A Short History of the American Gold Eagle Coin
The Gold Eagle Coin is a gold bullion coin authorized by the Gold Bullion Coin Act of 1985. It was first released by the US mint in 1986.
A gold bullion coin is valued by its weight in gold unlike numismatic or commemorative coins whose value is tied to the mintage numbers, rarity, age and condition. Bullion coins are purchased by investors seeking a tangible asset - When purchased in the form of legal tender bullion coins, gold can be affordable, as well as easy to buy, store and sell. The American Eagle Gold Bullion Coin remains the most popular gold coin purchased in the US.
The Gold Bullion Coin Act of 1985
In 1985 the United States made the decision to issue gold bullion coins - the American Gold Eagle. This Act signed by President Reagan amended Title 31 of the United States Code to allow the minting of Gold Eagle Coins. It provided for a $50 gold coin 32.7 mm in diameter weighing 33.931 grams and containing one troy ounce of fine gold. A one-half ounce coin (a first ever denomination) with a face value of $25 being 27 mm in diameter, a one fourth ounce coin with a face value of $10 being 22 mm in diameter and a one tenth ounce coin with a value $5 being 16.5mm in diameter. It further stipulated that the coins be minted within one year from gold mined in the United States. The value of these coins was initially designed to be tied to their metal value, but in some cases the lower minting number of some years have created a collector market and raised their value.
Gold Eagle Coin Design
The Coin Act also set about describing the design of these gold coins. The obverse follows the artistic design created by Augustus Saint-Gaudens for the $20 Gold Double Eagles issued from 1907-1933. The design features Lady Liberty carrying an olive branch and a torch. On the reverse side, designed by sculptor Miley Busiek, depicts a family of eagles, with the male carrying an olive branch and flying above a nest containing a female eagle and hatchlings. It has an inscription of the denomination, the weight of the fine gold content, the year of minting or issuance, and the words "Liberty", "In God We Trust", "United States of America", and "E Pluribus Unum", and has reeded edges. The United States began striking these coins in 1986 along with silver bullion coins. Platinum coins were later minted beginning in 1997.
Uncirculated and Proof Gold Eagle Coins
An uncirculated coin is a normally minted coin that has not experienced any wear that occurs during handling. Some, but not all, American Eagle Uncirculated Coins are hand-loaded into the coining press and struck on specially burnished blanks.
A Proof coin is created using burnished coin blanks with presses fitted with specially treated dies to give the images a frosted look against a highly polished background. The coin is struck multiple times to provide finer detail. These come in protective packaging and are not removed from these plastic capsules. The United States Mint produces proof versions of American Eagle Bullion coins for collectors. They have a limited mintage.
US Mint Suspends Production of Proof and Uncirculated Gold Coins
The following announcement has been made on the US mint's website:
Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins "in quantities sufficient to meet public demand . . . ."
Due to the continued, sustained demand for American Eagle Gold Bullion Coins, 2009-dated American Eagle Gold Proof Coins and silver coins were not produced. The United States Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for Eagle Gold Coin products. Additionally, as a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced.
Investing in Gold Eagle Coins
As you might guess from this statement, investing in gold eagle coins has become extremely popular. Please call us today for our prices on Gold bullion coins. Their value continues to increase. We currently have Proof and uncirculated coins available at unbeatable prices. The price of gold in 1980 dollars is nowhere near its historical highs. Adjusted for inflation, the price of gold in 1980 was more than $2000 an ounce so we are currently nowhere near this mark.
Regular Production of Gold Eagle Coins by Year
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