The American Eagle 1-ounce silver bullion coin was introduced during first-strike ceremonies on Oct. 29, 1986.

The American Eagle silver bullion program came into being as a way for the government to sell silver from its Defense National Stockpile, combined with pressure from silver mining interests in the United States. After several false starts, silver American Eagles were authorized as part of the "Liberty Coin Act" in 1985.

By 2002, the stockpile was nearing depletion and legislation was approved and signed into law to allow the secretary of the Treasury to purchase silver on the open market once the stockpile was exhausted.

The American Eagle silver bullion coin contains 1 troy ounce silver and is .999 fine. It has a slightly modified version of A.A. Weinman's Walking Liberty design on the obverse and a Heraldic Eagle design of John Mercanti on the reverse. The coin bears a denomination of $1.

Proof versions of the 1-ounce silver coin were offered starting in 1986 and have been offered every year since their introduction except 2009.

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

Silver American Eagles have been produced at the San Francisco, Philadelphia and West Point Mints.

In 2006, to celebrate the 20th anniversary of the American Eagle bullion coin program, 1-ounce silver and gold American Eagles were issued with a Reverse Proof finish, which resulted in frosted fields and brilliant devices, the opposite of the mirrored fields and frosted devices of the regular Proof coins.

A popular variety in the American Eagle silver bullion coin series is the 2008-W American Eagle, Reverse of 2007 coin, in which the obverse die for the 2008 Uncirculated coins was accidentally paired with a 2007 reverse die. The variety is distinguished by differences in the U in UNITED STATES and the shape of the dash between SILVER and ONE.

Collectors also covet the Proof 1995-W American Eagle silver coin, with a low mintage of just 30,125 pieces. It was included in a special set that included the four gold American Eagle coins produced to honor the 10th anniversary of the American Eagle bullion coin program.

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. The Proof versions are sold directly to the public by the U.S. Mint, as were the Reverse Proof and Uncirculated versions.

American Eagle gold bullion coins

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.

American Eagle platinum bullion coins

President Bill Clinton signed into law the authorization for the U.S. Mint to begin producing platinum coins on Sept. 30, 1996. The first American Eagle platinum bullion coins were struck in 1997.

By the time the United States started platinum coin production, many countries, including China, Russia, Australia, Isle of Man and Canada, had already been producing platinum coins for many years. The United States' only platinum mine and production facility is located in Montana.

The new coins went on sale June 6, 1997, in four denominations: $10, $25, $50 and $100 – the latter having the distinction of being the highest denomination coin ever struck by the U.S. Mint.

The platinum coins have been struck at the U.S. Mint at West Point, and Proof and Uncirculated versions bear the W Mint mark. Due to the hardness of platinum, the coins must be struck several times for their designs to strike up properly.

The Proof issues in the series depict a new design on the reverse each year. The obverse – common to all coins – depicts the Statue of Liberty. The common reverse for bullion coins and the Proof 1997 issues show a bald eagle soaring across a setting sun.

Several design series have inspired the reverse motifs. From 1998 to 2002, Proof versions carried designs created under a program titled "Vistas of Liberty" that featured a bald eagle depicted over different regions of the United States. From 2006 to 2008 another series, "The Foundations of Democracy," inspired designs representing the three branches of government.

In 2009, the U.S. Mint presented a new reverse design series with designs inspired by the United States Constitution Preamble. The narratives were prepared by the Chief Justice of the United States, John G. Roberts Jr., at the request of the United States Mint.

Starting in 2009, an American Eagle "privy mark" was included on the reverse of the Proof American Eagle platinum coins. According to a Mint official, the mark was added to the reverse to maintain the "American Eagle Brand." The punch was derived from an original "coin punch" identified at the Philadelphia Mint.

American Eagle platinum bullion coins were not struck in 2009 and 2010. In 2010, only Proof 2010-W American Eagle 1-ounce platinum coins were struck in the American Eagle platinum coin program. In 2006 through 2008, special Uncirculated issues with a burnished surface were produced for collectors. They carry the same reverses as the Proof coins of those years.