The phrase "Poor Man's Something" is used as a common expression for something that is a less expensive type of a similar but more impressive thing. It can also be used to compare an individual to a more successful or popular person.Given the popularity of silver today, the expression may be somewhat outdated.
31,329,500 Silver Eagles were stamped by the U.S. Mint in 2020.
The Philadelphia Mint - 240,000 minted in 2020 - (P) Silver Eagles were struck at the Philadelphia Mint - an emergency strike.
Domestic production and Use: In 2020, U.S. mines produced approximately 1,000 tons of silver with an estimated value of $670 million. Silver was produced at 4 silver mines and as a byproduct or co-product from 33 domestic base- and precious-metal operations.
The U.S. Mint originally produced Eagles from government stores. The coins were so popular that the stockpile soon ran low. In 2002, a bill was passed authorizing the Secretary of the Treasury to buy silver on the open market when the silver stockpile was depleted.
In 2019, approximately 1,100 tons of silver was recovered from new and old scrap.
The U.S. imported 230 million ounces of silver or 6500 metric tons in 2020.
The Silver Eagle coins will be produced at the West Point Mint, San Francisco Mint, and Philadelphia in 2021.
When gold gets too expensive, there seems to be a jump in silver price. At nearly $1200 a pop for Gold Eagles, the average guy can't easily hedge. But at around $40 for a Silver Eagle, it's possible.
If you are an individual thinking about acquiring silver given the dynamics of the times, this just gives you a taste. I encourage you to investigate more. Silver may become gold!
Sources:
https://www.usmoneyreserve.com/blog/silver-american-eagle-q-a/
https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-silver.pdf
https://en.wikipedia.org/wiki/American_Silver_Eagle
https://www.valuewalk.com/2020/05/2020-silver-eagles-coin/
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