One of our members, @Ike Skywalker, asked if I might write a piece about the Eisenhower Dollar. I have never been a big Ike Dollar collector. I have the clad Proof sets, and some certified coins for my NGC Registry set, but that is about it. I didn’t end up keeping my “Blue” and “Brown” Ikes. I sold them when I was a dealer. At any rate, at the risk of leaving something out of which the experts and Ike Dollar enthusiasts consider important, here goes. In March of 1969 General and former president Dwight David Eisenhower died. In July of the same year, two of three the Apollo 11 astronauts became the first men to step foot on the moon. To mark those events, the United States Congress considered ways to commemorate them on a coin. The authorization of a commemorative coin was still off the table. Problems with the previous series of commemoratives still cast a shadow over those proposals. The cent through the quarter were considered to be too small to provide an appropriate design. The Kennedy Half Dollar had only been in circulation for five years and was not up for a new design. That left the dollar coin, a denomination that had not been issued since 1935. There had been silver dollars produced at the Denver Mint in 1964, but all of those coins were melted; none of them were released. Now the price of silver had gone up so much that a standard silver dollar was out of the question. If the coin were to made for circulation, it would have to be on copper-nickel clad planchets like other coins that had previously been made of silver. Representative Florence Dwyer, who was a Republican representative from New Jersey, suggested that Dwight Eisenhower should appear on the coin. At a time when bipartisanship was still a force in politics, Missouri Representative Leonor Sullivan, a Democrat, agreed. She stated that it was only fair for the Republicans to get “equal time” since John F. Kennedy, a Democrat, was on the half dollar. The Joint Commission on Coinage, which included representatives from the Executive Branch and Congress drew up a proposal. It called for an Eisenhower Dollar that did not contain silver along with the elimination of silver from the half dollar. In addition, it also called for the transfer of “rare silver dollars” from the Treasury Department to the General Service Administration so that they could be sold. Collectors now call these coins, which are best known for the Carson City silver dollars that were in the hoard, “GSA dollars.” The House had hoped to fast track the bill without amendments, but that procedural vote failed. Iowa representative, Harold Gross, a Republican, objected to the fact that the coin contained no silver. He argued that the Congress would be doing no favors to memory of President Eisenhower if the coin honoring him were to be made of “scrap metal.” The House voted on the coinage legislation on October 14, 1969, which was Eisenhower’s birthday. Senate also voted on the bill, but passed it with provisions that called for the coin to contain silver. Iowa Senator James McClure stated that, "It is somehow beneath the dignity of a great president like General Eisenhower to withhold silver from the coin." Finally, the lawmakers reached a compromise. The coins that were made for general circulation would be copper-nickel clad pieces, but there would also be collector coins that would be struck on 40% silver clad planches. In late October, Texas representative, Robert Casey, introduced legislation that the coin would honor Dwight Eisenhower and the Apollo moon landing. Ultimately that provision was merged into the enabling legislation. After more legislative wrangling, the bill which included the Eisenhower Dollar, the elimination of silver from the half dollar and the transfer of the silver dollars to the GSA was signed into law by President Richard Nixon in late December 1970. Design and Production Chief Mint Engraver, Gilroy Roberts, had complete responsibility for designing the Eisenhower Dollar. The coin featured a profile view of Eisenhower facing left. The reverse design was taken from the mission insignia patch, designed by astronaut Michael Collins, minus the name of the mission. Given the size of the coin, 38.1 mm, and the hardness of the copper-nickel alloy, Roberts faced considerable technical challenges. It took 170 tons of pressure to strike the clad Ike Dollars, and die life was limited to 100 to 200 thousand pieces. Roberts was continually modifying the relief of the design to get the proper balance between the level of detail and die life longevity. Since die longevity was not an issue with the Proof and Uncirculated silver coins, they were struck in higher relief. The silver coins were sold for more than their face value, and earned a profit for the mint’s operations. Type 1 Type 2 Type 3 A 1972 business strike clad Ike Dollar. Roberts’ efforts to modify the design were most obvious in 1972. The best place to look when one is trying to assign the types is at the earth which appears above the eagle’s left wing. The Type I variety, earth has three islands, Cuba, Jamaica and Hispaniola that look like blobs below the Florida peninsula. On the Type II, the islands are lying too far to the southwest. The Type III islands are closer to reality. This type would appear on the reverse of the coin for the rest of the series. Excluding some off-metal strikes (e.g. 1974-D coins struck on silver clad planchets), the 1972 Type II dollars are the rarest coins in the set. The reverse die that was used to strike these coins had been made to strike Proof coins. Somehow it was mounted on the Philadelphia Mint business coin press and an estimated 40,000 or fewer coins were struck. Heritage has auctioned two of these coins in the PCGS MS-66 grade. The prices realized were $9,988 in January 2016 and $7,638 in October of the same year. Prices for lower grade pieces are far more reasonable. For example certified MS-63 graded coins have frequently sold in the $60 to $80 range. The mintages were quite high in 1971 and ’72. Collectors and the general pubic wanted an example of the new but for the wrong reason. Like the Kennedy Half Dollar, the coin did not circulate. People simply acquired the coins and held them. One of the reasons stemmed back to the same problem that had made silver dollars unpopular for generations. The coins were bulky and heavy and no fun to carry around. In addition, there was no space in most cash registers and drawers to put them. Cashiers found them to be nuisance. A 1972 Silver Proof Ike Dollar. These are also called "Brown Ikes" because the mint packaged in brown slip cases. The Uncirculated "Blue Ikes" came in blue envelopes. By 1973 the Federal Reserve banks had more dollars coins than they needed. As a result, the mint system limited its production of Eisenhower Dollars to mint sets and the silver issues. The 1973 Ike Dollars immediately became the key date in the series and prices soared. At one time the 1973 silver Proof Ike Dollar was on the Graysheet for more than $250.00. Recently I sold one to a dealer for $15. In 1974, regular production of the Ike Dollar resumed, but change was in the horizon. The United States was preparing for a big birthday party, Continued, next message
Silver Proof Bicentennial Dollar, Type 1 Reverse Clad Proof Bicentennial Dollar, Type 2 reverse. The Bicentennial Coins Although the United States actually won its independence in 1783 with the signing of the Treaty of Paris, 1776 has always been the date pegged as the beginning of American freedom. The recognize the nation’s 200th anniversary, Treasury Department held a contest for Bicentennial coin designs that would appear on the reverse of the quarter, half dollar and dollar coin during the years 1975-6. Dennis Williams won the competition for the dollar coin. His design featured the Liberty Bell superimposed in front of the moon. The design was generally well received although the drummer boy reverse on the quarter by Jack Ahr received the most praise. The obverse remained the same, except for the duel dates “1776 ∙ 1976.” All of the coins carried that date. There were no quarters, half dollars or dollars that were dated 1975. There are two varieties of the Bicentennial Eisenhower Dollar. The most obvious differences between the two was the thickness of the lettering. The first pieces had thick lettering. For the later pieces the lettering was thinner. There were other minor changes to the bell and the moon, which are hard to describe in words. The mint made these changes citing esthetic concerns. The Type 1 and 2 Bicentennial dollars side by side. For the last two years of the series, 1977 and ’78. The original Eisenhower Dollar design was resumed. The mintages were quite high, but the coin continued to circulate poorly. In 1979, the mint introduced “The Dollar of the Future,” the Susan B. Anthony Dollar. It is ironic that that the public also rejected this coin for same reason that people rejected the Twenty Cent Piece a little over a century earlier. Its size was too close that of the quarter, and people confused the two. The Susan B. Anthony Dollar Conclusions Much of the information for this piece came from four sources, the PCGS “Coin Facts” site, Walter Breen’s Encyclopedia, Wikipedia and The Red Book. I was surprised to learn that the Eisenhower Dollar sets are very popular. PCGS noted that the Ike Dollar set is “a perfect starter coin” and that is one of the most popular registry sets. A review of the number of sets bore out that statement. As expected there are 4,103 Morgan Dollar sets, but the Ike Dollar is not that far behind with 3,055 sets. The Peace Dollar has attracted 1,226 sets. Over the on the NGC registry, Ike dollars are not as popular. There 5.473 Morgan sets, 1,559 Peace Dollar sets and 1,430 Ike sets. Part of the reason for those amounts is that NGC is not as well respected in the modern coin grading market as PCGS. Many collectors feel that PCGS grades modern coins more strictly and that a high grade from them is more prestigious. Despite that fact that the Eisenhower Dollar is a very common coin, high grade examples are scarce. It is rare to find a clad business strike piece that grades MS-66 or better. The reason is that these coins were not treated with tender loving care at the mint and in storage. They have been clanged around in bags, and the design, which has large open fields, is prone to picking up marks. The Eisenhower Dollar was one of growing number of U.S. dollar coins that have failed to fulfill their mission. Its time was brief in the annals of the U.S. Mint System, but during that time it has provided those who collect modern U.S. coins with some interesting collect
Another great write-up. This is probably the 1st coin I ever got as a present and became familiar with.
Fantastic write-up, Bill! I will add my prooflike perspective: PL Ike's are known, but exceedingly rare. There are 5 designated at NGC, and 4 of those are Bicentennials. Interestingly, 3 of them are currently listed on Ebay (and have been for several years). Their asking prices of around $3k are just insane. So, I've settled for a semi-prooflike example for my set. This has surfaces which are clearly different from a normal business strike, but don't have enough reflectivity for the PL designation.
This is a very well written article. I learned more about the development and issuance of the series. Thank you.
Two comments, or additional facts. The combination of the moon landing with Eisenhower on the dollar was additionally pertinent, because NASA was founded under the Eisenhower Administration. And in the realm of "Pork Barrel", $1 from the sale of each of the proof 40% silver Ike dollars (1971 - 74, and apparently 76) was earmarked for Eisenhower College in Seneca Falls, New York (On condition that 10% of the money received would be sent to the Samuel Rayburn Library in Bonham, Texas.) Eisenhower college, a liberal arts school of some 460 students began in 1968 and lasted about as long as the Ike dollars did, in 1979 it was taken over by the Rochester Institute of Technology and closed in 1982. They considered turning it into a prison, but eventually it became the New York Chiropractic College.
There is an old thread in here where someone predicted that the Ikes would be next “hot” series to collect. Although the Ikes never connected with me, I do have several of the 1976 silver uncirculated and proof sets. I think those are pretty neat 3 coin sets that go for roughly $15 on ebay. That set has an interesting history as well. There is great podcast on it by Charles Morgan: https://coinweek.com/coinweek-podca...he-1976-bicentennial-3-coin-silver-set-audio/
Nice write up. Here is a summary of Ikes including the varieties (Types) mentioned in the Red Book. Mind you, this is just my definition of an Ike collection...24 business strikes, 11 proof strikes...
I remember as a kid in high school how great a feeling it was to have a Eisenhower Silver Dollar in your pocket! Didn't matter what other coins were there as long as you had that Ike. I started my collection several years ago and in addition to the several sets of raw coins I've got PCGS sets in (all DCAM) PR69, PR68, PR67 (missing 76), MS67, MS66, MS65 (all silver). As well as NGC sets that are yet to be completed.
Picked this one and 2 more (one 72) in OGP for $10 each, which was the issue price 50 years ago! Very hard to photo in the plastic. No hazing on this one just reflections...
It’s hard to find a “brown Ike” 40% silver that has not developed the haze in the original government issue case, @Razz. Congratulations on finding one! It must have something to do with the black insert, the way the cases are sealed or the cleaner the mint used to rinse the planchets before the coins were struck. Storage does not seem to be a determining factor. I had some pieces become hazy in my collection while others didn’t in the same box.
