American Silver Eagles: The Nation's Precious Legacy

The American silver eagle is the official silver bullion coin of the United States, released annually since 1986. The splendid 1-oz, 99.9% silver coin has a guaranteed, government-backed purity and value. It’s been issued in bullion, proof, and uncirculated finishes, becoming a favorite of collectors and investors alike.

Both silver eagle coins and golden eagle coins became the first official bullion of the US in 1986. Later, platinum and palladium bullion coins joined their ranks, offering a diverse portfolio.

Although gold bullion is better known, silver bullion coins are equally beautiful at a more affordable price — perfect for first-time hobbyists or young investors.

Since we’ve been in the coin industry for decades, we know that bullion coins are a major part of numismatics. That’s why we’ve put together this comprehensive guide to the history, types, grades, and value of American silver eagle coins.

Pictured above: Obverse & reverse of 2019 American silver eagle bullion coin | Image credit: Windrain, CC-BY-SA-4.0

Historical Background

The US Mint first issued American silver eagle bullion coins on November 24, 1986. The golden eagle bullion coins were also issued in 1986, setting the US a step above for numismatic investment options.

Perhaps surprisingly, silver eagle bullion coins weren’t just created as a silver counterpart to golden eagle bullion coins.

In fact, the catalyst for American silver eagle bullion coins had to do with military stockpiling.

Reason for The Silver Eagle Program

Back in 1939, the US government began stockpiling raw materials (mostly metals and minerals) by establishing the Defense National Stockpile (DNS).

By the 1970s, various presidents tried selling the silver. Some sales did happen, decreasing the value of silver and upsetting silver mine operators.

The Reagan administration proposed a major sale of stockpiled silver to reduce federal debt, which was approved in June 1981. But pushback led the sale to abruptly halt in December.

The sale announcement greatly decreased silver’s value. Starting in 1982, Senator James A. McClure (from the silver-mining hub of Idaho) pushed for a new compromise: use the stockpiled silver to create silver bullion coins, bringing in more money while not drastically reducing silver’s value.

McClure’s proposal finally passed when it was added as an amendment titled the “Liberty Coin Act” to the "Statue of Liberty-Ellis Island Commemorative Coin Act.” Reagan signed it into law on July 9, 1985.

Besides the coin’s specifications, the act also required specific design elements, pricing based on silver market value plus a premium, and an issue date no earlier than September 1, 1986.

Designing Silver Eagles

The obverse of the silver eagle coins featured Adolph Weinman’s Walking Liberty design used on circulated half dollars from 1916 to 1947. According to modern research, the US Mint chose to reuse the design because of the tight turnaround time.

US Mint sculptor-engraver John M. Mercanti worked on both coins authorized by the 1986 act: the commemorative Statue of Liberty Ellis Island silver dollar and the silver eagle bullion.

First, he had to enlarge the original Walking Liberty half dollar obverse — a strenuous task in 1986. Then, he designed and submitted the heraldic eagle reverse in an impressive two weeks.

Pictured above: Obverse & reverse of 1986 silver eagle bullion coin (first year of release) , graded MS70 by PCGS| Image credit: PCGS CoinFacts, Free use

Initial Release

Treasury Secretary James A. Baker III led the silver eagle “First Strike” ceremony at the San Francisco Assay Office on October 29, 1986. Silver eagle bullion and proof coins became available for public sale on November 24, 1986, becoming the first investment-grade silver bullion issued by the US government.

In only six weeks, over 5 million 1986 American silver eagle coins were minted to meet the steep demand. The 1986 silver eagle proof issue remains the highest proof mintage of the series.

Demand remained relatively high, and the silver bullion program became an international success in both popularity and revenue generation.

Adjustment of Silver Eagle Program

The silver in the DNS was virtually depleted by 2002, meaning the original 1986 act needed amending. Nevada Senator Harry Reid introduced the "Support of American Eagle Silver Bullion Program Act" in June 2002.

The bill, signed into law by President Bush in July 2002, let the government buy silver for the bullion coins on the open market — first from US sources, then from international sources if needed — once the stockpile ran out.

Uncirculated Silver Eagles Introduced

To celebrate the program’s 20th anniversary, the US Mint introduced a new silver bullion option in 2006: uncirculated silver eagles.

West Point Mint produced these silver eagle coins, which have been released annually every year since except 2009 and 2010 (as they had a shortage of silver planchets).

Recent Design Changes

Although the reverse design was slightly changed in 2008, Mint Director David J. Ryder announced a fuller refresh in 2019.

The new silver eagle was first issued on the coin’s 35th anniversary in mid-2021, the reverse designed by American-Canadian artist Emily Damstra and engraved by US Mint Medallic Artist Michael Gaudioso. Its release mid-year made it the “Type 2 2021 Silver Eagle.”

Additionally, new silver eagles since 2021 have featured high-tech anti-counterfeiting measures like specific edge notches.

Specifications & Types

Let’s answer some basic questions first.

Is a silver eagle 100% silver? Not precisely, but it’s among the closest you’ll get to a 100% silver coin at 99.9% silver.

How much silver is in a silver eagle? Every silver eagle coin contains 1 troy oz (31.103 grams) of pure silver. Unlike the American gold eagle coin, the size of the American silver eagle is always the same.

Here’s a breakdown of all the American silver eagle coin specs:

• Face Value: $1 USD

• Weight: 31.103 grams (1 troy oz pure silver)

• Diameter: 40.60 mm (1.598 in)

• Thickness: 2.98 mm (0.1173 in)

• Composition: 99.93% pure silver & 0.07% copper (999 fineness)

• Edge: Reeded

Silver eagle varieties are separated in different ways. For instance, Professional Coin Grading Services (PCGS) separates silver eagle coins into two types:

1. Type 1 or “Normal” (1986-Present): Bullion, proof, and uncirculated silver eagles

2. Type 2 or “Reverse Proof” (2006 to Present): Reverse proof and enhanced reverse proof silver eagles

Regardless of the type, the emblematic design elements remain the same.

Pictured above: Obverse of 2019 silver eagle (left) beside 1943 Walking Liberty half dollar (right) that inspired its design | Image credit: BrayLockBoy, CC-BY-SA-4.0

Design and Symbolism

As you know, John Mercanti adapted the obverse of Adolph A. Weinman’s Walking Liberty half dollar design for the silver eagle obverse. Why Walking Liberty? The design was particularly popular with collectors and is “widely considered one of the most beautiful American coins ever minted” according to the US Mint.

In John Mercanti’s book American Silver Eagles: A Guide to the U.S. Bullion Coin Program released in 2012, he notes the rich symbolism of the Walking Liberty design:

“Weinman’s imagery captures some of the spirit of the era: Miss Liberty is proudly draped in the American flag, walking toward the rising sun and holding a bouquet of laurel and oak—symbolic of civil and military glory. Her outstretched hand represents the bestowal of freedom. At the same time, the American eagle strikes a defiant pose, apparently ready to do battle if necessary.”

Now let’s examine how those design elements were skillfully applied.

Pictured above: Obverse of 2022 silver eagle bullion | Image credit: US Mint, Public domain

Obverse Design

The obverse (heads side) of the silver eagle features a full-length figure of Lady Liberty, mid-stride toward the rising sun on the viewer’s left (her right). She is draped in the American flag with her right hand extended out.

In her left hand, she holds large laurel and oak branches. She also wears a Liberty cap, an ancient Roman symbol of emancipation. The word “LIBERTY” is inscribed along the upper rim.

“IN GOD WE TRUST” is inscribed on the lower right. The mintage year is at the bottom.

Besides emphasizing some details, one notable change in the obverse revitalized in 2008 is the addition of Adolph Weinman’s stylized initials “AW” below “IN GOD WE TRUST.”

Pictured above: Type 1 reverse of American silver eagle minted at West Point Mint | Image credit: US Mint, Public domain

First Reverse Design

The silver eagle reverse (tails side) has had two designs: the Mercanti design from 1986 to 2021 (Type 1 Reverse) and the Damstra design from mid-2021 to present (Type 2 Reverse).

The Mercanti design features a heraldic eagle similar to that of the Great Seal of the United States. Its wings are outstretched, head facing the viewer’s left, with a union shield on its breast. A ribbon, held in the eagle’s beak, has “E PLURIBUS UNUM” inscribed.

The eagle holds three arrows in its left (viewer’s right) talon and an olive branch in its right (viewer’s left) talon. John Mercanti’s initials “JM” are to the bottom right of the eagle, while the mint mark (if present, e.g. “W”) is to the bottom left. A reverse pyramid of 13 five-pointed stars is above the eagle.

The upper rim has “UNITED STATES OF AMERICA” inscribed while the lower rim has “1 OZ. FINE SILVER~ONE DOLLAR” inscribed.

In 2008, some elements changed slightly: the “U” in “UNITED” had a spur at the bottom and didn’t curve anymore, while the letters in “SILVER” and “ONE” were thinner. The old reverse was dubbed Reverse of 2007.

Pictured above: Type 2 Reverse on silver eagle proof introduced in 2021 | Image credit: US Mint, Public domain

New Reverse Design

Introduced in mid-2021, the Damstra design features an eagle landing on an oak branch, part of its left (viewer’s right) wing extending off the coin. The mint mark (if present) is to the right between the eagle’s wing and tail feathers.

Emily Damstra’s initials “ESG” are to the left of the branch, while sculptor Michael Gaudioso’s initials “MG” are to the right. The inscription “E PLURIBUS UNUM” curves sideways to the right of the eagle.

“UNITED STATES OF AMERICA” is inscribed along the left half of the rim. Starting at the bottom, “ONE DOLLAR • 1 OZ. FINE SILVER” is inscribed along the right rim.

Pictured above: Obverse & reverse of 2013-W Enhanced Uncirculated silver eagle graded SP70 by PCGS| Image credit: PCGS CoinFacts, Free use

Finishes & Varieties

All silver eagles are high-purity 1-oz silver coins, but they come in different finishes, some with multiple subtypes:

• Bullion (1986-Present): Higher mintage & more accessible; Made for investors & valued mostly for intrinsic precious metal content

• Proof (1986-2008 & 2010-Present): Lower mintage & higher value; Certificate of Authenticity included; Made for collectors & valued by precious metal, artistry, and rarity; More meticulously minted, being struck twice & hand-polished to have mirror-like background & frosted foreground

  • Reverse Proof (2006, 2011-2013, 2019, 2021): Same as proof but with frosted background & mirror-like foreground

  • Enhanced Reverse Proof (2019): Like reverse proof but with added enhancements & Certificate of Authenticity with serial number

• Uncirculated (2006-2008 & 2011 to Present): Low mintage but not as high-value as proof; Made more sporadically for collectors; Hand struck on specially polished planchets to have brilliant but more matte, satin-like appearance

  • Enhanced Uncirculated (2013): Finish with mixture of heavy frosting (on highest raised elements), light frosting (on background elements), and uncirculated finishes (on less raised elements)

Often, each type of American silver eagle variety only came from a certain mint.

Pictured above: Obverse & reverse of 2019-W Enhanced Reverse Proof silver eagle with "W" mint mark on reverse, graded PR70 by PCGS | Image credit: PCGS CoinFacts, Free use

Minting and Production

Silver eagles have been minted since 1986 from three mints, denoted by their mint mark if present:

• Philadelphia Mint: No mint mark or “P” on proof & reverse proof; Bullion (1986-Present); Proof (1993-2000); Reverse Proof (2006 & 2011)

• San Francisco Mint: No mint mark or “S” on proof, reverse proof, and uncirculated; Bullion (1986-1998); Proof (1986-1992, 2012, 2017-2023); Reverse Proof (2012, 2019, 2021); Uncirculated (2011)

• West Point Mint: No mint mark or “W” on proofs, reverse proofs, and uncirculated; Bullion (1986, 1999-2000, 2023-2024); Proof (1995, 2001-2008, 2010-Present); Reverse Proof (2013, 2019, 2021); Uncirculated (2006-2008, 2011-Present)

The Denver Mint also produced some bullion silver eagles in 1986 to help meet demand, but it’s unclear how many.

The presence of a mint mark depends on the variety. Bullion silver eagles do not have a mint mark, while proof and uncirculated silver eagles do have a mint mark.

You might be wondering: how many American silver eagles are there?

Exact mintages differ but from 1986 to 2023, between 630 million to over 657 million silver eagles have been minted. Around 95% of those silver eagles are bullion varieties.

The highest mintage issue for each silver eagle coin variety was:

• Bullion: 2015-W at 47,000,000

• Proof: 1986-S at 1,446,778

• Uncirculated: 2007-W at 621,333

In contrast, the lowest mintage issue for each silver eagle variety was:

• Bullion: 2021-P Type 1 at 495,500 (next lowest is 2021-S Type 2 at 1 million)

• Proof: 2019-S Enhanced Reverse Proof at 29,910 (next lowest is 10th Anniversary 1995-W at 30,125)

• Uncirculated: 2011 at 99,882 (next lowest is 2018-P at 138,947)

The 2019-S Enhanced Reverse Proof issue was also the lowest mintage issue of all silver eagles, making it one of the most collectible varieties.

But what should you know when you start collecting silver eagles?

Pictured above: Encased 2016-W silver eagle proof graded by NGC | Image credit: Billjones94, CC-BY-SA-4.0

Collecting and Grading

With a face value of $1 USD, you could technically call American eagles silver dollars. However, the market value of every silver eagle far exceeds its symbolic face value.

Even in 1986, the spot price of silver was around $5 to $5.50, so you could buy a silver eagle bullion coin for around $6 to $7.

How much is a silver eagle worth today? It depends on a few factors:

• Current Silver Spot Price: The market value (AKA “spot price” or “melt value”) of silver fluctuates often. You can check how much 1 oz of silver is worth today here. Silver spot prices in 2023 ranged from about $23 to $26 per troy oz.

• Variety: Proof varieties (especially CAM & DCAM proofs, which we’ll explain next) are more valuable — potentially 3 times the current silver spot price — than bullion or uncirculated issues. Special-edition varieties (e.g. Enhanced Reverse Proof, anniversary sets, Type 1 2021 issues) are also higher in price.

• Rarity: Silver eagle issues with lower mintages or lower survival in higher grades are more valuable.

• Mint Errors: When silver eagles have unintentional errors, particularly prominent ones, and still get released, they carry steep value.

• Condition: A well-preserved silver eagle is much more valuable.

Do silver eagles go up in value? They can increase in value if silver spot prices increase and you maintain the silver eagle’s condition.

Speaking of condition, you’ll usually see this as a grade from a professional third-party service like Professional Coin Grading Services (PCGS) or Numismatic Guaranty Company (NGC).

Pictured above: Obverse & reverse of 2020-W silver eagle proof with v75 privy mark, graded PR70DCAM by PCGS | Image credit: PCGS CoinFacts, Free use

Silver Eagle Grades

Different coin grading systems exist, but the general grades are:

1. Uncirculated: Never circulated & properly stored; Looks like it did the day it was minted

2. Mint State (MS): Like Uncirculated but with sub-grades from 60 to 70 for many visible marks to flawless, respectively

3. Specimen (SP): Definition varies among grading agencies, but generally between a Mint State and Proof grade; Often used for West Point uncirculated issues along with limited-edition and anniversary issues

4. Proof (PR or PF): Struck as a proof coin; Sub-grades from 60 to 70 just like Mint State; Three subtypes:

   1. Standard Proof: Background (field) isn’t highly reflective

   2. Cameo (CAM): Rarer; Background highly reflective plus a) light to moderate frosting on obverse & reverse, b) not frosted, or c) frosted on only one side

   3. Deep/Ultra Cameo (DCAM or UCAM): Rarest; Background highly reflective plus highly & evenly frosted obverse & reverse

5. Prooflike (PL): Coins not struck & handled as a proof but with a similar brilliant shine to proof coins

   1. Deep Mirror Prooflike (DPML): MS60 or better with consistent, deeply mirrored surfaces (reflective at least 6 inches away) on both sides

6. About Uncirculated (AU): Very minor wear on high points of design from brief circulation, well-preserved surfaces, near-complete mint luster; Sub-grades from 50 to 58

7. Extremely Fine (EF or XF): Complete details, light wear on high points; Sub-grades 40 & 45

8. Very Fine (VF): Moderate to complete details, wear on high points; Sub-grades 20 to 35

9. Fine (F): 50 percent or less of detail flat, visible to sharp letters & digits; Sub-grades 12 & 15

10. Very Good (VG): Wear throughout, letters & digits soft but readable; Sub-grades 8 & 10

11. Good (G): Outer letters & digits full to slightly worn, slightly worn to sharp rims; Sub-grades 4 & 6

12. About Good (AG-3): Mostly readable letters & digits, worn rims

13. Fair (FR-2): Some visible details, traces of outer letters, flat

14. Poor (PO-1): Only date, mint mark, and year identifiable

These grades are important to know when building your collection, along with key dates to look for.

Pictured above: Obverse & reverse of key date 2011-P reverse proof silver eagle, graded PR70 by PCGS | Image credit: PCGS CoinFacts, Free use

Key Dates and Values

On average, American silver eagle coins cost $28 to $80, but the most valuable silver eagles (like the 1995-W proof) have sold for over $86,000!

Here are some key dates with high values to know about:

Key Dates: Bullion Silver Eagles

The key dates for bullion silver eagles and their potential values are:

• 1993-P: First Philadelphia Mint year for bullion strikes; Worth up to $35,000

• 1999-P: Worth up to $25,000

• 1990-P: Worth up to $23,000

• 1996-P: Relatively low mintage; Worth up to $15,000

• 1986-S: First year issue; Worth up to $13,500

Key Dates: Proof Silver Eagles

The silver eagle proof key dates include:

• 1995-W: Lowest standard proof mintage overall; Worth up to $20,000

• 1994-P: Among lowest standard proof mintages; Worth up to $6,000

• 2020-W V75 Privy: Limited-edition commemorative; Worth up to $2,500

• 2011-P Reverse Proof: One of two Philadelphia Mint reverse proof issues; Worth up to $1,600

• 2019-S Enhanced Reverse Proof: Lowest proof mintage overall & limited-edition issue; Worth up to $2,650

Key Dates: Uncirculated Silver Eagles

The key dates for uncirculated silver eagles are:

• 1994-P: Second lowest uncirculated mintage; Worth up to $11,000

• 2008-W Reverse of 2007: Worth up to $4,500

• 2011-S 25th Anniversary: Worth up to $1,000

Like many annual proof coins, the silver eagle bullion coin has some fascinating special-edition issues.

Pictured above: The 25th Anniversary Set from 2011 including (from left to right) a 2011-W uncirculated silver eagle, 2011-W proof silver eagle, 2011-P reverse proof silver eagle, 2011 silver eagle bullion, and 2011-S uncirculated silver eagle | Image credit: Joe, Flickr, CC-BY-NC-ND-2.0

Special Editions & Commemoratives

Almost every year since 2012, the US Mint has offered Limited Edition Silver Proof sets in addition to its annual proof sets. Each year’s silver eagle proof is part of the set with silver proof versions of other circulated coins.

Other notable limited-edition silver eagle sets include:

• Philadelphia Set (1993): Philadelphia proof sold with silver “US Mint Bicentennial” silver proof medal & three golden eagle proofs for 200th anniversary of first US coins struck at Philadelphia Mint

• 10th Anniversary Five Coin Set (1995): West Point proof sold with four golden eagle proofs

• Millennium Coinage and Currency Set (2000): West Point bullion sold with uncirculated Sacagawea dollar & 1999 uncirculated $1 bill

• 20th Anniversary Silver Eagle Set (2006): Philadelphia reverse proof with West Point proof & burnished uncirculated for American Eagle program’s anniversary

• 20th Anniversary Gold & Silver Eagle Set (2006): West Point uncirculated sold with 1-oz uncirculated golden eagle

• 25th Anniversary Set (2011): West Point proof & uncirculated, San Francisco uncirculated, Philadelphia reverse proof & bullion

• San Francisco Two Coin Proof Set (2012): San Francisco proof & reverse proof for SF Mint’s 75th anniversary

• Limited Edition Silver Proof Set (2012): West Point proof sold with 5 silver America the Beautiful quarter proofs, 1 silver Kennedy half dollar proof, and 1 silver Roosevelt dime proof

• West Point Two-Coin Set (2013): West Point reverse proof & enhanced uncirculated

• Pride of Two Nations Silver Coin Set (2019): West Point enhanced reverse proof sold with modified silver maple leaf bullion reverse proof

Some remarkable limited-edition American silver eagles that stand out on their own include:

• 30th Anniversary Editions (2016): West Point uncirculated & proof varieties with “30th ANNIVERSARY” inscribed on coin edge

• Enhanced Reverse Proof (2019): San Francisco reverse proof with lowest proof mintage of series (30,000) & first US numismatic coin to have Certificate of Authenticity with serial number

• End of World War II 75th Anniversary American Eagle (2020): West Point proof with “V75” privy mark

• Designer Edition Reverse Proof (2021): West Point Type 1 2021 reverse proof with San Francisco Type 2 2021 reverse proof

With the plethora of beautiful editions created so far, there’s no telling what innovative and remarkable silver eagles are still yet to come.

Pictured above: A collection of American silver investment coins including Morgan dollar, War nickels, Mercury dimes, Franklin half dollars, Kennedy half dollars, and silver eagles | Image credit: BrayLockBoy, Public domain

A selection of American modern and pre-1964 coinage used as investment silver; included here is a Morgan dollar, a selection of War nickels, tubes of Mercury dimes, Franklin half dollars and Kennedy Half dollars, and two American Silver Eagles.

Let Your Investment & Collection Soar with Silver Eagles!

American silver eagle coins have become one of the most popular bullion coins since their debut, and for good reason! Not only is their value guaranteed and their lower price more accessible for beginning investors, their design represents the finest technological innovations while honoring patriotic American history.

Buy silver eagles today!

Silver Eagle Coins