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Ultimate Guide to Collecting Silver Eagles

Ultimate Guide to Collecting Silver Eagles

The American Silver Eagle coin, is not only the U.S. Mint’s most important, flagship coin program, it is also the king of modern U.S. coins, playing a role in the U.S. marketplace and in the numismatic hobby, ultimately over-shadowing many other series. The series has been issued in several formats, including silver and gold since 1986, platinum since 1997 and palladium since 2017.

The History of U.S. American Silver Eagles and Their Face Value

With a face value of one dollar, the One Ounce U.S. American Silver Eagle coin is one of the most popular and highly sought-after coin series by collectors and stackers alike. To understand how this happened one must go back to the 1980s when the Reagan administration began to look for a profitable way to dispose of some of the nation’s silver stockpile that had accumulated over many decades, and which successive administrations considered to be in excess of what was needed.

In 1985 Senator James McClure introduced the American Liberty Coin Act that became law that same year, and which authorized the production of Silver Eagle coins in uncirculated and proof versions. The Bullion Uncirculated (BU) bullion version was to be sold by the Mint to its distributors who sell the silver coins retail, while the Proof coins would be sold directly by the Mint at a higher price.

Other finishes, such as burnished and reverse proof, would debut later in the series. The designers took inspiration from Adolf A. Weinman’s design for the Walking Liberty Half Dollar (1916-1947) and slightly modified it for the silver coin’s obverse side (“heads”). John Mercanti added a heraldic eagle on the reverse side (“tails”), a design that remained until 2021 when it was replaced with Emily Damtra’s Eagle Landing reverse.

So, what makes the Silver Eagle so popular? Is it worth buying? And how or where would you collect it?

Keep reading because we’ll answer these questions and provide valuable tips you’ll want to know if you are a coin-collecting enthusiast.

2021 Silver Eagle Type 2 Heraldic Eagle Reverse2021 Silver Eagle Type 2 Heraldic Eagle Reverse
Type 1 Heraldic Eagle Reverse
Eagle Landing Silver Eagle Reverse DesignEagle Landing Silver Eagle Reverse Design
Type 2 Eagle Landing Reverse

Why Collect U.S. American Silver Eagles?

There are various reasons why individuals collect American Silver Eagles. First, their 99.9% metal content and government backing for weight and purity offer a level of security, making them appealing to both collectors and silver stackers. Additionally, the iconic Walking Liberty design on the series obverse adds to its allure, as it is often considered one of the most beautiful coin designs in the world. Finally, the relative rarity of certain American Silver Eagle coins, such as those certified with the Emergency Issue pedigree, further drives the interest of collectors. These reasons and more collectively contribute to the enduring popularity and allure of collecting the American Silver Eagle series.

Is It Worth Buying Silver Eagle Coins?

Whether it is worth buying Silver Eagle coins depends on your motives and preferences. 

If you’re seeking to build a coin collection for personal reasons or perhaps to have something to pass along to loved ones, Silver Eagles can be a solid choice. Not only are they backed by the U.S. government for weight and purity, but the series also features quintessentially American designs and is approaching its fourth decade of issue. Plus, with the variety of finishes and date/mint mark combinations available, there are tons of issues, including some with low mintages, to collect!

If you’re buying for investment reasons, you’ll need to acknowledge the potential risks, such as losing money or value on your Silver Eagle investment on any given day for any reason (i.e., economic downturn, natural disaster, etc.). However, if you enjoy the challenge or thrill of collecting a piece of U.S. history or art, and it’s within your budget, then buying Silver Eagles could well be worth it.

Where Are American Silver Eagles Coins Minted?

Throughout the series, American Silver Eagles have been minted at various branches of the United States Mint, including the Philadelphia, West Point, and San Francisco Mints. On collector strikes, like Burnished and Proof Silver Eagles, the mint of origin will be denoted by a mint mark. American Silver Eagle Proof coins were first struck at the San Francisco facility (1986-1992) and marked with an “S,” followed by Philadelphia (1993-2000) with a “P,” and since 2001, they have been consistently minted at West Point with a “W.” Starting in 2018, collectors have been treated to Proof Silver Eagles from both the West Point and San Francisco Mints each year.

While Bullion Silver Eagles do not carry a mint mark, grading companies like Numismatic Guaranty Company (NGC) and Professional Coin Grading Service (PCGS) can determine where such issues were struck thanks to identifying marks on sealed monster boxes, which is affirmed on the certification label with a “Struck At” pedigree.

What Finishes of American Silver Eagles Are There? 

The American Silver Eagle is released with several different types of finishes, each offering a unique aesthetic appeal. Some are annual releases, while others are reserved for special occasions. Here are the main finishes associated with the American Silver Eagle that are traditionally issued on an annual basis:

Brilliant Uncirculated (BU)

The brilliant uncirculated (BU) finish is associated with the bullion version of the American Silver Eagle. Coins with a brilliant uncirculated finish have never circulated and typically have a clean, standard appearance but lack the mirrored backgrounds and frosted designs associated with the proof finish. Bullion Silver Eagles are not struck with a mint mark on their obverse and are often sought after by silver stackers. Debuting in 1986, Brilliant Uncirculated Silver Eagles have been highly anticipated annual releases ever since. 

obverse of a 2020 brilliant uncirculated silver eagleobverse of a 2020 brilliant uncirculated silver eagle

Proof 

Proof Silver Eagles undergo a specialized minting process that involves multiple strikes on specially prepared planchets. This results in a highly detailed, mirrored background with frosted design elements. Proof coins are often produced for collectors and have a distinct, high-quality finish. In fact, the United States Mint touts the proof finish as being the finest quality they produce. Proof Silver Eagles will be struck with a mint mark on their obverse and have been issued annually since the series debut in 1986. 

Obverse of a 2020 Proof Silver Eagle Obverse of a 2020 Proof Silver Eagle

Burnished 

Struck on specially prepared blanks, Burnished Silver Eagles are characterized by their soft, almost matte-like appearance. Burnished coins are typically sought after by collectors due to their special striking and unique appearance. Burnished Silver Eagles will be struck with a mint mark on their obverse. The burnished finish was first introduced in 2006 and has been issued most years, with a few exceptions, ever since.

Obverse of a 2019 Burnished Silver EagleObverse of a 2019 Burnished Silver Eagle

Reverse Proof 

The Reverse Proof finish is the opposite of the traditional proof finish. In this case, the coin's background has a frosted appearance, while the design elements are mirrored. This creates a striking visual contrast that is alluring to collectors. Reverse Proof Silver Eagles do carry a mint mark on their obverse. The finish was first introduced to the Silver Eagle series in 2006, and it has only been issued on a few occasions since.

2013 Reverse Proof Silver Eagle2013 Reverse Proof Silver Eagle

How Much Silver Is in an American Silver Eagle Coin?

The Silver Eagle coin contains precisely one troy ounce of 99.9% fine silver, which is equivalent to 31.1035 grams. This high silver content, combined with its iconic design and government-backed guaranty, is another reason the American Silver Eagle is one of the most popular and trusted bullion coins among collectors and investors alike.

How to Collect American Silver Eagles

Collecting American Silver Eagle coins can be an exciting and rewarding endeavor for coin enthusiasts. To start collecting American Silver Eagles, it is essential to familiarize yourself with their history, understand the various types and finishes available, and establish a collection strategy that aligns with your preferences and goals.

However, if you’re a beginner, it may help to keep your plan simple and your collection small. If you plan to sell your collection later on, you’ll want to protect and handle your coins with care using coin sleeves or albums. Avoid touching them with your bare hands and prevent them from getting scratched, as this can devalue your coins. Certified and encapsulated Silver Eagles from NGC and PCGS are also great options, as they offer assurances as to the coin’s authenticity and condition. We’ll dive more into other valuable tips in the following section.

What Should I Look for When Collecting American Silver Eagles?

When it comes to collecting Silver Eagles, several important factors must be considered to build a remarkable collection. It's generally recommended to look for coins in excellent condition, preferably graded by reputable grading services. Pay attention to the year and mint mark, as specific years or mint marks may be rarer and, therefore, more appealing to collectors. Exploring special editions, variations, and errors can add excitement and uniqueness to your collection. Ultimately, collecting Silver Eagles is a personal journey, so choose coins that resonate with your interests and enjoy the process of building a collection that reflects your passion for the hobby.

3 Ways to Collect Silver Eagle Coins

Many aspiring collectors choose to collect coins by their year of issue, their grade (or condition), or by mint (or where they were minted). 

We’ll go into more detail for each strategy down below.

#1. By Year

This popular strategy often begins with research and learning about a coin’s background or history, such as when they were minted, how many were made (this can help determine the rarity of a coin), and any variations of the series, if any. The Silver Eagle series, for example, has two different designs that can be collected. The Type 1 Heraldic Eagle reverse design was issued on the series from 1986 until mid-2021, when the Type 2 Eagle Landing reverse design debuted. 

You may choose to collect American Silver Eagles by each year they were minted, starting in 1986 to the present, or you could focus on collecting examples of either the Type 1 or Type 2 design.

2. By Grade

Many coin enthusiasts will build their collection around the grade or condition of the coin. It also helps determine a coin's potential value when buying (or selling) Silver Eagles or any other type of coin. You can collect only certified coins with either a near-perfect Mint State 69 (MS69) or perfect Mint State 70 (MS70) grade. However, if you are just trying to stack some ounces of silver or do not particularly care about the condition of the coins in your collection, this strategy may not be for you.

#3. By Mint

Lastly, you may prefer to collect Silver Eagle coins by where they were minted. Keep in mind that bullion Silver Eagles don’t have a mint mark, but Proofs do (identified with an “S” for San Francisco, “P” for Philadelphia, or “W” for West Point Mint). Collecting Bullion Silver Eagles by the mint that struck them is possible for some years if you purchase NGC or PCGS-certified Silver Eagles with a “Struck at” pedigree. 

Where to Buy American Silver Eagle Coins

The next and final tip of this guide is to help you know where you can buy certified American Silver Eagles or any other type of collectible coin. 

You can buy Proof and Burnished Silver Eagles through the U.S. Mint. However, Bullion Silver Eagles must be purchased through authorized dealers and those they distribute to, as the U.S. Mint does not sell them directly to the public

So, if you are interested in buying Bullion Silver Eagles, it’s critical that you verify you’re buying from a reputable coin seller (whether online or in-person) to avoid getting scammed or tricked into buying a fake coin.

If you want to ensure you’re buying from a trustworthy source, we recommend visiting GovMint.com. We are a BBB accredited A+ business selling Silver Eagles and other collectible coins for over 30 years. Not only are our prices fair, but your purchases are also secured and legitimate. Visit our site today to start building your Silver Eagle coin collection.

Patrick A., who bought a 2024 $1 1-oz Silver Eagle BU, said:

 

“Nice Coin, great price!”



Jefferey B., who bought a 2024 $1 1-oz Silver Eagle PCGS MS70 First Strikes w/Flag Label, said:

 

“This is definitely a winner! Beautiful collector piece!”



Scott W., who bought a 2023 $1 1-oz Silver Eagle NGC MS70 First Releases w/Eagle Label, said:

 

“It’s the most beautiful silver dollar ever made.”



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