By Charles Morgan and Hubert Walker for CoinWeek Notes …..
1972: A Make-or-Break Year for the Eisenhower Dollar
In 1972, a year after the initial buzz… and then thud… of the release of the new Eisenhower Dollar coin, the United States Mint continued its work to refine and improve Chief Engraver Frank Gasparro’s design. A number of subtle changes were undertaken by the Mint’s engraving department, including a mid-year change in the quality of die steel used to strike the hard copper-nickel clad circulating coins.
That there was little demand for the large-format dollar did not dissuade the government from striking almost 170 million coins at the Denver and Philadelphia mints. At Denver, coin production more-or-less went smoothly, while at Philadelphia, minor tweaks (and possibly die mixups) led to the creation of three major varieties, known by “Ike” collectors as 1972 Type I, Type II, and Type III dollars.
A second variant of the Eisenhower Dollar was produced not for circulation but for collectors and was struck in a 40% silver-clad composition. Before 1965, all United States dimes, quarters, and half dollars were struck in a .900 fine silver composition. Dollar coins, not produced since 1935, would have also followed suit had production been ongoing. This changed with the passage of the Coinage Act of 1965, which removed silver entirely from dimes and quarters and reduced its fineness in the half dollar to 40%. The Act did one other thing as well. It prohibited the production of dollar coins until 1970, at which time Congress would reevaluate the need for such a coin.
The Silver-Clad Eisenhower Dollar Issued as a Compromise
The death of former President Dwight D. Eisenhower on March 28, 1969, gave dollar coin advocates a reason to support the release of a new coin, but a question remained regarding the continued use of the 40% silver composition. The Mint, for its part, was satisfied with removing silver entirely and assisted the Treasury Department in separating pre-64 silver issues from federal holdings and melting down the obsolete coins. By the end of 1969, a majority of the silver dimes, quarters, and half dollars in circulation had been withdrawn by speculators, collectors, and the Government.
A large faction in Congress supporting the production of a new dollar coin pushed for the Cu-Ni clad composition, but there were others, like Representative H.R. Gross (R-IA3), who found the idea of a “scrap metal” dollar coin to be an insult to the memory of the former president. Gross’ opinions were shared by many in the Senate but stood in opposition to the prevailing sentiment of the House, which had coalesced around the cause of seeing to the complete removal of silver from American circulating coinage.
The compromise spelled out in the bill, signed into law by President Richard M. Nixon just before midnight on December 31, 1970, approved the striking of up to 150 million silver-clad dollars, drawing from Treasury stockpiles of silver for the coin’s production. These silver-clad coins would form the basis of the collector issues struck in Proof and Uncirculated formats at the San Francisco Assay Office.
The Uncirculated 1972-S Eisenhower Dollar Corrected Quality Control Issues
The 1971-S Uncirculated issue, as an earlier CoinWeek profile points out, was a quality-control disaster. And given the high price above face value that the U.S. Mint was charging for the coin, both the collecting community and the general public were not happy. The Mint explained these flaws by stating that the coins were produced in the same way as a regular coin would be struck for circulation, but that wasn’t entirely true. Many of the 1971-S coins looked milky, with improperly prepared planchets. Author Rob Ezerman also points out that many suffered post-strike damage due to the careless way in which the coins were shipped from San Francisco to Denver for packaging.
Whatever happened in 1971 to cause that issue to stand out among the poorest-quality postwar issues the Mint had produced had been addressed by the time the 1972-S Uncirculated dollars went into production. As it stands, the 1972-S Eisenhower dollar (“Blue Pack“) Uncirculated coin is the 1881-S Morgan of the series – which is to say that, by a very great degree, the quality of this issue is unparalleled. It is significantly better than the 1971-S, marginally better than the 1974-S, and clearly better than the 1973-S.
Additional Insight into the Eisenhower Dollar
One interesting fact about the Eisenhower Dollar is that its obverse features Chief Engraver Frank Gasparro’s portrait of Dwight D. Eisenhower as President. Gasparro’s initials, “FG”, appear raised in the bust truncation. The reverse design is based on astronaut Michael Collins’ Apollo 11 Mission Patch and shows a bald eagle in descent with an olive branch in its talons, symbolizing peace. The edge of the coin is reeded, adding an intricate detail to the overall design.
Market Data and Noteworthy Specimens
Top Population: PCGS MS69 (40, 5/2024), NGC MS69 (18, 5/2024), and CACG MS68 (196:1 stickered:graded, 5/2024).
- PCGS MS69 #30663258: Heritage Auctions, May 13, 2024, Lot 93552 – $3,118.80.
- PCGS MS69 #26243300: “Sonoran Monsoon,” Heritage Auctions, January 8, 2016, Lot 6214 – $3,055.
- PCGS MS69 #30844002: Heritage Auctions, December 5, 2014, Lot 4403 – $2,585.
- PCGS MS69 #60166542: Heritage Auctions, April 29, 2011, Lot 5981 – $3,680.
- PCGS MS69 #73099237: Heritage Auctions, December 3, 2010, Lot 4048 – $2,760.
- PCGS MS69 #73613356: Heritage Auctions, March 16, 2007, Lot 1436 – $4,312.50.
- PCGS MS68 #38634074: The Foxfire Collection; “The D. Brent Pogue Collection, Part VII,” Stack’s Bowers, March 20, 2020, Lot 7311 – $1,440. Peagreen toning throughout with orange, magenta, purple, and electric blue splashes.
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Design
Obverse
Gasparro’s portrait of Dwight D. Eisenhower (as President); Eisenhower facing to the left. Gasparro’s initials FG appear raised in the bust truncation. Beneath Eisenhower’s chin, to the left, is the motto IN GOD WE TRUST. LIBERTY wraps around the top of the coin in the space between the rim and the top of Eisenhower’s head. The date wraps around the bottom of the design, between the rim and the bottom of Eisenhower’s bust truncation. While Philadelphia-struck pieces bear no mintmark, coins struck at Denver and San Francisco will bear small mintmarks of “D” or “S” above the space between the last two digits of the date and below Eisenhower’s neck. On Eisenhower dollars, mintmarks were hand-punched and may vary in exact location and orientation.
Reverse
The reverse is based on astronaut Michael Collins’ Apollo 11 Mission Patch design.
In the center, a bald eagle in descent. In its talons, an olive branch. Its left wing is raised. The lunar surface lies below. Above the eagle’s head is a depiction of the Earth. North America is prominently visible. Wrapping