The United States Mint has issued the American Silver Eagle since 1986. The one ounce silver coins are produced in different versions for both precious metals investors and coin collectors. Last year in 2009 the high demand for precious metals bullion coins led to the cancellation of the collector coins. The situation has continued, bringing doubts to the status of the 2010 collector coins.

The American Silver Eagle bullion coins are distributed by the United States Mint through a network of authorized purchasers. These bulk bullion buyers purchase the coins directly from the Mint and then resell them to other bullion dealers, coin dealers, and the public. Their purchase price is based on the spot price of silver plus a fixed mark up. In recent times there have sometimes been limits imposed on the number of coins they could order.

The collectible version of the American Silver Eagle has been issued in two versions. The first is the proof version, which is struck multiple times from specially prepared dies. This creates a strike with sharp details and frosted raised elements over mirror like backgrounds for a cameo effect. The second collectible version is an uncirculated strike, which is produced on specially burnished blanks and contains the "W" mint mark.

Statements from the United States Mint have emphasized the fact that they are legally required to produce the bullion coins in quantities sufficient to meet public demand. There is no legal requirement to produce the coins for collectors. Following the US Mint's strict interpretation of the law, they sourced all incoming precious metals blanks to the production of bullion coins.

In October 2009, the US Mint officially announced that they had canceled the 2009 Proof Silver Eagle and 2009 Uncirculated Silver Eagle. The reason provided was the often cited sections of the law, which require the production of bullion coins in quantities to meet public demand. As consolation, the Mint stated that they hoped to resume production of collector coins in 2010 if they could increase the supply of precious metals blanks.

Just before the close of 2009, the US Mint was forced to suspend the sale of silver bullion coins amidst another surge in demand. Sales to authorized purchasers were resumed shortly thereafter, but under an allocation program, which limited the number of coins that could be purchased. Collectors are hoping that the US Mint can reverse the situation soon so that the 2010 collector coins may be produced. The situation will bear watching as the year moves forward.