American Eagle Silver Bullion Coin
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The American Eagle Silver Bullion Coin was first minted in 1986 and every year thereafter. This U.S. minted silver coin is classified by the government and the industry as Bullion since the law that was passed in 1985 is titled “The Bullion Coin Act.”
The American Eagle Silver Bullion coins are minted in one size, a 1 oz coin with a face value of $1. Yet the American Eagle Silver Bullion Coins were not minted to be money therefore they were not monetized. They only contain a fraction of its actual silver content compared to the $1 denomination. They are titled as a business strike coin that are mass produced every year.
Officials did not want these American Eagle coins to be used as money to compete with fiat (paper) money. Rather these coins were sold by dealers when silver was allowed to be owned in America for the first time since the silver Bullion Confiscation in 1934 until silver bullion was made legal to own again in 1975.
The Silver Eagle bullion coin is currently the most popular bullion coin in the world. Coins were produced in San Francisco. Philadelphia, Denver, and West Point Mints. Millions of coins are minted every year. These coins are sold in Brilliant Uncirculated (BU) condition.
Some dealers say because this is a special type of minted American Eagle Silver coin and is exempt from confiscation. While just as many dealers say they are still classified as Bullion because it was allowed to be minted due to “The Bullion Coin Act” passed in 1985. In addition, the U.S. Mint has, previously at times, mass produced this coin for revenue to the government, therefore causing the price of Proof Silver to go down when silver spot prices moved up.
