Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The production of gold coins for circulation ended in 1933, and many of the coins from the final years were melted following President Franklin Delano Roosevelt’s Executive Order 6102 of April 5, 1933. The purpose of the Order was broadly outlined: “I, Franklin D. Roosevelt, President of the United States of America É do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations É”. Individuals were ordered to deliver gold coins, bullion, and gold certificates to a Federal Reserve bank or branch by May 1 of that year. There were exceptions for ordinary citizens: jewelers and artists could have “such amount of gold as may be required for legitimate and customary use”, anyone could retain “gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person”, and collectors could keep gold coins considered “rare and unusual.” Apparently only one individual was indicted under the terms of the order, a New York attorney who escaped prosecution on technical grounds but nevertheless saw his 5,000 ounces of gold confiscated.

By the mid-1980s world demand for citizen ownership of silver and gold was growing. Responding to the production and sale of silver and gold coins by other countries such as Canada and South Africa, Congress authorized the U.S. Mint to begin producing gold and silver bullion coins through the authority of the Bullion Coin Act of 1985. Gold Eagles are produced from gold mined in the United States, and though the coins display a legal tender denomination, the value of the coins is primarily that of the metal, which is many times the face value. Gold coins are produced in a 22 karat standard in four weights, one-tenth ounce ($5 face), one-quarter ounce ($10 face), one-half ounce ($25 face), and one ounce ($50 face).

The obverse of the gold American Eagle is copy of the Saint-Gaudens design for the double eagle (though now with 50 encircling stars), and the reverse was done by Miley Frost (Miley Busiek at the time). The artist’s design was the result of research she had done on the American bald eagle in Wyoming, from which she produced a sculpture that was accepted as the official commemorative piece for President Ronald Reagan’s first inauguration. After reading about the establishment of the Gold Commission to explore the issuance of US gold bullion coins, Frost prepared a line drawing based on her sculpture, which was eventually approved both by the U.S. Mint and Congress. She accepted no commission for the coin design, presenting it as a gift to the American people.

On the obverse is a full-length image of Liberty, facing forward with an olive branch in her left hand and a raised torch in her right hand. Draped in a long, flowing gown, her hair is swept to the left. Some describe her as striding forward, but she appears instead to be in a pose; the foot of her left leg rests on a large rock (in front of which are oak leaves), difficult terrain through which to be walking. To Liberty’s right, at the bottom of the coin, the sun is visible behind a depiction of the U.S. Capitol building. Rays from the sun extend upward from behind the Capitol and Liberty, to about the level of Liberty’s waist. At the top of the coin is the word LIBERTY, the torch separating I and B. Fifty tiny six-point stars (representing the number of states) are arrayed just inside the flat rim, forming a circle broken only at the very bottom. From 1986 through 1991 Roman numerals were used for the date, after which the date is in Arabic numerals; the date is to the right of Liberty near the bottom, though higher than on the Saint-Gaudens original design. A monogram of the designer’s initials ASG is below the date, just above the rock.

Gold Eagles are minted in Philadelphia and West Point; P and W mintmarks are located at the lower right below the date, next to the circle of stars. Until 2006 the W mintmark was used only on proofs; the P mintmark was used only on early (1987 or 1988 through 1991) tenth-ounce, quarter-ounce, and half-ounce proof coins. The reverse displays a family of eagles in the center of the coin, with an adult and juveniles resting in a nest of sticks and branches. Above the nest in the air is another adult eagle clutching a branch, wings outspread as if preparing to land. Around the flat rim is UNITED STATES OF AMERICA at the top, and 1 OZ. FINE GOLD ~ 50 DOLLARS at the bottom. E PLURIBUS UNUM is in the space above the left side of the aerie, and IN GOD WE TRUST to the left, each phrase in two lines. Just below the nest are the designer’s initials MB (Miley Busiek, now Miley Frost) to the left, and the original engraver’s initials JW to the right.

Though intended as a bullion coin, Gold Eagles are also collected for their numismatic interest. Unless by accident or unknown intent, these coins do not circulate. Tens of thousands of the tenth-ounce, quarter-ounce, half-ounce, and ounce coins have been certified as Mint State and as proof, though the number of certified coins varies by date. Greater numbers are certified as MS69 and PR69, and to a lesser extent MS70 and PR70, than as other grades. A few prooflike Mint State pieces have been certified, but nearly all certified proof pieces have received the Deep Cameo designation. Prices of Gold Eagles tend to follow bullion prices, with an added premium for the certification; fractional coins are proportionally more expensive than the full ounce coins (that is, ten one-tenth ounce coins cost more than a single one ounce coin). Some proof examples and “perfect” 70 grades have an additional premium, particularly the MS coins dated 1986 through the early 2000s, and are expensive to very expensive. Other higher priced issues are the 1999-W $5 and $10 Unpolished Proof Dies and, to a lesser degree, some First Strike pieces and the 20th Anniversary coins.

Specifications:
Designer: Obverse, Augustus Saint-Gaudens (adapted); reverse by Miley Frost (Miley Busiek)
Circulation Mintage: Hundreds of thousands to over a million of each denomination most years, though fewer than a hundred thousand per year for some fractional Gold Eagles
Proof Mintage: Generally fewer than one hundred thousand each year for each denomination, though fewer than ten thousand per year in some recent years.
Denomination: $5.00; $10.00; $25.00; and $50.00 (all are worth more as bullion)
Diameter: 16.5 mm; 22.0 mm; 27.0 mm; 32.7 mm; all have reeded edges
Metal Content: 91.67% gold, 3.0% silver, 5.33% copper
Weight: 3.393 grams (0.1 ounce); 8.483 grams (0.25 ounce); 16.965 grams (0.5 ounce); and 33.930 grams (1.0 ounce)
Varieties: A few known, including 1999 $5 and $10 Uncirculated made from unpolished proof dies; the 2006 Burnished pieces; and the 2006 Reverse Proof $50 coins.

Additional Resources:
CoinFacts: www.coinfacts.com
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.

Last Updated : 07/20/2009

Description:
Because of rising silver prices, silver was removed from circulating dimes and quarters beginning with the 1965 issues. Though Eisenhower dollars and Kennedy half dollars continued to be produced in a clad silver composition until the 1976 Bicentennial year (silver clad half dollars were not produced in the early 1970s), those denominations and the Bicentennial silver clad quarter became primarily collector pieces. The U.S. Mint did not produce another 90% silver coin until the release of the 1982 George Washington commemorative, which marked the 250th anniversary of his birth. That release was followed by other silver commemoratives in the mid-1980s, at the same time U.S. and world demand for citizen ownership of silver and gold was growing. Responding to the production and sale of silver and gold coins by other countries such as Canada and South Africa, Congress authorized the U.S. Mint to begin producing gold and silver bullion coins in 1986.

The U.S. bullion coins became known as “American Eagles” because of the representation of that national symbol on the reverse of the coins. Because of their relatively low price and general availability, Silver Eagles have been extremely popular with the public since the initial 1986 release. Though silver Eagles display a face value of one dollar, the trade value is determined by the current per ounce price of silver, usually many multiples of the face value. Many purchasers of Silver Eagles buy the coins in order to own silver as a supplemental investment. However, the coins have also become a collectible, and many today endeavor to assemble a complete set of the issue, particularly the certified proof coins at the top end of the grading scale.

The obverse of the Silver Eagle is a copy of Adolph A. Weinman’s design for the Liberty Walking half dollar produced from 1916 through 1947. Dominating the center field inside a flat rim, a full-length Liberty wears a long windswept dress, accented with alternating bands of vertical stripes and blank panels, right arm extended with open hand, and left arm cradling a “bouquet” of laurel and oak branches. A wind-rippled American flag is behind Liberty, its end wrapped around her left arm. Liberty walks to the left across a plain, with a rim of mountains at the bottom accented by the sun with a burst of rays. A well-spaced LIBERTY follows along a little more than the top half of the coin inside the rim, with the letters BER partially obscured by the image of Liberty and the flag. IN GOD WE TRUST, two words on each of two lines, is located at the lower right, nearly touching the fabric of Liberty’s gown.

The reverse displays a heraldic eagle with upswept wings and a Union shield across the breast, holding in its beak a flowing banner displaying E PLURIBUS to the left and UNUM to the right. The right claw holds an olive branch, the left a cluster of arrows. Above the eagle are 13 five-point stars, arranged in four rows with five stars at the top, then four, three, and finally one star on the bottom. Near the eagle on the right, below the left claw, are the initials JM for John Mercanti, the reverse designer. UNITED STATES OF AMERICA encircles the top half of the coin inside a flat rim, and 1 OZ. FINE SILVER ~ ONE DOLLAR completes the text circle at the bottom, the two phrases separated by centered dots. Silver Eagles have been minted at San Francisco, Philadelphia, and West Point; S, P, and W mintmarks (mostly on proofs, though also used on the 2006 20th Anniversary bullion sets) are located to the lower left of the eagle’s right claw.

Nearly three million business strike Silver Eagles have been certified to date, ranging from tens of thousands to hundreds of thousands of coins per date. Most coins grade as near-Gem or finer, and coins graded up to MS68 trade close to bullion prices. MS69 coins are more expensive, though still at modest prices, but MS70 coins for some dates are expensive. Pieces with higher (yet still modest) premiums are 1995; 1996; 2006-W, particularly the 20th Anniversary issues; and the 2008-W Reverse of 2007, to date the most expensive Silver Eagle at grades lower than MS70. First Strike and Early Release coins have modest premiums above regular issues.

Hundreds of thousands of proof Silver Eagles have been certified, and prices are approximately two to four times the bullion value for most issues. Moderately more expensive coins are the 1993 through 1995 and 1997 Philadelphia coins, and 2006-P 20th Anniversary issues. The relatively low mintage 1995-W issue is the highest priced issue to date, expensive at all grades, but very expensive as PR70.

Specifications:

Designer: Obverse, from Adolph A. Weinman’s Liberty Walking half dollar; reverse by John Mercanti
Circulation Mintage: Several million produced each year to the present, with production for some years exceeding 10 million pieces.
Proof Mintage:Generally more than half a million to nearly one million each year to the present, though only 30,125 of the 1995-W issue.
Denomintion: $1.00 (worth more as bullion)
Diameter: ±40.6 mm; reeded edge
Metal content: 99.93% silver, 0.07% copper
Weight: 31.101 grams (1.0 ounce)
Varieties:A few known, including 2006 and later Burnished; 2006-P Reverse Proof, with frosted fields and brilliant devices; and West Point mintmarked 2006 coins in bullion coin sets that marked the 20th anniversary of the Bullion Coinage Program. Some business strike and proof coins are certified as First Strikes or Early Releases, indicating their release early in the Mint distribution process. Most recently, some 2008 Silver Eagles with nominally updated design elements were instead released with the Reverse of 2007, most easily identified by the U (of UNITED) which does not have the right-side downward stroke (sometimes called a serif); the 2008 Reverse does have the downward stroke on the letter U.

Additional Resources :

CoinFacts: www.coinfacts.com
US Mint: www.usmint.gov
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.

Last Updated : 11/22/2008