In 1986, the United States Mint started producing the American Eagle coins, minted in both gold and silver. These were to be the bullion coins of the United States Mint. The obverse of the silver coin, the subject here, is the same design that the mint once used on the Walking Liberty half dollar coins. The reverse is an open winged eagle with a shield.
From 1986 through 1992, the proof issues carried the S mint mark of the San Francisco Mint, while the business strike coins carried no mint mark, indicating the Philadelphia Mint.
From 1993 through 2000, the P mint mark was used on proof coins produced at the Philadelphia Mint.
In 2001, the proof coins began to carry the W mint mark for the West Point Mint. The special "burnished" finish coins also carry the W mint mark.
In 2008, the proof coins stopped carrying a mint mark.
The silver American Eagle is a true coin, since it has a denomination of $1. However, it was issued as bullion, with a purity of 0.9993 fine silver. Each coin contains 0.9993 Troy ounce of silver, although most people simply say one Troy ounce.
American Eagles in the original mint box are generally more valuable than those not in the box. The boxed coins were placed in the boxes in acrylic capsules at the mint, affording them protection from both physical and environmental damage. Those not boxed are shipped in large boxes, taken out and sold. There is exposure to the environment, and a possibility of being improperly handled.
Many eBayers, and some dealers, sell the empty boxes. Obtaining a capsule is easy, and a less desirable coin can be inserted. Buying a boxed coin requires a trust level. Why would the original coin be removed in the first place? Grading serviced place graded coins in slabs, and this leaves the boxes empty. It then becomes a matter of squeezing every penny out of the coin. Unfortunately, a box sold is a box bought, and you can be certain this is for use.
As with every coin issue, the year with the low mintage becomes the year to get. In the case of the silver American Eagle coins that year is 1996. The years 1995 and 2006 also are harder to find than most coins, but cannot compare with the 1996 coins, except for the 1995 special 20th anniversary coins.
1995 coins had a special issue that celebrated the tenth anniversary of the silver American Eagle. These were only issued as proof coins, and command a price in the stratosphere. My reference book showed a price in excess of $3,000!
American Silver Eagles: A Guide to the U.S. Bullion Coin Program, 2nd Edition
Responsibility for the image and coin are with the seller.
