What an American Silver Eagle is
The American Silver Eagle is the United States Mint's official one ounce silver bullion coin. Congress created it with the Liberty Coin Act of 1985 and the first coins went on sale in late 1986. Every one contains a troy ounce of .999 fine silver and carries a face value of one dollar, although nobody spends them: the silver inside is worth far more than the denomination.
The Mint doesn't sell bullion coins to the public. It sells them in bulk to authorized purchasers, large dealers who resell them, while collector versions such as proofs and burnished coins are sold by the Mint directly.
Silver Eagle mintages by year
| Year | 1 oz bullion | Collector versions | Scarcest version |
|---|---|---|---|
| 1986 | 5,393,005 | 1,446,778 | 1986-S proof, 1,446,778 |
| 1987 | 11,442,335 | 904,732 | 1987-S proof, 904,732 |
| 1988 | 5,004,646 | 557,370 | 1988-S proof, 557,370 |
| 1989 | 5,203,327 | 617,694 | 1989-S proof, 617,694 |
| 1990 | 5,840,110 | 695,510 | 1990-S proof, 695,510 |
| 1991 | 7,191,066 | 511,925 | 1991-S proof, 511,925 |
| 1992 | 5,540,068 | 498,654 | 1992-S proof, 498,654 |
| 1993 | 6,763,762 | 405,913 | 1993-P proof, 405,913 |
| 1994 | 4,227,319 | 372,168 | 1994-P proof, 372,168 |
| 1995 | 4,672,051 | 468,636 | 1995-W proof, 30,125 |
| 1996 | 3,603,386 | 500,000 | 1996-P proof, 500,000 |
| 1997 | 4,295,004 | 435,368 | 1997-P proof, 435,368 |
| 1998 | 4,847,549 | 450,000 | 1998-P proof, 450,000 |
| 1999 | 7,408,640 | 549,796 | 1999-P proof, 549,796 |
| 2000 | 9,239,132 | 600,000 | 2000-P proof, 600,000 |
| 2001 | 9,001,711 | 746,398 | 2001-W proof, 746,398 |
| 2002 | 10,539,026 | 647,342 | 2002-W proof, 647,342 |
| 2003 | 8,495,008 | 747,831 | 2003-W proof, 747,831 |
| 2004 | 8,882,754 | 801,602 | 2004-W proof, 801,602 |
| 2005 | 8,891,025 | 816,663 | 2005-W proof, 816,663 |
| 2006 | 10,676,522 | 1,807,925 | 2006-P reverse proof, 248,875 |
| 2007 | 9,028,036 | 1,443,092 | 2007-W uncirculated (burnished), 621,333 |
| 2008 | 20,583,000 | 1,234,736 | 2008-W uncirculated (burnished), 533,757 |
| 2009 | 30,459,000 | 0 | – |
| 2010 | 34,764,500 | 849,861 | 2010-W proof, 849,861 |
| 2011 | 39,860,500 | 1,557,121 | 2011-P reverse proof, 100,000 |
| 2012 | 33,742,500 | 1,605,671 | 2012-S reverse proof, 224,981 |
| 2013 | 42,675,000 | 1,628,281 | 2013-W uncirculated (burnished), 222,091 |
| 2014 | 44,006,000 | 1,197,926 | 2014-W uncirculated (burnished), 253,169 |
| 2015 | 47,000,000 | 931,397 | 2015-W uncirculated (burnished), 223,879 |
| 2016 | 37,701,500 | 889,220 | 2016-W uncirculated (burnished), 237,753 |
| 2017 | 18,065,500 | 741,134 | 2017-S proof, 123,799 |
| 2018 | 15,700,000 | 765,776 | 2018-W uncirculated (burnished), 138,947 |
| 2019 | 14,863,500 | 883,766 | 2019-S enhanced reverse proof, 29,913 |
| 2020 | 31,329,500 | 910,289 | 2020-W proof (V75 privy), 74,709 |
| 2021 | 28,274,500 | 1,514,084 | 2021-S reverse proof (Type 2), 124,917 |
| 2022 | 15,963,500 | 1,257,347 | 2022-W uncirculated (burnished), 199,533 |
| 2023 | 24,750,000 | 952,308 | 2023-W uncirculated (burnished), 160,865 |
| 2024 | 23,360,000 | 660,337 | 2024-W uncirculated (burnished), 113,130 |
Key dates with their own pages: 1995-W Silver Eagle Proof, 2019-S Silver Eagle Enhanced Reverse Proof.
Specifications and designs
The weight, fineness and size haven't changed since 1986. The obverse is Adolph Weinman's Walking Liberty, first used on the half dollar from 1916 to 1947, with Liberty striding toward the rising sun wrapped in the flag. From 1986 to early 2021 the reverse was John Mercanti's heraldic eagle, a shield on its breast with thirteen stars above. In mid 2021 it was replaced by Emily Damstra's eagle coming in to land with an oak branch in its talons. Collectors call the old reverse Type 1 and the new one Type 2.
- Weight: 31.103 grams, one troy ounce
- Fineness: .999 fine silver
- Diameter: 40.6 mm
- Face value: one dollar
- Edge: reeded (lettered on the 2016 proof and burnished coins)
Bullion, proof or burnished: which one do you have?
Bullion coins have an ordinary bright mint finish and no mint mark at all. They were made for investors and shipped in plastic tubes of 20 packed into sealed boxes of 500. Most inherited Silver Eagles are bullion.
Collector versions carry a small mint letter. On Type 1 coins it sits on the reverse, just left of the eagle's tail; Type 2 coins move it to the right side of the reverse, in the field above the tail. Proofs were struck at San Francisco (S) from 1986 to 1992, Philadelphia (P) from 1993 to 2000 and West Point (W) from 2001, with S proofs joining the W coins in later years. Burnished uncirculated coins, first made in 2006, usually carry a W.
- No mint mark, ordinary bright luster: bullion
- Mirror fields with frosted design and a mint mark: proof
- Soft satin finish with a mint mark: burnished uncirculated
- Frosted fields with a mirror design: reverse proof
Key dates and special issues
Most dates trade close to metal value. These are the exceptions.
- 1995-W proof: 30,125 struck, sold only inside the 10th anniversary gold proof set. The best known key.
- 2019-S enhanced reverse proof: 29,913 struck, the lowest mintage of all.
- 1996 bullion: 3,603,386 sold, the lowest regular bullion figure of the classic run.
- 2006-P reverse proof: the first reverse proof, from the 20th anniversary set.
- 2011-S burnished and 2011-P reverse proof: 100,000 each, only in the 25th anniversary set.
- 2019-W enhanced reverse proof and 2020-W V75 privy proof: short runs with strong demand.
Checking a Silver Eagle is genuine
Fakes are common, usually plated base metal. Start with a scale that reads to a hundredth of a gram: a genuine coin weighs 31.103 grams. Then measure the diameter, 40.6 mm. A copy in a cheaper metal usually misses on weight, size or both. Silver isn't magnetic, so a coin that clings to a magnet is fake.
Next, look closely at the lettering and the fine lines in Liberty's skirt and the flag. Soft, mushy detail and odd letter shapes are warning signs. For a graded coin, check the certificate number with the grading service, because fake holders exist too.
Storage and handling
Hold Silver Eagles by the edge, never the faces, since fingerprints can etch into silver over time. Keep bullion in its original tubes or in capsules and keep proofs in the Mint's capsule and case with the certificate. Many Silver Eagles develop milk spots, cloudy white patches that appear over time and don't come off. Never clean any of these coins: cleaning strips the original surface and turns a collector coin into a metal value coin. Store them somewhere cool and dry.
Frequently asked questions
What is a Silver Eagle worth?
Most are worth their metal value, the price of an ounce of silver on the day. Proofs and burnished coins in original packaging usually bring a small premium. Low mintage issues such as the 1995-W and the 2019-S enhanced reverse proof are significant rarities.
Which Silver Eagle is the rarest?
The 2019-S enhanced reverse proof has the lowest mintage at 29,913, just under the 1995-W proof at 30,125. The 1995-W is the more famous of the two. Both are significant rarities with strong collector demand.
Do bullion Silver Eagles have a mint mark?
No. Bullion coins carry no mint mark, whichever facility struck them. If yours shows an S, P or W, it is a collector version: a proof, a burnished uncirculated coin or a reverse proof sold by the Mint.
What is the difference between Type 1 and Type 2?
Type 1 coins have John Mercanti's heraldic eagle reverse, used from 1986 to early 2021. Type 2 coins have Emily Damstra's landing eagle, introduced in mid 2021. Coins dated 2021 exist in both types.
Is the Silver Eagle legal tender?
Yes, with a face value of one dollar. That figure is symbolic. The silver content is worth far more, so nobody spends them. The face value plays no part in what a buyer will pay.
Mintages from Wikipedia (CC BY-SA 4.0), compiled from US Mint figures. Sources.