American Silver Eagle: specs, designs and what to know before you buy

The short answer

The American Silver Eagle is the U.S. Mint’s silver bullion coin, made since 1986. It contains one troy ounce of 99.9% pure silver and has a $1 face value, though it’s worth far more for its silver. The tax code names it as allowed in an IRA. It’s the easiest silver coin to sell in the U.S., and it usually costs more over the spot price than silver bars, rounds and many foreign coins.

At a glance

Made by	United States Mint
First issued	1986
Size	1 oz, the only size
Face value	$1
Silver content	One troy ounce, 99.9% pure
Weight and diameter	31.103 g and 40.60 mm
Allowed in an IRA	Yes

Specifications

Specification	American Silver Eagle
Composition	99.9% silver
Weight	31.103 g (1.000 troy oz)
Diameter	40.60 mm
Edge	Reeded
Face value	$1

Source: U.S. Mint. The weight, diameter and purity are also set by federal law.

Unlike the Gold Eagle, the Silver Eagle is almost pure silver, so the coin itself weighs just one troy ounce.

The designs

The front shows Adolph A. Weinman’s Walking Liberty, the design used on the half dollar from 1916 to 1947. From 1986 to 2021, the back showed John Mercanti’s heraldic eagle. Partway through 2021, the Mint switched to Emily Damstra’s design of an eagle landing on a branch.

Collectors call the two versions Type 1 and Type 2. Both contain the same silver, and for a bullion buyer either does the job.

In 2024 the Mint also issued Silver Eagle bullion coins with a small star privy mark, which it describes as the first privy mark ever used on one of its bullion coins. They came from a partnership with a video game company, with a mintage limit of 500,000.

Can Silver Eagles go in an IRA?

Yes. The tax code treats most coins as collectibles, which an IRA can’t buy, but it makes specific exceptions, and one of them is the U.S. silver coin described in federal coinage law. That’s the Silver Eagle.

As with any IRA metal, the coins have to be held by the IRA’s trustee or custodian, usually at a depository. Keeping them at home counts as taking them out of the account. Our guide to silver in an IRA covers the rules, and home storage gold IRAs explains why the home option doesn’t work.

Bullion, proof and burnished versions

Bullion coins are made for investors. The Mint doesn’t sell them to the public. It sells them to a network of large distributors, called authorized purchasers, who sell to dealers. Federal law says the coins are to be priced at the market value of the silver plus the cost of minting, marketing and distributing them.
Proof coins have mirror-like backgrounds and frosted designs, usually carry a “W” mint mark for West Point, and come boxed with a certificate. The Mint sells them directly, for well above their silver value.
Burnished uncirculated coins, with a satin finish and a “W” mint mark, have also been sold to collectors.

If you’re buying for the silver, the bullion coin gets you the most metal for your money. Collector versions are allowed in IRAs too, but the extra you pay is hard to get back when you sell. Our guide to proof vs. bullion coins explains why.

What a Silver Eagle costs

Dealers price Silver Eagles at the spot price of an ounce of silver plus a premium. Premiums on silver are higher as a percentage than on gold, because minting and handling a 1 oz silver coin costs about as much as a gold one while the silver is worth a small fraction as much.

Silver Eagles usually carry a bigger premium than generic silver rounds, bars and many foreign coins such as the Canadian Silver Maple Leaf. In return, they’re the most widely recognized silver coin in the U.S., and dealers usually pay more for them when you sell. If you want the most silver for your money, bars cost less per ounce. Our guide to silver bars and coins compares the options, and what gold really costs shows how to check a premium against spot.

Selling Silver Eagles

Coin dealers across the U.S. buy Silver Eagles, and buy prices vary, so get more than one quote. Keep the coins in their tubes or capsules and don’t clean them, since cleaning can scratch them and lower what a buyer pays. Our guide to selling gold and silver walks through the process.

A profit on Silver Eagles is taxed as a gain on a collectible, at up to 28% for coins held more than a year. The face value doesn’t change that. Our guide to how gold and silver are taxed has the details.

Checking that a Silver Eagle is real

Fake Silver Eagles are common. In 2023 the Anti-Counterfeiting Educational Foundation said it had tracked more than 300 websites selling counterfeit coins and bullion, with Silver Eagles among the targets, some priced far below the value of their silver.

Weigh the coin and measure it. A genuine Silver Eagle weighs 31.103 grams and measures 40.60 mm across.
Silver isn’t magnetic. A coin that sticks to a magnet is fake.
Treat any price below the value of the silver as a warning sign.
Buy from established dealers, and have doubtful coins tested.

Our guide to telling if gold is real covers the tests in more detail, and most apply to silver too.

Storing Silver Eagles

Silver takes up a lot of room for its value. A thousand Silver Eagles weigh about 69 pounds. Our guide to storing gold and silver compares home safes, bank boxes and depositories.

Frequently asked questions

Is a Silver Eagle worth $1?

The $1 face value is a legal formality. The coin is worth the value of its ounce of silver plus whatever premium the market pays, which is far more than $1.

Is the American Silver Eagle pure silver?

It’s 99.9% silver, and each coin weighs one troy ounce.

Can I buy Silver Eagles directly from the U.S. Mint?

Not the bullion version. The Mint sells bullion coins only to its authorized purchasers, so you buy them from a dealer. The Mint does sell proof and other collector versions directly.

What’s the difference between Type 1 and Type 2 Silver Eagles?

The design on the back. Type 1 coins, from 1986 to 2021, show a heraldic eagle, and Type 2 coins, from 2021 on, show an eagle landing on a branch. Both contain the same ounce of silver.

Should I buy Silver Eagles or silver bars?

Silver Eagles are easier to recognize and sell in small amounts, and they’re named in the tax code as allowed in an IRA. Bars cost less per ounce. Many buyers hold some of each.