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Mint Marks on American Silver Eagles
Some silver eagles are struck as proof coins. The coin blanks, known as planchets, are first polished to a mirror-like finish, then hand fed into coin presses where they are struck several times with specially polished dies. All silver eagle proof coins bear a mint mark. On the reverse, they will be found directly below the olive branch clutched in the eagle's right talon. As the eagle is facing outward, this is actually on the lower-left as you look at the coin. Depending on which mint struck them, the coins may carry a "W", "P", or "S" mint mark for West Point, Philadelphia, or San Francisco.
San Francisco Minted Proof Silver Eagles
When the silver American Eagle coin program began, proof silver eagle coins were struck at the San Francisco mint. They were produced there from 1986 through 1992. Each bears an "S" mint mark. In 1993, proof coin production was shifted to another mint. The San Francisco mint struck slightly over 5,000,000 silver eagle proofs.
Philadelphia Minted Proof Silver Eagles
From 1993 through 2000, silver eagle proofs were struck at the main U.S. Mint in Philadelphia. Each proof coin produced during this eight-year production run bears a "P" mint mark. The Philadelphia mint struck nearly 38 million proof silver eagles. Beginning in 2001, production of eagle proof coins was shifted again.
West Point Minted Proof Silver Eagles
The West Point mint began striking proof silver American Eagles in 2001. Each silver eagle proof produced there bears a "W" in the same location as those minted elsewhere. Through 2009, proof coin production has remained at West Point, although given the mint's history of production shifts, that could always change. As an example, the Denver mint has never produced any proof silver eagles. If that changes in the future, the coins will most likely bear a "D" mint mark.
Uncirculated Silver Eagle Coins
The mint also produces two types of uncirculated silver eagle coins. These varieties are the regular uncirculated coins and burnished uncirculated coins. They are one-ounce, 0.999 fine, silver coins as well, but the coin blanks are not polished as with proof coins. From 1986 through 1988, all uncirculated silver eagles were minted in Philadelphia, but were not mint marked. In 1999, and again in 2000, uncirculated silver eagles were minted at both Philadelphia and West Point, but without mint marks. Since 2001, all uncirculated silver eagles have been struck at West Point. They do not bear a mint mark either. Thus, to determine which mint struck the coins, you should consult a coin catalog, such as "The Official Red Book."
Burnished Uncirculated Silver Eagles
Beginning in 2006, the West Point mint began striking burnished uncirculated silver eagles. Burnishing is a special method of polishing the coin blank. As a designation between the two types of uncirculated silver eagles, the burnished type bears a "W" mint mark in the same location as on proof coins.
Anniversary Silver Eagle Proofs
In 1995, to mark the 10th anniversary of the silver eagle program, the West Point mint produced a special proof coin with a "W" mint mark. With a total mintage of slightly more than 30,000, it is the rarest of all silver eagle proof coins. In 2006, to mark the 20th anniversary of the silver eagle program, the Philadelphia mint struck a reverse proof coin which bears a "P" mint mark. The coin was only available as part of a special three-coin set.