The original legislation that authorized the Gold American Eagle bullion coins omitted any reference to a silver issue. This was corrected with a second bill passed that same day, December 17, 1985. It provided for the production of a silver coin containing exactly one ounce of .999 fine silver. The addition of this coin was viewed as a means of gaining the congressional support of silver producing states for the entire program, and it was also an opportunity to pare down the National Strategic Stockpile of silver, which was increasingly seen as an unnecessary expense to maintain. Each coin includes .0007 copper in its composition, with a gross weight of 31.101 grams, the net result being a piece of 40.6 mm diameter and having exactly one ounce of silver.

   The Silver American Eagle was given a legal tender face value of one dollar to afford it the protection of existing counterfeiting laws. This value was low enough that the coin was certain to never actually circulate in commerce, yet it also possessed sentimental appeal for those who remembered the circulating silver dollars of yesteryear.

   For the obverse of this coin the U.S. Mint revived a popular design formerly used for circulating half dollars from 1916 through 1947. Originally designed and sculpted by Adolph A. Weinman, the Walking Liberty design was beloved by collectors, and a new interpretation of it was prepared by one of the Mint’s current staff artists. Weinman’s monogram, featured so prominently on the obverse of the half dollar, was eliminated and replaced with his simple initials on the hem of Liberty’s gown.

   The reverse of this coin, though utilizing the familiar theme of the heraldic eagle with shield on breast, was a new design by U.S. Mint Sculptor-Engraver John Mercanti, whose initials appears beneath the arrow shafts. In addition to the usual statutory legends required of all United States coins, the inscription "1 OZ. FINE SILVER" is added along the lower border to establish this coin’s bullion content.

   The uncirculated edition of this coin is sold in bulk by the U.S. Mint at a slight mark-up from its bullion value to a select few approved distributors who have the means to purchase very large quantities. These coins are then distributed to other wholesalers in increasingly smaller parcels, each vendor taking a profit that is small by the single coin but which is made up in quantity. Ultimately, the coins find their way to retailers who then provide them to collectors and investors.

   During the first 15 years of the American Eagle program, production of these coins took place at various facilities of the U.S. Mint. As none of the uncirculated coins carry mintmarks, they are indistinguishable as to place of manufacture. Since 2001 production has been concentrated at the West Point Mint, but the uncirculated edition still does not carry a mintmark. The nation’s strategic stockpile of silver was depleted after a few years of coinage, so the necessary bullion is now purchased by the Mint on the open market.

   While the original intent of the Silver American Eagle coinage was to provide a convenient means for investors to set aside silver as part of their portfolios, interest on the part of coin collectors was immediate. The Mint anticipated that collectors would desire proof pieces, so these were offered from the outset, and each carries a mintmark to indicate its place of manufacture. Proofs were struck at San Francisco from 1986 through 1992, then at Philadelphia 1993-2000, with all production since that time coming from the West Point Mint. A limited edition proof was coined at West Point in 1995, in addition to the usual Philadelphia proof of that year, but this was available only with the purchase of the four Gold American Eagle proofs as part of a set. Thus, a mere 30,125 examples of the 1995-W proof Silver American Eagle were sold, and this is now the key to this popular series.

   One thing that the Mint did not expect was the great collector interest shown in the ordinary, or uncirculated, Silver American Eagles. Though they have from the beginning been handled and delivered with greater care than circulating coinage, these pieces are nonetheless highly prized in the top grades. Several condition rarities have emerged, and these are keenly sought for placement in online certified registry collections.

   Starting in 2006 the U.S. Mint offered direct sales to collectors of its uncirculated Silver American Eagle coins. In addition, a special proof issue debuted having frosted fields and brilliant devices, the exact opposite of traditional proof coins. This "reverse proof," coined at Philadelphia, was evidently a one-time offering in commemoration of the American Eagle program’s 20th anniversary. Also included in this anniversary coinage were uncirculated Silver American Eagles bearing the ‘W’ mintmark. Both of these limited editions proved extremely popular and quickly sold out.