The American Silver Eagle is one of the most popular collectible coins in the United States. First minted in 1986, these coins are made from .999 fine silver, which is the highest purity for any silver coin made by the U.S. Mint. The 1987 American Silver Eagle is a key part of this series. In this guide, we’ll explore its history, popularity, and value, making it easier for collectors to understand why this coin is so special.
History and Background of the American Silver Eagle
The American Silver Eagle coin was authorized in 1985 through the Liberty Coin Act, which aimed to sell the U.S. government’s large silver stockpile. The U.S. Mint started producing these coins in 1986, with the first year seeing strong demand. These coins weigh 1 troy ounce (31.1 grams) and have a diameter of 40.6 millimeters. Their high-quality .999 silver content made them popular among investors and collectors alike.
The 1987 coin saw a huge increase in sales compared to the previous year. The Mint sold over 11 million bullion coins that year, marking a record high for the series for over two decades. This demand helped solidify the American Silver Eagle as one of the most collectible coins in modern numismatics.
The 1987 American Silver Eagle and its Appeal
As a collectible, the 1987 American Silver Eagle is often treated as a generic coin, especially in lower grades like MS69 (Mint State 69). However, in perfect condition (MS70), the coin can command a significant premium. The price of MS70 coins has fluctuated over the years, but they are still highly sought after by collectors due to their limited number and high quality.
The 1987 coins were struck throughout most of the year, with strong sales in the first five months and again towards the end of the year. The U.S. Mint halted production only in June. Despite the strong demand in 1987, the total sales would not be exceeded again until 2002, highlighting how special this issue is.
Monthly Sales Breakdown for 1987
The American Silver Eagle sales in 1987 were spread throughout the year, with the highest numbers seen in March, May, November, and December. Below is the monthly sales breakdown for 1987:
- January: 715,000 coins
- February: 775,000 coins
- March: 1,355,000 coins
- April: 1,060,000 coins
- May: 1,280,000 coins
- June: 0 coins (No production)
- July: 100,000 coins
- August: 300,000 coins
- September: 300,000 coins
- October: 800,000 coins
- November: 1,250,000 coins
- December: 660,000 coins
Grading and Market Value
The 1987 American Silver Eagle coins are available in various grades, with the highest grade being MS70. Coins in MS70 condition are considered perfect, with no visible flaws. In the past, these coins fetched thousands of dollars at auctions due to their low population and high demand. However, as more coins have been certified in perfect condition, the prices for MS70 coins have come down.
In the early years, the PCGS (Professional Coin Grading Service) had only a handful of MS70 coins in circulation. Today, there are hundreds of these perfect coins, making them less rare and more affordable. For example, a coin that once sold for over $9,000 is now worth much less, typically around $700 or so. The market value has decreased over time as more coins have been graded at the highest level.
Collectors’ Tips and Advice
If you’re looking to buy a 1987 American Silver Eagle, it’s important to consider the coin’s grade. Coins graded MS69 are widely available and often sold at a reasonable price. On the other hand, if you’re looking for an MS70 coin, be prepared to pay a premium. Keep in mind that these coins are not typically considered “investment-grade” coins, so it’s essential to buy them for their historical and collectible value.
The popularity of the American Silver Eagle series continues to grow, and as more coins are certified, the market will likely continue to evolve. For those seeking to build a complete collection, the 1987 issue is a key piece to own.
Conclusion
The 1987 American Silver Eagle is a coin that holds a special place in U.S. coin collecting history. With over 11 million coins sold in 1987, it remains one of the highest-selling bullion coins in the series. Whether you’re a beginner collector or an experienced numismatist, owning a 1987 Silver Eagle is a great addition to any collection. As the market for these coins changes, it’s essential to stay informed about grading, value trends, and what makes these coins so desirable to collectors.