A first glance may suggest that American Eagle 1 oz silver coins are an easy investment. In fact, these coins might appear boring. They haven’t the same enchantment and mystery as a silver dollar from the early 19th century. However, when you closely examine the coin’s history, you’ll discover it to be quite unique. And it has developed an impressive history in a relatively short time. The American silver eagle has a few fascinating facts, some of which may amaze you. If you want to buy the silver online, you can buy it from Ploutos, a trusted online bullion dealer in the USA.
Let’s have a look at interesting facts about American Eagle 1 oz silver coins.
Stockpiles Were the Starting Point
A truly beautiful coin ― “In God, We Trust,” adorns the obverse along with Lady Liberty’s side profile image, and a glorious heraldic eagle depiction by John Mercanti appears on the reverse. However, it may surprise you that these coins started out as a way of disposing of excessive silver.
Over 100 million ounces of silver were in the U.S. government’s stockpile. In many lawmakers’ minds, too much silver was causing silver’s price to drop. So in 1985, congress passed a coin disposal program to dispose of excess coins. In 1986, the silver stockpile began to decrease, and the process went on until 2002 for it to be depleted.
Made From Silver Mined in the U.S.
Under the 1985 Coin Act, only U.S. mined silver can be used to produce American silver eagles. Alaska, Nevada, and Idaho mine the majority of U.S. silver. Private companies process the silver into planchets or blanks and deliver them to the U.S. Mint.
One of the Most Collectible Silver Dollars
You may not first think of American Eagle 1 oz silver coins when thinking silver coins. You may instead prefer Peace and Morgan dollars, produced before 1935 if you’re a collector. However, American Eagle silver coins are the most collected U.S. silver dollars, according to numismatics expert Michael “Miles” Standish.
A Redesign of the Coin Took Place in 2021
The design of the American eagle 1 oz silver coin remained unchanged between 1986 and 2021. However, another design was produced by the U.S. Mint in 2021 aside from the original design.
In the first design of the 2021 silver eagles, referred to as “Type 1 silver eagles,” Adolph A. Weinman appears in a new light. Newly designed coins also feature this obverse design.
What makes the difference is the reverse design. Silver Eagle coins were all designed by John Mercanti to depict an olive branch and arrows grasping a heraldic eagle. The reverse sides of the coins were, however, redesigned.
The coin’s reverse now features an eagle hovering just before landing and carrying a branch as if adding to its nest. Emily Damstra created it.
Over $10,000 Was Bid at an Auction for an American Eagle 1 Oz Silver Coin
United States government guarantees that the American eagle 1 oz silver coin contains a troy ounce of 99.99% pure silver and is legal tender. Therefore, it has the same value as the spot price per troy ounce of silver complemented with the dealer’s markup or premium.
The value of certain silver eagles, however, is much higher. Over $13,000 was paid at auction for a 1999 silver Eagle in 2019. And just recently, it reached $14,400, a new all-time high.
Buy American Eagle 1 oz. Silver Coins Online
If you want to buy American silver coins at best spot price in USA or buy silver online, Ploutos Gold and Silver has what you need. Get in touch with our experts today to buy these fascinating coins.