American Silver Eagle: Weight, Purity and Value

The American Silver Eagle is the US Mint's official silver bullion coin. It weighs 31.103 grams, is .999 fine silver and contains one troy ounce of pure silver, so its metal is worth about $52.78 at today's spot price. Dealers sell it for more than that, and the premium is the part you need to watch.

It has been made every year since 1986, and in 2021 the Mint switched to a new reverse design that collectors call "Type 2".

Silver Eagle specs at a glance

Notice that the gross weight and the silver content are almost the same number. At .999 fineness, there's almost nothing in the coin but silver. Compare that with a Morgan dollar, which weighs 26.73 grams but holds only 0.77344 troy ounces of silver because it's 90% silver and 10% copper.

Here's the live coin card, with today's melt value and specs pulled from our database.

What is a Silver Eagle actually worth?

There are three different numbers people mean when they ask this, and mixing them up causes most of the confusion.

Melt value

This is the silver alone: one troy ounce times the spot price. It's the floor. You can check it any time on our American Silver Eagle melt value page.

Retail price

What a dealer charges you. It's melt plus a premium for minting, distribution and the dealer's margin. Silver Eagles usually carry a higher premium than generic rounds or bars because they're government-made and instantly recognized. Premiums rise and fall with demand, so there's no fixed figure to quote.

Buyback price

What a dealer pays you when you sell. It's normally above melt for common-date Eagles, because dealers can resell them at a premium, but below what you'd pay to buy one. Our article on how dealers set bullion buyback prices explains the gap.

A worked example: what the premium costs you

Let's use round, made-up numbers. Say silver spot is $40 an ounce, a dealer sells Silver Eagles at $47, and buys them back at $43.

• You buy 25 Eagles: 25 × $47 = $1,175.
• The silver in them is 25 ounces × $40 = $1,000.
• If you sold the next day at $43 each, you'd get $1,075.
• Your round-trip cost: $100, or $4 per coin.

Silver would have to rise by about $4 an ounce just to break even on that trade. That's why bullion works better as something you hold for years than as a quick flip. With live prices the numbers will differ, but the logic doesn't change.

Type 1 vs Type 2: does the design matter?

For bullion buyers, not much. Both contain one troy ounce of .999 silver, and dealers generally treat common-date bullion Eagles of either type as interchangeable for melt purposes.

Collectors see it differently. The 2021 transition year, special finishes and certain dates can carry extra value. If you have older Eagles, especially in original Mint packaging, check a current price guide or ask a reputable dealer before selling them as plain bullion. Don't assume, and don't guess at a number either.

This chart shows a year of silver prices, which drives the value of every common-date Eagle in your stack.

How the Silver Eagle compares with other one-ounce coins

The Silver Eagle isn't the only government silver coin. The Canadian Silver Maple Leaf is .9999 fine, a hair purer, and the British Silver Britannia is another common choice. Our comparison of the Silver Britannia and Silver Maple Leaf covers those two in more detail.

Whether the Eagle's extra cost is worth it depends on how you plan to sell. If you'll sell locally, recognition counts for a lot. If you're stacking to hold for decades, lower-premium options may stretch your budget further. See generic vs government-minted bullion for the trade-offs.

Spotting a fake Silver Eagle

Silver Eagles are one of the most counterfeited coins because they're so popular. A few checks catch most fakes:

1. Weight. A genuine coin weighs 31.103 grams. Use a scale that reads to at least 0.01 gram. A coin that's off by more than a small fraction of a gram deserves a closer look.
2. Magnet. Silver isn't magnetic. If a coin jumps to a magnet, it's not silver.
3. Source. Silver Eagles offered well below the price at established dealers are the biggest red flag of all.
4. Details. Compare lettering, edge reeding and design sharpness with a coin you know is genuine.

A passing magnet test alone proves nothing, since some fakes use non-magnetic metals. Our guide to spotting fake silver coins goes further, including what a dealer's equipment can check.

Where to sell Silver Eagles for a fair price

Because almost every coin dealer in the country buys Silver Eagles, you have real choices when it's time to sell. Use that.

• Local coin shops pay cash on the spot and don't charge shipping. Call two or three and ask for their buy price per Eagle on the same morning, since quotes follow spot through the day.
• Large online dealers often post buyback prices openly. Factor in insured shipping and the days it takes for payment to clear.
• Private sales can get you closer to retail, but you take on the risk of payment fraud and of meeting strangers with valuables. Most people are better off with a dealer.

Bigger lots sometimes earn a slightly better price per coin, while a single Eagle may get a flat offer. Coins that are scratched, cleaned or heavily spotted can be bought closer to melt, which is one more reason to leave them in their tubes.

If an offer seems low, ask how it was calculated. A fair dealer will tell you the spot price they used and the amount per coin above or below it.

Silver Eagles in an IRA

IRAs can hold certain bullion through a custodian, and silver generally must be .999 fine. Bullion Silver Eagles meet that standard; collectible coins don't qualify. You'll need an IRS-approved custodian, and you should confirm the current rules with them before buying. The basics are in our precious metals IRA guide.

Before you buy or sell Silver Eagles

• Check today's silver spot price so you know the melt floor.
• Compare the premium per coin at two or three dealers, including shipping and payment method.
• Ask what the dealer pays for Eagles today. A tight buy-sell spread is a sign of a fair shop.
• Keep coins in tubes or capsules; handle by the edges.
• If you own older dated Eagles or special finishes, check collector value before selling for metal.
• Keep your receipts for tax purposes.

New to buying silver altogether? Start with our beginner's guide to buying silver bullion.