In July 1981, the House and Senate agreed to allow the sale of 75% of the stockpiled silver (105.1 million troy ounces) over a three-year period, and in September the price of silver fell 11% in response. The Wall Street Journal reported in September 1976, "When the US government makes noises about selling silver from the federal stockpile, futures traders start unloading futures contracts in speculation that such a sale would depress prices." ĭespite congressional opposition to the sale of stockpiled silver through early June 1981, the House Armed Services Committee decided on June 10 to approve a Reagan administration request to sell government-owned silver beginning in fiscal year 1982 to help balance the federal budget. But mining-state interests had opposed any sale, as had promilitary legislators who wanted assurances that the proceeds would be used to buy materials more urgently needed for the stockpile rather than merely to reduce the federal deficit." Throughout the period, such sell-offs that did occur, as well as announcements of planned sell-offs, caused immediate declines in the price of silver. As The Wall Street Journal explained, "Several administrations had sought unsuccessfully to sell silver from the stockpile, arguing that domestic production of silver far exceeds strategic needs. The impetus of the American Silver Eagle bullion program ultimately comes from executive plans through the 1970s and early 1980s to sell off silver from the Defense National Stockpile. Legislative history Background: Defense National Stockpile silver sales FINE SILVER~ONE DOLLAR, and E PLURIBUS UNUM (on the banner that the eagle holds in its beak), as well as the mintmark if applicable. The reverse was inscribed with the phrases UNITED STATES OF AMERICA, 1 OZ. FINE SILVER~ONE DOLLAR, and E PLURIBUS UNUM, as well as the mintmark if applicable.įrom 1986 to 2021, the reverse was designed by John Mercanti and portrayed a heraldic eagle behind a shield the eagle grasping an olive branch in its right talon and arrows in its left talon, echoing the Great Seal of the United States above the eagle are thirteen five-pointed stars representing the Thirteen Colonies.
The reverse is inscribed with the phrases UNITED STATES OF AMERICA, 1 OZ. The newly designed reverse of the 2021 American Silver Eagle was designed by Emily Damstra and shows an eagle landing on a branch much like that of the reverse of the 1971 Eisenhower Dollar Coins. The obverse is inscribed with the year of minting or issuance, the word LIBERTY, and the phrase IN GOD WE TRUST. As this iconic design had been a public favorite-and one of the most beloved designs of any United States coinage of modern times, silver or otherwise-it was revived for the Silver Eagle decades later. Weinman, which originally had been used on the Walking Liberty Half Dollar coin of the United States from 1916 to 1947. The design on the coin's obverse was taken from the "Walking Liberty" design by Adolph A. 4.2 Proof, uncirculated, and special issues.3.8 Impact of COVID-19 on production, 2020.3.6 Effect of recession on availability, 2008–2010.2.1 Background: Defense National Stockpile silver sales.The American Silver Eagle bullion coin may be used to fund Individual Retirement Account investments. The Silver Eagle has been produced at three mints: the Philadelphia Mint, the San Francisco Mint, and the West Point Mint. In addition to the bullion version, the United States Mint has produced a proof version and an uncirculated version for coin collectors. Its content, weight, and purity are certified by the United States Mint. It is authorized by Title II of Public Law 99-61 (Liberty Coin Act, approved July 9, 1985) and codified as 31 U.S.C.
It is struck only in the one- troy ounce, which has a nominal face value of one dollar and is guaranteed to contain one troy ounce of 99.9% pure silver. It was first released by the United States Mint on November 24, 1986.
The American Silver Eagle is the official silver bullion coin of the United States. Heraldic eagle with shield and thirteen five-pointed stars
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