The American Silver Eagle Coin was created by the US Mint in 1986 to provide an affordable and accessible path for the private ownership of precious metals. The annual mintage of Silver Eagle bullion coins varies based on sales demand.
Silver Eagles are issued in both bullion and proof versions. Bullion versions are intended for investment and have higher mintages, while proof versions are produced annually, the mint has issued a variety of special finishes. The American Silver Eagle bullion coin is minted based on monthly sales demand. The mintage figures for proof Silver Eagles are significantly lower.
It’s important to note that while mintage figures can provide insights into the popularity and production levels of a coin, they are not the only factor that influences a coin’s value. Collectors also consider factors like the coin’s condition (graded or ungraded), rarity, and overall demand in the market.
American Eagle Silver Mintage History
| Year | Bullion | Proof | Uncirculated (Burnished) |
| 1986 | 5,393,005 | 1,446,778 | |
| 1987 | 11,442,335 | 904,732 | |
| 1988 | 5,004,646 | 557,370 | |
| 1989 | 5,203,327 | 617,694 | |
| 1990 | 5,840,110 | 695,510 | |
| 1991 | 7,191,066 | 511,924 | |
| 1992 | 5,540,068 | 498,543 | |
| 1993 | 6,763,762 | 405,913* | |
| 1994 | 4,227,319 | 372,168 | |
| 1995 | 4,672,051 | 407,822 | |
| 1995-W | 30,125 | ||
| 1996 | 3,603,386 | 498,293 | |
| 1997 | 4,295,004 | 440,315 | |
| 1998 | 4,847,549 | 450,728 | |
| 1999 | 7,408,640 | 549,330 | |
| 2000 | 9,239,132 | 600,743 | |
| 2001 | 9,001,711 | 746,398 | |
| 2002 | 10,539,026 | 647,342 | |
| 2003 | 8,495,008 | 747,831 | |
| 2004 | 8,882,754 | 801,602 | |
| 2005 | 8,891,025 | 816,663 | |
| 2006 | 10,676,522 | 1,092,477 | 466,573 |
| 2006-P Rev Pr | 248,875 | ||
| 2007 | 9,028,036 | 821,759 | 621,333 |
| 2008 | 20,583,000 | 700,979 | 533,757 |
| 2009 | 30,459,000 | 0 | 0 |
| 2010 | 34,764,500 | 849,861 | 0 |
| 2011 | 40,020,000 | 847,473 | 409,766 |
| 2011-S | 99,882 | ||
| 2011-P Rev Pr | 99,882 | ||
| 2012 | 33,742,500 | 832,779 | 226,120 |
| 2012-S | 281,792 | ||
| 2012-S Rev Pr | 224,935 | ||
| 2013 | 42,675,000 | 934,331 | 221,981 |
| 2013-W | 235,689 | ||
| 2013- W Rev Pr | 235,689 | ||
| 2014 | 44,006,000 | 894,614 | 253,169 |
| 2015 | 47,000,000 | 696,001 | 200,016 |
| 2016 | 37,701,500 | 595,664 | 216,422 |
| 2017 | 18,065,500 | (W) – 389,994 (S) – 123,906 3 | 176,739 |
| 2018 | 15,700,000 | (W) – 352,141 (S) – 158,761 | 138,947 |
| 2019 1 | 14,863,5001 | (W) – 319,086 (S) -146,735 | 138,140 |
| 2019-W Rev Pr | 99,911 4 | ||
| 2019-S Enh Rev Pr | 29,8232 | ||
| 2020 5 | 30,089,500 | (W) – 357,048 (S) – 146,729 (W) v75 – 75,0006 | (W) 154,261 |
| 2021 7 | Type 1 – 25,675,500 Type 2 – 2,599,500 | Type 1 – 299,509 (S) Type 2 – 238,454 (W) Type 2 – 311,982 | Type 1 – 174,470 Type 2 – |
| 2022 | 15,963,500 8 | (W) 499,070 (S) 200,937 | (W) – 160,025 |
| 2023 | 24,750,000 9 | (W) 436,375 23EA (S) 177,647 23EM | (W) 137,018 23EG |
| 2024 | 14,250,000 10 | (W) 263,829 24EA (S) 24EM | (W) 85,905 24EG |
| 2025 | 7,768,500 | (W) 209,110 25EA | (W) 71,011 25EG |
Silver Eagle Background and Origin
The Liberty Coin Act of 1985 established the bullion coin program and directed the US Mint to create the first American Silver Eagle coins in 1986 and played a pivotal role in establishing the U.S. as a major player in the global bullion market. The primary objective was to authorize the U.S. Mint to produce gold and silver bullion coins for private investors as trusted precious metal coins for investment.
National Defense Silver Stockpile
The National Defense Stockpile was a strategic reserve maintained by the U.S. government to secure critical materials, including silver, deemed essential for military and industrial use during times of national emergency.
The Liberty Coin Act was part of a broader initiative that included reductions to the Defense National Stockpile of silver while providing individual investors an avenue buy gold and silver as a means of diversifying their portfolios with an official bullion coin backed by the U.S. government.
From 1986 through the early 2000s, silver from the stockpile continued to be used to produce American Silver Eagles. However, by 2002, the stockpile was nearly exhausted. Congress then amended the law, allowing the U.S. Mint to purchase silver from the open market to continue minting bullion coins.
American Eagle Silver coins are a trustworthy and easily recognizable investment choice that offer an accessible and trusted avenue to buy physical and own silver coins. The backing of the U.S. government for weight, content, and purity further bolsters investor confidence in these coins, ensuring high liquidity in the bullion market.
Liberty Coin Act
The law set initial design specifications and standards for the Silver Eagles that includes:
- The coins will be 40.6 millimeters in diameter and weigh 31.103 grams
- Each coin will contain .999 fine silver
- Each coin will feature a design symbolic of Liberty on the obverse side and of an eagle on the reverse side
- Each coin will be inscribed with the of the year of minting or issuance, the words ‘Liberty’, ‘In God We Trust’, ‘United States of America’, ‘1 Oz. Fine Silver’, ‘E Pluribus Unum’, and ‘One Dollar’
- Each coin will have reeded edges
In the early years, mintage totals were relatively low due to lack of investor awareness. During the 2001/2002 financial crisis, investor demand for safe-haven assets skyrocketed with more than 10 million American Silver Eagle bullion coins issued for the first time in 2002.
During the 2008 financial crisis, demand for American Silver Eagles soared as the economy retracted through the housing bubble, with mintage figures during those years surpassing 20 million coins.
Demand for Silver Eagle coins soared again during the pandemic. However, due to supply chain disruptions, the United States Mint temporarily suspended Silver Eagle production. The led to a lower than usual mintage in 2020 that rebounded in 2021.
Collectible and Rare American Silver Eagle Coins
While these silver bullion coins are primarily for investment purposes, they also cater to collectors for their aesthetic appeal. The U.S. Mint issues Proof Silver Eagles, Uncirculated or Burnished and special editions like the 2019 Reverse Proof that have become highly sought after by collectors.
Many collectors buy American Silver Eagle coins from each mintage year to build a complete set. Some dealers also sell a complete set of Silver Eagles coins featuring each mintage graded and encapsulated by third-party services like NGC & PCGS.
For many collectors, the most coveted coin is the first issue 1986 Silver Eagle. As the inaugural release of this series, this coin holds a special place for many collectors, particularly because it is one of the lowest mintages to date. The US Mint produced just 3.6 million Silver Eagle coins in 1986. Even coins in poor condition can fetch high premiums.
The value of some Silver Eagle $1 Coins keep rising due to their rarity and high demand from collectors. Recent auctions reflect some of the higher numismatic premiums for these rare Silver Eagle coins.
Burnished (Uncirculated) Silver Eagles
Burnished Silver Eagles are uncirculated coins, sometimes referred to with a “W” mint mark from West Point, have a distinct finish and limited mintage that are sought by collectors.
1995-W American Silver Eagle Proof
NGC PF69 Ultra Cameo
The 1995-W Proof American Silver Eagle is perhaps the most famous and most sought after. Included only as part of the 10th-Anniversary Gold Eagle Set, it is the rarest Silver Eagle with a mintage of only 30,125 coins. In PF69 condition, these coins are typically valued around $3,000, while the highest graded PF70 coins can easily fetch more than $13,000 at auction.
2006-P Reverse Proof Silver Eagle
Issued to mark the 20th anniversary of the Silver Eagle program, the 2006-P Reverse Proof Silver Eagle features a unique reverse proof finish. It was only available as part of a special three-coin set. Coins graded in PF70 condition are typically worth $300 to $500.
2008-W Burnished Silver Eagle with 2007 Reverse Error
The 2008-W Burnished Silver Eagle with Reverse of 2007 variety was an unintentional error where the U.S. Mint used the 2007 reverse die in 2008. It’s distinguished by the absence of a serif on the “U” in “United.”
2011 25th Anniversary Set
In 2011, the US Mint issued the 2011 25th Anniversary Set and is highly sought after because it included a reverse proof coin and an S-minted uncirculated coin as part of a five coin set.
2019-S Enhanced Reverse Proof American Silver Eagle
The release of the 2019-S Enhanced Reverse Proof American Silver Eagle coin in November was met by incredibly high demand due in part to its limited mintage.
The mintage was limited to only 30,000 coins making it the lowest mintage of any variety of American Silver Eagle coin produced to date. The 2019-S Enhanced Reverse Proof American Eagle Silver coin sold out from the US Mint website in under 15 minutes.
2020 (P) Emergency Production Silver Eagles
The West Point Mint was shutdown from April 15 until April 21 during the 2020 mintage year. From April 8 to April 20, the U.S. Mint added silver American Eagle production to the Philadelphia Mint, issuing 240,000 Silver Eagle Bullion Coins from that location.
These 2020 (P) Emergency Production Silver Eagles were issued without a mint mark, with the only identifying markings shown on the Monster Box labels. Some Monster Boxes have been certified by NGC and PCGS as originating at the Philadelphia Mint have been cataloged and authenticated.
Silver Eagles receiving high grades (e.g., MS-70 or PF-70) from Numismatic Guaranty Corporation (NGC) or Professional Coin Grading Service (PCGS) can be especially sought after. First Strike or Early Release designations can also add to their premiums.
American Silver Eagle FAQs
- What is the American Silver Eagle?
- The American Silver Eagle is the official silver bullion coin of the United States. It was first minted in 1986 and has been produced annually since.
- What is the silver content of an American Silver Eagle?
- Each coin contains one troy ounce of .999 fine silver.
- What is the face value of the Silver Eagle?
- The face value is $1, though its market value is determined primarily by its silver content and current silver prices plus an additional premium.
- Where are Silver Eagles minted?
- Over the years, they’ve been minted at various U.S. Mint facilities, including West Point, San Francisco, and Philadelphia.
- Are there proof and uncirculated versions of the Silver Eagle?
- Yes, in addition to the standard bullion version, the U.S. Mint also produces proof and uncirculated (or “burnished”) versions intended for collectors.
- How can I tell if my Silver Eagle is real?
- Authentic Silver Eagles have specific dimensions, weights, and designs. Coin dealers often use Sigma Verifiers, scales, calipers and other tools to verify authenticity. There are also easy at-home tests, like the “ping” test, the use of magnets or water displacement to help in identification.
- Are Silver Eagles legal tender?
- Yes, they are legal tender with a face value of $1. However, their intrinsic value, based on silver content, is much higher than their face value.
- Can Silver Eagles be included in my Individual Retirement Account (IRA)?
- Yes, American Silver Eagles, being .999 fine silver, meet the purity requirements to be included in precious metals IRAs.
- How do I store Silver Eagles?
- Many collectors and investors use protective capsules, tubes, or monster boxes (official U.S. Mint containers that hold 500 coins). Some also opt for safe deposit boxes or professional vaulting services.
- Why do some Silver Eagles have different finishes or mint marks?
- The U.S. Mint has released various editions, including bullion, proof, and uncirculated versions. Bullion coins typically don’t have mint marks, while proof and uncirculated coins often do. Special releases, like reverse proofs or enhanced uncirculated coins, have been issued for anniversaries or other occasions.
- How do I buy American Silver Eagles?
- Proof and Special Edition coins that are offered as numismatics are available to purchase from the US Mint. The 2025 American Silver Eagle Bullion coin, both individually, in tubes of 20 coins and Monster Boxes, can only be purchased from precious metals dealers and secondary market sources.
- Why are some years or versions of the Silver Eagle more expensive than others?
- A specific year Silver Eagle Price can be influenced by the annual mintage numbers, demand, coin condition, grade, special designations (like “First Strike”), and historical significance.
Notes & References
1 – Sales totals through November 30, 2019. December Sales Totals Unpublished.
2 – Announced Mintage was 30,000 coins. Sales totals shown are based on sales data supplied by the US Mint.
3 – The 2017-S Proof Coin was released in two special sets. One called the “Congratulations Set” (17RF) with an announced mintage of 75,000 units. The other “Limited Edition Proof Set” (17RC) with an announced mintage of 50,000 units. Sales records show 48,906 Limited Edition Proof Sets sold. Sales records do not indicate how many Congratulations Sets were sold that year.
4 – The 2019-W Rev Proof was released as part of the “Pride of Two Nations” set (19XB)
5 – Updated 2020 based on sales figures released by the mint January 5, 2020. The West Point Mint was shutdown from April 15 to April 21, 2020 due to the Coronavirus Pandemic. Minting of Silver Eagles was briefly shifted to the Philadelphia Mint and 240,000 ASE were minted. The only distinction of the Philadelphia ASEs is the box tracking numbers on the outside of the Monster Boxes. Box tracking numbers 400,000 through and including 400,479 were used on boxes of coins minted in Philadelphia. A total of 480 2020 American Silver Eagle Monster Boxes were minted at the Philadelphia Mint.
6 – The US Mint released a special proof American Silver Eagle coin to commemorate the anniversary of the end of World War II on November 5, 2020. This American Silver Eagle is the first to contain a privy mark embossed with v75. This special proof Silver Eagle has a limited mintage of 75,000 coins.
Source: USMint.gov Sales Reports
7 – 2021 will see 2 different designs of the American Silver Eagle. The “type 1” design, which has been the design since the program’s creation. The “type 2” design will be a new design and is expected to be released mid-year. Sales figures updated as of December 28, 2021
8 – 2022 Sales Figures through January 3, 2023.
9 – 2023 Year to Date Sales as of December 23, 2023.
10 – 2024 Year to Date sales as of December 31, 2024.
11 – 2025 Year to Date sales as of June 9, 2025
