American Silver Eagle coins:
Silver American Eagle Coins
One-ounce American Silver Eagle coins are $1 silver coins produced by the US Mint and sold under its American Eagle silver bullion coin program. Since 1986, when they were first minted, more than 192 million have been turned out. The US American Eagle silver bullion program has been a resounding success.
Each Silver Eagle coin contains one ounce .999 fine silver bullion and carries a symbolic $1 face value. The $1 face value makes Silver American Eagle coins "silver dollars." However, the term "silver dollars" in the coin industry is almost exclusively reserved for the old silver dollars minted 1878-1904 and 1921-1935.
Further, the Silver American Eagles' $1 face value officially makes American Silver Eagles legal tender. Because the law that permits the US Mint to turn out Silver Eagles defines them as "numismatic," the Mint is allowed to sell Silver American Eagles at prices above the $1 face value. Call us for our Silver Eagle prices.
American Silver Eagles packaging
Silver American Eagles are packaged at the Mint in boxes of 500. Each box contains 25 tubes of twenty Silver Eagles to a tube. A sealed box weighs 42 pounds and measures 15"X9"X5".
Backdated Silver Eagle Prices
Backdated American Silver Eagles sometimes can be purchased at lower markups than current year coins. Backdated Silver American Eagle coins usually are available only after a significant run-up in the price of silver.
If you would like to know which backdated Silver American Eagles CMIGS has for sale, call. We keep a large supply of current year 2009 American Silver Eagle coins because they are extremely popular with silver bullion investors.
American Silver Eagle coins' competition
In the US, the only major competition that American Silver Eagle coins have are the Royal Canadian Mint's 1-oz Silver Maple Leafs. These Canadian silver coins come packaged similarly to American Silver Eagle coins, 500 coins to a box but twenty tubes of 25 coins to a tube, whereas Silver American Eagle coins come twenty-five tubes with 20 coins each.
Additionally, Silver Maple Leafs are .9999 fine (99.99% pure) and American Silver Eagles are .999 fine (99.9% pure). In the investment world, the difference is not perceived as significant, and Silver Maple Leafs usually sell a few cents per ounce cheaper than American Silver Eagles.
Other government-issued 1-oz silver pieces available in the US are the Austrian Mint's Philharmonic silver coins. The coins resemble the Gold Philharmonic coins and come 20 coins to a tube. However, the Philharmonic silver coins' box is cardboard, whereas the boxes for American Silver Eagles and Silver Maple Leafs are heavy plastic and make for much better long-term storage.
Occasionally, 1-oz Silver Kookaburras are available from The Perth Mint. Silver Kookaburras are individually encapsulated as are the Perth Mint's gold coins. For collectors, the encapsulated coins are excellent, but for investors the individually-encapsulated coins mean added storage challenges.
Other competition for Silver American Eagle coins are privately-minted 1-oz silver rounds, which come in several designs. Silver rounds provide stiff competition to Silver American Eagle coins because silver rounds sell at significantly lower premiums. Still, the US Mint sold some 20 million Silver American Eagle coins in the first half of 2009, clearly exhibiting that they are favorite silver investment. There are no figures on how many silver rounds are minted.
Cheap silver means a small markup over spot, a small premium. Silver American Eagle coins are one of the more expensive ways to own silver. 1-oz silver rounds are less expensive, carrying smaller premiums. 100-oz silver bars carry still smaller markups, but 850-oz Royal Canadian Mint silver bars the cheapest silver bars.
Buying Silver American Eagle coins
If you would like to know our Silver Eagle prices, or would like to discuss any aspect of investing in silver, call us at 800-528-1380. We take calls 7:00 a.m. to 5:00 p.m., MST, Mondays through Fridays. CMI Gold & Silver Inc. is one of the oldest silver bullion dealers in the US, having starting business in 1973.