment markets" the Mint utilizes a network of "authorized purchasers" to distribute the coins. The coins are sold in bulk
Bulk purchasing
Bulk purchasing is buying products in large quantities at a lower price per item, or unit price, than is available for smaller quantities. Wholesale is selling or related to selling goods in large quantities for resale to the consumer. Retailing is buying products in bulk at wholesale, and selling...
at a premium ($2.00 per coin effective October 1, 2010) over the spot price
Spot price
The spot price or spot rate of a commodity, a security or a currency is the price that is quoted for immediate settlement . Spot settlement is normally one or two business days from trade date...
of silver. The coins are sold to banks, brokerage companies
Broker
A broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal...
, coin dealers, precious metal firms, and wholesale
Wholesale
Wholesaling, jobbing, or distributing is defined as the sale of goods or merchandise to retailers, to industrial, commercial, institutional, or other professional business users, or to other wholesalers and related subordinated services...
rs that meet the following requirements:
- Be an experienced and established market-maker in silver bullion coins
- Provide a liquid two-way market for the coins
- Be auditAuditThe general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. The term most commonly refers to audits in accounting, but similar concepts also exist in project management, quality management, and energy conservation.- Accounting...
ed annually by an internationally-accepted accounting firmAccountantAn accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest... - Have an established broad base of retail customers to which to distribute the coins
- Have a tangible net worthNet worthIn business, net worth is the total assets minus total outside liabilities of an individual or a company. For a company, this is called shareholders' preference and may be referred to as book value. Net worth is stated as at a particular year in time...
of $5 million (this requirement may be met using a letter of creditLetter of creditA standard, commercial letter of credit is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking....
)
Authorized purchasers must order a minimum of 25,000 coins which they sell to secondary retailers
Retailing
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
that sell them, in turn, to the public. When sales of Silver Eagle bullion coins began in November 1986, the Mint had approved twenty-eight authorized purchasers to market the coins throughout the world.
Bullion coins are shipped in so-called "monster boxes." Each green plastic
Plastic
A plastic material is any of a wide range of synthetic or semi-synthetic organic solids used in the manufacture of industrial products. Plastics are typically polymers of high molecular mass, and may contain other substances to improve performance and/or reduce production costs...
box holds 500 coins which are packaged in 20-coin plastic tubes. On the lid of each box are two raised Department of the Treasury seals
Seal of the United States Department of the Treasury
The United States Treasury Seal is the official symbol of the United States Department of the Treasury. It actually predates the department, having originated with the Board of Treasury during the period of the Articles of Confederation. It is used on all U.S...
and the phrase "United States Mint" in raised lettering. Before shipping, the boxes are sealed with straps by the Mint and labeled with the year of issue and a serial number.
Proof, uncirculated, and special issues
Proof American Silver Eagle coins dated 1986 through 2008 were sold directly to the public by the United States Mint at a fixed price. The coins were packaged in a protective plastic capsule mounted in a satinSatin
Satin is a weave that typically has a glossy surface and a dull back. It is a warp-dominated weaving technique that forms a minimum number of interlacings in a fabric. If a fabric is formed with a satin weave using filament fibres such as silk, nylon, or polyester, the corresponding fabric is...
-lined, velvet
Velvet
Velvet is a type of woven tufted fabric in which the cut threads are evenly distributed,with a short dense pile, giving it a distinctive feel.The word 'velvety' is used as an adjective to mean -"smooth like velvet".-Composition:...
-covered presentation case and accompanied by a certificate of authenticity
Certificate of Authenticity
A certificate of authenticity is a seal or small sticker on a proprietary computer program, t-shirt, jersey, or any other memorabilia or art work, especially in the world of computers and sports, it is commonly a seal on paper authenticating a specific art work which and is made to demonstrate...
. Proof Silver Eagle coins first became available through the United States Mint's subscription program in October 2002. Uncirculated coins dated 2006 through 2008 were sold directly to the public by the United States Mint in packaging similar to that of the proof coins; however, the 2006 coin's capsule was housed in a velvet drawstring bag. Special issues and sets are sold directly to the public by the United States Mint.
Value
American Silver Eagle bullion coins carry a face value of one dollar. This is their legal value reflecting their issue and monetizationMonetization
Monetization is the process of converting or establishing something into legal tender. It usually refers to the coining of currency or the printing of banknotes by central banks...
as coins. Per , the coins are legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
for all debts public and private at their face value of one dollar. This face value does not reflect their intrinsic value
Intrinsic value (numismatics)
In commodity money, intrinsic value can be partially or entirely due to the desirable features of the object as a medium of exchange and a store of value. Examples of such features include divisibility; easily and securely storable and transportable; scarcity; and hard to counterfeit...
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 $50 as of September 2011) and are traded at a premium above the intrinsic value of the silver they contain; most proof versions (around $85–$90 as of 2011) and uncirculated versions (around $55–$100 as of 2011) sell for more. Some issues sell for significant sums, for example the 1995-W proof ($3,500 as of 2011) 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 2011).
See also
- America the Beautiful Silver Bullion CoinsAmerica the Beautiful Silver Bullion CoinsThe America the Beautiful Silver Bullion Coins comprise a series of silver bullion coins with a face value of a quarter dollar. The coins contain five troy ounces of silver making them the largest silver bullion coins ever issued by the United States Mint. The design of the coins duplicate...
– United States silver bullion coin program - American Buffalo (coin)American Buffalo (coin)The American Buffalo, also known as a gold buffalo, is a 24-karat bullion coin first offered for sale by the United States Mint on June 22, 2006, and available for shipment beginning on July 13. The coin follows the greatly admired design of the Indian Head nickel and has gained its nickname from...
– United States gold bullion coin program - American Gold EagleAmerican Gold EagleThe American Gold Eagle is an official gold bullion coin of the United States. Authorized under the Gold Bullion Coin Act of 1985, it was first released by the United States Mint in 1986.- Details :...
– United States gold bullion coin program - American Platinum EagleAmerican Platinum EagleThe American Platinum Eagle is the official platinum bullion coin of the United States. The coins were first released by the United States Mint in 1997. It is offered in 1/10, 1/4, 1/2, and 1 troy oz varieties and consists of .9995 fine platinum...
– United States platinum bullion coin program - Bullion coinBullion coinA bullion coin is a coin struck from precious metal and kept as a store of value or an investment, rather than used in day-to-day commerce. Investment coins are generally coins that have been minted after 1800, have a purity of not less than 900 thousandths and are or have been a legal tender in...
- Canadian Silver Maple LeafCanadian Silver Maple LeafThe Canadian Silver Maple Leaf is a silver bullion coin issued annually by the government of Canada. The coin has been minted by the Royal Canadian Mint since 1988....
– Canadian silver bullion coin program - Silver as an investmentSilver as an investmentSilver, like other precious metals, may be used as an investment. For more than four thousand years, silver has been regarded as a form of money and store of value. However, since the end of the silver standard, silver has lost its role as legal tender in many developed countries such as the...
- United States dollar coinUnited States dollar coinDollar coins have been minted in the United States in gold, silver, and base metal versions. The term silver dollar is often used for any large white metal coin issued by the United States with a face value of one dollar, although purists insist that a dollar is not silver unless it contains some...
