The Palladium Eagle was authorized by the American Eagle Palladium Bullion Coin Act of 2010 which became Public Law 111-303 passed during the 111th United States Congress in December 2010[1] and signed by President Barack Obama.

[1][2] The Mint was directed to obtain an independent study of whether there would be enough market demand to justify the issuance of the piece; it voided its first contract for such a study on learning that the contracted firm had ties to the palladium industry.

[3] The contract was re-awarded to New York-based CPM Group, which conducted the necessary research between May and July 2012.

[4] On March 1, 2013, the Mint submitted a report to Congress based on the study, finding that demand would most likely not be sufficient to sustain a market in palladium bullion coins.

Secondary market sales for the proof version were also strong on September 6 with many listings selling at a $600 premium over the Mint's asking price.