Golden Eagle Coins: America’s Majestic Official Bullion

American gold eagles are popular investment coins that have served as the country’s official bullion since their introduction in 1986. The golden eagles come in four denominations: tenth-ounce, quarter-ounce, half-ounce, and one-ounce.

Each gold eagle is 22K (91.67 percent) gold, with differing amounts and face values among the different denominations. They’re also offered in multiple varieties, including proof and uncirculated.

American golden eagles have become one of the world’s most popular gold bullion coins for investors and collectors alike, with majestic imagery and value backed by the government.

We’ve utilized our years of experience in the coin industry to craft today’s comprehensive guide to the origins, designs, and values of American golden eagle coins.

Pictured above: Obverse & reverse of 2023 1-oz bullion golden eagle coin | Image credit: US Mint, Public domain

Historical Origins of the Golden Eagle Coin

Technically, the first gold “eagle” coins were $10 circulated coins issued by the US Mint from 1795 to 1933.

Today, we’re discussing the modern golden eagle bullion coins, but historical eagles do tie in.

Inspiration: 1907 Saint-Gaudens Coin

In 1905, American sculptor Augustus Saint-Gaudens collaborated with then-President Theodore Roosevelt in 1905 to redesign circulated American coinage.

Saint-Gaudens only finished two designs before dying in 1907: the Saint-Gaudens gold double eagle and the “Indian head” gold eagle.

Both circulated coins were discontinued in 1933, but numismatists have cited the double eagle as the most beautiful US coin ever created.

Introduction: 1986 Program

Fast forward to the 1980s — South African Krugerrands, on the market since 1967 as the first 1-oz gold bullion coins, dominated 90 percent of the gold coin market.

However, South Africa had been engaged in Apartheid — a white-minority-governed system of racial segregation and oppression — since 1948.

In the 1960s, Anti-Apartheid Movements spread in other countries, spurring action like boycotts.

Eventually, President Ronald Reagan passed Executive Order 12532 in 1985, prohibiting trade with South Africa — meaning no Krugerrands could be imported.

An open space on the market — plus rising demand for investment gold, a US gold mining industry in need of reviving, and other nations’ bullion coins being successful — led to the new American gold eagle being authorized by the Gold Bullion Coin Act of 1985.

Reagan authorized the bill, along with the Liberty Coin Act in 1985, establishing the first official American bullion coins: the American Silver Eagle and the American Gold Eagle.

Changes: 2021 Reverse

The US Mint altered the golden eagle coin in 2021 to commemorate the program’s 35th anniversary.

The primary changes applied to the reverse (tails side) design. It still features an eagle but one that’s more detailed and accurate, possibly thanks to designer Jennie Norris’s first-hand experience as a volunteer raptor handler.

Design & Features

Ready to dive deep into the stunning designs on American gold eagle coins?

Obverse Design

Pictured above: Obverse of 1987 1/10-oz golden eagle with Roman numeral dates | Image credit: Kevin Dooley, Flickr, CC-BY-SA-2.0

The golden eagle’s obverse is almost exactly the same as the iconic 1907-1933 Saint-Gaudens gold double eagle.

It features a full-length Lady Liberty holding an olive branch and torch as she walks across a rocky outcrop with the Capitol building and radiant sunbeams behind her.

“LIBERTY” is along the top. Fifty stars surround the design. The mintage year is to the bottom right, with a mint mark (if present, as “W”) below it.

Paralleling the Saint-Gaudens double eagle changes, the 1986-1991 golden eagles had Roman numeral dates (e.g. “MCMXC” in 1990) but changed to Arabic numerals in 1992.

The only limited-edition year was 2020, when the US Mint created a commemorative version for the 75th anniversary of the end of WWII. The only change is a “V75” privy mark. The privy mark has the shape of the Rainbow Pool at the World War II Memorial in Washington, DC.

Reverse Designs

Pictured above: Type 1 reverse of 1-oz golden eagle bullion coin | Image credit: US Mint, Public domain

The golden eagle has two reverse designs: Type 1 (1986-2021) and Type 2 (2021 on).

The Type 1 or “family of eagles” reverse was designed by sculptor Miley Buseik Frost and engraved by sculptor Sherl Joseph Winter.

It features a male eagle in flight, carrying an olive branch to a female eagle and eaglet in a nest. The creators’ initials “MB” and “JW” are below the nest.

The inscriptions “E PLURIBUS UNUM” and “IN GOD WE TRUST” are inscribed to the left and right of the eagle, respectively. “UNITED STATES OF AMERICA” is along the top, while the denomination (e.g. “1 OZ. FINE GOLD~50 DOLLARS”) is along the bottom.

The Type 2 or “eagle profile” reverse was a collaboration between designer Jennie Norris and sculptor Renata Gordon, each part of the US Mint’s Medallic Artists and Artistic Infusion Program.

This design features a close-up eagle head facing left. “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” are along the top, with “IN GOD WE TRUST” below the latter. The denomination (e.g. “50 DOLLARS ★ 1 OZ. FINE GOLD”) is along the bottom.

The outer inscriptions are separated by three stars on either side. The designer’s initials “JN” are near the bottom under the eagle, while the sculptor’s initials “RG” are beside the second “A” in “AMERICA.”

Varieties

All four golden eagle denominations were minted in three varieties:

• Bullion: Struck once on polished planchets; Uniform, standard satin or somewhat frosted finish

• Proof: Limited number struck twice on special planchets with special dies, creating detailed design with mirror-like background & frosted foreground

• Reverse Proof: Prepared like proofs but mirror-like foreground & frosted background; Only 10,000 minted in 2006 to commemorate program’s 20th anniversary

• Uncirculated / Burnished: Struck on burnished planchets to create smooth, satin finish (less brilliant than proof)

All varieties are meant for collecting (not circulation) and have symbolic face values.

Bullion versions have been minted every year since 1986. Proof varieties have been minted every year except 2006, but only 1-oz in 1986, 1-oz and 1/2 oz in 1987, and all denominations from 1988 on.

Uncirculated versions started in 2006, stopped from 2009-2010, and resumed in 2011 with only 1-oz coins.

Pictured above: Obverse & reverse of 2006-W reverse proof 1-oz golden eagle, graded PR-70 by PCGS | Image credit: PCGS CoinFacts, Free use

Coin Specifications

All golden eagle coins are made of 22K gold — 91.67 percent gold, 3 percent silver, and 5.33 percent copper.

American gold coins were 21K (90 percent pure gold) from 1837 until the golden eagles were introduced in 1986.

So, how much does a golden eagle weigh? And how much gold is in a golden eagle coin? It depends on the type:

Pictured above: Type 2 reverse of 2023 1/10-oz golden eagle bullion coin | Image credit: US Mint, Public domain

Tenth Ounce

The 1/10-oz golden eagle coin contains one-tenth troy ounce (0.109714 standard ounces) of pure gold.

• Diameter: 16.5 mm (0.65 in)

• Thickness: 1.19 mm (~0.05 in)

• Total Weight: 0.1091 troy oz (3.393 g)

• Face Value: $5

• Denomination Inscription: “1/10 OZ. FINE GOLD~5 DOLLARS” or “5 DOLLARS ★ 1/10 OZ. FINE GOLD”

Pictured above: Type 2 reverse of 2023 1/4-oz golden eagle bullion coin | Image credit: US Mint, Public domain

Quarter Ounce

The 1/4-oz golden eagle coin contains one-quarter troy ounce (0.274286 standard ounces) of pure gold.

• Diameter: 22 mm (0.866 in)

• Thickness: 1.83 mm (~0.07 in)

• Total Weight: 0.2727 troy oz (8.483 g)

• Face Value: $10

• Denomination Inscription: “1/4 OZ. FINE GOLD~10 DOLLARS” or “10 DOLLARS ★ 1/4 OZ. FINE GOLD”

Pictured above: Type 2 reverse of 2023 1/2-oz golden eagle bullion coin | Image credit: US Mint, Public domain

Half Ounce

The 1/2-oz golden eagle coin contains one-half troy ounce (0.548571 standard ounces) of pure gold.

• Diameter: 27 mm (1.063 in)

• Thickness: 2.24 mm (~0.09 in)

• Total Weight: 0.5454 troy oz (16.966 g)

• Face Value: $25

• Denomination Inscription: “1/2 OZ. FINE GOLD~25 DOLLARS” or “25 DOLLARS ★ 1/2 OZ. FINE GOLD”

One Ounce

The 1-oz golden eagle coin contains 1 troy ounce (1.09714 standard ounces) of pure gold.

• Diameter: 32.7 mm (~1.29 in)

• Thickness: 2.87 mm (~0.11 in)

• Total Weight: 1.0909 troy oz (33.931 g)

• Face Value: $50

• Denomination Inscription: “1 OZ. FINE GOLD~50 DOLLARS” or “50 DOLLARS ★ 1 OZ. FINE GOLD”

Next, where and when were gold eagles minted?

Release and Distribution

The Philadelphia Mint and West Point Mint strike golden eagle coins. Gold eagles from Philadelphia bear no mint mark, while those from West Point bear a “W” mint mark.

The Philadelphia Mint produces bullion golden eagles. The West Point Mint produces uncirculated and proof golden eagles.

Across all varieties and denominations, the total gold eagle mintage is over 55 million from 1986 to 2023.

By far, bullion varieties are minted the most, with a total of over 49 million.

Uncirculated golden eagles are struck the least, with a total of 304,635 from 2006 to 2023, over half of which are 1-oz gold eagles.

Golden eagle proofs have a total mintage of over 5.7 million from 1986 to 2023 and an average yearly mintage of about 39,000.

Pictured above: Obverse & reverse of "burnished" (uncirculated) 2008-W 1/4-oz gold eagle | Image credit: PCGS CoinFacts, Free use

Collectibility and Value

The face value of American golden eagles is symbolic, as it’s always lower than their market value.

Factors that influence golden eagle value:

• Current Gold Spot Price: The market value (“spot price”) of gold fluctuates. Generally, higher inflation means higher gold prices and vice versa. You can check the current gold spot price here.

• Rarity: Issues with low mintages (fewer were struck) or where fewer have survived will have higher value. Rare mint errors can also increase golden eagle value.

• Current Demand: Greater popularity means higher prices, but demand fluctuates.

• Condition: How well a golden eagle is preserved is crucial for many varieties’ resale value.

• Age: Older coins may increase in value, especially if well-preserved. For example, 1992 to 2000 American eagle proof sets graded PF-70 have increased in value 8 to 16 percent on average every year.

These factors apply to each variety differently.

For bullion golden eagles, the main value factors are the spot price of gold and current demand, with condition a less contributing element.

Proof golden eagle value is highly dependent on age and condition. All issues tend to be rare, and proofs are usually more valuable than uncirculated varieties.

Uncirculated golden eagle value is also highly dependent on condition and age, but rarity is also important, as some issues have lower mintages than others.

How do you know a coin’s condition? You get it graded.

Pictured above: Obverse & reverse of 2010-W deep cameo 1/2/-oz gold eagle proof, graded PR70DCAM by PCGS | Image credit: PCGS CoinFacts, Free use

Grading Golden Eagles

Having your golden eagle coin graded by a professional third-party service like Professional Coin Grading Services (PCGS) or Numismatic Guaranty Company (NGC) is essential for knowing its true value and proving that.

Different coin grading systems exist, but you’ll generally see these grades on golden eagles:

1. Mint State (MS): Used for most bullion & uncirculated strikes; Never circulated, looks like it did the day it was minted; Sub-grades from 60 to 70 for many visible marks to flawless, respectively

2. Proof (PF/PR): Like Mint State with sub-grades of 60 to 70 but for proof strikes; Three subtypes:

   1. Standard Proof: Background (field) isn’t highly reflective

   2. Cameo (CAM): Rarer; Background highly reflective plus a) light to moderate frosting on obverse & reverse, b) not frosted, or c) frosted on only one side

   3. Deep/Ultra Cameo (DCAM or UCAM): Rarest; Background highly reflective plus highly & evenly frosted obverse & reverse

3. Specimen (SP): Definition varies among grading agencies, but generally between a Mint State and Proof grade; Sometimes used for Uncirculated golden eagles

Other designations on grading certificates include:

• First Strike / Early Releases / First Releases (ER or FR): Coins sent to grading service within the first 30 days of the issue’s release

• First Day of Issue (FDOI or FDI): Coins sent to grading service in the first 24 hours of the issue’s release

Pictured above: Comparison of 2014 1/10-oz Narrow Reed & 2015 Wide Reed gold eagle edge | Image credit: NGC News Article

Key Dates of Golden Eagles

Key dates among the three varieties — bullion, proof, and uncirculated — differ, partly due to average mintage figures.

Bullion key dates:

• 1986 (All Denominations): First year of issue; Worth up to $850 (1/10-oz), $1,225 (1/4-oz), $2,500 (1/2-oz), or $5,175 (1-oz)

• 1991 1/2-oz: Lowest mintage of all bullion issues at 24,100; Worth $2,500 to $7,250 in MS60 to MS70

• 2014 1/10-oz – Narrow Reeds: Lower mintage issue of two-year batch with finer edge reeding; Worth $15,000 to $30,000 in MS69 to MS70

• 1988 1/10-oz: Relatively rare; Worth up to $8,250

• 1990 1/4-oz: Among last with Roman numerals; Worth up to $9,500 or $11,000 with label signed by Michael Reagan

• 1989 or 1990 1/2-oz: Scarce; Worth up to $12,000 or $14,500

• 1991 1/2-oz: Lowest mintage of denomination at 24,100; Worth up to $7,250

• 1988 1-oz: Worth up to $9,500

• 1994 1-oz: Worth up to $17,500

Pictured above: Obverse of 2020-W commemorative 1-oz gold proof coin with V75 privy mark closeup | Image credit: US Mint, Public domain

Proof key dates:

• 2020-W “V75” Commemorative 1-oz Proof: Limited mintage of 1,945 (for end of WWII in 1945); Worth up to $24,500

• 2006-W 1-oz Reverse Proof: Limited-edition with 10,000 mintage; Worth up to $4,150

Uncirculated key dates:

• 2008-W 1/4-oz: Lowest mintage for fractional uncirculated issues at 8,883; Worth up to $1,600

• 2012-W 1-oz: Among lowest uncirculated mintages at 5,829; Worth up to $3,100 or $8,000 with label signed by Michael Reagan

• 2017-W 1-oz: Among lowest uncirculated mintages at 5,767; Worth up to $3,400

Lastly, the 2021 Type 1 and Type 2 golden eagles are sought-after, representing their respective last and first year of issue.

Pictured above: Obverse & reverse of 1999-W 1/4-oz "uncirculated" mules struck on unpolished proof dies, graded MS-70 by PCGS | Image credit: PCGS CoinFacts, Free use

Errors on Golden Eagles

Errors are rare on golden eagles, and most are on proofs.

However, the most well-known error is on a batch of 2021-W Type 2 1/4-oz ($10) bullion coins, accidentally struck on unpolished proof dies with a “W” mint mark. A total of 7,924 of these mules were released. They’re valued up to $6,000 to $17,000 if MS70.

Another well-known error is seen on 1999-W 1/10-oz ($5) and 1/4-oz ($10) golden eagle uncirculated coins. The first uncirculated coins of that year bore a “W” mint mark, but only proofs were meant to have this mark.

With a MS-70 grade, the 1999-W 1/10-oz ($5) error coins are valued up to $2,800 or $11,000. The 1999-W 1/4-oz ($10) error coins are valued up to $7,300.

Symbolism of the Golden Eagle

Many elements of the gold eagles represent important American values and symbols. These symbols include:

• Lady Liberty: Freedom & guidance

• Torch: Path to freedom & enlightenment

• Stars: States

• Olive Branch: Peace

• Sunbeams: New beginnings & hope

• Bald Eagle: National bird, representing independence, strength & resilience

• E Pluribus Unum: Traditional national motto, used on Great Seal; Latin for “Out of many, one”

• In God We Trust: Current official motto, adopted during Civil War

The story of the reverse eagles is tied to more modern American history. In an interview with Montgomery County Coin Club, Miley Busiek Frost commented on her Type 1 family of eagles design:

“I believe that families are the greatest asset and the most valued possessions in this country.”

Frost was reportedly also inspired by Ronald Reagan’s 1980 “Together, A New Beginning” speech centered around American values of “family, work, neighborhood, peace, and freedom.” Thus, Frost intended the bald eagles to represent American people as a family, remind them of family values, and encourage optimism in younger generations.

The idea of generational wisdom was also present in the Type 2 design. In the US Mint press release announcing the new design, Jennie Norris explained:

“The American Eagle is such a noble bird. I was hoping to capture the intensity of his stare through the close cropping. His gaze speaks of pride and wisdom passed down through generations of time.”

Both coin designs notably represent bipartisan American ideals like wisdom, optimism, and freedom.

Pictured above: Portfolio containing different denominations of golden eagle coins | Image credit: Каль Николай, CC-BY-SA-3.0

Add A Brilliant Golden Eagle to Your Collection or Investment Portfolio!

American gold eagles aren’t just gorgeous collectors items — they’re also fantastic gold bullion investments. Multiple denominations and fluctuating gold prices make them accessible to even beginner investors.

Whether you buy them as an investment or hobby, American golden eagles are a brilliant choice!

Buy golden eagle coins today!