Record Prices Paid for American Silver Eagles

The Liberty Coin Act, which was Public Law–61 (PL-61), was enacted on July 9, 1985 and signed into law by President Ronald Reagan. This law provided that the United States Mint should create a one Troy ounce silver coin, comprised of .999 fine silver, should be "symbolic of Liberty," on the obverse side, and depict an American Bald Eagle on the reverse side.

The coins were the very first silver bullion coins that America had ever struck. They were first released by the United States Mint on November 24, 1986. The obverse depicted a rendition of Miss Liberty walking to her left. Her left arm is extended in a friendly gesture, and she is wearing flowing robes and is adorned with an American flag wrapped around her shoulders. There is a rising sun in the background and the word "LIBERTY," adorns the upper periphery. The striking date is on the lower periphery. This design was adapted by the United States from the original design by Adolph A. Weinman. His design was first used on the 1916 Walking Liberty Half Dollar and was struck as a 90% silver coin from 1916 through 1947.

The reverse depiction of the Silver American Eagle was designed by the United States Mint’s Chief Engraver, John J. Mercanti. His design depicts a heraldic American Eagle, with wings raised and spread. There is a shield protecting its body and in its mouth is a banner with "E PLURIBUS UNUM," emblazoned across it. In the eagle’s right talon is an olive branch and in its left talon is a bundle of six arrows. Above the eagle are 13 five-pointed stars perfectly arranged. Around the upper periphery is "UNITED STATES OF AMERICA," and on the lower periphery are the legends "ONE OZ. FINE SILVER," and the denomination of "ONE DOLLAR."

The reverse with the Heraldic eagle is called the Type 1 reverse as it was changed part way through 2021. Although the obverse and reverse had remained unchanged since 1986, the reverse was replaced in 2021 by one designed by nature artist, scientific illustrator, and coin and medal designer Emily Damstra. Her reverse depicts an American Bald Eagle, in flight and about to land. The eagle has an olive branch in both talons and on the upper periphery is "UNITED STATES OF AMERICA," with "ONE DOLLAR," and "1 Oz. FINE SILVER," around the periphery. Above these last two phrases is the legend "E PLURIBUS UNUM." Damstra’s design is referred to as Type-2. The American Silver Eagle coins are struck in both Brilliant Uncirculated (bullion) and Proof strikes. Some coins are made in a burnished finish and the Mint has struck some issues in Reverse Proof format, where the devices are mirrored and the fields are frosted. Typically, American Silver Eagle bullion coins have mintages from 4 to 40 million coins, while the Proof versions have much lower mintages, generally 200,000 to 1 million coins. There are exceptions to these typical mintages for special issues and those coins that were only available in certain or special sets.

The Brilliant Uncirculated, or bullion coins, are not sold by the United States Mint or on the Mint’s website. The bullion coins are sold through coin and bullion dealers who have been approved to be part of the Mint’s Authorized Purchasers (AP) Program, These dealers comprise many of the largest wholesale and retail dealers in the United States or around the world, There are only 11 dealers currently who have qualified for this program and each dealer receives an allocation of coins that they generally must buy. The incentive for these dealers is that they are buying direct from the United States Mint and they are buying them at a lower premium than a dealer would pay buying them in the secondary market. But Proof coins are sold directly to consumers through the Mint’s website as are many special issues.

Because these coins are the backed by the full faith and credit of the United States and the majority of them are available at low premiums, they are some of the most popular and most collected .999 fine one Troy ounce silver coins in the world. They are able to be included in Individual Retirement Accounts (IRAs) and receive preferential tax treatment when sold, which adds to their popularity.

These coins typically have mintages in the tens of millions, but not all of these coins are common or sell for modest premiums. There are American Silver Eagles that are scarce or key date coins, as well as condition rarities which are coins that are rare in very high grades. The following is a list of seven rare and important American Silver Eagles in Brilliant Uncirculated or Proof conditions that brought record prices.

1986 American Silver Eagle – Brilliant Uncirculated

The 1986 American Silver Eagle was the very first year of production so that makes this coin very desirable. It is a coin that all collectors want to own. The original mintage was 5,393,005 coins and at the time, no one knew just how popular America’s first bullion coin would become.

The Secretary of the Treasury in 1986, James Baker, was widely quoted as saying, "I don’t need a pick and shovel to start the San Francisco Silver Rush of 1986." With that declaration, Baker then pressed the button on Mint Press No. 105 on October 29, 1986 and history was made at the United States Assay Office in San Francisco, which is now called the San Francisco Mint. Although struck at the San Francisco Mint, these coins do not have an "S" mintmark struck on the coin.

While the Mint practiced its usual care and concern for the coins that were struck, the numbers of these bullion coins that have eventually been certified Mint State-70 are few indeed. In fact, years after the striking in 1986, the top-graded coins are still very scarce. In fact, an MS70-graded coin in a PCGS holder sold in a Heritage Auctions sale on February 8, 2013 for an amazing $21,150.

1988 American Silver Eagle – Brilliant Uncirculated

The 1988 American Silver Eagle coin is difficult to acquire in high grade. In fact, the top grade of MS70 is extremely elusive. The total mintage was 5,004,646 coins and when a high-graded specimen came to auction at GreatCollections in April of 2013, housed in a PCGS Old Green Holder, it was purchased for $27,500.

That Sunday, there was spirited bidding for this old holder coin as it was the ONLY MS70 that PCGS had ever graded at the time. There were 67 bids for this coin and 6,113 page views, making this one popular coin for people collecting Silver Eagles and hoping to improve their PCGS Registry Set.

1989 American Silver Eagle – Brilliant Uncirculated

The 1989 American Silver Eagle is yet another early issue where a high grade example brought a remarkable price for a Silver Eagle. The designer of the reverse, John M. Mercanti, had signed a special insert in this PCGS certified MS70 coin. The total mintage was 5,203,327 coins but when this Mercanti signed coin came up for auction in July of 2016 at Heritage Auctions it was one of only 3 coins graded as MS70 by PCGS. This gorgeous coin was hammered down for $14,100.

1992 American Silver Eagle – Brilliant Uncirculated

In the early 1990s, PCGS and NGC Registry sets were extremely popular with collectors and the fight to continually improve one’s set was ongoing. As top population (top pop) coins were being graded almost monthly, the struggle to gain higher rankings on the registry portion of the PCGS website was a real battle.

Unlike "show coins" that often brought six digit prices, American Silver Eagles were still affordable for many advanced collectors. In the PCGS Population Report of October 2016, there were only three examples of an MS70 graded 1992 American Silver Eagle.

In January of 2017, a 1992 American Silver Eagle, graded PCGS MS70 was offered in yet another Heritage sale, this time at the Florida United Numismatists coin convention sale where it brought an amazing $16,450. The total mintage was 5,540,068 coins, but only 3 coins graded MS70 at PCGS, while more than 100 were graded MS70 at NGC.

1994 American Silver Eagle, Brilliant Uncirculated

The 1994 American Silver Eagle has the second lowest mintage with only 4,227,319 coins struck. Beginning around 1991, many American Silver Eagle coins were plagued with white "milk spots" which prevented the coins from receiving the highest grades and were considered unattractive. On November 12, 2013, Heritage sold a 1994 American Silver Eagle, graded by NGC as MS70 for $11,162.50. The beautiful coin was remarkably spot-free.

1995-W American Silver Eagle, Proof

The 1995-W is a legendary American Silver Eagle coin. Numismatists know that this coin was only available as part of the 1995 10th Anniversary American Eagle Proof Set. The coins in that set were a one Troy ounce American Gold Eagle, a half ounce American Gold Eagle, a quarter ounce American Gold Eagle, a tenth ounce American Gold Eagle, and the 1995-W American Silver Eagle.

With the original price tag from the Mint of $999, many Silver Eagle collectors were unable to acquire the 1995-W Silver Eagle that they wanted. Of course, had they known that Gold’s price, which was around $385 per ounce at that time, would breach the $3,400 plateau, it would have been a very fortuitous purchase. But only 30,125 1995-W Proof sets were produced, due to the high price tag at that time.

It became a coin that was missing from most American Silver Eagle collections and prices reached the stratosphere during the run up in gold prices in 2011 to 2013. On March 31, 2013, one of only 8 PCGS graded examples in PR70 holders was sold by GreatCollections. This beautiful coin brought an ASTOUNDING $86,654.70. The coin was housed in a PCGS PR70 DCAM holder with a colorful West Point Mint insert.

That price would not be eclipsed at auction and as these 1995-W Silver Eagles were setting record prices, many of the coins in the Proof Sets were cracked out and certified. The coins that graded PR70 DCAM increased in numbers and, accordingly, the price dropped precipitously. In September of 2013, another similarly graded coin sold at GreatCollections but at $55,550, a strong price but more than $30,000 less than one that sold six months earlier. In June of 2014, another example brought $40,700—less than half of the price realized just 15 months earlier and by May of 2015, another coin brought only $25,300. The rising population drove the prices down considerably.

2020-W American Silver Eagle, V75 Privy Mark, Proof

More recently, in 2020, to honor the 75th anniversary of the end of World War II, the Mint struck some American Gold Eagles and American Silver Eagles with a "V75" privy mark in the obverse field. The American Gold Eagle with the privy mark had a mintage of 1,945 coins while the American Silver Eagle counterpart had a mintage of 74,709, which still is very low for an American Silver Eagle.

The U.S. Mint offered both of these coins on their website which was overwhelmed repeatedly due to the crush of dealers, collectors, and investors all trying to acquire these coins. On November 22, 2020, GreatCollections sold a 2020-W American Silver Eagle with the V75 Privy Mark, graded PCGS PR70 First Day of Issue for $2,418.75.

These coins are likely never to eclipse the amazing prices that they recorded at one time. As more coins are graded and population levels increase, the prices will generally always decrease, so be careful when buying coins that are in demand in strong coin markets. Caveat Emptor!

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