Evidenced by the sheer volume of coins sold, the Silver American Eagle has consistently risen in popularity since the program’s 1986 inception. Having garnered widespread appeal as an investment, this American silver beauty has a remarkable track record, boasting an impressive 536,531,982 bullion coins sold through the 2022 mintage year. Each coin, containing one troy ounce of 99.9% pure silver, contributes to its allure. Aside from its exceptional silver purity, the coin holds historical significance as the first modern bullion coin issued by the United States.
Let’s take a look at the history of the American Eagle Silver Coin and uncover a few of the many reasons why this remarkable offering remains an investment favorite.
The Mexican Libertad, introduced in 1982 and minted every year since its inception, holds the title of the first contemporary .999 fine silver bullion coin. Adorned with national symbols and the Angel of Independence, this coin features a rich and meaningful design. In contrast, the earlier Onza, which made its debut in 1949 and featured a lesser purity of .925 silver, showcased a screw press and balance scale as a nod to traditional minting techniques.
Playing a different role in silver coin history, the U.S. Morgan Dollar, produced from 1878 to 1921, was not created for bullion purposes. Nevertheless, it remains significant because of its association with the Bland-Allison Act, intended to promote the circulation of silver coinage. Designed by the talented George T. Morgan, this coin not only contributed to the evolution of coin artistry but also set a standard for the use of symbolic elements and large precious metal pieces in modern bullion coins.
The United States decided to mint the American Eagle Silver Coin as a result of a series of legislative actions aimed at reducing the stockpile of silver held in the National Defense Stockpile. In the 1970s and early 1980s, the government had excess silver far beyond strategic needs, and while there were attempts to sell this silver, there was opposition from mining-state interests and promilitary legislators. They were concerned about the impact of such sales on silver prices and the domestic silver mining industry, as well as ensuring that proceeds were used to purchase materials needed for the stockpile rather than just reducing the federal deficit​​.
Senator James A. McClure of Idaho played an integral role in bringing the American Silver Eagle coin into existence. His innovative legislation proposed the sale of silver through the production of silver coins, with the intention of maximizing profits for taxpayers and supporting the domestic silver industry. Undeterred by the suspension of stockpile sales, Senator McClure remained a steadfast advocate and introduced the “Liberty Coin Act” as an amendment to a congressional bill. This amendment, passed in 1985, granted the Treasury Secretary the authority to mint and distribute silver bullion coins, ultimately paving the way for the creation of the iconic American Silver Eagle. In addition, the legislation established clear standards for the coins and officially recognized them as legal tender.
The growing appeal for American Silver Eagle coins is a complex phenomenon, fueled by a combination of inherent qualities and external economic influences. As the official silver bullion coin of the U.S., its value is elevated by its exceptional .999 purity of fine silver, easy convertibility, and ability to serve as a long term hedge against inflation. Its allure is further amplified by current market conditions, where investors are drawn to tangible assets as a means of confidence amidst global uncertainties.
Adding to its scarcity is the impact of production limitations, which have been particularly acute during the COVID-19 pandemic with the temporary closure of the West Point Mint leading to significant disruptions in supply. As a result of these factors, investment demand has significantly risen, with notable instances of large-scale purchases by the wealthy.
Since its establishment in 1986, the American Eagle Bullion Program has been a popular choice among investors. The program offers an array of options, including gold, silver, platinum, and palladium, making it a convenient alternative for those who wish to diversify their investment portfolios with precious metals. The American Silver Eagle, American Gold Eagle, American Platinum Eagle, and American Palladium Eagle are all a part of this exceptional program, offering investors a wide range of options. For more information on how to buy the world renowned American Silver Eagles, contact a Monex account representative at 800-444-8317.
Silver: Journey to the Mint The United States Mint prides itself on sourcing silver in a variety of ways, however never at the expense of purity. The Mint’s stringent requirements demand no less than .999 fine purity. This quality standard ensures that every coin produced by the Mint is not only aesthetically pleasing but also more…
The Iconic 1 oz. American Eagle Silver Dollar: Type 1 & Type 2 Purity, Content, and Dimensions of the American Eagle Silver Coins: Both the first and second designs of the American Eagle Silver coins boast a one troy ounce weight of .999 fine silver attesting to its exceptional purity. Although the American Eagle’s silver more…
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