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American Eagle silver coins
Number of products: 2The American Silver Eagle is the one bullion coin whose specification is written into law. 31 U.S.C. §5112(e) fixes it at 40.6 mm across, 31.103 g, .999 fine, reeded edge and a face value of one dollar. The mint cannot change those numbers without Congress.
Two reverses exist: the heraldic eagle struck from 1986 to 2021 and the landing eagle introduced in 2021. Both are listed here. Live quotes are on the silver price page.
Specification, and where it comes from
Most bullion coins are described by their mint. This one is described by statute. The Liberty Coin Act wording now sitting at 31 U.S.C. §5112(e) requires coins that "are 40.6 millimeters in diameter and weigh 31.103 grams", "contain .999 fine silver", carry Liberty on the obverse and an eagle on the reverse, are inscribed "1 Oz. Fine Silver" and "One Dollar", and "have reeded edges".
| Parameter | Value | Where it comes from |
|---|---|---|
| Fineness | 999 | 31 U.S.C. §5112(e)(2) |
| Weight | 31.103 g — one troy ounce | 31 U.S.C. §5112(e)(1) |
| Diameter | 40.60 mm (1.598 in) | 31 U.S.C. §5112(e)(1) |
| Thickness | not published | absent from statute and from the US Mint spec table |
| Face value | USD 1 | 31 U.S.C. §5112(e)(4) |
| Edge | reeded; variable reed pattern since 2021 | statute; US Mint, 2021 |
| First issued | November 1986 | US Mint sales data |
The US Mint does not publish a thickness figure for this coin and neither does the statute, so none is quoted here.
Type 1 and Type 2 — what actually changed in 2021
From 1986 to 2021 the reverse carried John Mercanti's heraldic eagle. In 2021 the US Mint replaced it with Emily Damstra's design of a single eagle coming in to land carrying an oak branch, sculpted by Michael Gaudioso. Adolph A. Weinman's Walking Liberty obverse, taken from the 1916 half dollar, stayed.
The redesign was not only cosmetic. The Mint added a variation in the reed pattern on the edge and stated plainly that the purpose is to make the coins harder to counterfeit. That is the coin's only published security feature — there is no micro-engraving, no laser mark and no verification database.
The Mint announced the change would appear "in midyear 2021" and dated the numismatic releases from 20 July 2021. It did not publish a date for the bullion changeover, so 2021-dated bullion coins exist with both reverses.
IRA eligibility is by name, not by fineness
This is the detail most listings get wrong. American precious-metals IRAs normally admit bullion on a fineness test. The Silver Eagle does not need it: 26 U.S.C. §408(m)(3)(A)(ii) excludes from the definition of a collectible "a silver coin described in section 5112(e) of title 31, United States Code" — the coin is named in the statute.
The practical consequence is that eligibility cannot be lost by a change in market fineness rules. It is worth knowing that this basis is specific to the Silver Eagle and does not carry across to other silver coins, which fall back on the separate fineness route in §408(m)(3)(B).
The United States Mint is not an LBMA refiner
Listings sometimes describe the Silver Eagle as LBMA-accredited. It is not, and it does not need to be. LBMA Good Delivery accreditation applies to refineries producing wholesale bars, and the United States Mint does not appear on the LBMA silver list. Its assurance comes from a different place: the coin's weight, content and purity are guaranteed by the United States Government.
Mintage: the Mint publishes sales, not mintage
There is no published maximum mintage. What the US Mint does publish is monthly sales to Authorized Purchasers. For 2024 that came to 24,862,000 one-ounce coins. Figures are dated by month of sale rather than by the year on the coin, so they do not translate directly into a per-vintage mintage.
Tax position
VAT: silver is not investment gold. The exemption in Article 344 of Directive 2006/112/EC, and in the United Kingdom under VAT Notice 701/21, covers gold only. Silver coins are therefore sold at the standard rate — 23 per cent in Poland, 20 per cent in the United Kingdom.
UK capital gains tax: not exempt. HMRC's Capital Gains Manual at CG78305 states that coins which are currency but not sterling are chargeable assets. The Silver Eagle is denominated in dollars, so the relief that applies to Britannias and Sovereigns does not reach it. General information, not tax advice.
Questions buyers ask
What is the difference between Type 1 and Type 2?
The reverse. Type 1, from 1986 to 2021, carries John Mercanti's heraldic eagle. Type 2, from 2021, carries Emily Damstra's eagle landing with an oak branch, and adds a variable reed pattern to the edge as an anti-counterfeiting measure.
Is the American Silver Eagle IRA-eligible?
Yes, and by name rather than by fineness. 26 U.S.C. §408(m)(3)(A)(ii) excludes a silver coin described in 31 U.S.C. §5112(e) from the collectibles definition.
Is it LBMA-accredited?
No. LBMA accreditation applies to refineries, not mints, and the United States Mint is not on the LBMA silver list. The coin's specification is guaranteed by statute instead.
Is it exempt from UK capital gains tax?
No. The exemption follows sterling currency. A dollar-denominated coin is a chargeable asset under HMRC CG78305.
Do you buy American Silver Eagles back?
Yes, quoted against the current silver price. See the buyback page.
Other silver coin series
Krugerrand · Britannia · Maple Leaf · Vienna Philharmonic · Australian Kangaroo · Chinese Panda · Noah's Ark
All series on the silver coins page; bar formats on silver bars; the gold version at American Gold Eagle.
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