Market Calendar
The Retail Premium Index

Silver Eagle Premiums Relative to Spot, Month by Month

In August 2026 the American Silver Eagle 1 oz carried 9.0% over spot, or $6.06 an ounce over the metal value, against 3.4% for the silver composite in the same month and the reading sits in the 1st percentile of the product's own history.

Retail Premium Index, August 20269.0%$6.06 per ounce over spot1st percentile of its own history
August 20263 of 12 silver benchmarks this month
1-year average11.8%
All-history average23.9%164 months
Retail Premium Index silver composite, August 20263.4%

The year's range so far8.5% in April 2026 to 18.2% in February 2026

captured 31 Aug 2026 · How these numbers are made

Month by month

Compare against:
-25.0%0.0%25.0%50.0%75.0%100.0%January 2013October 2014July 2016April 2018January 2020October 2021July 2023April 2025
See the figures
American Silver Eagle 1 oz and Silver composite, by month
CategoryAmerican Silver Eagle 1 ozSilver composite
January 201314.3%
February 201313.2%
March 201318.3%
April 201320.9%16.0%
May 201315.4%
June 201317.3%
July 201317.2%
August 201313.5%
September 201312.8%10.0%
October 201314.0%9.5%
November 201318.3%9.5%
December 201318.5%8.1%
January 201417.0%9.7%
February 201416.4%8.5%
March 201413.6%8.9%
April 201412.7%9.2%
May 201413.4%10.0%
June 201412.8%10.0%
July 201412.0%7.4%
August 201412.2%8.5%
September 201413.6%9.1%
October 201415.6%12.8%
November 201419.1%17.1%
December 201416.7%15.9%
January 201515.5%13.8%
February 201516.3%14.1%
March 201514.5%13.9%
April 201514.4%13.8%
May 201514.2%14.2%
June 201514.7%14.7%
July 201520.8%18.7%
August 201521.7%19.4%
September 201529.6%20.3%
October 201521.4%17.1%
November 201519.1%15.5%
December 201521.9%15.9%
January 201619.3%15.2%
February 201617.8%14.2%
March 201617.4%13.3%
April 201615.2%13.8%
May 201614.4%13.7%
June 201614.0%12.5%
July 201611.7%10.1%
August 201612.4%11.0%
September 201612.5%9.8%
October 201613.6%11.1%
November 201614.7%11.9%
December 201615.4%11.4%
January 201715.5%11.5%
February 201713.5%8.9%
March 201713.9%9.1%
April 201713.5%10.9%
May 201714.2%11.6%
June 201714.9%11.2%
July 201715.6%11.8%
August 201714.2%10.9%
September 201713.4%10.6%
October 201713.9%8.1%
November 201712.8%8.0%
December 201714.6%7.7%
January 201813.0%8.2%
February 201811.7%6.3%
March 201813.7%7.9%
April 201814.1%11.2%
May 201814.1%11.2%
June 201814.0%10.5%
July 201814.4%9.8%
August 201816.2%10.4%
September 201818.4%8.6%
October 201816.6%12.8%
November 201816.5%11.0%
December 201816.1%12.3%
January 201915.7%11.9%
February 201916.0%11.8%
March 201916.5%11.7%
April 201916.6%11.2%
May 201916.9%11.0%
June 201916.5%10.6%
July 201915.5%11.2%
August 201914.2%10.2%
September 201914.0%10.0%
October 201914.3%9.0%
November 201914.6%10.8%
December 201914.5%8.5%
January 202014.0%10.6%
February 202013.7%10.1%
March 202028.0%16.6%
April 202060.6%38.8%
May 202060.9%29.6%
June 202040.8%17.8%
July 202035.5%16.8%
August 202031.8%15.8%
September 202024.0%15.1%
October 202019.9%13.8%
November 202017.6%10.7%
December 202013.8%9.3%
January 202116.8%11.1%
February 202146.3%20.1%
March 202142.5%20.6%
April 202142.6%22.9%
May 202146.6%20.2%
June 202149.9%18.8%
July 202139.6%16.7%
August 202136.9%16.1%
September 202137.0%16.1%
October 202147.0%17.2%
November 202140.6%15.3%
December 202139.5%17.8%
January 202238.4%17.0%
February 202238.3%16.9%
March 202251.0%19.3%
April 202258.9%24.8%
May 202266.6%27.5%
June 202260.4%24.6%
July 202267.9%24.8%
August 202269.5%25.8%
September 202274.1%28.9%
October 202293.9%31.9%
November 202280.8%30.8%
December 202251.4%17.9%
January 202341.7%15.9%
February 202344.6%15.5%
March 202356.9%18.3%
April 202373.3%20.4%
May 202376.0%19.4%
June 202366.4%17.5%
July 202342.2%16.6%
August 202328.3%16.8%
September 202324.8%13.2%
October 202325.8%14.0%
November 202322.0%13.9%
December 202319.1%14.8%
January 202419.3%14.9%
February 202420.0%14.1%
March 202424.8%13.0%
April 202425.0%10.6%
May 202424.1%9.4%
June 202423.3%10.4%
July 202421.3%10.2%
August 202424.2%9.6%
September 202417.1%9.6%
October 202416.5%9.4%
November 202417.3%9.1%
December 202416.1%9.6%
January 202515.2%6.9%
February 202513.4%6.8%
March 202514.1%6.5%
April 202515.0%7.7%
May 202514.5%9.8%
June 202512.2%6.9%
July 202511.7%5.5%
August 202511.0%6.1%
September 202511.3%4.8%
October 202515.4%7.8%
November 202511.4%5.7%
December 20259.6%5.9%
January 202612.8%7.5%
February 202618.2%10.9%
March 202614.2%7.6%
April 20268.5%6.0%
May 20269.4%6.1%
June 20269.7%3.5%
July 202612.7%7.7%
August 20269.0%3.4%
Monthly premium over spot, January 2013 to August 2026, against the silver composite.

Based on SD Bullion transaction data. Figures before March 2019 are historical estimates.

Some months of this series were revised at the latest publish. See Revisions

Silver premiums | Compare with Silver Round

Look up a month

The month's premium
9.0% · $6.06/oz
2026 range
8.5%-18.2%

What moves this premium

The United States Mint's one-ounce silver bullion coin, struck since 1986 in .999 fine silver with a face value of one dollar. It is the most widely traded silver coin in the US retail market, and its premium carries the US Mint brand: buyers pay for recognisability, liquidity and the legal-tender standing of the design. When retail demand surges, Eagle premiums lead the market higher because Mint output cannot flex quickly; when demand cools they fall back toward the sovereign pack. The Eagle is the series most people mean when they ask what silver premiums are doing.

What miners pay to produce an ounce is the other half of the picture: see what the tracked producers spend against the metal price.Miner margins

What the Mint sold

The United States Mint's monthly Silver Eagle sales to its Authorized Purchasers: the wholesale pipe behind the retail premium. When the Mint sells little, dealers are bidding for scarce coins and premiums have often widened; when it sells a lot, they have often eased. Often, not always: in March 2020 Mint sales and premiums jumped together.

Show:Month by monthSince 1986
1Y3Y5YMax
02M4M6M8MJanuary 2013October 2014July 2016April 2018January 2020October 2021July 2023April 2025
See the figures
American Silver Eagle 1 oz: the Mint's monthly sales beside the premium
MonthCoinsOuncesStatusPremium
June 2026260,000260,000 ozreported9.7%
May 202600 oz0 reported9.4%
April 2026380,500380,500 ozreported8.5%
March 20261,630,0001,630,000 ozreported14.2%
February 20261,733,5001,733,500 ozreported18.2%
January 20264,816,5004,816,500 ozreported12.8%
November 2025749,500749,500 ozreported11.4%
October 20251,425,0001,425,000 ozreported15.4%
September 2025575,000575,000 ozreported11.3%
August 2025430,000430,000 ozreported11.0%
July 2025305,000305,000 ozreported11.7%
June 2025315,000315,000 ozreported12.2%
May 2025775,000775,000 ozreported14.5%
April 20251,530,0001,530,000 ozreported15.0%
March 2025972,500972,500 ozreported14.1%
February 2025928,000928,000 ozreported13.4%
January 20253,563,0003,563,000 ozreported15.2%
December 20241,314,0001,314,000 ozreported16.1%
November 2024983,000983,000 ozreported17.3%
October 20242,469,0002,469,000 ozreported16.5%
September 20242,446,0002,446,000 ozreported17.1%
August 20241,700,0001,700,000 ozreported24.2%
July 20241,700,0001,700,000 ozreported21.3%
June 20241,700,0001,700,000 ozreported23.3%
Earlier months
American Silver Eagle 1 oz: the Mint's monthly sales beside the premium: earlier months
MonthCoinsOuncesStatusPremium
May 20241,748,0001,748,000 ozreported24.1%
April 20242,502,0002,502,000 ozreported25.0%
March 20241,700,0001,700,000 ozreported24.8%
February 20241,700,0001,700,000 ozreported20.0%
January 20244,900,0004,900,000 ozreported19.3%
December 2023525,000525,000 ozreported19.1%
November 20232,378,0002,378,000 ozreported22.0%
October 20233,938,0003,938,000 ozreported25.8%
September 20232,970,0002,970,000 ozreported24.8%
August 20233,124,0003,124,000 ozreported28.3%
July 20232,091,0002,091,000 ozreported42.2%
June 20231,482,0001,482,000 ozreported66.4%
May 20231,593,0001,593,000 ozreported76.0%
April 2023900,000900,000 ozreported73.3%
March 2023900,000900,000 ozreported56.9%
February 2023900,000900,000 ozreported44.6%
January 20233,949,0003,949,000 ozreported41.7%
December 202259,00059,000 ozreported51.4%
November 20221,407,0001,407,000 ozreported80.8%
October 20221,258,0001,258,000 ozreported93.9%
September 2022850,000850,000 ozreported74.1%
August 2022850,000850,000 ozreported69.5%
July 2022850,000850,000 ozreported67.9%
June 2022925,000925,000 ozreported60.4%
May 20221,350,0001,350,000 ozreported66.6%
April 2022850,000850,000 ozreported58.9%
March 20221,100,0001,100,000 ozreported51.0%
February 20221,500,0001,500,000 ozreported38.3%
January 20225,001,0005,001,000 ozreported38.4%
December 202100 oz0 reported39.5%
November 20211,523,5001,523,500 ozreported40.6%
October 20211,076,0001,076,000 ozreported47.0%
September 20212,735,0002,735,000 ozreported37.0%
August 20213,930,0003,930,000 ozreported36.9%
July 20213,104,0003,104,000 ozreported39.6%
June 20212,800,0002,800,000 ozreported49.9%
May 202100 oz0 reported46.6%
April 20211,053,0001,053,000 ozreported42.6%
March 20214,087,0004,087,000 ozreported42.5%
February 20213,191,5003,191,500 ozreported46.3%
January 20214,775,0004,775,000 ozreported16.8%
December 2020751,000751,000 ozreported13.8%
November 20204,805,0004,805,000 ozreported17.6%
October 20203,397,0003,397,000 ozreported19.9%
September 20202,958,5002,958,500 ozreported24.0%
August 20204,477,0004,477,000 ozreported31.8%
July 20201,084,5001,084,500 ozreported35.5%
June 20201,398,0001,398,000 ozreported40.8%
May 2020490,000490,000 ozreported60.9%
April 2020750,000750,000 ozreported60.6%
March 20205,482,5005,482,500 ozreported28.0%
February 2020650,000650,000 ozreported13.7%
January 20203,846,0003,846,000 ozreported14.0%
December 201900 oz0 reported14.5%
November 2019463,000463,000 ozreported14.6%
October 20191,110,5001,110,500 ozreported14.3%
September 20191,021,0001,021,000 ozreported14.0%
August 20191,007,0001,007,000 ozreported14.2%
July 20191,240,0001,240,000 ozreported15.5%
June 20191,035,0001,035,000 ozreported16.5%
May 2019866,000866,000 ozreported16.9%
April 20191,196,0001,196,000 ozreported16.6%
March 2019850,000850,000 ozreported16.5%
February 20192,057,5002,057,500 ozreported16.0%
January 20194,017,5004,017,500 ozreported15.7%
December 2018490,000490,000 ozreported16.1%
November 20181,645,0001,645,000 ozreported16.5%
October 20181,430,0001,430,000 ozreported16.6%
September 20182,897,5002,897,500 ozreported18.4%
August 20181,530,0001,530,000 ozreported16.2%
July 2018885,000885,000 ozreported14.4%
June 2018435,000435,000 ozreported14.0%
May 2018380,000380,000 ozreported14.1%
April 2018915,000915,000 ozreported14.1%
March 2018915,000915,000 ozreported13.7%
February 2018942,500942,500 ozreported11.7%
January 20183,235,0003,235,000 ozreported13.0%
December 2017742,000742,000 ozreported14.6%
November 2017385,000385,000 ozreported12.8%
October 20171,040,0001,040,000 ozreported13.9%
September 2017320,000320,000 ozreported13.4%
August 20171,025,0001,025,000 ozreported14.2%
July 20172,320,0002,320,000 ozreported15.6%
June 2017986,000986,000 ozreported14.9%
May 20172,455,0002,455,000 ozreported14.2%
April 2017835,000835,000 ozreported13.5%
March 20171,615,0001,615,000 ozreported13.9%
February 20171,215,0001,215,000 ozreported13.5%
January 20175,127,5005,127,500 ozreported15.5%
December 2016240,000240,000 ozreported15.4%
November 20163,061,0003,061,000 ozreported14.7%
October 20163,825,0003,825,000 ozreported13.6%
September 20161,675,0001,675,000 ozreported12.5%
August 20161,280,0001,280,000 ozreported12.4%
July 20161,370,0001,370,000 ozreported11.7%
June 20162,837,5002,837,500 ozreported14.0%
May 20164,498,5004,498,500 ozreported14.4%
April 20164,072,0004,072,000 ozreported15.2%
March 20164,106,0004,106,000 ozreported17.4%
February 20164,782,0004,782,000 ozreported17.8%
January 20165,954,5005,954,500 ozreported19.3%
December 20152,333,5002,333,500 ozreported21.9%
November 20154,824,0004,824,000 ozreported19.1%
October 20153,788,0003,788,000 ozreported21.4%
September 20153,804,5003,804,500 ozreported29.6%
August 20154,935,0004,935,000 ozreported21.7%
July 20155,529,0005,529,000 ozreported20.8%
June 20154,840,0004,840,000 ozreported14.7%
May 20152,023,5002,023,500 ozreported14.2%
April 20152,851,5002,851,500 ozreported14.4%
March 20153,519,0003,519,000 ozreported14.5%
February 20153,022,0003,022,000 ozreported16.3%
January 20155,530,0005,530,000 ozreported15.5%
December 20142,459,0002,459,000 ozreported16.7%
November 20143,426,0003,426,000 ozreported19.1%
October 20145,790,0005,790,000 ozreported15.6%
September 20144,140,0004,140,000 ozreported13.6%
August 20142,087,5002,087,500 ozreported12.2%
July 20141,975,0001,975,000 ozreported12.0%
June 20142,692,0002,692,000 ozreported12.8%
May 20143,988,5003,988,500 ozreported13.4%
April 20143,569,0003,569,000 ozreported12.7%
March 20145,354,0005,354,000 ozreported13.6%
February 20143,750,0003,750,000 ozreported16.4%
January 20144,775,0004,775,000 ozreported17.0%
December 20131,200,0001,200,000 ozreported18.5%
November 20132,300,0002,300,000 ozreported18.3%
October 20133,087,0003,087,000 ozreported14.0%
September 20133,013,0003,013,000 ozreported12.8%
August 20133,625,0003,625,000 ozreported13.5%
July 20134,406,5004,406,500 ozreported17.2%
June 20133,275,0003,275,000 ozreported17.3%
May 20133,458,5003,458,500 ozreported15.4%
April 20134,087,0004,087,000 ozreported20.9%
March 20133,356,5003,356,500 ozreported18.3%
February 20133,368,5003,368,500 ozreported13.2%
January 20137,498,0007,498,000 ozreported14.3%

The U.S. Mint did not report a figure for December 2025.

Silver Eagle bullion coin sales in ounces, month by month, January 2013 to June 2026, on the same months as the premium chart above. December 2025 is shown as 0, assumed, not yet stated by the Mint; the figure is replaced when the Mint states it. The dashed line marks the month chosen in "Look up a month".

December is usually the Mint’s slowest month for bullion sales, about a third of a typical month for the one-ounce coins since 2013, and in some years the Mint reports no December sales at all. The Mint’s practice is to shift production to the next year’s coins late in the year; its file states no reason for any month.

bullion coin sales to Authorized Purchasers, not production, not retail demand

Source: United States Mint. Updated after each of the Mint's monthly postings; latest month June 2026.

About the American Silver Eagle 1 oz

Issuer
United States Mint
Product type
Government-issued bullion coin
Silver content
1 troy oz
Fineness
.999
Legal tender
Yes
Face value
One dollar
Country
United States
First issued
1986

Premium benchmark: standard bullion American Silver Eagle; excludes proofs, burnished coins, graded coins and special releases.

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The Retail Premium Index

Questions buyers ask

Why do Silver Eagles cost more than spot?

Because a Silver Eagle is not just an ounce of silver. The US Mint charges its authorized purchasers a fixed fee over spot for every coin, the distributors add theirs, and the dealer adds the last layer. On top of that sits demand for THIS coin: the legal-tender standing, the recognisability, the fact that it is usually the easiest silver coin in America to sell back. When buyers rush in, the Mint cannot strike faster overnight, so the premium is where the rush tends to show up first.

What is a normal Silver Eagle premium?

There is no single normal, and that is the point of the chart above. In calm markets the Eagle sits a few points above the generic round and a point or two above the other sovereign coins. In a squeeze it can run to several times that and stay there for months. Read the all-history average in the table as the centre of gravity and the all-time high as what a real shortage looks like.

When do Silver Eagle premiums spike?

When retail demand outruns Mint output: a sharp move in the silver price, a banking scare, a stretch of headlines that sends new buyers to the most famous coin. Premiums usually lead: they tend to widen before spot has finished moving and to come back down slowly, months after the crowd has thinned, because dealers are working through inventory bought at the high premium.

Do tubes and monster boxes change the premium?

Yes, and the series includes them. A tube of twenty or a sealed box of five hundred trades at a lower premium per coin than a single Eagle, and the figures here weight every sale by the ounces it moved, so bulk orders count for their size. A single coin will usually have cost a little more than the month shows.

How to read this page

The Retail Premium Index publishes the average premium paid on retail orders at SD Bullion, month by month, for each benchmark bullion product. A premium is what a buyer pays above the metal value of the piece, as a share of that value; a dollar figure is shown only where the record carries it. It includes the mint's and the distributor's charges as well as the dealer's, so it is not a measure of dealer margin.

A premium can also be negative: when the metal price moves very fast, some products have sold for less than the metal in them, and the series shows that as it happened.

Where next

The Retail Premium Index is a free public resource published for educational purposes only. It is compiled from real transaction records and from market data we license, using the methods described on the methodology page, and we correct it when we find errors. It is not a price quote, an offer to buy or sell, or investment advice, and it may not match figures compiled by other dealers or from other sources, whose products, pricing and methods differ from ours. The methods, the products covered and the period covered may change over time; nothing about the continuation, consistency or method of the index is guaranteed, and any figure may be revised or withdrawn. Past premiums do not indicate future premiums. The figures come from one retailer's own records of completed orders, and for the months before March 2019 from estimates of what the metal was worth at the time of each sale.

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