Affordability. Credibility. Beauty.
According to the U.S. Mint, these three factors have made the American Eagle silver bullion coin a trusted store of value globally.
To help with the beauty end of things, the Citizens Coinage Advisory Committee wants a new reverse design for all versions of silver American Eagles.
The change has been a long-standing goal of the CCAC, and committee Chairman Gary Marks announced the most recent initiative during a March 11 meeting in Washington, and confirmed it during an April 8 committee meeting by telephone.
The current reverse by former U.S. Mint Chief Engraver John M. Mercanti is paired with an obverse design by Adolph Weinman first used on the Walking Liberty half dollar in 1916. Both designs have been essentially unchanged since 1986.
Perhaps the largest complaint with the Mercanti reverse design in that it’s not connected with Weinman’s Walking Liberty obverse. Some have even called the Mercanti reverse stodgy. However, in its formality, the Mercanti design does provide an official solidity that’s appropriate for a bullion coin that is supposed to be a trusted store of value. In other words, it lends credibility to the coin.
That’s not to say that the reverse design can’t be improved, but sales of the bullion coins are seemingly not hurting because of the design.
In 2013 nearly 43 million American Eagle silver bullion coins were sold by the U.S. Mint. It’s the world’s leading silver bullion coin and demand shows no signs of slowing down. As I write this, American Eagle silver bullion sales in 2014 by the U.S. Mint are approaching 20 million coins.
But the reasoning behind a design change should be more than mere aesthetics.
The CCAC initially recommended that the reverse be changed for just the silver bullion version of the American Eagle. It has now extended the recommended change to all versions of silver American Eagles.