The mint started making silver eagles (along with gold eagles) in 1986 to compete with other mints around the world in the bullion coin market. For example the South African Kruegerrand was (and is) extremely popular with both coin collectors and bullion investors. The US government wanted in on this game as well so the silver eagle was born!
It was a way for the mint to reduce its metals stockpiles. The program was originally supposed to end when the stockpile was exhausted, but Congress authorized the open market purchase of more to keep it going due to its popularity and profitability.
Probably because Buffalo dung Eagles would not only look bad but aslo smell bad!:goofer: :hammer: Sorry for not being serious! Frank
der_meister77,the Krugerrand is gold,not silver.The U.S. silver Eagle programme was created in response to the Canadian silver Maple Leaf programme,which began in 1979.Both the silver Eagle & silver Maple Leaf are traded as bullion. Aidan.
gmarguli has the correct answer, the tremendous Treasury stockpile of silver had been declared surplus years earlier. The GSA had conducted several auctions trying to sell off the surplus but the results had been very disappointing. The silver eagle was then created as a method of selling off the silver. As Greg said, it was supposed to end when the surplus was exhausted.
