The approval legislation for the American Silver Eagle precious metals program provided that the silver used to mint the coins was to be acquired from the National Defense Reserve in order to slowly deplete the reserve`s silver holdings over several years. In 2002, it became clear that the stock would be depleted and that further legislation would be needed for the programme to continue. On June 6, 2002, Senator Harry Reid (D-Nevada) introduced Bill S. 2594, “Support of American Eagle Silver Bullion Program Act,” “to authorize the Secretary of the Treasury to purchase money on the open market when the supply of money is exhausted.” The bill was passed by the Senate on June 21 and the House of Representatives on June 27, and signed into law by President Bush on July 23, 2002 (Pub.L. 107–201 (Text), 116 Stat. 736). [19] On May 27, 1982, Senator McClure introduced Bill S. 2598, “A Bill to Eliminate Money from the National Defence Reserve through the Issuance of Silver Coins” to “Redirect the Sale of Money from Our National Defence Inventory to Minimize its Impact on the Already Depressed Price of Silver.” [14] An identical companion bill, H.R. 6649, was introduced on June 22 by Rep. Larry E. Craig (R-Idaho), but both bills were referred to committees and never passed. The Wall Street Journal reported on June 30 that the price of silver “skyrocketed after Interior Secretary James Watt announced that the sale of the government`s silver reserves would be postponed indefinitely” because the study legally mandated by the government on possible methods of selling the money had been delayed.
[15] One problem is that these coins have a face value well below the value of the metal content. The one-ounce silver eagle has a legal value of $1 (silver is currently over $23 per ounce) and the golden eagle is a $50 coin (the price of gold is nearly $1,400). Obviously, no one would use $23 of money to buy a can of diet Coca-Cola from an ATM. Numismatics means that they are bought and sold not only because of their silver content, but also because of the collectible value of the coins. These coins are especially popular with coin collectors. The silver eagle of the lowest edition was minted in 1996, while the least minted silver eagle was struck by the West Point Mint in 1995. American Silver Eagle gold coins have a face value of 1 US dollar. This is their legal value, reflecting their issuance and monetization as coins.
Pursuant to 31 U.S.C. § 5112 (h), the coins are legal tender for all public and private debts at their nominal value. This value does not reflect their intrinsic value, which is much higher than their face value of $1. The prices and premiums of the American Silver Eagle coin are mainly determined by the fluctuation of the spot price of silver and the continuous demand for supply. To compensate for the reduced and later suspended production of silver gold coins, the Philadelphia Mint minted 240,000 American Silver Eagles from April 8 to 20,[69] making it one of the rarest editions to date. [70] Although these coins are physically identical to West Point coins, coin classification companies have begun certifying Philadelphia Mint Silver Eagles as “emergency issues.” [71] Production at West Point continued on April 21. [69] In 2017, on the occasion of the 20th anniversary of the Platinum Proof program, the piece bore its original 1997 design. From 2018 to 2020, the Mint published the preamble to the Declaration of Independence series. The front panel designs featured a different scene with Liberty each year. The common back showed an eagle in flight carrying an olive branch. The U.S.
Mint has been stamping Eagle gold and silver coins since 1986. The currency is required by law to produce eagles in sufficient quantity to meet demand. In addition, there are many other gold and silver coins that are readily available, including the Canadian Maple Leafs and the South African Krugerrands. There is no shortage of parts today. Silver Eagle coins were sold in the first week of July 2015. The Mint said its West Point, New York, facility continued to produce coins and resumed sales at the end of July 2015. It was the second time the Mint`s silver coins had been sold in the past nine months. The Mint ran out of American Eagles in November 2014. In 2013, the historic decline of silver increased the demand for silver coins and forced the Mint to ration the sale of silver coins for 18 months.
[65] In the first year of issuance, the U.S. Mint also released a proof version of the American Silver Eagle. While non-circulating standard versions of the coin are considered gold coins, meaning that the value of the coins is based on their precious metal content, the evidence is that American silver eagles are exchanged for more than their underlying silver content. They are considered numismatic or collector`s items. On October 4, 2010, the Mint announced that American Silver Eagle coins dated 2010 would be available for purchase as of November 19, 2010 at a price of $45.95 per coin[61] and that Silver Eagle coins dated 2010 would not be produced. [62] Whether you`re in the market to buy or sell American silver eagles, Atlanta Gold & Coin should be your unique destination. We regularly trade the three types of American Eagle Silver coins that we have highlighted above and have the expertise to help you with your purchases and help you get the greatest value when selling silver eagles. Call us at 404-236-9744, envoyez-sales@atlantagoldandcoin.com an email or contact us via our contact form. American silver eagles are among the best-known and most sought-after pure silver coins available on the market today. That said, before you sell silver eagles, there are a few things you need to know because not all silver eagles are created equal.
You will notice that each of the above pieces is followed by a letter. The letter indicates where the coin was minted. Silver eagles were issued in three currencies, including: Gold coins are sent in “monster boxes”. Each green plastic box contains 500 pieces packed in 20-piece plastic tubes. On the lid of each box are two raised Treasury Department seals and the phrase “United States Mint” in raised characters. Before shipment, the boxes are sealed by the Mint with straps and labeled with the year of issue and a serial number. [80] Most economists therefore look back. It is the fiat dollar that does not fit into a modern market economy. People will migrate to gold and silver if we remove artificial barriers. This experience will solve the mystery and free people to hold their money and spend it as they please.
First of all, your friend is wrong when he says that American Eagles cannot be used as legal tender (a form of payment). You can, but only for the face value of this coin. For the silver American eagle, it has a value of 1 US dollar. It could therefore technically be used to pay off a debt, but only for the value of $1. Obviously, you don`t want to do that, as the silver content alone is $16.83 (at the time of writing) per ounce.