The American Silver Eagle coin is one of the most popular coins in the world. The U.S. Mint produces these coins annually, and they are available to buy from many stores, dealers, and online sources with a low price point. This makes them perfect for collectors who want to invest in silver bullion at a low cost or those who want to give as gifts at any time of year.
Table of Contents
- What is a Silver Eagle Coin?
- Development, Introduction, and History
- American Silver Eagle Physical Characteristics
- American Silver Eagle Pricing
- Investing in American Silver Eagle Coins Through an IRA
- Where to Buy Silver Eagles Locally
- Are Silver Eagles a Good Investment?
What is a Silver Eagle Coin?
The American Silver Eagle is a silver coin that weighs one ounce, and it has a face value of one dollar. It can be traded for the amount of silver in it, or other factors like how many exist and what condition they are in the United States Mint guarantees the weight and purity of its bullion American Silver Eagles. They are the only silver coins that are guaranteed by the government.
Silver Eagles are made at three mints: West Point, San Francisco, and Philadelphia Mints. In addition to the bullion version, the US Mint also produces burnished uncirculated and proof versions especially struck for collectors. Learn more about Silver Eagles from the US Mint.
Development, Introduction, and History
The earliest coins were created in the Kingdom of Lydia in Asia Minor around 600 BC. These coins were made of electrum, a naturally occurring alloy of gold and silver available within the territory of Lydia’s idea of coins, or stamped metal pieces with a specific weight, which became popular and spread to other regions.
For example, on the island of Aegina, where many people are Greek, most coins were made out of silver. As Greek people traded with other Greek people, the concept of coins spread throughout the Mediterranean region. They used coins that were made out of silver. The coins had different amounts from one another, and they were called drachmas or obols.
More or less, at the coupled time as Lydian and Greek coinages were invented, China also developed coins. They were made of bronze, and they were different from the other coins.
In the Mediterranean region, people used silver and other metals as money. But then they started using bronze coins that were made there. Those coins are for when you have small amounts of money, which is often the case.
Greeks made money from many different cities. They had coins that showed where they were from. The coins were not always the same in every place. But there are different standards for how much each coin weighs. There was the Attic standard, Corinthian standard, and Alginitic standard. All of these were used in different places all over the Mediterranean region.
In the 4th century BC, the Kingdom of Macedonia became the most powerful in Greece. They were led by a strong king called Alexander. He then took over Persia and made it his kingdom too. Behind the death of Alexander in 323 BC, his empire fell apart. The eastern Mediterranean and western Asia (previously Persian territories) were divided into small kingdoms instead of city-states.
While people elsewhere were becoming kings and queens, the Romans were expanding their control over Italy. The people of Italy had coins made for them by the Romans. This was during the early third century BC. Some early Roman coins were silver with bronze.
They used silver and bronze coins for a while. But then they stopped using the silver ones and only used the bronze ones. The bronze coins were important until the Roman economy began to crumble. During the 3rd century, there were a lot of coins called “antoninianus.” This coin is made out of silver and has low silver in it. Over time, this coin has developed into bronze coins that are not made out of silver anymore.
Although people in regions ruled by Hellenistic monarchs were brought under Roman control, this didn’t mean there was a unitary monetary system throughout the Mediterranean region. In the Eastern regions, there were different coins that were popular. In the Western regions, there was a coin called a denarius. In Greece, they had their kind of coins. And these are called Greek Imperial coins.
Different people in the Mediterranean region used to make money. These included the Greeks and Romans and other peoples such as the Phoenicians, Carthaginians, Jews, and Celts. These different groups of people are located in places like Iberia and Arabia.
In areas that used to be controlled by the Hellenistic Seleucids, the Parthians created a kingdom in Persia. They issued a stable series of coins with an image on one side and writing on the other side. After the Sassanians overthrew the Parthians, they started to make their own silver drachms. These drachms were very thin and spread out. They used them in Persia right up until the 7th century AD, when Arabs conquered them.
American Silver Eagle Physical Characteristics
The front side of American Silver Eagles has an image called the “Walking Liberty” design by Adolph A. Weinman. This is the same image that appeared on coins called Walking Liberty Half Dollars which were made in the United States from 1916-1947. The word “LIBERTY” stretches across the top of this side, and the year minted is printed at the bottom. The words “IN GOD WE TRUST” are in the lower right corner.
The backside of a coin is called the reverse side. It has an American Eagle, which is very similar to the Great Seal of the United States. The eagle holds an olive branch in its right talon and arrows in its left talon. In its beak, the eagle holds a banner with the words “E Pluribus Unum.” 13 stars (representing the 13 original colonies) appear in an inverse pyramid above the eagle’s head, and the words “United States of America” stretch above them. The bottom edge of this side includes weight (1 oz.), content (silver), and purity (0.999).
Each silver bullion coin has its weight stamped on its face. The coins are available in different weights, but most people buy the 1 oz size. The coins have a “Walking Liberty” design on one side and the US Capitol Building on the other side. This is a coin. Alongside, it has a picture of Weinman. The flip side has an eagle with some words on it. The coins are made in Philadelphia and San Francisco.
The Silver Eagle is a bullion coin that is made of silver. It has one ounce, and it is very shiny. Copper makes the coin more durable because it contains 99.93% silver and 0.07% copper. The Silver Eagle is guaranteed to be pure, have a certain weight, and contain a certain amount of gold. The United States Government certifies this.
Each Silver Eagle bullion coin is 40.6 mm wide and 2.98mm thick.
Bullion and Proof Dollar Coins
Proof coins have more detail and are very rare. Bullions are less expensive but less collectible. Proof silver coins are more expensive. Silver bullion coins are also called “Brilliant Uncirculated.” They were first created to create a market with a higher amount of silver, which would drive the price down. In 2000, the production of American Eagle silver dollar coins was at a low. But by 2010, there were more than 34 million American Eagle silver dollar coins on the market.
American Silver Eagle Pricing
Silver is a precious metal. It has a spot price and weight, but the premium that you pay for it will determine how much it costs. The United States Mint decides the price of silver eagles. The prices of coins that are not being made, like back-dated American Silver Eagle Coins, depending on the supply and demand. Also, it depends on how many coins were made in that year. These factors determine the value or worth of an American Silver Eagle Coin.
Investing in American Silver Eagle Coins Through an IRA
Another type of IRA is an SDIRA or Self-Directed IRA. If you want to invest in precious metal, it will be an SDIRA (Self-Directed IRA). It can hold investments that are not normally allowed in IRAs, such as certain kinds of precious metals. IRA is a way to save money. It is not like a savings account that you can spend. The person who has the account can manage it, but there are two types: traditional and Roth IRA. You can only get SDIRA through companies that do it.
Some people open SDIRAs and invest in precious metals. The main reason is that they offer tax advantages and diversification. People can invest in traditional assets like stocks and bonds, but the prices are not always good. You need to spend at least $5,000 when you start your Precious Metal IRA. Each time after that, you need to spend at least $1,000.
What kinds of precious metals can be included?
Certain kinds of bullion coins and bars can be put in these accounts. These are called approved depository accounts. They must be stored at a place that is approved and has the right purity standards for gold (.995) or silver (.999). When you want to buy bullion, it is best to buy American Silver Eagles. They are the most popular type of bullion for this type of account. You can also buy Canadian Silver Maple Leaf coins and Austrian Silver Philharmonics, among other types of coins or bars.
Gold is allowed in a Precious Metal IRA. American Gold Eagles are also allowed. Platinum is also allowed in a Precious Metal IRA, as well as some bars and coins. The same goes for American Palladium Eagles.
Gold Eagles are allowed even though their purity is .9167 because an exception was made for these coins. Gold bars must be of .995 or higher purity and have a stamp from the COMEX or NYMEX exchanges. In America, you can buy gold coins. They are called the American Buffalo Gold Coins. You can also buy the Gold Maple Leaf coins and the Philharmonic coins.
Where to Buy Silver Eagles Locally
Silver Eagles are one of the most popular coins for investors. They also have other coins that may be more valuable.
Buying a Silver Eagle coin from a local precious metals dealer can be good. These dealers have people who know about the coins and can help you out with any questions that you might have. So you can enter the market and also become a savvy precious metals investor.
When you buy silver from a local precious metals dealer, and it is in stock, you can immediately take possession of the silver after purchase. You know exactly where to find the dealer if something goes wrong with your purchase.
Look for someone who sells gold and silver. Ask if they are reputable. Consider these points:
Check the U.S. Mint Directory
The U.S. Mint has a list of people who sell gold and silver on its website. This is a great place to set about when looking for someone you think will be trustworthy and near your home, so they can show you the gold and silver in person.
Look for Established Precious Metals Dealers
People who are older are often trusted more than people who are younger. Buying a coin from a gold and silver dealer who has been in the business for many years can help you find ones with a good reputation. This is when they show that they are trustworthy.
Are Silver Eagles a Good Investment?
Yes. As a way to preserve ourselves against inflation and market crashes. For US investors, US Silver Eagles can be an excellent investment. They are simple to buy and sell, and they have a low cost. The main principle behind this is that you can sell US Silver Eagles for almost as much as they are worth.
This is because the US Mint has a reputation, and people know that it is safe to buy from them. In Canada, you could do the same or better with Silver Maples.
Most silver is sold in bars, coins, or rounds. The truth of the matter is that most committed silver investors prefer to buy Good Delivery silver bullion at the lowest possible price over the spot. Silver bars are usually the best things to buy in this situation. This is true if you are trying to make a short-term profit by buying low and then selling high.
A lot of little costs add up, and they eat at the money you have. They make a difference over time because they are multiplied many times by the power of compounding.
The US Mint is a place that makes coins. They make silver coins. You can buy the coins from them, or you can buy them from other places. The US Mint’s coins are made of silver, and they have a weight of 1 ounce, which is equal to 31.1 grams. The coin has only been made at the Philadelphia Mint, San Francisco Mint, and West Point Mint (New York) so far. This is probably going to be true for a long time.
American Silver Eagles are a great place to start investing in silver bullion for beginners. They’re the most accessible of all coins, and their popularity makes them attractive to newbies. It’s very simple to buy or sell American Silver Eagle coinage because they can be traded easily around the world due to their availability on many foreign exchanges.