1998 American Silver Eagle
Every version of the 1998 Silver Eagle with mintages, the silver it contains, which versions carry a premium and what to check on yours.
- Year
- 1998
- 1 oz bullion mintage
- 4,847,549
- Versions
- 2
- Metal
- .999 fine silver
Original illustration of the coin's size and metal. Tap to flip. Not a picture of the actual design.
Metal value · Small premium · Collector premium · Significant rarity. We use bands because metal and coin prices change daily.
What is a 1998 Silver Eagle worth?
The 1998 bullion Silver Eagle is worth its silver content: weight times the day's spot price, plus a modest dealer premium when you buy and less when you sell. Its scarcer versions are different: the 1998-P proof (450,000) rates small premium.
Metal value = troy ounces of silver × the day's spot price. For collector versions, check recent sold results for the same version and grade.
Every 1998 Silver Eagle version
| Version | Mint mark | Size | Mintage | Value band |
|---|---|---|---|---|
| Bullion | None | 1 oz ($1) | 4,847,549 | Metal value |
| Proof | "P" | 1 oz ($1) | 450,000 | Small premium |
Look for one of two coins. The bullion 1998 has no mint mark, a satiny bright finish and often a few marks from tube storage. The 1998-P proof has a P on the reverse to the left of the eagle's tail, mirror fields and frosted devices. Proof cases from these years look alike, so read the date on the coin and check it matches the certificate. A coin moved out of its case into a different holder is still a proof if it has the P and the mirror finish. Bullion coins have no letter, so a 1998 without one is bullion.
Quick answers
- How much silver is in a 1998 Silver Eagle?
- Each coin contains its stated weight of pure silver: one troy ounce in the $1 coin. The alloy is 99.9% silver.
- How many 1998 Silver Eagles were made?
- 4,847,549 one ounce bullion coins plus 450,000 collector versions (proof, burnished and special finishes).
- Is the 1998 Silver Eagle worth more than its silver?
- The bullion coin trades close to its metal value plus a dealer premium. Collector versions in their original packaging bring a small premium.
- Is the Silver Eagle legal tender?
- Yes. Each size carries a face value ($1), but nobody spends them: the silver is worth far more than the face value.
The Silver Eagle in 1998
Slowly, buyers drifted back in 1998. The Mint sold 4,847,549 bullion coins. The rise was modest, but it was the second year of recovery from the 1996 low and a sign that interest in physical silver was slowly returning. Coins still reached the public the usual way: dealers bought them direct from the Mint and sold them on by the tube or the box. Silver itself started to attract more attention as the decade drew to a close. Buyers still tended to pick up a tube at a time and put it away.
The 1998-P proof mintage is listed at 450,000, one of several round figures recorded for Philadelphia production in these years. It's a mid-range number for the decade, higher than 1994 and 1997 and lower than the proofs that followed. No special story is attached to the 1998 proof. It was simply the next date in the series, sold in the usual capsule and presentation case to collectors who had been ordering since the start and saw no reason to stop.
1998 Silver Eagle by the numbers
The Mint sold 4,847,549 one ounce bullion Silver Eagles dated 1998. That ranks 5th lowest of the 39 bullion dates from 1986 to 2024.
Against the dates around it, 1998 bullion sales were 1.1 times the 1997 figure and 1.5 times fewer than 1999.
Collector versions dated 1998 add up to 450,000 coins across 1 version. The scarcest is the 1998-P proof at 450,000.
What to check on yours
- Weigh and measure it. A genuine one ounce Silver Eagle weighs 31.103 g and measures 40.6 mm. Fakes are usually the wrong weight or the wrong thickness.
- Try a magnet. Silver is not magnetic, so a coin that sticks is not genuine. A coin that does not stick still needs the other checks.
- Look for the mint mark. Bullion strikes have none; proofs and burnished coins carry a small letter. A mirror field with frosted design means a proof, a soft satin look means burnished.
- Handle it by the edge and never clean it. Fingerprints, wiping and polishing leave marks that cost collector versions much of their premium.
- Keep the original capsule, box and certificate with collector versions. Coins that come with them are easier to sell and more likely to bring their full premium.
Expect metal value for bullion 1998 coins unless they are certified in the top grades, where a small premium applies. The 1998-P proof trades for a small premium too. Like other proofs of the late 1990s, its value depends heavily on eye appeal. A coin with milk spots or haze sells near its silver, while a clean, contrasting proof does noticeably better. Professional grading only makes sense for coins that look flawless under magnification. For everything else, the original box and certificate add more than a grade would.
Philadelphia proofs and the 1995-W (1993 to 2000)
Proof production moved east to Philadelphia in 1993, so every regular proof from 1993 to 2000 carries a P mint mark. Proof sales were modest through the middle of the decade, sliding to 372,168 in 1994, the lowest regular proof figure of the classic run. They then recovered to 600,000 by 2000 as interest in modern coins picked up again. Philadelphia proofs of this period are known for developing spots, so clean examples are harder to find than the mintages suggest.
This era holds the most famous Silver Eagle of all. For the program's tenth anniversary the Mint sold a proof set of four Gold Eagles with a single silver proof struck at West Point. Only 30,125 sets were sold and the 1995-W was not available any other way. A year later the 1996 bullion coin recorded the lowest regular bullion figure of the run, 3,603,386, giving collectors a second date to chase. Neither coin attracted much attention at the time; their status built slowly as collectors began assembling complete date runs.
Silver was cheap for most of the 1990s, so there was little reason to rush. Bullion buying settled at around four to five million coins a year from 1994 until a jump in 1999 and 2000. For anyone sorting an inherited collection, this is the stretch to examine carefully. A boxed 1995 anniversary set with its W coin, a loose 1995-W or a nice 1996 bullion coin is worth far more attention than the common dates around it.
Mintage chart
Specifications
| Program | American Silver Eagle |
|---|---|
| Issuer | United States Mint |
| Metal | .999 fine silver |
| Alloy | 99.9% silver |
| Sizes | 1 oz ($1, 31.103 g, 40.6 mm) |
| Edge | Reeded |
| One ounce coin | 31.103 g, 40.6 mm |
Frequently asked questions
Is the 1998 Silver Eagle rare?
No. The Mint sold 4,847,549 bullion coins and the proof mintage is listed at 450,000. Both are common, so a 1998 is worth its silver plus a small premium for a proof or a top graded coin.
What is the difference between a 1998 proof and a bullion Silver Eagle?
The proof has mirror fields with frosted design and a P mint mark on the reverse. The bullion coin has an even mint finish and no mint mark. Proofs were sold by the Mint in cases; bullion went through dealers.
Mintages: American Silver Eagle (Wikipedia, CC BY-SA 4.0), compiled from US Mint figures. How we build these pages.