THE STRIKE LEDGER
Five audited fiscal years, one exact program
Choose a measure, then inspect the same American Eagle Silver bullion row across annual reports. The selected year also drives the accounting bridge and source table.
Verified local annual-report snapshot
FY2021–FY2025 · captured 2026-08-14 · no live Mint connection required.
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PROGRAM ACCOUNTING BRIDGE
FY2025: revenue, gross cost and net result
Gross cost includes cost of goods sold and selling, general and administrative expense. Revenue minus gross cost reconciles to reported net income.
Why FY2025 is unusual: the Mint attributes the bullion-program loss primarily to silver hedging activities and a $69 million year-end unrealized loss as silver prices rose above the metal cost basis. That is a program accounting result, not proof of weak retail demand or a forecast.
Open the complete audited and derived table
| Fiscal year | Fine ounces | Revenue | Gross cost | COGS | SG&A | Net income | Margin | Avg. spot | Revenue / oz |
|---|---|---|---|---|---|---|---|---|---|
| 35,730k | $992.2m | $987.5m | $966.2m | $21.3m | +$4.7m | 0.5% | $25.41 | $27.77 | |
| 15,875k | $406.4m | $399.6m | $385.5m | $14.1m | +$6.8m | 1.7% | $22.28 | $25.60 | |
| 20,633k | $548.5m | $532.5m | $509.2m | $23.3m | +$16.0m | 2.9% | $22.89 | $26.58 | |
| 26,241k | $752.6m | $750.8m | $721.2m | $29.6m | +$1.8m | 0.2% | $26.24 | $28.68 | |
| 14,591k | $517.5m | $532.1m | $518.3m | $13.8m | −$14.6m | -2.8% | $34.10 | $35.47 |
Interpretation boundary: the U.S. Mint sells bullion through Authorized Purchasers rather than directly to households. This audited program series is not total U.S. silver investment demand, retail coin sales, secondary-market turnover, mintage, industrial demand, mine supply or a silver-price forecast.
WHAT CHANGED IN FY2025
Volume fell, silver rose, and program accounting moved into loss
The audited American Eagle Silver row records 14.591 million fine troy ounces sold in FY2025, down 44.4% from FY2024. Sales revenue was $517.5 million, gross cost was $532.1 million and the reported net result was a $14.6 million loss.
The annual report says the broader Bullion Program loss was primarily attributable to silver hedging activities. At fiscal year-end the Mint recognized an unrealized loss as silver prices rose above the metal cost basis; the report quantifies that year-end unrealized loss at $69 million. This makes FY2025 an accounting case study, not a simple “fewer coins caused a loss” story.
Ounces measure audited upstream volume. Revenue and cost measure program accounting. Average daily spot summarizes the fiscal-year price environment. None of them alone measures household demand, dealer inventory or a retail premium.
DISTRIBUTION BOUNDARY
Mint sales do not measure total U.S. silver demand
The U.S. Mint does not sell American Eagle bullion coins directly to the public. It distributes them through Authorized Purchasers, which create wholesale and secondary distribution. The audited row therefore measures upstream program sales, not the final number of households buying coins or the number of secondary-market trades.
Included
American Eagle Silver bullion fine ounces sold and the program revenue, cost, net income and margin reported for the federal fiscal year.
Excluded
Collector proof and uncirculated products, dealer resale, bars, other sovereign coins, industrial fabrication, jewelry and exchange inventories.
Not inferred
Total U.S. investment demand, retail turnover, calendar-year mintage, scarcity, future premiums or silver-price direction.
TIME AND PRODUCT DEFINITIONS
Fiscal-year sales are not calendar-year mintage
The federal fiscal year ends September 30. A fiscal-year program total can span portions of two calendar years and should not be compared directly with a calendar-year mintage table without an explicit alignment method. One Silver Eagle bullion coin contains one fine troy ounce, but sales, production and mintage can still differ because inventory timing and distribution are separate events.
The Mint's machine-readable data page lists an American Eagle Silver bullion CSV covering 1986–2026 and permits republication when the Mint is cited. GoldObserve has not mixed that quarterly, revision-prone file into this audited annual snapshot because the current automated retrieval path is blocked by the Mint's browser challenge. The reviewed FY2021–FY2025 rows remain visible instead of substituting a copied secondary archive.
SOURCE AND VERSION CONTRACT
Three annual reports, overlapping years and an explicit fallback
The snapshot uses the FY2025, FY2024 and FY2023 annual reports. Overlapping rows are checked across editions; revenue minus gross cost must equal reported net income, and the reported margin must remain within rounding tolerance.
Snapshot us-mint-american-eagle-silver-fy2021-fy2025-v1 is captured through FY2025. A retrieval failure or new report never deletes the current baseline. Replacement requires record-count, year, unit, overlap, accounting and source-review checks.
CONTINUE THE RESEARCH
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QUESTIONS
American Silver Eagle sales FAQ
How many American Silver Eagle bullion ounces did the U.S. Mint sell in FY2025?
The audited FY2025 annual report records 14.591 million fine troy ounces sold, down 44.4% from 26.241 million ounces in FY2024.
Why did the U.S. Mint Silver Eagle program report a loss in FY2025?
The Mint attributes the bullion-program loss primarily to silver hedging activities and a $69 million year-end unrealized loss as silver prices rose relative to the metal cost basis. The American Eagle Silver program row records a $14.6 million net loss.
Do U.S. Mint Silver Eagle sales equal total U.S. silver demand?
No. The series covers one upstream bullion coin program sold through Authorized Purchasers. It excludes industrial use, jewelry, bars, other coins, exchange inventories, imports, secondary-market trades and retail resale.
Are Silver Eagle sales the same as mintage?
No. This page uses audited fiscal-year fine ounces sold. Mintage, production, calendar-year sales, collector proof products and uncirculated products are separate observations.
Is reported revenue per ounce the retail Silver Eagle premium?
No. It divides fiscal-year program revenue by fiscal-year fine ounces sold and blends transaction dates and upstream terms. It is not a same-time dealer price or retail premium.
Do Mint sales predict the silver price?
No. Program sales can reflect allocation, production, distribution and investor-product demand, but they do not isolate price direction or the wider silver market.