Treasury Secretary Baker Strikes First Bullion Silver Dollar

With a hearty cry of “Hi-yo silver, away!” U.S. Treasury Secretary James A. Baker III on Wednesday struck the first U.S. bullion silver dollar.

It was the first of a million one-ounce American Eagle silver dollars that will be struck at the San Francisco Mint by Nov. 24, when they will be distributed first to 27 bulk dealers nationwide, then to retail outlets for public sale.

Serenaded by the 6th Army Band, hundreds of guests looked on as Baker struck the silver blank twice, as is done with special coins to sharpen the impressions.

Copying the departing cry of the Lone Ranger, Baker called, “Hi-yo silver, away!”

The coins, .999 pure silver, have a face value of $1 legal tender, but will sell at a price tied to the market plus a $2 premium, said Director of the Mint Donna Pope. Wednesday’s New York silver quote was $5.58 an ounce.

Dealer commissions and sales taxes may also be charged.

The coins will be sold through coin shops, precious metal dealers, participating banks, brokerages and other financial institutions.