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American Eagle Silver Dollar History

The United States Mint began minting the American Eagle silver dollar in 1986 and has issued these coins every year since then, giving the public an easy and affordable way to invest in American silver. It also is a collectible U.S. coin in its own right. The American Eagle dollar was authorized by the Liberty Coin Act of 1985, according to CoinNews.net. Initial metal supplies came from excess silver in national defense stockpiles, but by 2002 that source was depleted. Congress allowed the Mint to continue the dollar coin program using silver bought on the open market.

One Ounce Eagles
- Each coin contains one troy ounce of silver, said the U.S. Mint. It is legal tender at its face value of $1, but is sold and traded based on its silver value. According to the Mint, this is the only silver bullion coin whose weight and purity are guaranteed by the U.S. government and the only silver coin investment allowed in individual retirement accounts. As of the end of 2008, more than 180 million silver Eagles had been produced, according to CoinNews.
Coin Design
- The obverse of the silver Eagle bears the Walking Liberty design originally created by Adolph Weinman for the half dollars issued from 1916 to 1947, according to CoinNews. The obverse also bears the mottoes "Liberty," "In God We Trust" and the minting year. The reverse was designed by U.S. Mint engraver John Mercanti. It shows a heraldic eagle with a breast shield, holding arrows in its right talon and an olive branch in its left. The reverse bears the nation's name, motto "E Pluribus Unum," denomination of one dollar, and precious metal content of 1 oz. Fine Silver.
Coin Specifications
- The silver Eagle measures 1.598 inches (40.6mm) in diameter, with a thickness of 0.117 inch (2.98mm) and weighs 31.1 grams. The coin is composed of 99.9 percent silver and 0.1 percent copper, according to CoinNews. It has the reeded edge that's traditional for precious metal coins. The coins have been made in uncirculated and proof versions every year. Starting in 2006, the U.S. Mint also offered a "burnished uncirculated" version made from polished business-strike dies. These coins have been produced in the Philadelphia, San Francisco and West Point mints and bear the appropriate mint marks.
Distribution of Coins
- The U.S. Mint said it doesn't sell bullion silver Eagles directly to the public. Instead it uses a network of "authorized purchasers" to distribute the coins. The Mint sells the coins in bulk lots of 25,000 pieces to banks, brokerages, precious metal dealers, coin dealers and other wholesalers who meet its requirements. Coins are shipped in plastic tubes of 20 coins each, packed 20 tubes to a box, for 500 coins per box. Coins are priced at the daily market price for silver plus $1.50 per coin. The Mint sells proof and burnished uncirculated silver Eagles directly to the public at a premium as collectors' items.
Bulk Purchase Requirements
- Authorized bulk purchasers must be established market-makers for silver coins, said the U.S. Mint, providing a liquid two-way market for silver Eagle coins to an established broad retail customer base. They also must have a net worth of at least $5 million and be audited annually by an internationally-accepted accounting firm.

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