Brandon Lee
The Eisenhower dollar is a one-dollar coin issued by the United States Mint from 1971 to 1978. It was the first coin of that denomination issued by the Mint since the Peace dollar series ended in 1935. The Eisenhower dollar was issued in two variations: a silver-clad coin for collectors and a copper-nickel clad Ike dollar for circulation. While the silver-clad version was originally produced for collectors, many of these silver-clad dollars eventually entered everyday use. The Eisenhower dollar is the only large US dollar coin whose circulation strikes contained no silver. While it is worth asking your bank if they have any Eisenhower dollars, it is unlikely that they will have any in circulation.
| Characteristics | Values |
|---|---|
| Year of issue | 1971-1978 |
| Denomination | One-dollar coin |
| Obverse | Portrait of President Eisenhower |
| Reverse | Stylized image honouring Apollo 11 Moon mission |
| Designer | Frank Gasparro |
| Metal composition | Copper-nickel clad |
| Silver content | 40% silver (collector's version) |
| Mint | United States Mint |
| Availability at banks | Uncommon, but some banks may have them |
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What You'll Learn
- Eisenhower dollar coins were issued by the US Mint from 1971 to 1978
- The coins were the first of their denomination since the Peace dollar series ended in 1935
- The coins were designed by Frank Gasparro, with one side honouring Apollo 11
- The coins were hoarded by collectors and failed to circulate
- The coins are gaining popularity with collectors due to their modest cost
Eisenhower dollar coins were issued by the US Mint from 1971 to 1978
The Eisenhower dollar is a one-dollar coin issued by the United States Mint from 1971 to 1978. It was the first coin of that denomination issued by the Mint since the Peace dollar series ended in 1935. The coin depicts President Dwight D. Eisenhower on the front and a stylized image commemorating the Apollo 11 Moon mission on the back. Both sides were designed by Frank Gasparro, with the reverse based on the mission patch designed by astronaut Michael Collins. It is the only large-size U.S. dollar coin whose circulation strikes contained no silver.
The Eisenhower dollar was the first dollar coin minted during the copper-nickel clad era, which began in 1965. It was also the last regularly issued dollar coin with physical dimensions similar to the traditional silver dollars of earlier times. While most Eisenhower dollars are made from copper-nickel clad, many uncirculated pieces were minted in a 40% silver format at the San Francisco Mint. These coins bear an "S" mint mark.
The Eisenhower dollar saw limited use but is widely collected. In 1976, a Treasury study found that the coin had a near-100% attrition rate, meaning it was usually only used in one transaction before stopping circulation. This was due to its bulky size and weight, as well as a lack of potential uses. Despite this, it successfully replaced private-issue tokens in Nevada casinos and was supported by the vending machine industry.
The Eisenhower dollar was also notable for being the first coin issued by the US Mint to honour a president so soon after their death. Eisenhower passed away in March 1969, and the coin was first issued in 1971. There were several proposals to honour him with the new coin, and it was supported by members of both political parties.
While complete sets of Eisenhower dollars are inexpensive to assemble, some rare varieties exist. These include the "Nixon Presentation Dollar", which was discovered by a collector in 2013, and the "Friendly Eagle Pattern", which features an eagle without brow lines.
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The coins were the first of their denomination since the Peace dollar series ended in 1935
The Eisenhower dollar was issued by the United States Mint from 1971 to 1978. It was the first one-dollar coin issued by the US Mint since the Peace dollar series ended in 1935. The coin was issued in two variations: a silver-clad coin for collectors and a copper-nickel clad Ike dollar for circulation. The silver-clad Eisenhower Dollar was issued as a 40% silver coin, making it distinct from its copper-nickel counterpart intended for circulation. While the silver-clad dollars were originally produced for collectors, many of them eventually entered everyday use.
The Eisenhower dollar is the only large US dollar coin whose circulation strikes contained no silver. The coin depicts President Dwight D. Eisenhower on the obverse and a stylized image honouring the 1969 Apollo 11 Moon mission on the reverse. Both sides were designed by Frank Gasparro, with the reverse based on the mission patch designed by astronaut Michael Collins. The coin was first proposed by New Jersey Representative Florence Dwyer, who suggested that the proposed dollar coin bear the likeness of Eisenhower. This proposal was supported by Missouri Representative Leonor Sullivan.
The Eisenhower dollar was the largest clad coin ever issued by the US Mint. They were available to the general public through banks beginning on November 1, 1971. Many were hoarded by collectors, and there was initially sufficient demand for the coins that many banks imposed a limit of one coin per customer. While the Eisenhower dollar failed to circulate widely, complete sets of these dollars are inexpensive to assemble and are gaining popularity with coin collectors.
Some individuals have reported being able to order Eisenhower dollars from their banks. One person reported ordering bags of Eisenhower dollars from a bank where they had their mortgage and several accounts. However, another individual noted that their bank was only able to order coins in circulation. It may be worth asking your bank if they have any Eisenhower dollars available.
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The coins were designed by Frank Gasparro, with one side honouring Apollo 11
The Eisenhower dollar is a one-dollar coin issued by the United States Mint from 1971 to 1978. It was the first coin of that denomination issued by the Mint since the Peace dollar series ended in 1935. The Eisenhower dollar was designed by Frank Gasparro, the US Mint's chief sculptor and engraver. The coin depicts President Dwight D. Eisenhower on one side, and a stylized image honouring the 1969 Apollo 11 Moon mission on the other.
Gasparro began working on the obverse drawing for the coin in the spring of 1969, settling on using a profile of the former President and General of the Army. He chose this design because of the impression of strength and character he perceived when he first saw Eisenhower. Gasparro had only caught a fleeting glimpse of Eisenhower in 1945, when he was one of the estimated 4,000,000 citizens who joined a victory parade for the famous Five Star General after World War II.
Gasparro's design for the reverse side of the coin was based on the mission patch designed by astronaut Michael Collins. It depicts an eagle (representing the Lunar Module Eagle) swooping low over the Moon's surface, holding an olive branch in its claws. The eagle is shown with a fierce expression, which was initially opposed by some government officials. However, Gasparro's design was approved by President Nixon, Treasury Department and Mint officials, and the Fine Arts Commission.
The Eisenhower dollar is the only large-size US dollar coin whose circulation strikes contained no silver. From 1971 to 1974, the new dollar was minted with two different compositions: one for collectors, which contained silver, and one for circulation, which did not. The circulating dollar was struck in larger quantities.
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The coins were hoarded by collectors and failed to circulate
The Eisenhower dollar is a one-dollar coin issued by the United States Mint from 1971 to 1978. It was the first coin of that denomination issued by the Mint since the Peace dollar series ended in 1935. The coin depicts President Dwight D. Eisenhower on the obverse and a stylized image commemorating the Apollo 11 Moon mission in 1969 on the reverse. The Eisenhower dollar was the largest clad coin ever issued by the US Mint.
The Eisenhower dollar was initially met with strong public interest. Banks imposed a limit of one coin per customer due to high demand. Collectors hoarded these coins, purchasing rolls in search of better specimens. Many of the coins were not well-struck, and some had an oily film on them, leading collectors to clean them. Despite the initial enthusiasm, the coin failed to circulate.
The failure of the Eisenhower dollar to circulate can be attributed to several factors. Firstly, the coin was introduced as a large-size dollar coin without any silver content. The absence of silver may have been a factor in its lack of circulation, as the previous silver dollar, the Peace dollar, had already ceased production in 1935. The Eisenhower dollar's large size may also have been a contributing factor, as smaller denominations are typically more convenient for everyday transactions.
Additionally, the Eisenhower dollar faced competition from other coins, such as the Susan B. Anthony dollar, which was authorized by Congress in 1979 but also failed to circulate. The Eisenhower dollar's complex design, with an oily film on many coins, may have further discouraged its use in everyday transactions, as people often prefer clean and simple coins.
The hoarding of the Eisenhower dollar by collectors and its failure to circulate had economic implications. Gresham's law, a monetary principle in economics, states that "bad money drives out good." In this context, the "bad money" refers to coins with a lower commodity value than their face value, while the "good money" is the Eisenhower dollar, which has a higher inherent value due to its silver content. When both forms of money are accepted as legal tender, the more valuable coins tend to disappear from circulation as people hoard or melt them down for their bullion value. This dynamic can increase the demand for coinage but also contributes to the scarcity of well-struck Eisenhower dollars in circulation.
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The coins are gaining popularity with collectors due to their modest cost
The Eisenhower dollar is a one-dollar coin issued by the United States Mint from 1971 to 1978. It was the first coin of that denomination issued by the Mint since the Peace dollar series ended in 1935. The Eisenhower dollar is the final regular-issue dollar coin to have been minted in silver. The coin depicts President Dwight D. Eisenhower on the obverse and a stylized image commemorating the 1969 Apollo 11 Moon mission on the reverse.
The Eisenhower dollar was the largest clad coin ever issued by the US Mint. It was made available to the general public through banks beginning on November 1, 1971. Many were hoarded by collectors, and there was initially sufficient demand for the coins that many banks imposed a limit of one coin per customer. The silver pieces sold well, but the overall opinion on the Eisenhower dollars was unpopular, and they failed to circulate widely outside Nevada casinos.
Given their modest cost, short run, and availability, complete sets of Eisenhower dollars are inexpensive and easy to assemble, making them popular with coin collectors. The coins are also the last of the large dollar coins minted for circulation by the US Mint, marking the inception of copper-nickel clad in US coinage. This gives them great numismatic value, as they are distinct from all other US coins in circulation before them. Additionally, their rich historical background ties both President and General Eisenhower to the Apollo 11 mission, adding to their appeal for collectors.
The Eisenhower dollar's appeal to collectors is further enhanced by its variety, with collectors seeking out silver proof, high-grade, and monster-toned versions, as well as the "`brown Ike`" and "`blue Ike`" varieties. While some higher-quality versions can be worth a premium, the availability of Eisenhower dollars means that collectors can often find them at a decent starting price.
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Frequently asked questions
The Eisenhower dollar was issued from 1971 to 1978, and while it is still legal tender, it is no longer circulated by banks. However, some collectors have reported being able to order Eisenhower dollars from their banks, though this is not a common practice.
The Eisenhower dollar was the only large US dollar coin without silver in its circulation strikes. However, a silver-clad version was issued for collectors, containing 40% silver.
The Eisenhower dollar was issued to reintroduce a dollar coin into commerce and to honour former president and World War II general, Dwight D. Eisenhower, following his death in 1969.
Yes, Eisenhower dollars are gaining popularity with coin collectors due to their modest cost and the short length of the series. The silver-clad version, originally produced for collectors, is particularly sought after by numismatists.
