As a lifelong antique collector and numismatist, I‘ve always had a fascination with silver coins. There‘s just something captivating about their heft, luster, and history that sets them apart. And when it comes to modern U.S. silver coins, none is more iconic or widely collected than the American Silver Eagle.
First released in 1986, the American Silver Eagle has become the world‘s best-selling silver bullion coin. Struck in one troy ounce of 99.9% pure silver, it combines beauty, quality, and the backing of the U.S. government. Over 500 million have been sold over the past 35+ years, making it a staple of both investor and collector portfolios.
As an expert, I‘m often asked for my opinion on which Silver Eagles make the best collectibles. While the series has had many key dates and exciting varieties over the years, I believe the 2022 issue stands out as an important inflection point. Let me explain why I think the 2022 Silver Eagle is poised to become a prized piece and potentially lucrative long-term hold.
A New Era: 2022 Marks Transition to New Design
Perhaps the most significant aspect of the 2022 Silver Eagle was that it represented the first full year of issue with the series‘ new reverse design. 2022 marked the second year of issue with the fresh redesign, but the first to feature it from the start of the year.
Some important background context: From 1986 through mid-2021, the Silver Eagle bore an obverse design of Adolph A. Weinman‘s "Walking Liberty" as introduced on the half dollar in 1916, and a reverse featuring a heraldic eagle by John Mercanti. These became iconic, defining images in modern U.S. coinage.
However, in 2021, to mark the 35th anniversary of the American Eagle program, the U.S. Mint unveiled a new reverse design. Maintaining Weinman‘s timeless Walking Liberty, the new reverse featured a bold "Landing Eagle" by artist Emily Damstra. The design shows an eagle touching down with an oak branch in its talons – a fitting metaphor for the series‘ enduring strength.
2021-dated Silver Eagles struck with the outgoing Mercanti design (Type 1) and incoming Damstra design (Type 2) proved extremely popular with collectors. Obtaining both versions from the various mints and product options became a top priority for enthusiasts. It also set the stage for heightened interest in the first full year 2022 issues.
2022 Mintages and Populations
With this palpable excitement for the new Silver Eagle design carrying over from 2021, the various 2022 products saw robust demand from collectors. Let‘s take a deeper look at the mintage figures and currently reported populations to gauge the relative rarity of each issue.
Bullion
The core of the Silver Eagle program remains the bullion coins sold through the U.S. Mint‘s authorized purchaser network for a slight premium over the spot price of silver. Most of these bullion coins are struck at the West Point Mint but do not feature a mintmark.
While the Mint does not publish exact bullion mintages until the end of the year, sales figures offer a close proxy. As of November 2022, the Mint reported sales of 14,457,000 one-ounce Silver Eagle bullion coins. This was a sharp decline from the 28,275,000 sold in 2021 and the record 47,000,000 sold in 2015.
The drop was not due to lack of demand but rather production constraints amid a global shortage of silver planchets. The Mint had to cancel production of several other silver numismatic products in 2022 to focus on keeping up with Silver Eagle output. So in a sense, the relatively lower mintage may enhance the 2022 coin‘s future scarcity.
Burnished Uncirculated
The West Point Mint also produces a special Burnished Uncirculated finish Silver Eagle bearing the "W" mintmark. Sales for the 2022-W Burnished coin launched May 19 with no household limits or mintage cap. By year‘s end, final sales reached 197,251 coins, the lowest for this type since 2020.
Of these, a total of 166,982 coins have been graded by NGC and PCGS to date (3/30/23). Populations for the top grades are as follows:
- PCGS MS70: 36,979
- PCGS MS69: 11,600
- NGC MS70: 55,236
- NGC MS69: 11,621
As this data shows, even in a down production year, there are still tens of thousands of pristine MS70 graded examples to go around. This is useful to know for collectors prioritizing condition rarity. Still, the final mintage of under 200,000 is quite low for a burnished issue and may have long-term value.
Proofs
For discerning collectors, the proof Silver Eagles represent the pinnacle of quality and beauty. The 2022 Silver Eagles were struck as proofs at both the West Point and San Francisco Mints.
The 2022-W Proof launched April 14 priced at $73 each, with no mintage limit. However, a household order limit of three coins was in effect for the first 24 hours, hinting at anticipated demand. Indeed, the coins sold through their entire mintage in just a few short days.
Final audited mintage for the 2022-W Proof came in at 693,328 coins. This includes pieces delivered through enrollment programs as well as outright retail sales. Populations for this issue currently stand at:
- PCGS PR70 DCAM: 38,255
- PCGS PR69 DCAM: 8,550
- NGC PF70 UC: 65,236
- NGC PF69 UC: 13,472
Partway through the year on August 9, the Mint released a 2022-S Proof Silver Eagle, also at a $73 price point. This coin had a final mintage of 360,062 pieces across all sales channels. Current population figures are:
- PCGS PR70 DCAM: 25,009
- PCGS PR69 DCAM: 5,900
- NGC PF70 UC: 37,355
- NGC PF69 UC: 9,178
With over 1 million proof 2022 Silver Eagles struck between the two mints, these coins are by no means rare in an absolute sense. However, when broken down by grade and designation, some of the signature label and special set coins are quite scarce.
For example, PCGS reports just 52 examples of the 2022-S Proof graded PR70 DCAM with the Thomas Cleveland signed label. These represent exciting condition rarities for Registry Set collectors to chase.
Special Sets and Labels Give 2022 Added Dimension
Speaking of special sets and labels, 2022 saw some particularly exciting items for Silver Eagle collectors. The Mint and third-party grading services created some limited edition options that have become highly prized.
One notable release was the 2022 Limited Edition Silver Proof Set, which included a special 2022-S Proof Silver Eagle with a privy mark honoring the U.S. Mint‘s 200th anniversary. Only 50,000 of these sets were produced, making them an instant sellout and collector favorite.
The grading services also got creative with signature labels for the 2022 Silver Eagles. Among the most popular were the hand-signed Emily Damstra labels from PCGS, which paired the coin‘s designer autograph with a special Eagle landing designation. Just 1,900 of these were signed in total.
Other standout labels included the Thomas Uram signed "Liberty Coin Act" labels from NGC (< 300 graded PR/MS70), and the "Light Armor" Thomas Cleveland signed labels from PCGS (est. < 250 graded PR70). Collectors put a high premium on these scarce signed labels.
PCGS and NGC also created special limited edition labels for the 2022 Silver Eagles, such as the PCGS First Day of Issue and NGC Early Releases / First Releases blue labels. Populations for perfect graded coins with these labels range from a few hundred to a few thousand each – far less than the total populations.
Error Coins Add Spice
A final aspect of the 2022 Silver Eagles worth mentioning from an expert perspective are the error coins. While the U.S. Mint strives for perfection, sometimes mint errors slip through that become desirable to collectors.
One notable error found on a small number of 2022 Silver Eagles was an "incomplete strike ring" around the inner circle rim of the obverse. This was likely caused by a piece of debris or a planchet flaw that stuck between the die and planchet during striking, creating a visible ring.
Only a handful of these errors have been graded by PCGS and NGC to date. An NGC MS69 graded example sold for nearly $350 on eBay in 2022 – a substantial premium over a normal coin in the same grade.
Other possible Silver Eagle errors worth looking out for are off-center strikes, die cracks, planchet flaws, and missing edge lettering. While rare, mint errors can spice up a collection and provide added upside value.
Collecting Tips and Future Outlook
For those looking to collect 2022 Silver Eagles, I always advise buying the best quality you can afford. These coins are condition-sensitive, and the grade does make a difference in value over time. Whenever possible, purchase examples graded by PCGS or NGC – the top two most trusted services.
It‘s also important to only buy from reputable dealers or marketplaces to avoid the risk of counterfeits. Some of the most established and trustworthy sources are APMEX, JM Bullion, Monument Metals and Modern Coin Mart. eBay can also be a good source if you stick to high-feedback sellers.
In terms of the overall outlook and investment potential for 2022 Silver Eagles, I‘m quite bullish. I believe they mark an important first year type coin with the new reverse design that will only become more desirable over time.
Within the next 5-10 years, I expect the rarest variations like the Thomas Cleveland, Emily Damstra and privy mark proof coins to potentially double or triple in price or more. Population leaders like MS/PR70 examples should also perform well.
Even the bullion issue has upside as a store of silver value. If silver prices continue to rise amid inflation fears as some analysts expect, the 2022 Silver Eagles could look undervalued in hindsight. There‘s a reason the coin is so popular worldwide.
Of course, coins should be considered a long-term hold, and there are never any guarantees on future performance. But the 2022 Silver Eagle has all the hallmarks of a smart modern collectible with enduring appeal. It will be exciting to watch how they mature in the market in the years ahead.
Conclusion
In summary, I believe the 2022 American Silver Eagle is a standout issue that was an inflection point for the series. The combination of a new reverse design, key first year of issue status, and some low mintages and scarce special labels makes them highly attractive to collectors.
Whether you are drawn to the beauty and majesty of the eagle motifs, the intrinsic lure of silver, or the profit potential of a hot modern series, the 2022 Silver Eagles have broad appeal. They represent an accessible entry point to a historic U.S. coin series.
Of course, tastes are personal, and every collector must follow their own interests. But if you ask this old numismatist, I‘d say the 2022 Silver Eagles are not to be overlooked. They could just become a centerpiece of your collection in time. Happy hunting!
