Friday, July 1, 2011

2011 American Eagle Silver proof coins

The US mint recently released the new 2011 American Eagle Silver proof Coins.

The proof American Silver eagles were cancelled in 2009 citing record demand for the bullion American eagles and the US mint sold a record 860,000 coins before a sell out was declared in December 2010.

However the US Mint is charging a massive 75 percent premium for the silver eagles over and above the spot price of silver making these a dubious investment at best. This has not deterred fans of the coins and despite selling for close to 60 dollars each, the Mint has reported over 3,400,000 in silver bullion coin sales so far in June 2011, up from 3,001,000 silver bullion coins sold for the entire month of June 2010.

The American Silver Eagle is the official silver bullion coin of the United since its first release November 24, 1986 and is produced at the Philadelphia, San Francisco Mint, and West Point Mints.

The silver dollar obverse design was originally used on the "Walking Liberty" design created by Adolph A. Weinman and originally used on the United States Walking Liberty Half Dollar coin from 1916 to 1947.

This design has been by far the most popular with the public. It is inscribed with the year of minting, the word Liberty, and the phrase In God We Trust on the obverse side.

The reverse design as we know, portrays an eagle behind a shield, the right talon holding an olive branch, and the left arrows mirroring the Great Seal of the United States. Also on the reverse we have the thirteen five pointed stars located above the eagle’s head to represent the thirteen original colonies and is inscribed with the phrases "United States Of America, 1 oz. Fine Silver ~ One Dollar." On the banner the eagle holds in it's beak it states, "E Pluribus Unum". Any mint marks will also be found on the reverse.

The U.S. Mint releases 2011 American Eagle Silver proof coins are just as beautiful as any previously minted and likely this accounts for the popularity just as much as the fact of ownership of silver and the silver price of the eagle is likely only of secondary importance for many people.

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