Issued 1986-Date

American Silver Eagles (aka Silver American Eagles) abbreviated as ASE (or SAE) for short, were introduced by the US Mint in 1986 and have been produced every year since.  The coins were authorized by the 1985 Liberty Coin Act which permits the Mint to produce the coins to public demand.  Prior to 2006, the coins were produced in two finishes, uncirculated bullion quality coins for investors and coins with a proof finish marketed directly to collectors.  In 2006, ASEs were produced for collectors in two additional finishes, a reverse proof and a special burnished uncirculated finish.

Specifications

Silver Eagles contain one troy ounce (31.103 g) of .999 fine (99.9% pure) silver and carry a US $1 legal tender value.  In addition to silver, the coins contain a trace amount (0.1%) of copper.  The coins are .120 inches (3.04 mm) thick and 1.598 inches (40.6 mm) in diameter making them the largest diameter coin currently made by the US Mint.  Silver Eagles are the only form of silver bullion permissible in Individual Retirement Accounts.  

Design

The obverse of Silver Eagles revived the striking Adolph A. Weinman design used on the obverse of the Walking Liberty Half Dollar from 1916 to 1947.  The design features Liberty in full stride, wrapped in the folds of the flag.  Liberty’s right hand is extended and branches of laurel and oak are carried in her left.  The reverse is a more modern design created especially for the Silver Eagle by Mint sculptor and engraver John Mercanti.  The reverse design is of a heraldic eagle with an olive branch in its right talon and arrows in its left.

Special Issues 

While the individually packaged Proof Silver Eagles are the subject of this article, for completeness it should be noted that Silver Eagles have occasionally also been issued by the Mint as parts of several other sets including the 1995 Tenth Anniversary Set which included the 1995-W Silver Eagle that to date holds the record for lowest mintage for the series, the 2000 Millennium Coin and Currency Set, and two 2006 Twentieth Anniversary Sets.  In addition, as previously mentioned, 2006 also saw the introduction of individually packaged W-mintmarked, burnished uncirculated Silver Eagles for sale direct to the public.

Mintage

The high mintage for the series by far is 1986, the first year of issue.  Collectors eagerly purchased over 1.4 million of these fascinating new coins with their attractive design and pure silver content.  1986 is the only year with a proof mintage that surpassed one million coins.  1987 did came the closest with over 900 thousand pieces minted.  For the next five years, sales dropped to the 500,000 to 700,000 range.  These mintages are still large enough to cause the dates, along with 1986 and 1987 to be considered common.

From 1993 to 1998, mintage figures stayed well below the half million mark. 1994 is the low mintage year for the regular issues for the series with just a touch over 372 thousand pieces minted.  Production in 1993 and 1995 was only marginally higher than in 1994 and these three pieces are the only ones of the regular issue, single packaged pieces to be worth over $100 today.  1995 also saw production of the 1995-W proof Silver Eagle, sold only in 10^th Anniversary Sets that is by far the key to the series with only 30,125 produced.

Subsequent years saw mintage start to rise again with more recent year production approaching that of the 1987 issue but still well below the 1 million mark.  As a result, these later date pieces are also considered common.

Mintmark 

The US Mint has coined proof Silver Eagles at three different production facilities since their introduction over 20 years ago.  Initially, they were produced at the Mint’s San Francisco Assay Office and carried the S mintmark.  From 1993 to 2000 proof Silver Eagles (save for the previously mentioned 1995-W) were minted at the Philadelphia Mint and carried the P mintmark.  Since the 2001 production year, Silver Eagles have been made at the West Point Mint (in West Point, New York) and bear the W mintmark.

Packaging—Boxes

Proof Silver Eagles are protected by a hard plastic capsule which is then displayed in a plush case stored inside a cardboard box.  While the packaging design has remained relatively stable throughout the series, there have been some changes.  The most striking change is in the color of the packaging which has changed twice, almost in conjunction with the changing of production facilities.  For the 1986 to 1992 issues, the plush case and cardboard box were a maroon color.   When production moved to Philadelphia in 1993, the maroon color was used the first year.  Starting in 1994, the box and plush case color were changed to a very dark blue that appears nearly black at times.  Finally, with the commencement of production at West Point in 2001, the packaging once again changed color, this time to dark blue (but noticeably lighter than the Philadelphia packaging).  It is not uncommon to find coins in the wrong color box in the aftermarket due to collectors and dealers using boxes from an incorrect Mint to replace damaged or missing boxes.

Colors used on Proof Silver Eagle Packaging.

Packaging—Certificate of Authenticity

The Mint has included a certificate of authenticity with the coins each year.  This certificate has undergone some changes over the years as shown on our certificate comparison page.  The 1986 certificate featured a photograph of a proof Silver Eagle on the front, the certificate of authenticity inside, and the coin specifications on the reverse.  The certificates for the rest of the maroon box years (1987 to 1993) are essentially the same as the one from 1986 but a bit larger.  Until 1991, the Certificates of Authenticity were signed by Donna Pope the Director of the Mint at the time.  Following Pope’s departure in 1991, the 1992 certificates were signed by David J. Ryder as Acting Director.  In 1993, Ryder was made Director and the certificates from 1993 reflect this change.

With the change to the dark blue box in 1994, the certificate was redesigned to look less formal.  The obverse still featured a picture of a Silver Eagle but it was now an drawing rather than a photograph and much enlarged so that only a portion of the coin fit on the cover of the certificate.  The inside again featured the certificate of authenticity but it the printing was over the top of a semi-circle formed by a drawing of half of the reverse of the coin.  Finally, the back side of the certificate again contained the coin specifications.  The 1994 to 2000 certificates were signed by then Mint Director Philip N. Diehl.  The change in Production facilities and package color in 2001 did not result in a change to the certificate design.  There were, however, signature changes that occurred along with the changing of Mint Directors in 2001 (Jay W. Johnson) and 2002 (Henrietta Holsman Fore). 

Certificate redesign occurred again in 2004 with the primary change being the replacement of the Silver Eagle drawing on the front and inside.  The new primary feature on the front of the certificate became a large script “S” in silver ink.  Inside, the a photo of a partial Silver Eagle obverse was used as the background.  While the information on the specification page stayed basically the same, it was rearranged and the Mint’s website URL was added.  The following year, the certificate was tweaked slightly.  The S on the front was foil printed and the paper changed from glossy paper to a card textured cardstock that provided more rigidity than prior versions.  The photograph used inside was lightened to be barely visible behind the print.  Fore’s signature appeared on certificates used through the 2005 issue.  For the 2006 issue, they were signed by David Lebryk, Deputy Director, United States Mint.

Packaging—Barcode

A final change in packaging to mention is the addition of a barcode label on a white sticker (see image at right) applied to the bottom of the outer cardboard box beginning in 2002.  In addition to the barcode, this label also included the Mint’s inventory code which allows one to identify the date of the coin without having to open the box (subject, of course, to the caveat that frequently coins have been switched in the aftermarket).  This Mint inventory code can be found at the top of the bar code label.  The chart below shows which inventory code was used each year since the bar code labels were introduced in 2002.