The Rocky History of the American Silver Eagles
Throughout the years, the economies of the world adhered to the "Gold Standard," which simply means that the value of gold was the basis of the universal currency.
Later on, European countries came to prefer silver, which created the "Silver Standard.
" Both precious metals were then concurrently used as the valuation of currencies of different countries.
By 1873, America had a dual metal standard, a silver standard based on the Spanish real, later on known as the peso or "pieces of eight," and a gold standard currency called the "Eagle," a coin that was much in demand in European countries after the uncertainties of the First World War.
The crisis of free banking that resulted in the American Civil War brought about the end of the silver standard.
Silver coins were no longer minted by that time as the succeeding financial crises of the World War and the Depression required paper currency with gold reserves to back them up as a solid foundation.
However, by 1933, the floundering economy required Congress to change the gold standard to silver for the first time in American history.
Silver certificates circulated until 1968, where the U.
S.
Treasury, not the Federal Reserve, exchanged silver certificates for silver bullion and silver dollars.
In the 1970s, the Defense National Stockpile had an excess of silver and was able to get Congressional permission to sell it off by the early 1980s.
Silver coins, the American Silver Eagle, were first struck in 1986 after decades of not being in production anymore.
These coins were minted in San Francisco in 1986 to 1992, all bearing the mintmark "S.
" For the next seven years, they were minted in Philadelphia with a "P" mintmark.
From 2001 to today, they have been minted at West Point and have the "W" mintmark.
The 2010 Proof Silver Eagle has, because of economic uncertainties, set the record of sales of silver bullion coins.
After rocky starts from January 2010, the expected shortage of coins pushed the minting and subsequest sales to November 19, 2010.
Priced at an impressive $45.
95 per coin, the United States Mint has given each household a limit of a hundred coins only.
Later on, European countries came to prefer silver, which created the "Silver Standard.
" Both precious metals were then concurrently used as the valuation of currencies of different countries.
By 1873, America had a dual metal standard, a silver standard based on the Spanish real, later on known as the peso or "pieces of eight," and a gold standard currency called the "Eagle," a coin that was much in demand in European countries after the uncertainties of the First World War.
The crisis of free banking that resulted in the American Civil War brought about the end of the silver standard.
Silver coins were no longer minted by that time as the succeeding financial crises of the World War and the Depression required paper currency with gold reserves to back them up as a solid foundation.
However, by 1933, the floundering economy required Congress to change the gold standard to silver for the first time in American history.
Silver certificates circulated until 1968, where the U.
S.
Treasury, not the Federal Reserve, exchanged silver certificates for silver bullion and silver dollars.
In the 1970s, the Defense National Stockpile had an excess of silver and was able to get Congressional permission to sell it off by the early 1980s.
Silver coins, the American Silver Eagle, were first struck in 1986 after decades of not being in production anymore.
These coins were minted in San Francisco in 1986 to 1992, all bearing the mintmark "S.
" For the next seven years, they were minted in Philadelphia with a "P" mintmark.
From 2001 to today, they have been minted at West Point and have the "W" mintmark.
The 2010 Proof Silver Eagle has, because of economic uncertainties, set the record of sales of silver bullion coins.
After rocky starts from January 2010, the expected shortage of coins pushed the minting and subsequest sales to November 19, 2010.
Priced at an impressive $45.
95 per coin, the United States Mint has given each household a limit of a hundred coins only.
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