The American Eagle Program from the United States Mint is one of the most popular bullion programs in not just the United States, but throughout the world. More specifically, the American Silver Eagle. While we have talked about several Silver Eagles throughout our blog series covering Whitman Publishing’s 100 Greatest United States Modern Coins, this time we are zeroing in on the one that started it all. This fourth edition, authored by Scott Schechter and Jeff Garrett, takes a closer look at the beginning of the program and how it became more popular over the years.
#83 – 1986 $1 American Silver Eagle
First released on November 24, 1986, the American Silver Eagle was allocated to 28 authorized distributors as they all bought their full allotment of 50,000 coins. This would add up to 1.4 million coins initially and by the end of 1986, the Mint would produce five million as they were striking coins at West Point, Denver, and San Francisco to meet demand. The total mintage of 1986 ended up being 5.39 million.
Initially introduced as a silver investment piece, the design reused the Walkling Liberty half dollar obverse created by A.A. Weinman. The reverse reimagined the heraldic eagle historically used on several U.S. coins from the past. Its $1 value was also considered symbolic regardless of its silver content being used as the basis for trade.
Since its first year, the Silver Eagle bullion coin has surpassed all odds and continued in its record-breaking mintages. Other than investor interest, the program has since expanded into collector edition versions such as Proof, Burnished, Reverse Proof, Enhanced, and more. It has become one of the most collected modern coins ever.