American Silver Eagles were minted as a one-ounce, .999 fine silver bullion coin issued by the United States Mint. Its legal tender status extends throughout the United States, where it carries a face value of one dollar.
Across the years, it has been struck in several versions ranging from the standard Uncirculated bullion coin for the precious metals investment market to collector versions with Burnished, Enhanced Uncirculated, Proof, Reverse Proof, and Enhanced Reverse Proof finishes.
Since 1986, the American Silver Eagle has featured a reprised version of Adolph A. Weinman's Walking Liberty design on the obverse and John M. Mercanti's Heraldic Eagle design on the reverse.
American Silver Eagle History Previous efforts to get the United States Mint into the expanding precious metals coin business had failed when Idaho Senator James McClure finally managed to work out a deal to introduce his amendment to the Statue of Liberty-Ellis Island Commemorative Coin Act in 1985.
As it related to the Silver Eagle, the law authorized the Mint to use silver sourced from the Defense National Stockpile to strike bullion coins for the investor market.
The legislation intended to deplete the government's stockpile over several years by selling it as a legal tender bullion coin at a slight premium over the prevailing spot price. Proof versions were made for the collector market.
A first strike ceremony for the American Silver Eagle was held at the San Francisco Mint October 29, 1986. Treasury Secretary James A. Baker, III struck the first three coins using the Bliss coinage press. Mint Director Donna Pope struck the fourth coin. Senator James McClure struck the fifth example.
Others striking coins at that event were former Mint Director Eva Adams; Robert Clark, Comptroller of the Currency; United States Mint Chief Engraver Elizabeth Jones; American Numismatic Association Pres., Florence Schook; and O.L. Wallis, Pres. of the California State Numismatic Assn.