American
Eagle Gold Bullion Program by Mike Sussman
On
September 9, 1985, President Ronald Reagan issued an executive
order that began economic sanctions against the Union of South
Africa because of its policy of apartheid. The sanctions included
a ban on the importation of the Kugerrand, which was a highly
popular bullion coin in the United States. Three months later
congress passed legislation that created the American Eagle
gold coin program that would be an acceptable alternative
to the Kugerrand. The new coins were released on October 20,
1986. They were one ounce coins that were .917 fine because
that was the weight and gold content of the Kugerrand they
replaced.
This program was the first
time the Mint issued bullion coins that were legal tender
since the ban on private gold ownership was removed in 1974.
The new law specified that the gold must come from American
sources.
The obverse of the new gold
coin was taken from Augustus Saint-Gaudens’ 1907 double
eagle. Among the changes to the design was the figure of Liberty
was slimmed down, more in keeping with current preferences.
The reverse was designed by Miley Busiek and showed a “Family
of Eagles.”
In the first year of issue,
a proof coin was also made available to the public. The next
year a half ounce proof gold coin was made available too.
In 1988, a tenth ounce and quarter ounce were added and have
been made every year except for 2009.
Originally the dates were
in Roman numerals, like the Saint-Gaudens’ originals.
However, in 1992, the dates were changed to Arabic numbers.
Sets with special burnished
surfaces were made from 2006 to 2008 for collectors.
In 1989 the West Point Mint
produced a five dollar piece that was struck with proof dies
that were unpolished. This resulted in a regular bullion issue
having a W mintmark, which is usually reserved for proofs.
A similar error was made in 1999 with the ten dollar piece.
Usually bullion coins have no mintmark.
The American Eagle bullion
coins are sold through authorized suppliers instead of being
made available directly to the public as the proof coins have
been. The sets with special burnished surfaces made from 2006
to 2008 were also sold directly to the public.
Specifications: Composition: .9167 gold, .03 silver, .0533
copper Weight and diameter: $5.00 1/10 oz. 3.393
grams, 16.5 mm
$10.00 ¼ oz. 8.483 grams, 22 mm
$25.00 ½ oz. 16.996 grams, 27 mm
$50.00 1 oz. 33.931 grams, 32.7 mm Edge: reeded