Silver Eagle Coins Useful Info



Posted: Friday, February 11, 2011

by Harald Hoel

The “Gold Standard” was the basis of economies through the world for many years, meaning that the price of gold set the value of international currency. As time passed, the “Silver Standard” became well-liked among the European nations. For a period, both gold and silver were utilized by different countries to set the worth of currency.

America also adopted to the dual metal standard, and by 1873 was using the peso or “pieces of eight” (also known as Spanish real) to set its silver standard. The gold standard was based on the gold coin known as the “Eagle” which was in high need in Europe following the First World War. The American Civil War set off the free banking crisis of the late 1800s that finished America’s use of the silver standard. The U.S. Mint stopped minting silver coins as Americans demanded their currency be backed by strong gold reserves through the weak economy following Word War I and through the Great Depression.

By 1933, however, Congress was forced to change to the silver standard because of the unstable economy for the first time in American history. The U.S. Treasury, not the Federal Reserve exchanged silver dollars and silver bullion through silver certificates until 1968. By the 1970s, the Defense National Stockpile had a surplus of silver and gained Congressional permission to liquidate the surplus by the 1980s. This led to silver coins, such as the American Silver Eagle, being minted in 1986, decades after the final silver coins had been made.

The first run was produced in San Francisco between 1986 and 1992, and were given the “S” mintmark. From 1993 to 2000, they were produced in Philadelphia and had the “P” mintmark. As of 2001, they bear the “W” mintmark of West Point where they are made to this day.

Record sales of silver bullion coins are currently being set by the 2010 Proof Silver Eagle Coins in response to the economic depression. An anticipated shortage, projected by a weak start to the year, affected minting and sales to continue to November 19, 2010. In spite of the cost of $45.95 per coin, the United States Mint has restricted each household to a purchase of only 100 Silver Us Coins.
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