American Silver Eagles

Learn More About American Silver Eagles

First issued in 1986 after the passage of the Liberty Coin Act, the American Silver Eagle is the official silver bullion coin of the United States. These coins are produced by the US Mint to be a trusted store of value and wealth. Each coin is guaranteed to contains 1 troy ounce of .999 fine silver and carries a face value of $1. 

American Silver Eagle Sizes

The American Silver Eagle is available only in a 1 oz size primarily due to the design and purpose established when the coin was first introduced. The coin was intended to be a simple, standardized investment option for silver, providing a consistent and easily recognizable form of bullion for both investors and collectors. The 1 oz size was chosen because it is a widely recognized standard in the precious metals market, making the coin easy to value and trade globally.

To date, the U.S. Mint has not issued American Silver Eagles in any sizes other than 1 oz. The decision to keep the coin exclusively in this size helps maintain its simplicity, uniformity, and trustworthiness in the market.

American Silver Eagle Buying Options

American Silver Eagles are a very popular choice for investors. These bullion coins are beautiful to look at and easy to store.

• They are packaged in tubes of 20 coins from the US Mint
• Coins are shipped from the US Mint in Monster Boxes, each containing 25 tubes for a total of 500 coins
• Each coin has a face value of $1 US Dollar and is legal tender
• Each coin has a government backed guarantee for weight, content, and purity
• American Silver Eagle coins are also eligible for inclusion in a precious metals IRA

Another perk of American Silver Eagle coins is that they are readily available individually or in large quantities from most bullion dealers. This makes purchasing convenient and accessible.

American Silver Eagles are a wise choice for getting started in silver investing. 

Bulk Buying

The American Silver Eagle coins are shipped to dealers from the Mint in Monster Boxes containing 500 coins. Inside each box, the coins are in tubes holding 20 Silver Eagles, or 20 ounces of .999 fine silver. Buying tubes and Monster Boxes allows investors to purchase in bulk, lowering the premiums for each coin.

Most online bullion dealers offer price breaks when buying larger quantities. The discount tiers reduce the overall cost of each coin. The tiers vary from dealer to dealer, but most start offering discounts when purchasing in lots of 20 coins or more. Some dealers offer a "mini" monster box, containing 100 American Silver Eagle coins.

Secondary Market

Silver Eagles are the most frequently traded bullion coins. When an investors sells their coins to a dealer, they are tested to ensure authenticity, then resold on the secondary market with a lower premium than newly minted coins. 

While most coins will arrive in BU condition, some coins will show signs of handling, such as light surface scratches, marks, tarnish and other blemishes. These minor imperfections have no effect on the coin's intrinsic value.

Cull and Damaged Coins

Some dealers will offer cull Silver Eagles that have damage beyond what can occur with normal handling. The condition will vary, but these may include colorized or painted coins, those with extensive or heavy tarnish, extensive scratches and handling from being used as a pocket piece, etc. These are typically offered with the lowest premiums and have the cheapest price, as they still retain their intrinsic value, despite the damage.

eBay, Costco and Online Marketplaces

In addition to their own e-commerce websites, many major bullion dealers use the eBay and other platforms for sell precious metals, including Silver Eagles.

Millions of investors find that buying on eBay offers a convenient buying experience, with a variety of payment methods available, with an "all in" price that includes shipping. Additionally, investors are protected at multiple levels to ensure they are receiving authentic products. 

While it's easy to justify buying Silver Eagles at Costco due to the rebates and rewards available, the availability is limited to flash sales with minimal inventory. Investing at regular intervals is the most effective way to maintain a low dollar-cost average, and most online bullion dealers will have an extensive inventory to chose from.

American Silver Eagle Premiums

The premium is the percentage over the silver spot price that you will pay when buying American Silver Eagles. The US Mint charges wholesalers, authorized purchasers and dealers a fee when buying direct from the mint. This fee is based on the manufacturing, marketing and distribution costs associated with creation of each coin.

The U.S. Mint incurs higher costs in producing Silver Eagles due to the strict quality controls, government regulation, and the higher-grade silver blanks used in their production. These costs are passed on to the consumer in the form of higher premiums.

This fee, currently $3.05 per coin is applied to all newly minted ASEs regardless of the dealer from which you are purchasing. Dealer premiums will be above this amount and help provide a minimal profit margin.

American Silver Eagle Proofs

American Silver Eagle Proof Coins are a special, high-quality version of the standard American Silver Eagle bullion coin, produced by the U.S. Mint with a focus on collectors. These coins are struck using specially polished dies and planchets (blanks) to create a highly reflective, mirror-like background with frosted design elements. This process gives the coins a sharp contrast between the raised, frosted designs and the mirrored fields, resulting in a stunning visual appearance.

Reverse Proof Silver Eagles

Reverse Proof Silver Eagles are a variation of the traditional proof coins, where the finishing process is inverted: the design elements are polished to a mirror finish, while the background fields are frosted. This reversal of the standard proof finish results in a striking contrast and gives the coin a unique and highly attractive appearance. Reverse Proof Silver Eagles are often issued in limited quantities, which can add to their appeal among collectors.

Burnished American Silver Eagles

Burnished American Silver Eagles, sometimes referred to as Uncirculated Silver Eagles, are another special version. First introduced in 2006, these coins are struck on specially burnished blanks, which are polished before striking to create a unique, matte-like finish. Unlike the shiny proof and reverse proof versions, burnished Silver Eagles have a softer, satin-like finish.

Certified American Silver Eagles

Certified American Silver Eagle coins are Silver Eagles that have been evaluated, authenticated, and graded by professional third-party grading services such as the Numismatic Guaranty Corporation (NGC) or the Professional Coin Grading Service (PCGS). These certifications confirm the coin's authenticity, assess its quality based on strict standards, and often encapsulate the coin in a tamper-evident holder, known as a "slab," to preserve its condition.

Certified Silver Eagles can be more valuable than raw (uncertified) coins, depending on the finish, year of issue, rarity, mintage amount and other factors. Certification by a reputable grading service provides assurance of the coin's authenticity. The grade assigned to a coin reflects its condition and quality. Higher-grade coins, especially those graded as Mint State (MS) or Proof (PF) 69 or 70, typically command higher premiums than uncertified coins.

The encapsulation process protects the coin from environmental factors, handling, and potential damage, ensuring that its condition remains unchanged from the time of certification.

Many buyers and sellers in the numismatic market often prefer certified coins because the grading standardizes the coin's condition, reducing the risk of disputes over its quality and ensuring a more straightforward transaction process.

NGC Certified Silver Eagles

NGC Certified Silver Eagles are American Silver Eagles that have been graded and encapsulated by the Numismatic Guaranty Corporation (NGC). NGC is one of the most reputable coin grading companies in the world and is known for its stringent grading standards and transparent processes. NGC assigns a grade to the coin, which reflects its condition, and may also designate special attributes such as "Early Release" or "First Day of Issue," indicating when the coin was released.

PCGS Certified Silver Eagles

PCGS Certified Silver Eagles are American Silver Eagles graded and encapsulated by the Professional Coin Grading Service (PCGS). PCGS is another leading coin grading service that provides similar services to NGC, including grading, authentication, and encapsulation. PCGS is known for its reliable grading system and market influence, particularly in the U.S. coin market.

Grading Scale

Both NGC and PCGS use the Sheldon Scale to grade coins. This scale ranges from 1 to 70, where 1 represents a coin that is barely recognizable and 70 indicates that the coin in is perfect condition with o visible flaws under 5x magnification.

Coin grades are often prefixed with "MS" (Mint State) for uncirculated coins, "PF" (Proof) for proof coins, "RP" (Reverse Proof) as well as several others.

Examples:

• MS/PF 70: A perfect coin with full, original luster and no detracting flaws.
• MS/PF 69: Nearly perfect with only minor imperfections that are barely noticeable.
• MS/PF 68: Slightly more noticeable flaws, but still a high-quality coin.

PCGS tends to be more favored with American collectors, particularly for classic American coins, and is often considered slightly more conservative in its grading, which some collectors appreciate.

NGC is widely respected globally and is particularly noted for its transparency and the detailed information it provides with each coin's certification. NGC is often the grading service of choice for international coins and modern U.S. coins.

Both grading services are considered trustworthy and reliable, and the choice between them often comes down to personal preference, specific market trends, and the type of coins being graded. In some cases, coins graded by one service might command slightly higher prices than those graded by the other, depending on collector preferences.

American Silver Eagle Designs

The design of the American Silver Eagle has undergone two major iterations: the Type 1 design, used from 1986 to 2020, and the Type 2 design, introduced in 2021.

Obverse Design (Common to Both Type 1 and Type 2)

• "Walking Liberty": The obverse of the American Silver Eagle features Adolph A. Weinman’s iconic "Walking Liberty" design, originally used on the half-dollar coin from 1916 to 1947. This design depicts Lady Liberty striding confidently toward the sunrise, draped in the American flag, with her right hand extended and branches of laurel and oak in her left. This imagery symbolizes strength, unity, and hope for the future.
• Inscriptions: The obverse includes the inscriptions “LIBERTY,” “IN GOD WE TRUST,” and the year of issue.

Type 1 Reverse Design (1986-2021)

• Heraldic Eagle: The reverse of the Type 1 American Silver Eagle was designed by John Mercanti. It features a heraldic eagle with a shield, symbolizing the strength and protection of the nation. The eagle holds an olive branch in its right talon, representing peace, and arrows in its left talon, representing readiness for defense. Above the eagle are 13 stars, representing the original 13 colonies.
• Inscriptions: Surrounding the design are the inscriptions "UNITED STATES OF AMERICA," "1 OZ. FINE SILVER," "ONE DOLLAR," and "E PLURIBUS UNUM."

Type 2 Reverse Design (2021-Present)

• Landing Eagle: The Type 2 reverse, introduced in 2021, features a new design by Emily Damstra. It shows a bald eagle in mid-flight, holding an oak branch in its talons as it prepares to land. This dynamic image reflects the grace and power of the national bird, symbolizing the nation's strength and resilience.
• Inscriptions: The inscriptions on the Type 2 reverse remain the same as those on the Type 1: "UNITED STATES OF AMERICA," "1 OZ. FINE SILVER," "ONE DOLLAR," and "E PLURIBUS UNUM."

Anti-Counterfeit Security Features on American Silver Eagles

The Type 2 American Silver Eagle introduced several advanced security features to enhance the coin's authenticity and prevent counterfeiting. These include:

• Enhanced Reeding: The edge of the Type 2 Silver Eagle features an interrupted reeding pattern, a small gap in the reeded edge. This is a subtle but effective anti-counterfeiting measure.
• The U.S. Mint also refined the obverse design, using modern techniques to bring out more detail in Weinman's original artwork, further differentiating the Type 2 from earlier coins.

Why are Silver Eagles more expensive than Generic Silver Rounds?

American Silver Eagles generally command higher prices than generic silver rounds for several key reasons.

First, American Silver Eagles are the official silver bullion coins of the United States, produced by the US Mint. They are legal tender with a face value of $1, and are backed by the U.S. government for their weight, content, and purity. This backing provides an additional level of security and trust for investors, making Silver Eagles more desirable than generic rounds.

Second, Silver Eagles are widely recognized and trusted in the global market. Investors and collectors around the world are familiar with Silver Eagles, and they are accepted and easily traded by precious metals dealers, making them highly liquid. This recognition often leads to higher premiums, as buyers are willing to pay more for a well-known and trusted product.

Third, Silver Eagles can carry additional value due to their collectibility. Special editions, proof versions, and coins from certain years with lower mintages can attract collectors who are willing to pay a premium. Even standard bullion versions of Silver Eagles may be more valuable in the future if they become part of a complete set or if specific years become harder to find.

During periods of high demand for physical silver, the premium for Silver Eagles can increase significantly due to their popularity and the U.S. Mint's limited production capacity. For example, during the COVID-19 pandemic, premiums on Silver Eagles soared, sometimes doubling the price per coin as demand outstripped supply.

How to find the cheapest American Silver Eagles

Frequently Asked Questions

Why are Silver Eagle premiums higher than bars and rounds?

The U.S. Mint charges a premium of $3.05 over the spot price of the metal when selling Silver Eagles to its network of Authorized Purchasers to cover production costs, distribution, and a modest profit margin. 

Lower premium bars and rounds are minted by private refineries and mints which usually have lower production costs.  

Additional premiums are added by wholesalers and dealers to cover operational costs and profit margins. Prices and premiums can sometimes change quickly in response to market demand, changes in production costs, and other factors.

Are American Silver Eagles legal tender?

Yes, they are legal tender in the United States with a nominal face value of one dollar. However, their market value is based on their silver content, which is significantly higher than the face value.

Each coin is minted with 1 troy ounce of .999 fine silver.

Where can I buy American Silver Eagles?

You can purchase them from authorized bullion dealers, reputable online retailers, local coin shops, some banks, and at coin shows. 

While many reputable dealer sell through online marketplaces like eBay and Walmart, always ensure you are buying from a trusted source to guarantee authenticity.

Can I include American Silver Eagles in my IRA?

Yes, since they meet the IRS requirements for purity and are legal tender, American Silver Eagles are eligible for inclusion in a Precious Metals Individual Retirement Account (IRA). You must use a self-directed IRA and store the coins with an approved custodian.

Do American Silver Eagles have numismatic value?

Certain American Silver Eagles, particular those with a proof, those from years with low mintages, or coins featured in special releases and mint errors, often carry numismatic value that exceeds the intrinsic value of the silver content.

Where can I easily sell American Silver Eagle Coins?

Yes, due to their popularity and recognition, they are highly liquid. You can sell them to coin dealers, bullion dealers, at coin shows, or through private sales.

Are Silver Eagle Coins subject to sales tax?

Sales tax on bullion purchases depends on state and local laws. Some states exempt bullion from sales tax, while others apply it. Check the regulations in your area or consult the dealer.