The American Silver Eagle is the bullion coin issued by the US Mint. The Liberty Coin Act was signed into law in 1985, requiring the Secretary of the Treasury to mint and issue silver bullion coins to provide investors with a trusted and stable store of value and wealth. First issued in 1986, the American Eagle 1 oz Silver Coin is the official silver bullion coin of the United States. Buying silver eagles provides investors with one of the most trusted precious metals products in the world.
The coin specifications were defined in the law, including the diameter, weight, fineness, general design, inscriptions and even the edge finish. The initial silver was supplied by the U.S. Strategic Silver Stockpile and only newly mined domestic silver can be utilized. The American Silver Eagle is a specie, numismatic and with legal tender denomination of $1 USD.
The American Eagle Silver coin design carries symbolism reflecting the values of the country. The obverse side features Adolph A. Weinman's "Walking Liberty" design, first used on half-dollar coins between 1916 and 1947. The design captures Lady Liberty draped with an American Flag while walking full-stride. Her right hand is extended, while her left hand is grasping branches of laurel and oak.
The Type 1 reverse was designed by John Mercanti, the chief engraver of the U.S. Mint when the Silver Eagle was first issued. The design boasts a variety of classic symbolic representations of American iconography.
In 2021, after 35 years of proven mintage history, the US Mint updated the reverse side design. Numismatists have designated the first generation of the Silver Eagle as having the Type 1 reverse design. Beginning part way through 2021, the mint issued its first Type 2 design.
The Type 2 was designed as part of the US Mint's Artist Infusion Program (AIP), which brings a pool of talented American artists and sculptors who enrich and invigorate the nation's coins and medals with specialized designs. Professional medallic artists create and submit designs for consideration and work with Mint staff to create and sculpt the models required to produce coins and medals.
The Type-2 Silver Eagle's reverse now features an image of a bald eagle coming in for a landing, carrying an oak branch as if to add it to a nest. This design was created by artist Emily Damstra and sculpted by Mint Medallic Artist Michael Gaudioso. Damstra's design was chosen after a competition and a series of reviews. It represents not only the national bird but also a strong desire for peace and unity within the nation.
The U.S. Mint added several new and enhanced security features with the introduction of the new design that includes the use of advanced scanning and anti-counterfeit measures.
A Precious Metals IRA is a type of Individual Retirement Account (IRA) that allows you to invest in physical precious metals. This is in contrast to traditional IRAs, where your choices are generally limited to more standard types of investments like stocks, bonds, and mutual funds.
The precious metals that are typically allowed in a Precious Metals IRA are gold, silver, platinum, and palladium. These must be in the form of bullion coins or bars and meet certain fineness requirements. For example, silver must be refined to a minimum purity of .999 fine (99.9% pure) or greater. Precious metals can serve as an effective measure of protection during economic downturns by providing a hedge against inflation and currency fluctuation.
The US Mint typically ships newly minted American Eagle coins during the beginning of January. Many trusted and reputable online bullion dealers have begun selling 2024 American Eagle Coins with delivery expected during the second week of January.
The US Mint is one of the oldest continually operating minting operations in the world and all other mints use variants of the Mintâ€™s processes. The Mint remains one of the worldâ€™s largest producer of coins today. Issues related to the production of bullion coins have led to huge increases in Silver Eagle premiums in recent years.
Many investors are looking to buy sovereign bullion coins from other mints. While many are still buying 1 oz silver eagles, some are concerned that the Mint suppliers are also making huge profits from the record high premiums caused by the shortages.
Keeping up with investors demand has been a difficult task for the US Mint. The pandemic lockdowns caused a total shut down of mint operations, forced mine closures and caused other widespread disruptions throughout industrial supply chains.
Problems for the Mint only got worse as investor demand for bullion investment coins skyrocketed because of the pandemic. For a few months, the minting of Silver Eagle coins was secretly shifted to the Philadelphia Mint for the first time in history as backorders began to pile up.
The US Mint continues to be slow and unable to meet investor demand.
The failures of the Mint and their planchet suppliers have led directly to significant increases in dealer premiums in recent weeks. This week, the lowest dealer premium for silver eagles is more than 60% over spot price.
Some dealers, such as APMEX and JM Bullion are currently selling silver eagles with premiums at over 88% above spot price.
APMEX, JM Bullion, SD Bullion and Money Metals Exchange have announced temporary changes to order and shipping policies upon an increase in order volume in recent weeks amidst the ongoing banking crisis. While premiums on silver eagles have recently risen back above 50% per coin. Lower premiums are available for other sovereign bullion coins such as Britannia, Kangaroo and Philharmonic.