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After a century of mainly gold and silver coins, by the mid-1900s, the United States federal government began phasing out both metals from its coinage.

Amidst rising silver prices (which lead to the hoarding of silver coins) and the discovery of sizable gold deposits across the country, the government needed to make a change to the coins system, and the route they chose was the removal of these metals from U.S. coins.

With the Coinage Act of 1965, The Congress and President Johnson approved the removal of silver from the half dollar, the dime, and the quarter, replacing them with clad variants, and effectively ending the use of these metals as currencies in general circulation.

However, over the years, the United States Mint has continued to issue several commemorative and special-use silver and gold coins one of the most important of which is the American Silver Eagle.

Editor’s Note

The American Silver Eagle sports the same design as the Walking Liberty half dollar, produced by the United States Mint from 1916 to 1947.

The Silver Eagle is a unique dollar coin made with a constitution of 1 full troy ounce of unalloyed silver that has been issued by the mint every year since it was first released in 1986.

While this coin is considered legal tender with an official value of $1, using it that way is impractical since its melt value is considerably higher than its face value of one dollar. One troy ounce of silver currently retails for prices that fluctuate between $18 and $22.

A more practical use case for the Silver Eagle is as a collector’s item. With its pure silver content, the American Silver Eagle is arguably one of the most efficient ways to invest in silver bullion. Not only are these coins worth their weight in silver, they typically retail for an extra premium due to their collectability, especially with older coins.

Editor’s Note

The American Silver Eagle is the most sought-after silver bullion coin in the world by a mile.

Since the creation of the American Silver Eagle program in 1986, it has had one main target audience and that is coin collectors. To please this patronage, the Silver Eagle is one of the most meticulously produced U.S. coins, which helps guarantee higher quality releases and reduce mint errors.

Furthermore, the United States Mint has released proof and reverse proof variants of this coin ever since.

Since 2013—due to the popularity of these coins—the Mint has taken things a step further by creating some burnished versions of the Silver Eagle. If you want to add Silver Eagles to your coin collection, you couldn’t have picked a better coin in terms of the quality of the specimens available to you.

However, what then is the market value of an American Silver Eagle?

The price of a Silver Eagle coin can vary significantly based on its condition and its production year.

However, the base price for American Silver Eagles is set by their melt value—which is the same price as a troy ounce of silver—which retails for between $18 and $22, depending on the market price fluctuations of silver. This means that every silver eagle coin, even in the worst condition, is worth at least $18.

Nevertheless, once you go above this base price, the price for excellent condition coins fits more in the $35 – $1100 range, with the rarest variants of the Silver Eagle retailing for above $10,000.

Since Silver Eagle coins are mainly purchased by collectors, a significant portion of the available supply still retains their pristine uncirculated state from mint.

This fact combines with the ultra-careful process the Mint implements in the production of these coins to create a situation where the bulk of the coins available on the market is in superior condition, often rated MS 65 or higher.

Hence, all our pricing schemes focus on the truly rare, pristine condition, uncirculated Silver Eagle coins, especially the highest rated ones that rank at an MS 68 or higher.

Silver Eagle Value

With the Silver Eagle being produced every year from 1986 to this year, 2022, the best way to represent the average value of these coins is with a chart.

We are ignoring Silver Eagle coins rated MS 67 or lower to simplify the chart.

Since most Silver Eagles ships from the United States mint in near-immaculate condition and exist in the wild in a comparable pristine state, it is quite common for the average Silver Eagle you find on the market to be rated MS 65, MS 66, or MS 67.

This extensive supply of highly rated coins means that they retail at significantly lesser prices than you would expect for coins of this quality.

On average, you can expect a Silver eagle rated MS 67 or lower to retail for around its silver melt value (per the spot price of silver) or slightly higher, irrespective of its year of production. Hence, you should expect MS 65 – MS 67 Silver Eagle coins from 1986 – 2022 to sell within the $18 – $25 range.

Where you would find a price discrepancy amongst options is when you consider coins of higher quality that rank in the MS 68 to MS 70 rating level. These are the coins highlighted below.

Furthermore, to make the chart less cumbersome, we have divided the three major Silver Eagle variants produced by the Mint—bullion, proof and reverse proof, and burnished coins—into three separate charts.

Bullion Silver Eagle Coins Value

Bullion Silver Eagle coins are the base level version of these coins distributed by the United States Mint to a network of authorized coin dealers, wholesalers, brokerage firms, banks, and precious metal companies from whom you can buy these coins after each release.

You can find the average market value for bullion Silver Eagle Coins from each year in the chart below.

Note that this chart is only a general guide to help you make better market decisions and should not be misconstrued as a definitive instruction on the exact prices you will get on the open market.

Silver Eagle Mint Year MS 68 – 69 Average Price MS 70 Average Price
1986 $80 – $100 $900 – $975
1987 $55 – $60 $975 – $1025
1988 $52 – $55 $1300 – $1350
1989 $85 – $90 $1350 – $1425
1990 $85 – $90 $3500 – $4000
1991 $60 – $65 $3200 – $3600
1992 $60 – $70 $2300 – $2400
1993 $50 – $55 $4200 – $4550
1994 $70 – $75 $3800 – $4000
1995 $85 – $90 $800 – $875
1996 $110 – $120 $5200 – $5650
1997 $50 – $55 $1100 – $1200
1998 $50 – $55 $950 – $1000
1999 $60 – $65 $10,000 – $12,000
2000 $55 – $60 $4100 – $4250
2001 $45 – $50 $800 – $850
2002 $50 – $55 $300 – $315
2003 $50 – $55 $140 – $155
2004 $48 – $50 $85 – $100
2005 $48 – $50 $130 – $150
2006 $48 – $50 $125 – $130
2007 $40 – $45 $81 – $85
2008 $40 – $45 $62 – $65
2009 $40 – $45 $65 – $70
2010 $40 – $45 $50 – $55
2011 (25th Anniversary Set) $40 – $45 $70 – $75
2011 (S)  (25th Anniversary Set) $70 – $75 $350 – $365
2011 (W) (25th Anniversary Set) $52 – $55 $70 – $75
2011 (S) $50 – $53 $95 – $100
2011 (W) $48 – $50 $80 – $85
2012 $42 – $45 $52 – $55
2012 (S) $38 – $40 $48 – $50
2012 (W) $38 – $40 $48 – $50
2013 $38 – $40 $61 – $65
2013 (S) $45 – $50 $75 – $77
2013 (W) $38 – $40 $67 – $70
2014 $38 – $40 $48 – $50
2014 (S) $37 – $39 $65 – $67
2014 (W) $38 – $40 $60 – $62
2015 $38 – $40 $63 – $65
2015 (W) $38 – $40 $61 – $65
2015 (P) $480 – $500 $700 – $750
2016 30th Anniversary $32 – $35 $48 – $50
2016 (P) $32 – $35 $48 – $50
2016 (S) $32 – $35 $48 – $50
2016 (W) 30th Anniversary $32 – $35 $48 – $50
2017 $32 – $35 $48 – $50
2018 $32 – $35 $48 – $50
2019 $32 – $35 $48 – $50
2019 (W) $32 – $35 $48 – $50
2020 $62 – $65 $85 – $90
2020 (W) $38 – $40 $48 – $50
2021 Type 1 $42 – $45 $55 – $60
2021 (P) Emergency Issue $83 – $85 $140 – $155
2021 (S) Emergency Issue $58 – $60 $80 – $90
2021 Type 2 $58 – $50 $60 – $65
2021 (W) Type 2 $52 – $55 $68 – $70
2021 (W) Type 2 $120 – $130 $180 – $190

Proof and Reverse Proof Silver Eagle Coins Value

Uncirculated proof and reverse proof variants of the Silver Eagle are some of the most sought-after options available on the market.

As a result, the United States Mint typically sells these coins directly to the public at a fixed price to avoid a situation where they are hoarded, and most of the coins never reach the hands of the average collector.

Editor’s Note

The United States Mint sells uncirculated proof Silver Eagle coins either through limited (or continuous) offerings on its website or via the United States Mint’s subscription program.

Per their higher grade, these coins are given the royal treatment by the Mint, which ships every coin packaged individually in a protective plastic capsule and accompanied by a verifiable certificate of authenticity.

Furthermore, the Mint traditionally produces these special proof editions in significantly lesser amounts than their regular bullion counterparts.

With this combination of factors, it is unsurprising that proof and reverse proof Silver Eagle coins typically retail at a considerable premium to the regular offerings. On average, you should expect at least a markup on these coins compared to the matching bullion variants.

You can find the average estimated market value for uncirculated proof and reverse proof variants of the Silver Eagle Coins from each year in the chart below.

Note that this chart is only a general guide to help you make better market decisions and should not be misconstrued as a definitive instruction on the exact prices you will get on the open market.

Proof Silver Eagle Mint Year MS 68 – 69 Average Price MS 70 Average Price
1986 (S) $120 – $125 $700 – $750
1987 (S) $70 – $75 $500 – $550
1988 (S) $68 – $70 $250 – $270
1989 (S) $68 – $70 $185 – $200
1990 (S) $68 – $70 $185 – $200
1991 (S) $68 – $70 $400 – $415
1992 (S) $68 – $70 $330 – $340
1993 (P) $105 – $110 $950 – $1000
1994 (P) $130 – $135 $950 – $1000
1995 (P) $70 – $75 $270 – $275
1995 (W) Anniversary Set $3200 – $3500 $16,000 – $16,500
1996 (P) $95 – $100 $330 – $350
1997 (P) $75 – $80 $460 – $475
1998 (P) $70 – $75 $185 – $200
1999 (P) $68 – $70 $230 – $240
2000 (P) $68 – $70 $280 – $300
2001 (W) $68 – $70 $125 – $135
2002 (W) $68 – $70 $125 – $135
2003 (W) $65 – $70 $135
2004 (W) $65 – $75 $100
2005 (W) $65 – $75 $100
2006 (W) $65 – $75 $100
2006 (W) 20th Anniversary Silver Dollar Set $68 – $75 $100
2006 (P) 20th Anniversary Silver Dollar Set Reverse Proof $98 – $115 $275
2007 (W) $70 – $75 $95 – $100
2008 (W) $70 – $75 $95 – $100
2010 (W) $70 – $75 $95 – $100
2011 (W) $70 – $75 $92 – $100
2011 (W) 25th Anniversary Set $78 – $80 $100 – $105
2011 (P) 25th Anniversary Set Reverse Proof $190 – $200 $380 – $400
2012 (W) $68 – $75 $95 – $100
2012 (S) $68 – $75 $100 – $105
2012 (S)  San Francisco Eagle Set $67 – $70 $88 – $100
2012 (S)  San Francisco Eagle Set Reverse Proof $88 – $90 $175 – $185
2013 (W) $72 – $75 $90 – $100
2013 (W) Reverse Proof $89 – $100 $120 – $135
2014 (W) $72 – $75 $95 – $100
2015 (W) $72 – $75 $95 – $100
2016 (W) 30th Anniversary with Lettered Edge $72 – $75 $110 – $120
2017 (S) $78 – $80 $110 – $120
2017 (W) $68 – $70 $95 – $100
2018 (S) $71 – $75 $95 – $100
2019 (S) $72 – $75 $95 – $100
2019 (S)  Enhanced Reverse Proof $1400 – $1500 $2300 – $2500
2019 (W) $65 – $75 $95 – $100
2019 (W) Enhanced Reverse Proof $65 – $70 $110 – $125
2020 (W) $70 – $80 $110 – $120
2020 (W) V75 Variant $500 – $525 $600 – $650
2021 (W) Type 1  $90 – $100 $200 – 220

Burnished Silver Eagle Coins Value

In 2006, the United States Mint added yet another rare category to Silver Eagle, creating the burnished variant. This new coin type, produced to commemorate the 20th anniversary of the Silver Eagle, sported a new unique polished finish.

Unlike other regular offerings, these burnished coins are made from blanks that are given an extra polishing treatment before they are struck. This process creates an end result that sports a more matte finish compared to the high gloss surface of standard bullion coins.

Editor’s Note

While burnished coins are yet another variant that typically retail for similar prices to their proof counterparts, a sizable percentage of collectors prefer them over proof variants, speculating that they could be significantly more wear-resistant.

After the 2006 anniversary edition, the Mint continued to produce burnished versions of the Silver Eagle from 2006 – 2008. In 2011, after a brief two-year break, the United States Mint resumed releasing burnished variants of the Silver Eagle and has done so ever since.

All burnished Silver Eagle coins are produced by the West Point Mint in New York in limited quantities. Consequently, all burnished Silver Eagle coins released so far bear the matching “W” mint mark.

You can find the average estimated market value for uncirculated burnished variants of the Silver Eagle Coins from each year in the chart below.

Note that this chart is only a general guide to help you make better market decisions and should not be misconstrued as a definitive instruction on the exact prices you will get on the open market.

Burnished Silver Eagle Mint Year MS 68 – 69 Average Price MS 70 Average Price
2016 (W) 20th Anniversary $45 – $46 $370 – $375
2006 (W) $40 – $42 $140 – $150
2007 (W) $40 – $42 $95 – $100
2008 (W) $40 – $42 $140 – $145
2008 (W) ’07 Reverse $480 – $490 $1000 – $1150
2011 (W) $40 – $42 $105 – $110
2011 (W) 25th Anniversary Set $43 – $45 $95 – $100
2012 (W) $55 – $60 $128 – $135
2012 (W) Uncirculated Set $95 – $100 $110 – $120
2013 (W) $50 – $55 $113 – $115
2013 (W) Uncirculated Set $55 – $60 $115 – $120
2013 (W) Enhanced $78 – $82 $102 – $105
2014 (W) $40 – $42 $80 – $82
2015 (W) $45 – $49 $70 – $72
2015 (W) Uncirculated Set $58 – $60 $109 – $115
2015 (W) First Strike $63 – $65 $128 – $135
2016 (W) 30th Anniversary Lettered Edge $67 – $70 $110 – $115
2017 (W) $51 – $54 $88 – $90
2018 (W) $52 – $55 $75 – $78
2019 (W) $62 – $65 $75 – $78
2020 (W) $87 – $90 $140 – $145

The Most Valuable Silver Eagle Variants

While the price guide we have created in this article is one of the most comprehensive and accurate you will find anywhere, like with most other coin types, exceptions that skew considerably from the mean exist.

This exclusive category is often populated by special coin specimens with commemorative significance, rare coin errors, and atypical pieces with an immaculate minting strike and unparalleled perfect (sometimes hyper realistic like cameos) conditions.

For the Silver Eagle series, the five specimens that best fit this class include

2021 Silver Eagle at Dawn and at Dusk 35th Anniversary Coins

Highest Finalized Auction Price: $80,000 and $85,000

After years of a consistent design for the highly desired Silver Eagle to United States Mint decided to change the reverse of the coin on its 35th Anniversary. As part of this change, they created two commemorative coins that are now some of the most important specimens in the series.

The Silver Eagle at Dusk coin is the last coin produced by the Mint, which bears the classic Heraldic Eagle inherited from the reverse of the Walking Liberty series. This coin sold for $85,000 at an open auction.

2021 Silver Eagle at Dawn and at Dusk 35th Anniversary Coins
Source

On the other hand, the second coin in the pair Silver Eagle at Dawn, bears the replacement design, as is the first coin to do so, heralding this new era of the silver Eagle’s design. The new design for the reverse sports a new Eagle Landing pattern created by Emily Damstra. This piece sold for $80,000 at the same auction event.

As commemorative pieces that represent a pivotal point in Silver Eagle manufacturing, both coins were manufactured with the highest standards and are rated a perfect MS 70.

Proof 1995-W Silver Eagle

Highest Finalized Auction Price: $41,125

The 1995-W is one of the most sought-after United States coins ever released to the public, and for good reason.

When this coin was created in 1995, the United States Mint never offered it for standalone purchase. It was offered exclusively as a bonus coin for the 1995-W Proof American Eagle 10th Anniversary Coin Set.

This coin set, which was released to commemorate the 10th anniversary of the hyper-successful American Eagle bullion coin program, included proof editions of the $5, $10, $25, and $50 Gold Eagle coins, with the 1995-W Silver Eagle thrown in the mix as a surprise bonus.

Proof 1995-W Silver Eagle
Source

With a total mintage of only 30,125 for the 1995-W Silver Eagle, the coin was already quite rare on release. However, its addition to the Gold Eagle coin set added yet another hurdle for collectors.

The Proof American Eagle 10th Anniversary Coin Set had a fixed issue price of $999, which was considered prohibitive for most collectors seeking to add the Proof 1995-W Silver Eagle to their collection. Hence, many buyers opted for the cheaper 1995-P Proof Silver Eagle alternative, which only costs $23 on release.

This unique situation further compounded the rarity levels of the 1995-W Silver Eagle, elevating it to cult status, and making it one of the most sought-after coins on the market today.

Editor’s Note

The 1995-W Silver Eagle ranked at number 4 in the book “100 Greatest U.S. Modern Coins.”

100 Greatest U.S. Modern Coins.
Source

 

This deep cameo specimen is the highest-rated variant of this rare coin that is available on the market today. The unique piece shows a technically perfect representation of the deeply frosted look adored by fans of the coin.

Rated the maximum MS 70, this spectacular specimen sold for $41,125 at an auction in 2014.

MS 70
Source

1986-S American Silver Eagle

Highest Finalized Auction Price: $21,150

As the original American Silver Eagle, this piece carries considerable extra sentimental value compared to the other coins in the (well-liked) lineup, and as such, it is a very popular coin amongst the American coin collecting community.

Consequently, despite having a relatively massive mintage of 5,393,005 coins, these coins typically retail for a decent premium over comparable coins.

This special specimen is also one of the only three regular bullion pieces certified by PCGS to be rated the maximum MS 70.

With this combination of factors, it is no surprise that this piece sold for $21,150 in 2013.

1986-S American Silver Eagle
Source

 

 

1994-S American Silver Eagle

Highest Finalized Auction Price: $11,162.50

The 1994 American Silver Eagle is one of the most sought-after iterations in the series thanks to it having the second lowest mintage of the bunch, with only 4.2 million coins struck. Even more notable is that only a measly 791,309 of this total shipped from the San Francisco Mint.

Consequently, seasoned coin collectors are always hunting for this piece wherever it appears.

A case in point is this immaculate specimen—one of the only two pieces verified by PCGS to be rated a perfect MS 70—that sold for $11,162.50 in September 2016.

1994-S American Silver Eagle
Source

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