American Silver Eagle Coin Guide
The American Silver Eagle is the official silver bullion coin of the United States. Struck by the U.S. Mint since 1986, it contains one troy ounce of .999 fine silver, carries a one-dollar face value, and is eligible for precious metals IRAs. It is among the most widely traded silver coins in the world.
How the Silver Eagle Began
Congress authorized the Silver Eagle through the Liberty Coin Act, part of legislation passed in 1985, and the U.S. Mint issued the first coins in late 1986. The program gave the Mint a way to market silver to the public in a standardized, government-backed form. Like its gold counterpart, the bullion Silver Eagle is sold by the Mint to a network of authorized purchasers, which then supply dealers. Proof and burnished versions are sold directly by the Mint to the public.
Design
The obverse uses Adolph A. Weinman's Walking Liberty design, first seen on the half dollar from 1916 to 1947. Liberty strides toward the rising sun, draped in the American flag, carrying branches of laurel and oak.
From 1986 until mid-2021 the reverse showed a heraldic eagle with a shield, designed by John Mercanti. In 2021 the Mint introduced a new reverse showing an eagle descending to land, carrying an oak branch, along with new security features. Collectors call the two versions Type 1 and Type 2. For bullion purposes both contain the same silver.
Specifications
- Silver content: one troy ounce (31.1035 grams)
- Purity: .999 fine
- Face value: one U.S. dollar
- Size: made in a single one-ounce size
- Edge: reeded
Unlike the Gold Eagle, which comes in four sizes, the Silver Eagle is issued only as a one-ounce coin. Its face value is symbolic: the silver inside is worth far more. Our guide to legal tender bullion coins explains why the face value matters little in practice.
Bullion, Proof and Burnished Versions
The U.S. Mint produces several versions of the Silver Eagle:
- Bullion: standard strike, sold in bulk through authorized purchasers, priced closest to the silver value.
- Proof: struck multiple times with polished dies for mirror backgrounds and frosted designs, sold individually with packaging and a certificate.
- Burnished (uncirculated): struck on specially treated blanks with a soft matte finish, carrying a mint mark.
Proof and burnished coins cost substantially more than bullion because of collector demand, and that extra cost may not be recovered on resale. Our comparison of proof vs bullion coins goes into detail.
Silver Eagles and Retirement Accounts
Section 408(m) of the Internal Revenue Code makes an exception to the IRA collectibles ban for certain U.S. coins, and the silver coins minted under 31 U.S.C. 5112(e), the Silver Eagle, are named specifically. The coin also meets the .999 fineness standard that applies to silver bullion. As a result, IRA custodians routinely accept Silver Eagles. The coins must be held by the IRA's trustee or custodian, typically in an independent depository.
Goldco, a precious metals company, lists the American Silver Eagle among the silver coins it offers. You can see the others on our page about silver coins available through Goldco, and our overview of holding silver with Goldco explains its silver IRA option. Goldco's catalog marks at least one silver coin it lists as not IRA eligible, so confirm eligibility for each product before buying. For a wider list, see which silver coins are IRA eligible.
Premiums and Practical Considerations
Silver coins usually carry higher premiums relative to their metal value than gold coins do, because minting and distribution costs are similar per coin while the silver in each coin is worth much less. Silver Eagles have tended to carry higher premiums than some other one-ounce silver coins, reflecting strong demand and the U.S. Mint's production costs. Premiums move with supply and demand, so compare per-coin prices against spot from more than one seller; our explainer on premiums and spreads shows how.
Silver is also bulky. A modest dollar amount of silver takes up much more space than the same value of gold, which affects storage choices. Our comparison of silver coins vs silver bars can help you decide between formats.
Silver's Two Sources of Demand
Silver is both a monetary metal and an industrial one, used in electronics, solar panels and other products. The U.S. Geological Survey and the Silver Institute track that industrial use. Because of this mix, silver prices can be more volatile than gold, which some buyers see as a reason to hold it and others as a reason for caution. Our page on silver's industrial demand explains more.
Frequently Asked Questions
Is the Silver Eagle pure silver?
It is .999 fine and contains one troy ounce of silver.
Can I buy a half-ounce Silver Eagle?
No. The Silver Eagle is made only in a one-ounce size.
Are proof Silver Eagles IRA eligible?
The statute refers to coins minted under the Silver Eagle authority, which includes proofs, and many custodians accept them. Confirm with your custodian, and keep in mind proofs cost more than bullion.
Why do Silver Eagles cost more over spot than silver bars?
Minting a government coin costs more per ounce than casting a large bar, and Silver Eagles have strong demand. Larger bars spread production costs over more silver.