The United States gold and silver bullion coin program began with the release of American Eagle 1-ounce gold bullion coins on Oct. 20, 1986.

The coins were created 91.7 percent pure gold – or .917 fineness – because American Eagle gold bullion coins were offered as an alternative to the South African Krugerrand, a 1-ounce coin of the same fineness that was at the time the dominant bullion coin.

The idea for an American alternative to the Krugerrand gained momentum when President Ronald Reagan issued an executive order on Sept. 9, 1985, imposing economic sanctions against South Africa because of its official policy of apartheid. The sanctions included a ban on the import of Krugerrands and on Dec. 17, 1985, Congress approved legislation creating American gold coins comparable to the Krugerrand.

The American Eagle gold bullion program represented the first bullion program with U.S. legal tender coins after the ban on private gold ownership was lifted in the United States in 1974.

By law the gold used to produce the coins must come from American sources, but as a May 5, 2009, Coin World story showed, the U.S. Mint does not have a process whereby it can guarantee that every molecule of gold in its coins is obtained from ore mined within the United States.

The obverse design on the gold bullion coins is a modified version of Augustus Saint-Gaudens' famous 1907 gold $20 double eagle – with a slimmed down Liberty. The reverse features a Family of Eagles design by sculptor Miley Busiek.

Proof versions of the 1-ounce gold bullion coin were offered in 1986. The Proof half-ounce gold coin was added in 1987 and quarter-ounce and tenth-ounce fractional gold Proofs were added in 1988. Proof American Eagle gold coins have been produced every year since their introduction except 2009.

Until 1991, the dates on gold American Eagle bullion coins were written in Roman numerals. Since 1992 Arabic numbering has been used.

In 2006 through 2008, Uncirculated coins were produced for collectors with special burnished surfaces.

One of the noteworthy varieties in the series includes the 1999-W American Eagle quarter-ounce $10 gold bullion coin that was struck with unpolished Proof dies. This resulted in an unplanned W Mint mark appearing on the obverse of this issue. The bullion coins typically carry no Mint mark.

American Eagle bullion coins are not sold directly to the general public by the U.S. Mint, but instead are sold through a network of authorized suppliers. Proof versions of the gold American Eagle bullion coins are sold to directly to the public by the U.S. Mint, as were the collector Uncirculated coins from 2006 to 2008.