American Silver Eagle (1986–present)
The American Silver Eagle is the official silver bullion coin of the United States and one of the most widely held silver coins in the world. Each contains one troy ounce of .999 fine silver, and the design pairs Adolph Weinman's Walking Liberty with a heraldic eagle, replaced in 2021 by a new landing-eagle reverse.
Most Silver Eagles trade close to their metal value. Certified coins in top grades, certain dates and the 2021 transitional types trade as collectibles. This page explains both sides and how certified Silver Eagles trade on Changes Hands.
Quick facts
| Years | 1986–present |
|---|---|
| Designers | Adolph A. Weinman (obverse); John Mercanti (Type 1 reverse, 1986–2021); Emily Damstra (Type 2 reverse, 2021 onward) |
| Denomination | One dollar (legal tender face value) |
| Composition | 99.9% silver (.999 fine), one troy ounce of silver |
| Weight | 31.103 g |
| Diameter | 40.60 mm |
| Mints | Bullion coins carry no mint mark; collector proof and burnished versions carry a mint mark such as W, S or P |
| Edge | Reeded |
History: a bullion coin for American silver
The Liberty Coin Act of 1985 authorized a one-ounce silver bullion coin, and the first Silver Eagles were released in 1986. The Mint sells the bullion version through a network of authorized purchasers rather than directly to the public, and the price the public pays tracks the silver market plus a premium. Separate proof and, in some years, burnished versions are sold to collectors directly. Many of those carry a W mint mark from West Point, and collectors treat them as a series of their own.
The coin carries a face value of one dollar and is legal tender, but its value has always been set by its silver content and collector demand, never by its face value.
The design: Type 1 and Type 2
The obverse reuses Weinman's Walking Liberty from the 1916 to 1947 half dollar, scaled up to the larger coin. From 1986 until mid-2021 the reverse carried John Mercanti's heraldic eagle, with a shield on its breast, an olive branch and arrows in its talons and thirteen stars above. Collectors call this Type 1.
In 2021 the Mint introduced Emily Damstra's reverse showing an eagle coming in to land while carrying an oak branch. This Type 2 design also brought new security features. Because both reverses were struck in 2021, the year has two distinct coins, and they trade as separate classes.
How Silver Eagles are graded
Silver Eagles never circulate, so grading is not about wear but about marks, spots and strike on a brand-new coin. Almost all certified bullion Eagles grade MS69 or MS70. An MS70 shows no post-production imperfections under 5x magnification; an MS69 has one or two tiny ones. The difference can be invisible to the naked eye, yet the two grades trade at different levels.
Surface spots matter too. Some Eagles develop white haze or spots, often called milk spots, after leaving the Mint. The Changes Hands Grading Standard does not house-grade Silver Eagles; raw coins are referred to PCGS or NGC, with any spotting disclosed.
First Strike and Early Releases
PCGS uses a First Strike label and NGC an Early Releases label for coins received within a set window after release, generally the first thirty days. The labels describe when a coin was submitted, not how it was made: a First Strike coin was not necessarily struck earlier or better than any other. Changes Hands tracks these labels as designations so that coins with and without them trade separately.
Counterfeits
Fake Silver Eagles are made with copper or other base-metal cores and a silver plating, and some use dense metals to reach the correct weight. Checking weight and diameter together catches many of them, because a fake at the right weight is often too thick. A bulk-resistivity metal test confirms the rest, and every Eagle Changes Hands accepts is tested that way. A coin offered for less than its silver content is a warning sign in itself.
Buying and selling Silver Eagles on Changes Hands
Certified Silver Eagles trade by year, reverse type, grader and grade. Current books include the 2021 Type 1 in PCGS MS70 First Strike, the 2021 Type 2 in PCGS MS70 First Strike, the 2024 in NGC MS69 and the 2025 in PCGS MS69. Raw bullion Eagles are not listed at launch.
Buyers pay no fees, and sellers pay 3% plus a one-time certified cross-in fee of $5 when the coin sells. Slabs stay in insured custody, so ownership changes without the coin moving. See the fee schedule.
Key dates
| Date | Why it matters |
|---|---|
| 1986 | The first year of issue, popular as a type coin in high certified grades. |
| 1996 | The lowest-mintage bullion year of the early series and the best-known bullion key. |
| 1995-W proof | Issued only in a tenth-anniversary set, the key of the proof series. |
| 2008-W burnished, reverse of 2007 | A burnished coin struck with the previous year's reverse die, a popular variety. |
| 2021 Type 1 and Type 2 | The transition year, with both reverses struck; the two types trade separately. |
American Silver Eagle markets
- American Silver Eagle 2021 Type 1, PCGS MS70
- American Silver Eagle 2021 Type 2, PCGS MS70
- American Silver Eagle 2023, NGC MS69
- American Silver Eagle 2024, NGC MS69
- American Silver Eagle 2025, PCGS MS69
Frequently asked questions
How much silver is in an American Silver Eagle?
One troy ounce of .999 fine silver. The coin weighs 31.103 grams and measures 40.6 millimeters across.
What is the difference between Type 1 and Type 2 Silver Eagles?
Type 1 coins, from 1986 to mid-2021, have John Mercanti's heraldic eagle reverse. Type 2 coins, from mid-2021 onward, have Emily Damstra's landing eagle carrying an oak branch. Both types were struck in 2021.
What does MS70 mean on a Silver Eagle?
MS70 is the top of the Sheldon scale: a coin with no post-production imperfections visible under 5x magnification. MS69 allows one or two minute flaws. Both are excellent coins, but the market treats them as distinct grades.
What does First Strike mean on a Silver Eagle?
First Strike is a PCGS label for coins received within a set window after release, generally the first thirty days. NGC's equivalent is Early Releases. The label describes submission timing, not a difference in how the coin was struck.
Are Silver Eagles worth more than their silver?
Bullion Eagles usually trade at a premium over their silver content, reflecting minting and distribution costs. Certified MS70 coins, low-mintage dates and special issues can carry larger collector premiums, but these can rise and fall independently of silver. This is general information, not investment advice.