Guide to Collecting American Silver Eagles

The  American Silver Eagle is a legal tender coin worth $1 whose silver purity of .999 fineness and weight of one ounce are guaranteed by the U.S. Government. Authorized under the 1985 Liberty Coin Act, the coins were originally designed as a vehicle to dispose of excess silver stockpiles in the 1980s. Since then, Silver Eagles have gone from being primarily silver bullion pieces to becoming the most widely collected modern U.S. coins, and sought after silver dollars.

Silver Eagles play a unique role in modern U.S. numismatic history and in the current coin and bullion market. They are by far the most popular and most widely traded and collected modern U.S. silver coin with an estimated total mintage for all years to date that is over 500 million coins.

Their popularity also reflects the beautiful designs of Silver Eagles. The obverse is based on Adolph Weinman’s famous Walking Liberty half dollar obverse, while the reverse has featured two different designs.

From 1986 to 2021, the coins had former U.S. Mint Chief Engraver John M. Mercanti’s heraldic eagle reverse, which was replaced in 2021 with a design of a flying eaglethat is the work of Emily Damstra. These coins are also referred to as having type 1 and type 2 reverses.

American Silver Eagle: History and Overview

Issued since 1986, Silver Eagles are struck annually in brilliant uncirculated and proof versions. The BU coins are distributed through the U.S. Mint’s network of authorized purchasers who sell to the public. They are purchased by silver investors and numismatic collectors, especially those examples that have been professionally graded.

The proof coins are struck multiple times on highly polished planchets. They are also issued each year, sell for a higher premium over their silver content than the BU coins and are sold directly by the U.S. Mint. Today, some of these coins are rare collectibles that sell for thousands of dollars.

Since 2006, the Mint has also issued other collector versions of the Silver Eagle. They includecoins with these four different types of finishes:

• coins with a Reverse Proof finish issued in 2006 for the 20th anniversary; in 2012 at the San Francisco Mint and in 2013 at the West Point Mint and in 2021 to mark the transition from the heraldic to the flying eagle reverses (coins were issued in both versions in Reverse Proof). These coins feature mirrored design elements and a frosted background instead of the usual proof finish with frosted designs and mirrored backgrounds.
• burnished uncirculated coins that have a more matte than brilliant finish that also debuted in 2006 that are struck on specially burnished planchets and carry a “W” mint mark for the West Point Mint
• enhanced uncirculatedin 2013 using laser frosting to highlight different parts of the design
• enhanced Reverse Proof for two coins in 2019 struck respectively at the West Point and San Francisco Mints. On these coins the field is frosted like a Reverse Proof but the design is selectively frosted and polished at different levels to highlight parts of the design.

There are also coins issued in 2016 with edge lettering noting the 30th anniversary of the program and one with a “V75” privy mark issued in 2020 to mark the 75th anniversary of the allied victory in World War II.

American Silver Eagle Key dates and sleepers

Among the bullion or brilliant uncirculated coins of this series, the 1996 issue has the lowest mintage at 3,603,386 coins due to a slower silver bullion market that year. Raw examples sell for more than other bullion coins(about $60-$100) and examples that are graded and receive the coveted MS70 grade are worth an impressive $4,100! That is because fewer than 1,000 of those 3.6 million coins have received the top grade.

The two most important and valuable key date collector coins are the 1995-W proof and the 2019-S Enhanced Reverse Proof coin. They are essentially tied as the lowest mintage coins of the series, but the older one is more valuable because it is harder to find in the market and has had more time to appreciate as the number of collectors of these coins has continued to grow.

The 1995-W proof coin was issued as a bonus coin that was included in the 10th anniversary American Silver Eagle coin set that also included the four sizes of American Eagle proof coins issued that year that was priced at $999.

Many collectors balked at having to spend that much to get the proof Silver Eagle coin, but those who did have been handsomely rewarded. Only 30,125 of these were sold, which until recently made this coin the one key to the series.It is worth about $4,000 raw or in PF-69 and about $20,000 in PF-70.

In 2019, the U.S. Mint under Director David J. Ryder surprised collectors with the 2019-S Enhanced Reverse Proof coin. This coin has the lowest mintage of the series at 29,909 coins sold of a maximum mintage of 30,000. It sold out instantly and became a hot item. Raw examples are worth upwards of $1,000 and those that grade PF-70 are worth $2,600.

The third lowest mintage coin of the series is technically a variety but is one that is considered by collectors to be part of a complete set of Silver Eagles. This is the 2008-W with reverse of 2007 burnished uncirculated coin. Thanks to a Freedom of Information Act request we know it has a mintage of 46,318 coins according to the Mint. It is worth $450 raw, $500 in MS-69 and $1,250 in MS70.

The coin was created when the U.S. Mint was developing a new hub in late 2007 to implement digital engraving on the reverse of the 2008 coins. Some coins were accidentally struck using the 2007 reverse hub instead of the new one for 2008.

Then there is the 2020-W “V75” privy mark proof coin mentioned above that has a mintage of 74,709 and is worth $325 raw and $600 in PF-70.

The next keys are the 2011-S burnished uncirculated coin and the 2011-P Reverse Proof coin that were only available in the 2011 25th anniversary set and both have mintages of 99,882 coins. The 2011-S is worth $225 raw and $350 in MS-70, while the 2011-P is worth $250 raw and $500 in PF-70.

Sleepers are coins that numismatists believe are undervalued today. They include the 2008-W with Reverse of 2008 burnished uncirculated coin and the V75 privy proof. This is because of their mintages that are respectively below 50,000 and 75,000. That is a substantial gap compared to the next keys that are around 100,000 minted.

Other sleepers include some of the burnished uncirculated coins and also the 2021 coins that were the final ones with the heraldic eagle and the first coins of the second reverse type adopted in mid-2021, the flying eagle coins. This includes especially the Reverse Proofsof both types that were issued in a 2-coin set and have mintages just under 125,000 each.

Other Collecting strategies

The most important choices that someone who wants to collect American Silver Eagles faces is whether to obtain every coin issued, which includes all dates, mint marks and special sets and each of the various finishes used on these coins, or whether to collect only certain coins. This could include various options from only the BU or proof issues to a type set with coins that have each of the finishes used on Silver Eagles and many other possibilities.

The second major choice is whether to collect ungraded or graded coins. Raw coins are especially attractive to silver investors and are often purchased in rolls of 20 coins and in 500-coin monster boxes as issued by the U.S. Mint.

Graded examples of all versions of the Silver Eagle have continued to grow in popularity since the coins were first issued in 1986 – which is also the same period when the major coin grading companies got started. Today graded Silver Eagles are a significant part of the coin market and include coins with hand-signed labels from numismatic figures like Mercanti and Damstra and celebrities such as sports figures.

Those who began collecting the bullion version of these coins in the early days of the series who had them graded have in some cases really done well, depending on whether their coins from the 1980s received high grades. Many of those early dates are difficult to find in the top grade and are worth from hundreds to thousands of dollars.

Collecting the Proof coins in the top grade is another recommended approach. While the proof coins from recent years tend to be of very high quality, those from the 1980s and 1990s are not found as often in PF-70. All could be good long-term investments since demand for these coins continues to grow as more and more people collect the most iconic modern American coin – the Silver Eagle.

FAQ

1. What are American Silver Eagles? American Silver Eagles are bullion coins issued by the United States Mint since 1986. They contain one troy ounce of 99.9% pure silver and have a nominal face value of one dollar, although their market value is much higher, based primarily on the current price of silver.
2. Why are American Silver Eagles popular among collectors? Their popularity stems from their beautiful design, their purity guaranteed by the U.S. government, and their availability in both bullion and proof varieties. The iconic imagery of Lady Liberty on the obverse and an eagle on the reverse makes them highly desirable.
3. What are the key differences between bullion and proof American Silver Eagles? Bullion Silver Eagles are typically bought and sold for their silver content, while proof versions are struck with specially polished dies to create a more detailed and mirrored finish, aimed at collectors. Proof coins also usually come with a higher premium due to their aesthetic appeal and lower mintages.
4. How can I start collecting American Silver Eagles? Beginners should start by familiarizing themselves with the different releases and variants of the coins. Purchasing coins from reputable dealers, participating in auctions, and attending coin shows are good ways to start building a collection.
5. What should I look for in terms of condition when collecting American Silver Eagles? The condition is crucial in collecting; coins in mint state or graded as high-quality proofs (e.g., PR70 or MS70) by reputable grading services like PCGS or NGC are the most valued. Look for coins without scratches, spots, or other blemishes.
6. Are there any rare American Silver Eagles that collectors seek out? Yes, certain years and variations are considered rare, such as the 1995-W Proof Silver Eagle, which had a very low mintage and can fetch high prices at auction. The "Reverse of 2007" error coin is another sought-after piece due to its unique die variations.
7. How does the silver market affect the value of American Silver Eagles? The value of bullion American Silver Eagles generally tracks the market price of silver, although collector versions like proofs or special editions might carry a premium that is independent of bullion values due to rarity and demand among collectors.
8. What are some tips for storing and preserving American Silver Eagles? Proper storage is essential to maintain condition. Use acid-free materials, airtight holders, or original Mint packaging to store your coins. Keep them in a cool, dry place to prevent damage from humidity or environmental pollutants.
9. Can American Silver Eagles be included in investment portfolios? Yes, they are a popular choice for investors seeking to diversify with precious metals. Silver Eagles are liquid assets, widely recognized and easy to trade, making them suitable for both personal investment and retirement accounts (like IRAs).
10. What future trends might affect collecting American Silver Eagles? Trends in the silver market, changes in U.S. Mint production practices, or shifts in collector interest can all impact the hobby. Keeping abreast of numismatic news and market trends will help collectors make informed decisions.