American Gold Eagle
The American Gold Eagle is the official gold bullion coin of the United States government. It was authorized into law by the Bullion Coin Act of 1985. The U.S. Mint issued the first Gold Eagle in 1986.
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Since then, it has become the world's leading gold bullion coin in terms of sales.
Each Gold Eagle is struck from 91.67% pure (.917 fine) gold, also known as 22-karat gold. The rest of the alloy is made up of silver (3%) and copper (5.33%). This gives the coins a rich golden hue that is darker than most .999 fine gold coins. It also renders them firmer and more durable.
Gold Eagle Sizes
These gold coins come in four different sizes. These sizes represent the amount of fine gold in the coin by weight. The gross weight, which includes the silver and copper, will be higher.
Each Gold Eagle size has a legal tender face value. They are listed below.
Each size uses the same design. The 1/2 oz, 1/4 oz, and 1/10 oz size coins are attractive choices for budget-conscious investors. The 1 oz gold coin remains the most popular.
Although American Gold Eagles are legal tender, their value is based on the market price of gold, similar to a gold bar. For instance, the $50 face value of the 1 oz Gold Eagle is far below the melt value of one ounce of gold.
The legal tender face values are symbolic that the fine metal content of the coins are backed by the full faith and credit of the United States government.
Proof Gold Eagles
In addition to the Brilliant Uncirculated (BU) version, the U.S. Mint also issues American Eagle gold proof coins. These coins are struck at the West Point Mint rather than Philadelphia or San Francisco. They will carry a 'W' mint mark on the obverse of the coin.
A gold proof features the same design as its bullion counterpart. The difference is the finish on the coin. Proofs feature frosted relief devices that stand out against the mirrored fields. This beautiful contrast makes proof coins a favorite among collectors.
All proof coins undergo a more intricate coining process. The surface is polished to create mirror-like characteristics. Striking occurs multiple times in the coining press for extra sharp details.
Proof Gold Eagles also hold special appeal for the collector thanks to their lower mintage totals. In many cases, proofs will be graded or certified by one of the leading third-party grading services: Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC).
Each graded coin comes in a protective holder made of hard plastic. Certified Gold Eagles make a great addition to any collection!
Gold Eagle Design
The obverse design of the Gold Eagle coin was adapted from the legendary Saint-Gaudens double eagle. This was a $20 U.S. gold coin that circulated during the early 20th century.
The design shows Lady Liberty marching forward to the top of a hill that overlooks the U.S. Capitol building. Liberty holds a torch high in her right arm and an olive branch in her left hand. Rays of light emit from over the horizon while the year-date appears to the right. Fifty stars fill the outer rim.
Early versions of the American Eagle coin used Roman numerals for the date. That has now been adjusted to the more common Arabic numerals. The edge is reeded.
The reverse design is of more contemporary vintage. Created by artist Miley Busiek, the scene shows a bald eagle returning to his nest with an olive branch between his talons. His young eaglets reside in the nest, protected by their mother's wing. Rim inscriptions include '1 OZ. FINE GOLD~50 DOLLARS.' The mottoes 'E PLURIBUS UNUM' and 'IN GOD WE TRUST' are found near the middle of the image.
The design communicates the importance of family values in American culture. It is an interesting departure from most other U.S. coin designs that feature just one eagle. Previous Coin Act legislation requires at least one eagle to appear on all U.S. coinage with gold or silver metal content.
These Brilliant Uncirculated coins will retain their original mint luster virtually forever, as long as they stored properly.
American Eagle Bullion Coinage Program
The U.S. Congress has also authorized the production of other precious metal coins made from silver, platinum, and palladium. In addition to the Gold Eagle series, investment demand remains strong for its silver counterpart, the American Silver Eagle.
Now, the other precious metals are represented by the American Platinum Eagle and Palladium Eagle, as well. They are produced in far lower numbers due to the scarcity of these metals.
With much higher mintage levels since the Great Recession, the Silver Eagle is a popular investing option. This is especially true for inclusion in a self-directed IRA (individual retirement account). These coins trade all over the world and are often sold in rolls of 20 coins.
To take advantage of this portfolio opportunity with your IRA, however, the coins must be stored at an authorized depository (i.e., vault). This eliminates the risks associated with home storage.
These same IRA restrictions apply to silver bars, platinum bars, and palladium bars in addition to world mint coins.
Buy American Gold Eagles
You can buy Gold Eagle coins online or in our luxury showroom. They are available as single coins or in quantity for bulk orders, as well.
Gainesville Coins offers fully insured delivery to over 40 countries around the world. You can choose to have your metals shipped via UPS or the U.S. Postal Service (USPS). Your package will be discreetly labeled so that it's not evident to would-be thieves that precious metals are inside.
We also carry a variety of silver bullion, such as the Canadian Silver Maple Leaf and 90% silver U.S. coins. Find the perfect gift, collectible, or tangible asset for your investment portfolio.
American Gold Eagle coins have been issued every year since 1986. They are part of the larger American Eagle bullion coin program of the United States. President Reagan signed the law authorizing the American Eagle program in 1985. The first Gold Eagles were unveiled the following year.
Today, American Gold Eagles are widely sought by both collectors and investors, both in the U.S. and around the world.
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American Gold Eagle coins carry an obverse design originally created by Augustus Saint-Gaudens. It was used on the $20 double eagle gold coin in 1907. The striding Liberty motif lasted on that denomination until 1933. This is when the production of circulating gold coins ended in the United States.
The design was then adapted for use on the American Eagle gold coins in 1986. It has appeared on the obverse since that time.
On the reverse of all American Gold Eagles is a portrait showcasing a family of eagles around a nest. This design, by Miley Busiek, debuted with the gold eagles in 1986 and is slated to be replaced in 2021.
Types Of American Gold Eagles
While the counterpart American Silver Eagle series is offered in just one format (one-ounce coins with a face value of one dollar), American Gold Eagles are made in four sizes and denominations. These include:
- One-tenth ounce (1/10 oz) with $5 face value
- One-quarter ounce (1/4 oz) with $10 face value
- One-half ounce (1/2 oz) with $25 face value
- One-ounce (1 oz) with $50 face value
Various sizes of the Gold Eagle
The face values are merely nominal. They do not necessarily correspond to the value of the gold content within these coins. In theory, these legal-tender pieces could be spent as money for their respective face values. One who does so would suffer a major monetary loss this way, though!
This is especially true given current gold spot values for these coins. At any point since 1986 up until the time of writing, the melt values have always been many multiples of each coin's face value.
Since the release of the first American Gold Eagles, they have appeared in four formats: bullion, burnished, proof, and reverse proof.
The vernacular surrounding the “bullion” version has changed over the years. It was originally known as “uncirculated.” This is a change that came in more recent years with the introduction of the “burnished” finish seen on some American Gold Eagles. These will be explained in greater detail below.
Here’s a look at the various types of American Gold Eagles:
Bullion Gold Eagle
1998 1 oz American Gold Eagle. Image: USA CoinBook
Bullion American Gold Eagles are the lesser-expensive of the two major product categories. While they generally feature well-struck details and decent surface quality, they generally are not pursued by collectors. The main market for bullion-quality Gold Eagles is the investor set, and such coins are produced in large numbers. Rather than being sold to the public as most United States Mint products are, they are distributed to a network of authorized dealers who then sell these coins in individual or bulk quantities to collectors and investors for relatively small premiums over spot.
Burnished Gold Eagle
2008-W Burnished Uncirculated 1 oz American Gold Eagle. Image: USA CoinBook
The burnished finish is regarded as a premium numismatic strike and imparts a greater value on the coin over its spot price. Burnished finish coins bear nicer surfaces with a soft, matte-like appearance. The first burnished American Gold Eagles appeared in 2006 across all four denominations. However, production of these coins has been sporadic over the years and has been mostly seen on the $50 one-ounce Gold Eagle in the years since the finish type debuted for the American Gold Eagle program.
Proof Gold Eagle
Boasting deep-mirrorlike fields and richly frosted cameo devices and lettering, proof American Gold Eagles have been offered directly to the public by the United States Mint since the series debut in 1986. These beautiful proof coins are mainly targeted to collectors and are sold at significant premiums above their respective spot values. However, their much higher level of surface and visual quality and lower mintages justify these stronger premiums. While most precious metals investors do not spend their portfolio funds on buying numismatic Gold Eagles, these coins often still do find crossover appeal with investors who want a collectible item with significant intrinsic value.
Reverse Proof Gold Eagle
2006-W Reverse Proof 1 oz American Gold Eagle. Image: USA CoinBook
A reverse proof showcases the fields with a frosted finish while the devices and lettering boast mirror-like surfaces—a complete inversion of the usual surface qualities of modern-era proof coinage. While the reverse proof finish has appeared with increasing frequency among contemporary United States Mint products, it has not been seen very often in the American Gold Eagle lineup and to date has appeared only on the one-ounce $50 gold coin.
Gold Eagle Errors & Varieties
American Gold Eagles are struck with exceptional precision and careful attention to detail. This has led to relatively few Gold Eagles escaping the mint with imperfections. Still, nobody is perfect—including the United States Mint. A few resultant varieties have therefore emerged among the American Gold Eagle coins. The bulk of these are known for the tenth-ounce $5 and quarter-ounce $10 series, with both sharing the 1999-W Uncirculated Strike Made from Unpolished Proof Dies variety.
1999-W unfinished proof dies 1/10 oz American Gold Eagle. Image: USA CoinBook
While the name is self-explanatory as to what this variety entails, what isn’t necessarily evident is how these coins are identified by collectors; the West Point Mint did not intentionally strike non-proof Gold Eagles in 1999, so any non-proof 1999 $5 or $10 gold eagle with a “W” mintmark can be attributed as having been struck by unpolished proof dies. Numismatic experts believe about 14,500 of the tenth-ounce eagles were struck this way while 10,000 of the quarter-ounce eagles feature this variety.
Another interesting variety is a 2015 tenth-ounce gold coin with narrower edge reeding than normal. This variety shows finer, more tightly spaced reeds than the wider reeding pattern seen on most 2015 tenth-ounce Eagles.
American Gold Eagle Values Today
Values fluctuate by the moment for bullion and regular-issue proof American Gold Eagles, thus it is impractical to publish fixed values for them here. However, you can find the latest prices for these American Gold Eagles here.
The prices for the American Gold Eagle varieties are more stable in part because they are less dependent on what the gold markets are doing. Therefore, it is feasible to publish prices for these pieces here with far less risk that pricing will be quickly outdated.
Current Gold Eagle Prices
Collecting American Gold Eagles
The most widely collected American Gold Eagles are the tenth-ounce $5 coins, which are far and away the most widely affordable of the four denominations. Many collectors who pursue the American Gold Eagles will buy the burnished, proof, and reverse proof options, though a fair number of numismatists actively collect the bullion versions. Meanwhile, the aforementioned varieties are collected by error-variety specialists who may not ordinarily buy gold bullion coinage but find these scarcer varieties interesting modern collectibles.
Another popular vehicle for collecting American Gold Eagles are the annual four-coin proof sets containing one example of each the tenth-ounce, quarter-ounce, half-ounce, and one-ounce coins for a given year. These attractive sets are usually sold for a premium above the combined spot values of the four coins and are very popular with collectors and entry-level investors—the latter cognizant of the higher numismatic premiums paid for the proof coins but also aware that these sets offer easy liquidity in all market conditions. All American Gold Eagles are approved for Individual Retirement Accounts and can be easily bought and sold for IRAs.
All things being considered, the American Gold Eagle coinage represents one of the most popular bullion coin programs in the world. It’s also among the oldest of the modern bullion coinage offerings on a global scale, following the South African Krugerrands that debuted in 1967, the Canadian Maple Leaf series that launched in 1979, Iran Emamis first produced in 1980, the Mexican Libertads that premiered in 1981, and the Chinese Pandas that were initially struck in 1982.
American Gold Eagle Purity
Joshua McMorrow-Hernandez is a journalist, editor, and blogger who has won multiple awards from the Numismatic Literary Guild. He has also authored numerous books, including works profiling the history of the United States Mint and United States coinage.
American Gold Eagle Coin Value
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