The American Silver Eagle is the most popular silver bullion coin in the world. Highly valued by both investors and collectors, the demand for new silver eagle issues remains strong year after year. 2022 marked an important year for the silver eagle, as it was the 2nd year of issue for the coin‘s brand new reverse design introduced in mid-2021.
With updated security features, limited mintages, and huge market demand, 2022 silver eagles are poised to be a wise investment for years to come. But just how much are these beautiful silver dollars worth today? Let‘s take an in-depth look at the value of 2022 silver eagles.
2022 Silver Eagle Design & Specifications
First, it‘s important to understand what makes the 2022-dated silver eagles unique compared to issues from previous years. The obverse (front) of the coin features a refreshed depiction of Adolph A. Weinman‘s classic "Walking Liberty" design. Thanks to technological advancements in the minting process, the 2022 silver eagle showcases even finer details that were not possible when the coin was first introduced in 1986.
Lady Liberty is shown in full stride, draped in the American flag, and carrying branches of laurel and oak – symbols of civil and military glory. The sun is visible on the horizon, representing the dawn of a new era. Inscriptions include "LIBERTY," "IN GOD WE TRUST," and the year-date "2022."
The reverse of the 2022 silver eagle features an entirely new design from Emily Damstra, which replaced John Mercanti‘s heraldic eagle design that had been in place since 1986. Damstra‘s design portrays a magnificent eagle as it approaches a landing, carrying an oak branch in its talons as if to add it to a nest. Inscriptions read "UNITED STATES OF AMERICA," "E PLURIBUS UNUM," "1 OZ. FINE SILVER," and "ONE DOLLAR."
In addition to the visual redesign, the U.S. Mint introduced new anti-counterfeiting measures in 2022. Using advanced technology, the reed pattern variation was enhanced, making it even more difficult for counterfeiters to replicate the coins. This added layer of security protects collectors and assures the authenticity of their silver eagles.
Other key specifications of the coin remained the same, with each struck from 1 troy ounce of 99.9% fine silver in a diameter of 40.6 mm and nominal face value of $1.
Mintage, Sales & Demand
2022 silver eagles were produced at three U.S. Mint facilities – the West Point Mint, San Francisco Mint, and Philadelphia Mint. Bullion strike coins minted in Philadelphia do not carry a mint mark, while those struck in San Francisco and West Point bear an "S" and "W" mint mark respectively.
In total, the U.S. Mint produced nearly 16 million silver eagles for the bullion market in 2022. An additional 1.25 million coins were minted in collector finishes, including proof, reverse proof, and burnished uncirculated strikes. Here is a breakdown of the mintages for 2022:
- Bullion strike (no mint mark): 15,963,500
- Proof strike (West Point – W): 693,328
- Proof strike (San Francisco – S): 360,062
- Burnished uncirculated (West Point – W): 197,251
Many of the collector versions, especially those offered as part of limited edition sets, had extremely low mintages. For example, only 50,000 of the 2022-S proof silver eagles were reserved for inclusion in the 2022 Limited Edition Silver Proof Set.
Perhaps unsurprisingly given their beauty and the strong silver market, sales of 2022 silver eagles were brisk and many products quickly sold out. The 2022-W Proof Silver Eagle went on sale April 14 for issue price of $73, but the entire mintage was accounted for through enrollment programs before sales even began! The U.S. Mint allowed those who enrolled to place orders for up to three coins. In the end, 461,169 coins sold out within the first 24 hours.
The 2022-S Proof and 2022-W Burnished Uncirculated silver eagles experienced similar demand. By the time they became available for sale, most of the inventory had already been claimed through pre-sales and enrollment. This left only small windows for collectors to purchase the coins individually before they inevitably sold out.
How Much Are 2022 Silver Eagles Worth?
With so many variations and limited editions, putting an exact value on a 2022 silver eagle can be complex. At the most fundamental level, each 1 oz silver eagle is worth at least the current spot price of silver, which stood at $23.93 per troy ounce as of June 2023.
However, pristine examples graded by top tier services like PCGS and NGC regularly sell for much more than their intrinsic metal value. This additional worth comes from the coin‘s numismatic or collector value.
Population reports show that perfect specimens are quite rare, especially for certain versions and labels. For example, PCGS has graded only 18 examples of the 2022-W Proof Silver Eagle with the David Hall signature label. Meanwhile, just 50 of the First Day of Issue Cleveland Blue Eagle label exist in perfect PR70DCAM condition.
The most valuable 2022 silver eagle sold to date went for a staggering $3,499 in a public auction. This coin was a 2022-W Proof Silver Eagle graded PR70DCAM by PCGS. While this represents the top end, many other 2022 silver eagles have realized prices of $100 to $500 each in the secondary market.
Some versions are valued more highly due to special characteristics or limited edition designations. Case in point, the 2022-W Burnished Silver Eagle with the Paul C. Balan signature label is available only as a Special Strike and is limited to just 20 coins graded SP70 by PCGS. In November 2022, one of these Balan signed coins sold for $134.
Error Coins & Varieties
As with any coin, mint errors and varieties can significantly impact the value of a 2022 silver eagle. One notable error discovered by Independent Coin Graders (ICG) is called an "incomplete strike ring." This raised ring-shaped defect appears near the rim as a result of foreign matter becoming stuck in the die during the minting process.
Coins with the incomplete strike ring error show two distinct surface textures. The normal frosty luster changes to a dull matte-like finish on either side of the raised ring near the rim. Entire rolls of the error coins have been found, making them highly coveted by collectors.
Prices for 2022 silver eagles with this mint error have already reached into the hundreds of dollars. One example graded MS69 by ICG with the error on both obverse and reverse was recently offered for $349.99. It‘s likely that error coins, especially those in superb condition, will only become more valuable with time as additional examples enter the market.
Building a 2022 Silver Eagle Collection
For any collector or investor interested in silver eagles, a 2022-dated example is a must-have acquisition. Not only are these coins historic due to the new reverse design, but they also offer tremendous upside potential given their quality, beauty, and intense market demand.
When buying 2022 silver eagles, it‘s important to choose reputable dealers who offer authentic, undamaged coins. Some of the most popular and trustworthy sources include:
- APMEX (American Precious Metals Exchange)
- JM Bullion
- SD Bullion
- Monument Metals
- Money Metals Exchange
- Provident Metals
Whether purchasing raw coins, graded examples, or special limited edition sets, 2022 silver eagles are sure to be a cherished part of any collection or investment portfolio for generations to come. With their updated designs, low mintages and rapid sell-outs, these coins demonstrate the enduring legacy of the American Silver Eagle program as it marks 37 years of success and popularity.
