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A Brief History of the Silver American Eagle

The Silver American Eagle was first issued by the United States Mint on November 24, 1986, and through to the middle of 2010, the mintage total for the silver bullion coin is over 230 million coins. This seems like a vast amount until compared to the mintages of daily circulating coins. The Silver Eagle total doesn’t even rival the U.S. Mint’s production of a few week’s worth of pennies in some years.

A Guaranteed Composition

The silver bullion coin is minted in one denomination only, which has a declared value of one U.S. dollar and is guaranteed to be one troy ounce of 99.9% pure silver, and the content, weight, and purity, are guaranteed by the United States Mint.

A Design Inspired by an Earlier Coin

Similar to their gold cousin, the Silver American Eagle Coins have been issued in both proof and bullion versions since 1986. The obverse, or front, displays a 1916 design of the nations first circulating half-dollar by Adolph A. Weinman. On closer inspection, it will be noted Weinman’s initials appear on the hem of Lady Liberty’s gown.

The reverse, or back, was designed by John Mercanti and pictures a eagle behind a shield; the eagle holds an olive branch in its right talons and arrows in its left, as with the Great Seal of the United States; above the eagle are thirteen five-pointed stars representing the original Thirteen Colonies.

The Silver American Eagle was a Long Time in the Making

The motivation for the American Silver Eagle bullion program arose from executive plans through the 1970s and early 1980s to arrange a sale of silver from the Defense National Stockpile Center, which is a subdivision of the United States’ Defense Logistics Agency, whose function is to keep, protect, and sell raw materials. As an article in the Wall Street Journal reported, “Several administrations had sought unsuccessfully to sell silver from the stockpile, arguing that domestic production of silver far exceeds strategic needs. But mining-state interests had opposed any sale, as had pro-military legislators who wanted assurances that the proceeds would be used to buy materials more urgently needed for the stockpile rather than merely to reduce the federal deficit.” In retrospect, we may wish they had made more deficit cutting measures, but even announcements of scheduled sell-offs had repercussions and caused swift declines in the price of silver. As the Wall Street Journal noted in September 1976, “When the US government makes noises about selling silver from the federal stockpile, futures traders start unloading futures contracts in speculation that such a sale would depress prices.”

Three Different Varieties and Mint Origins

Silver Eagle bullion coins carry no mintmarks. During 1986 to 1998, they were struck at San Francisco. The mints at Philadelphia and West Point were utilized from 1999 to 2000. From on 2001, these coins have been struck exclusively at West Point.

In March 2011, the San Francisco Mint performed tests on bullion Silver Eagle coins in anticipation for the return, in the spring, to full production. The increased production ability supplied by the San Francisco Mint augments the production of the West Point Mint.

During 1986 to 1992, proof Silver Eagle coins were struck at San Francisco and carry an “S” mintmark. From 1993 to 2000, they were struck at Philadelphia and these coins have a “P” mintmark. Throughout 2001 to 2008, these bullion coins were struck at West Point and these coins display a “W” mintmark. There were no proof types minted in 2009. Resuming in 2010, the proof coins were struck at West Point and present a “W” mintmark.

In the years from 2006 to 2008 and beginning in 2011, the United States Mint struck an uncirculated Silver Eagle coin for collectors minted at West Point (with a “W” mintmark). The coins are produced on blanks that have been burnished and are known as “W Uncirculated” or “Burnished Uncirculated.”