Latest and Greatest
46 - 1986 $1 AMERICAN SILVER EAGLE


Obverse
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Reverse
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Coin Details

  

Set Details
Origin/Country: United States
Design Description: BULLION - SILVER AMERICAN EAGLES
Item Description: S$1 1986 EAGLE
Grade: NGC MS 70
Owner: Cellgazer
 
Winning Set: Latest and Greatest
Date Added: 4/27/2012
Research: See NGC's Census Report for this Coin

Owner's Description

The American silver eagle was an instant success and has become the most popular silver bullion coin in history. The first release of this coin came on November 24, 1986, when each of the 28 authorized distributors bought their full allocation of 50,000 examples, adding up to a maximum sellout of 1.4 million coins. To meet demand, the Mint announced it would produce five million coins by the end of 1986. In addition to striking coins at West Point, new production lines were added at the Denver and San Francisco mints. The total mintage of the 1986 silver eagle exceeded 5.39 million coins. Since the coin is struck without mintmark, it is not possible to distinguish coins from different mints. The coin was introduced as a silver investment vehicle and sold at a small premium to its precious-metal content, one ounce of pure silver. It reuses the obverse design crafted by A.A. Weinman for the Liberty Walking half dollar (in use from 1916 to 1947), often called the most beautiful U.S. silver coin. The reverse shows a modern re-imagination of the heraldic eagle, designed by U.S. Mint engraver John Mercanti. It also has a symbolic one-dollar face value, even though it trades based on the value of its silver metal content. Sales of the coin continued unabated into 1987, reaching more than 11 million coins—a record that would not be surpassed until 2008. In 1988, however, when sales declined by more than half of the previous year’s totals, blame was placed on the small distribution network, and legislators advocated an open-sales system. Distributors countered that the novelty of the coin had worn off, and that current levels reflected investor interest—a claim that seems justified because sales of the coin had been steady since the first 1986 issue. More than 200 million silver eagles have been sold to date, including a record 30 million in 2009 prompted by silver’s surge in value. The price of silver more than doubled from 2007 to 2009, and increased in value five-fold from decade lows. While this reflects investor interest, the silver eagle is also among the most widely collected modern coins, and Proof coins and other special issues are avidly collected alongside the bullion issue. The silver used to make the original silver eagles was taken from the national-defense silver stockpile managed by the Defense Logistics Agency, and sales of the coin have generated hundreds of millions of dollars for the agency. Because of the enduring popularity of the eagle, the silver stockpile was depleted in 2002. This prompted legislation that allows the Mint to purchase silver from domestic sources so as to continue production without interruption, ensuring that eagles will be produced well into the future. This 1986 bullion issue that makes the list of the 100 Greatest U.S. Modern Coins is the coin that started it all. Garrett, Jeff; Schechter, Scott; Bressett, Kenneth; Bowers, Q. David (2011-03-04). 100 Greatest US Modern Coins (Kindle Locations 2293-2315). Whitman Publishing. Kindle Edition.

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