1976-S No S Eisenhower Dollar. Image: PCGS / Abobe Stock / CoinWeek.
By Mike Byers for Mint Error News ……
The PCGS Price Guide valued this unique Eisenhower Dollar long ago at $850,000 USD. Today, Mike Byers estimates the value well into seven figures.
The 1976 Type 2 “No S” Silver Proof Eisenhower Dollar is one of America’s great mystery coins! It is a 1976 Proof Bicentennial dollar lacking the “S” mintmark for San Francisco, and was discovered at a Woodward & Lathrup department store in the Washington, D.C. area in 1977.
It is possible that this coin was struck as a presentation piece for a government or White House official in Washington and then entered circulation when it was accidentally spent.
Mitchell Spivack of Wondercoins is the owner of this unique Eisenhower Dollar and he exclusively commented on this coin for the readers of Mint Error News:
For the better part of around 10 years, PCGS has valued the Unique 1976 Type 2 “No S” Silver Proof Eisenhower Dollar at $850,000 in its Price Guide. This value was established well before I bought and then immediately resold one of the two known 1975 “No S” Dimes at public auction back in September 2019 for $516,000 (it had previously sold for around $350,000). Additionally, several other Eisenhower dollars have recently traded well into six figures at public auction. The Ike dollar series has really “taken off” and has come into its own!
Based upon the recent upward trajectory of the (current) mintage two 1975 “No S” Dimes, as well as many Eisenhower Dollars now being worth in excess of six figures, I currently believe that the 1976 Type 2 “No S” Silver Proof Eisenhower Dollar is a “strong seven figure” coin. I receive, on average, at least one random, unsolicited, communication a day from across the globe from non coin collectors who believe they have found another “holy grail” 1976 Type 2 “No S” Silver Proof Eisenhower Dollar. Of course, they have all found, to date, simply one of the millions and millions of business strike Type 2 Eisenhower Dollars produced in Philadelphia in 1976. But the word is spreading fast, especially via social media platforms such as YouTube, about the “holy grail” of Eisenhower Dollars – the Unique 1976 Type 2 “No S” Silver Proof Eisenhower Dollar! The 250th Anniversary of this great country is now less than three years away when this special coin will turn 50 years old!
1976 “No S” Bicentennial Proof Eisenhower Dollar – Provenance and Price History
The first sale was by Devonshire, raw, in 1982. It sold for $5,000. Martin Paul and Andy Lustig joint ventured it. It was subsequently sold to Alan Hager. Then it was certified PF65 by NGC. Martin Paul re-acquired it. It was in a Superior Auction, lot #1794, NGC PF65 in 1997.
At some point it upgraded to PCGS PR66. Then it was in a Bowers and Merena auction, lot #647, realizing $41,400 in 2002. Acquired by Mitchell Spivack. Re-designated CAMEO by PCGS.
As the Philadelphia Mint Prepared to Strike Susan B. Anthony Dollars, the Final Eisenhower Dollars were Struck
The United States Mint recognized that the large size of the one dollar coin was suboptimal if the coin was to see widespread circulation and acceptance in vending machines. The Eisenhower dollar measured 38.1mm in diameter and was the same size as the standard silver dollars struck by the United States Mint from 1840 to 1935. Then, the large dollar coins and many of America’s subsidiary coins were struck on planchets that were made of .900 fine silver.
The Coinage Act of 1965 marked a departure from silver coinage on the dime and quarter, and called for the production of a debased 40% silver half dollar. By 1970, the Mint had come to realize that producing half dollars in silver was a mistake. This was apparent in the wording of the legislation that authorized the production of the Eisenhower dollar, as the bill called for the production of copper and nickel-clad coins for circulation and 40% silver-clad coins to be struck solely for collectors. That same bill called for the half dollar to be struck in copper-nickel as well.
Without the intrinsic value of silver, the coin’s large size was owed more to tradition than practicality. True, casino interests found the coins an ideal replacement for the silver dollars that once poured into their slot machines, but for the rest of America, the Eisenhower dollar was a novelty coin, at best, and a government boondoggle at worst.
By the summer of 1976, work was well underway to rethink the future of American coinage. In its Comprehensive Review of U.S. Coinage, the Research Triangle Institute contemplated the elimination of the cent, the introduction of a two-cent coin, and the introduction of a “more convenient-sized” one dollar coin.
The “more conveniently sized” one-dollar coin went from a think tank idea to the subject of Congressional interest by the end of the decade. In 1978, Congress held numerous hearings regarding a change in the size and design of the dollar coin. In July, the Committee on Banking, Housing, and Urban Affairs of the United States Senate filed its report and proposed a bill to authorize the production of a small dollar coin bearing the likeness of Susan B. Anthony. Anthony beat out a number of other historical figures for the coin’s obverse, including Corps of Discovery member Sacagawea. Sacagawea would replace the stern-faced suffragette as the face of another dollar coin debacle.
This was the climate under which the last of the Eisenhower dollars of 1978 were made. The United States Mint struck 25.7 million Eisenhower dollars at the Philadelphia Mint. On December 13, 1978, the striking of the first Susan B. Anthony dollars marked the end of America’s last large circulating dollar series.
How Much is the 1978 Eisenhower Dollar Worth?
Although it has been 45 years since the final Eisenhower dollars were struck, these durable coins can still be acquired in circulation. Larger bank branches will occasionally have a few on hand – but these coins are typically worn. Bag and roll quantities of the coin still persist, but these are infrequently encountered.
Circulated 1978 Eisenhower dollars are worth a small premium over their $1 face value. Uncirculated examples are also plentiful. A common source for these coins is the 1978 United States Mint Uncirculated Coin Set. 2,006,869 of these sets were sold and each one contains a single example of every circulating coin struck at the Philadelphia and Denver Mints. These sets carried an issue price of $7 and today are worth about $15. A loose uncirculated 1978 Eisenhower dollar typically sells for $5 to $7 on eBay.
Collectors particular about the quality of their coins may prefer to buy examples that have been graded by one of the three major grading services: CAC, NGC, or PCGS.
In Mint State 65, the 1978 Eisenhower dollar is worth about $18, according to CoinWeek IQ’s current market analytics. This low price does not reflect the difficulty in cherrypicking gem-quality Eisenhower dollars of this issue in the wild. Mint set coins tend to have the best strikes, but this is a trend and not a rule. In MS66, the 1978 Eisenhower Dollar sells for about $80.
The coin is conditionally rare in the grade of MS67 and recent auction records indicate that at this level, this issue has a value of approximately $5,000. With the appearance of new coins in the condition census, expect this price to soften somewhat. CAC-approved coins, especially those of extraordinary quality for the grade, will bring substantial premiums over these guide values.
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. On Eisenhower dollars, mintmarks were hand-punched and may vary in exact location and orientation.
Reverse:
The reverse is based on 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 around the top of the coin adjacent to the rim is the legend “UNITED STATES OF AMERICA.” Thirteen small five-point stars circle around the eagle. Below the ring of stars but above the eagle is the motto “E PLURIBUS UNUM”. Wrapping around the bottom of the design is the denomination “ONE DOLLAR”.
Edge:
The edge of the 1978 (P) Eisenhower Dollar is reeded.
Designer
Frank Gasparro was a friend to numismatists and served as Chief Engraver of the United States Mint from 1965 to 1981 (View Designer’s Profile).
As the Philadelphia Mint Prepared to Strike Susan B. Anthony Dollars, the Final Eisenhower Dollars Were Struck
The United States Mint recognized that the large size of the one dollar coin was suboptimal if the coin was to see widespread circulation and acceptance in vending machines. The Eisenhower dollar measured 38.1mm in diameter and was the same size as the standard silver dollars struck by the Mint from 1840 to 1935. Then, the large dollar coins and many of America’s subsidiary coins were struck on planchets that were made of .900 fine silver.
The Coinage Act of 1965 marked a departure from silver coinage on the dime and quarter, and called for the production of a debased 40% silver half dollar. By 1970, the Mint had come to realize that producing half dollars in silver was a mistake. This was apparent in the wording of the legislation that authorized the production of the Eisenhower dollar, as the bill called for the production of copper and nickel-clad coins for circulation and 40% silver-clad coins to be struck solely for collectors. That same bill called for the half dollar to be struck in copper-nickel as well.
Without the intrinsic value of silver, the coin’s large size was owed more to tradition than practicality. True, casino interests found the coins an ideal replacement for the silver dollars that once poured into their slot machines, but for the rest of America, the Eisenhower dollar was a novelty coin at best, and a government boondoggle at worst.
By the summer of 1976, work was well underway to rethink the future of American coinage. In its Comprehensive Review of U.S. Coinage, the Research Triangle Institute contemplated the elimination of the cent, the introduction of a two-cent coin, and the introduction of a “more convenient-sized” one dollar coin.
The “more conveniently sized” one-dollar coin went from a think tank idea to the subject of Congressional interest by the end of the decade. In 1978, Congress held numerous hearings regarding a change in the size and design of the dollar coin. In July, the Committee on Banking, Housing, and Urban Affairs of the United States Senate filed its report and proposed a bill to authorize the production of a small dollar coin bearing the likeness of Susan B. Anthony. Anthony beat out a number of other historical figures for the coin’s obverse, including Corps of Discovery member Sacagawea. Sacagawea would replace the stern-faced suffragette as the face of another dollar coin debacle.
This was the climate under which the last of the Eisenhower dollars of 1978 were made. The United States Mint struck 25.7 million Eisenhower dollars at the Philadelphia Mint. On December 13, 1978, the striking of the first Susan B. Anthony dollars marked the end of America’s last large circulating dollar series.
How Much Is the 1978 Eisenhower Dollar Worth?
Although it’s been 45 years since the final Eisenhower dollars were struck, these durable coins can still be acquired in circulation. Larger bank branches will occasionally have a few on hand – but these coins are typically worn. Bag and roll quantities of the coin still persist, but these are infrequently encountered.
Circulated 1978 Eisenhower dollars are worth a small premium over their $1 face value. Uncirculated examples are also plentiful. A common source for these coins is the 1978 United States Mint Uncirculated Coin Set. 2,006,869 of these sets were sold and each one contains a single example of every circulating coin struck at the Philadelphia and Denver Mints. These sets carried an issue price of $7 and today are worth about $15. A loose uncirculated 1978 Eisenhower dollar typically sells for $5 to $7 on eBay.
Collectors particular about the quality of their coins may prefer to buy examples that have been graded by one of the three major grading services: CAC, NGC, or PCGS.
In Mint State 65, the 1978 Eisenhower dollar is worth about $18, according to CoinWeek IQ’s current market analytics. This low price does not reflect the difficulty in cherrypicking gem-quality Eisenhower dollars of this issue in the wild. Mint set coins tend to have the best strikes, but this is a trend and not a rule. In MS66, the 1978 Eisenhower Dollar sells for about $80.
The coin is conditionally rare in the grade of MS67 and recent auction records indicate that at this level, this issue has a value of approximately $5,000. With the appearance of new coins in the condition census, expect this price to soften somewhat. CAC-approved coins, especially those of extraordinary quality for the grade, will bring substantial premiums over these guide values.
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. On Eisenhower dollars, mintmarks were hand-punched and may vary in exact location and orientation.
Reverse:
The reverse is based on 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 around the top of the coin adjacent to the rim is the legend “UNITED STATES OF AMERICA.” Thirteen small five-point stars circle around the eagle. Below the ring of stars but above the eagle is the motto “E PLURIBUS UNUM”. Wrapping around the bottom of the design is the denomination “ONE DOLLAR”.
Edge:
The edge of the 1978 (P) Eisenhower Dollar is reeded.
Designer
Frank Gasparro was a friend to numismatists and served as Chief Engraver of the United States Mint from 1965 to 1981 (View Designer’s Profile).
The Mint Was Still Refining the Eisenhower Dollar Design in 1972
After one year of development, the Eisenhower dollar was released in 1971. The large dollar coin was struck to honor President Dwight D. Eisenhower, who had died in March 1969, at the age of 78.
The coin was authorized by Congress through the Bank Holding Company Act Amendments of 1970, which was signed into law by President Richard M. Nixon. Nixon was a fitting signer of the memorial legislation as he had served for two terms as Eisenhower’s Vice President.
Eisenhower dollars produced for circulation were struck in the copper-nickel (Cu-Ni) sandwich metal that was used to strike all dimes and quarters dated 1965 onward, while special silver-clad versions were struck for the collector market.
The technical challenges of striking large coins in the harder Cu-Ni composition were considerable and throughout the first two years of the coin’s production, it is clear that United States Mint Chief Engraver Frank Gasparro was forced to make a series of seemingly small revisions to the coin in order to correct the deficiencies in his design.
In 1972, these design changes led to the release of three different reverse varieties.
How to Identify the Three 1972 Eisenhower Dollar Varieties
Whitman’s Guide Book of United States Coins (more commonly referred to as the “Red Book”) lists three varieties of the 1972 Eisenhower dollar. Collectors know these varieties as Types 1-3. Of the three, only the Type 2 is scarce – it was struck with a reverse die that was intended for use on the Proof version of the coin.
In order to distinguish between the three 1972 Eisenhower dollar varieties, you must take note of the shape of the earth and the configuration of the Caribbean islands. The graphic above illustrates the major pick-up points for each variety.
The number of Type 2 coin emissions is not understood with certitude, but contemporary reports of its discovery indicate that small numbers of Type 2 1972 Eisenhower dollars were released in March and then in August 1972. A number of minute die markers have allowed series specialists to differentiate between the two releases and research conducted by the Ike Group revealed that the Mint deployed harder die steel to strike Eisenhower dollars later in the year.
As the 1972 Type 2 commands a significant premium over the more common Type 1 and 3 1972 (P) Eisenhower dollars, many dealers and collectors look primarily for the Type 2 coin’s incuse islands and ignore the fact that all three types in grades above MS65 are scarce to rare.
Savvy collectors should take note that due to the Eisenhower dollar’s absence in the 1971 and 1972 Mint Sets, the millions of coins that would have been preserved in Mint State for the issue are simply not available.
Short of a hoard of high-quality 1972 (P) dollars surfacing at some future date, there are no obvious sources for premium business strike Eisenhower dollars from 1971 or ’72, as Mint Sets from each of these years did not include dollar coins.
The CoinWeek video above provides an easy to follow guide to identifying the three 1972 Eisenhower dollar varieties.
How Much is the 1972 Eisenhower Dollar Worth?
Despite their high mintages, Eisenhower dollars from 1971 and 1972 are less common in Mint State than issues from 1973 onwards. This can be explained by the absence of dollar coins in the United States Mint’s annual Mint Sets. The first Eisenhower dollars to appear in Mint Sets were the 1973 (P) and the 1973-D, which despite that issue’s low mintage (and supposed “key date” status) are actually quite plentiful.
The typical brick and mortar coin shop will have Mint Sets, brown packs (silver-clad Proofs), blue packs (silver-clad uncirculated versions), bicentennial sets (in BU and Proof), and clad Proof Sets, but will not likely have many (if any) uncirculated 1971 or 1972-dated clad business strikes in original rolls. For the 1971 and 1972 issues, barely circulated sliders are plentiful.
In terms of strike and quality, muted luster, average-to-weak strikes, and heavily marked planchets are the norm. The typical 1972 Eisenhower dollar in uncirculated grades will rise to the level of choice but go no further. The typical choice BU example does not possess much eye appeal.
The series specialist is likely to be persnickety when it comes to paying premiums for the 1972 Eisenhower dollar. While raw coins will generally trade for $5 to $10 for Type 1 and Type 3, eBay listings of uncertified Type 2 coins typically fall in the $80 to $100 range. Be advised that many sellers purporting to offer 1972 Type 2 Eisenhower dollars do not know how to properly identify them.
Professionally Graded 1972 Eisenhower Dollars Are More Valuable
As is the case with most modern coins, the 1972 Eisenhower dollar is at its most valuable when it has great eye appeal, is in a high state of preservation, and has been authenticated and graded by one of the three major grading services. Typically, the highest prices realized are for coins that have been graded by PCGS and approved by CAC. In 2023, CAC launched a new grading service at its Virginia Beach location. In time, the market will indicate whether the premium that exists for PCGS + CAC coins takes precedence over the CAC graded coins.
CAC had encapsulated only 25 1972 Eisenhower dollars at the time of publication (November 2023), but has applied their green oval sticker to 173 coins. The 173 coins were predominately graded by PCGS.
NGC’s census data shows 1,802 Type 1, 1,028 Type 2, and 1,767 Type 3 grading events. For Type 1, NGC reports 23 grading events at MS66 and one at MS66+. For Type 2, NGC reports 62 at MS65 and only 2 at MS66. Type 3 has a similar grading dispersal as Type 1, with 685 at MS65, 48 at MS66, and 2 at MS66+.
PCGS has graded more 1972 Eisenhower dollars than the other two services. For Type 1, PCGS reports 3,426 grading events with 623 at MS65, 19 at MS66, and 2 at MS66+. For Type 2, PCGS reports 2,924 grading events, with 153 at MS65, 12 at MS66, and 1 at MS66+. We have personally handled the MS66+ piece and it is remarkable. For Type 3, PCGS reports 3,373 grading events, with 694 at MS65, 51 at MS66, and 4 at MS66+.
Of course, these numbers do not represent the majority of all surviving 1972 Eisenhower dollars. In time, these populations will increase at all levels- but do not expect a sudden explosion in high end coins.
Design
The reverse of a 1972 Type 2 Eisenhower Dollar.
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. On Eisenhower dollars, mintmarks were hand-punched and may vary in exact location and orientation.
Reverse:
The reverse is based on 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 around the top of the coin adjacent to the rim is the legend “UNITED STATES OF AMERICA.” Thirteen small five-point stars circle around the eagle. Below the ring of stars but above the eagle is the motto “E PLURIBUS UNUM”. Wrapping around the bottom of the design is the denomination “ONE DOLLAR”.
Edge:
The edge of the Eisenhower dollar is reeded.
Designer
Frank Gasparro was a friend to numismatists and served as Chief Engraver of the United States Mint from 1965 to 1981. View Designer’s Profile.
While the country at large’s desire for a large dollar coin at the start of the 1970s was hardly demonstrable, the gaming industry developed an acute need to find a replacement for the silver dollars it used to feed tens of thousands of slot machines. This “need”, and the recent passing of beloved war-hero-turned-President Dwight D. Eisenhower, presented Congress with an opportunity to cater to the needs of the industry. While United States Mint Director Mary Brooks lobbied for the coin to be struck in silver, Congress instead chose to strike the coin for circulation in the same copper-nickel (Cu-Ni) clad composition in use for the dime and quarter dollar. In a compromise, silver-clad versions were authorized to be struck and sold to collectors.
Signed into law by President Richard M. Nixon (formerly Eisenhower’s Vice President) on December 31, 1970, the Bank Holding Company Act Amendments of 1970 authorized the production the coin. Incidentally, they also authorized the General Services Administration (GSA) to sell 2.8 million Carson City Morgan dollars from the vaults of the United States Treasury.
The striking of silver-clad Eisenhower dollars for collectors was controversial. Not only was the cost charged by the United States Mint for the coins excessive, but a portion of the proceeds from the sale of the collector versions was earmarked for the recently-established Eisenhower College in Seneca Falls, New York, which, thanks to Public Law 93-441, was set to receive a dispersal of “one-tenth of all the moneys derived from the sale of $1 [Eisenhower] proof coins”, with 10% of the total moneys received by the college being transferred to the campus’s Samuel Rayburn Library, with a maximum allocation of $9 million. In 1975, Congress raised that number by authorizing an additional appropriation of $1 million (Public Law 94-41).
1971-S Eisenhower Dollar enters production. U.S. Mint Press Release from March 29, 1971.
The first 1971-S Eisenhower dollar was struck at the United States Assay Office in San Francisco (formerly the San Francisco Mint) on March 29, 1971. Eugene T. Rossides, the Assistant Secretary of the Treasury for Enforcement and Operations, and Mint Director Mary T. Brooks started production. The coins were fed into coinage presses and struck once. The four coin presses at San Francisco had the capability of producing 240,000 Eisenhower dollar coins per 8-hour shift.
1971-S Eisenhower Dollar (Blue Pack)
In terms of strike and quality, the 1971-S is the poorest of the Blue Pack Ike dollars. The substandard quality of the typical coin must have come to the attention of the United States Mint before the coins were offered for sale because packaged along with each silver-clad business strike coin was a special insert that clearly specified that no special care was taken during the production process.
This fact is born out on each and every 1971-S Ike dollar that you will ever find, certified or uncertified. While the typical 1972-1974 Blue Pack Ike should grade in the MS66 to MS67 range, with excellent specimens earning MS68 and in rare instances MS69, the typical 1971-S Eisenhower dollar in the raw falls in the MS63 to MS65 range. The NGC and PCGS populations, which are comprised of pre-screened coins, typically in the higher register, bear this out.
NGC reports 2,859 examples in MS65; 2,358 examples in MS66; and 209 in MS67. Two examples earned NGC’s top population grade of MS68. PCGS has graded many more coins, but its grades bear out the same opinion. PCGS reports 2,194 examples in MS64; 9,633 in MS65; 8,135 in MS66; and 1,254 examples in MS67. To date, PCGS has certified seven examples in MS68 and one example in MS69. The PCGS population has exploded in recent years and further study into the quality of these coins is warranted.
Having personally seen three of the seven, we can report that the PCGS 68s are not of the same quality as 67s for the 1972-1974 issues. The MS69 issue would qualify as a strong MS68. It is our belief that none of these pieces would CAC. Furthermore, some MS67+ certified by PCGS could, in our opinion, upgrade to MS68 and be on par with, if not be superior to, three of the seven coins in PCGS MS68 holders. To date, CAC has not encapsulated a single 1971-S Eisenhower dollar. We expect this to change within a few months.
A 1971-S Eisenhower dollar in a typical grade (NGC MS63).
The market price for a 1971-S Eisenhower dollar in original government packaging is approximately $15 USD. Although the coin features less silver than a traditional silver dollar, the value of a 1971-S Eisenhower dollar in its original packaging will rise and fall depending on the price of silver. In certified grades, the coin can trade for considerably more. At MS65 and MS66, the 1971-S sells on online markets, such as eBay, for $18 to $25. The jump grade is MS67, where coins bring $250 and up, depending on eye appeal, CAC approval, and other factors. The record price paid at auction for a 1971-S Eisenhower dollar (non-variety) was $6,900, which was hammered in March 2012 at a Heritage auction. The market price for PCGS MS68 coins has trended downward in recent years as the population doubled from two to four pieces.
1971-S Eisenhower Dollar Varieties – The FS-401 “Peg Leg”
The FS-401 variety is known by generalists as the “Peg Leg” variety. Researcher Rob Ezerman dedicates four chapters of Collectible Ike Varieties to a discussion of the Peg Legs, which also appear (with great frequency) on the Proof issues of 1971. Ezerman calls the FS-401 the Fading Peg Leg and differentiates it from the non-FS-401 “Straight Peg Leg” variety.
If Ezerman is correct, then approximately 100,000 to 150,000 examples of this variety were struck. This estimate might be an overstatement by degree, as to date, only 467 have been certified by PCGS and five by NGC. Certified populations on modern coins can be misleading, however, as it’s highly doubtful that much of a market would exist today for even 5,000 examples of this variety in certified holders.
Diagnosing an FS-401 Fading Peg Leg is fairly straightforward. The lack of serifs is most apparent on the base of the E, the back leg of the R, and the left arms of the T and Y. One of two known FS-401 dies features obverse die doubling. The DDO is notched at the tips of the U of “TRUST” and the base of the O and D of “GOD”. The non-DDO FS-401 will sometimes appear coupled with a Doubled Die Reverse.
The 1971-S Eisenhower FS-401 trades for about $40 in original government packaging. Certified examples in the top population grade of MS67, certified by PCGS or NGC, trade for about $300.
1971-S Eisenhower Dollar Varieties – The FS-501 “S/S RPM”
The FS-501 “S/S RPM” is a Cherrypicker’s Guide variety and one of the best-known RPMs of the short series. The repunched mintmark is clearly visible under a loupe on coins struck with fresh dies but can be difficult to differentiate as the dies wear down.
Fortunately, a major marker exists to the left of the T in TRUST and above 1 in the date in the form of a pair of diagonal line segments. This marker can be seen through the pliofilm packaging of a blue pack Ike dollar and is a very easy naked-eye pick for specialists.
The 1971-S Eisenhower FS-501 trades for about $40 in original government packaging. Certified examples in MS66, certified by PCGS or NGC, trade for about $200. A single MS67 is reported in the PCGS population census. This coin sold at Heritage for $8,813 in January 2016. The presence of a second (or third!) example in this grade would likely halve the market value of that specimen.
Design
Obverse:
Frank 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. 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 around the top of the coin adjacent to the rim is the legend “UNITED STATES OF AMERICA.” Thirteen small five-point stars circle around the eagle. Below the ring of stars but above the eagle is the motto “E PLURIBUS UNUM”. Wrapping around the bottom of the design is the denomination “ONE DOLLAR”.
Edge:
The edge of the 1971-S Eisenhower dollar is reeded.
Designer
Frank Gasparro was a friend to numismatists and served as Chief Engraver of the United States Mint from 1965 to 1981 (View Designer’s Profile).
By Joshua McMorrow-Hernandez for CoinWeek.com ….. 1968-2018 Proof coinage has been a fixture in American numismatics since the 19th century and a regular hobby staple since 1936, when the United States Mint offered the first modern proof sets after a two-decade hiatus. There was also a three-year intermission between 1965 and 1967, when a […]
Description: The 1990 Eisenhower Centennial Dollar is the second United States coin struck to honor the 34th President of the United States, the first was the circulating Eisenhower dollar issued from 1971-1978. Authorized by Public Law 100-467 (Act of October 3, 1988), which authorized the striking of up to 4,000,000 silver dollars to commemorate the […]
Description: While the country-at-large’s desire for a large dollar coin at the start of the 1970s was hardly demonstrable, the gaming industry developed an acute need to find a replacement for the silver dollars it used to feed tens of thousands of slot machines. This “need”, and the recent passing of beloved war-hero-turned-President Dwight D. […]
The Eisenhower Dollar While the country at large’s desire for a large dollar coin at the start of the 1970s was hardly demonstrable, the gaming industry developed an acute need to find a replacement for the silver dollars it used to feed tens of thousands of slot machines. This “need”, and the recent passing […]
Silver to Gold Ratio
Everyone must know we’re in tumultuous times with a looming election, COVID-19 uptick in infections, etc. Lots of people are inquiring about bullion. The 1-ounce gold eagle has a denomination of $50, the half-ounce of $25 and the 1/10-ounce of $5
By Patrick A. Heller
When did you take the time to really look at a coin? I’m not talking about an inspection to ascertain the state of preservation (grade). Instead, when did you actually examine all of the features about any coin?
I have taught a summer coin collecting class the past several years as part of a 4-H Exploration Days program
By Joshua McMorrow-Hernandez for PCGS …… There are few numismatic artists of the mid-20th century as prolific as Frank Gasparro, a man whose coin designs are known to hundreds of millions of Americans, even if his name isn’t familiar to all. He created some of the most widely familiar coin designs ever minted. His artistic […]
On March 20, Stack’s Bowers will conduct the seventh session of sales of the historic collection of D. Brent Pogue. In this streaming segment, CoinWeek editor Charles Morgan breaks down some of his favorite 20th coins from the sale. Discussed in this stream: Lot 7015: 1919 Lincoln Cent. MS-68 RD (PCGS). Lot 7019: 1960 […]
Description: Even though the United States had no real need for a large dollar coin at the start of the 1970s, the gaming industry developed an acute need to find a replacement for the silver dollars it used to feed tens of thousands of slot machines. This “need”, and the recent passing of beloved war-hero-turned-President […]
Description: Even though the United States had no real need for a large dollar coin at the start of the 1970s, the gaming industry developed an acute need to find a replacement for the silver dollars it used to feed tens of thousands of slot machines. This “need”, and the recent passing of beloved war-hero-turned-President […]
What’s been to Mars, the International Space Station, the Hubble Space Telescope, and the Kuiper Belt? The answer may surprise you – U.S. coins U.S. coins have journeyed to the Hubble Space Telescope, the International Space Station, Mars, and even the Kuiper Belt. Image courtesy United States Mint Our coins have journeyed across space […]
Description: Even though the United States had no real need for a large dollar coin at the start of the 1970s, the gaming industry developed an acute need to find a replacement for the silver dollars it used to feed tens of thousands of slot machines. This “need”, and the recent passing of beloved war-hero-turned-President […]
Description: Even though the United States had no real need for a large dollar coin at the start of the 1970s, the gaming industry developed an acute need to find a replacement for the silver dollars it used to feed tens of thousands of slot machines. This “need”, and the recent passing of beloved war-hero-turned-President […]
The CoinWeek Midnight Stream returned on Friday with its third episode as editor Charles Morgan covered the week in coins and gave an in-depth breakdown of the Eisenhower dollar series and market. The Eisenhower dollar was the last “large sized” circulating dollar coin struck by the United States Mint and was produced from 1971-1978. The design was the […]
Description: While the country at large’s desire for a large dollar coin at the start of the 1970s was hardly demonstrable, the gaming industry developed an acute need to find a replacement for the silver dollars it used to feed tens of thousands of slot machines. This “need”, and the recent passing of beloved war-hero-turned-President […]
By CoinWeek ….. When astronaut and Apollo 11 Mission Commander Neil Armstrong stepped on the lunar surface at 10:56 Eastern Time on July 21, 1969, it was the culmination of the great scientific and engineering effort known as the Space Race. Among their other military and geopolitical rivalries, the Space Race pitted the United States […]
Today’s eBay highlights run the gamut. We reviewed thousands of modern coin listings to compile a list of our favorite lots. We chose high end Ike dollars, rare modern coin off metal errors, coins that are literally perfect, and a perennial favorite U.S. gold issue. Up first is a 1971-P Eisenhower dollar in PCGS MS66. […]
We bring to you the fourth episode of Cool Coins!, with four great coins from the bourse. Like Eisenhower dollars? This episode we have two of them! First up is a monster-toned 1977-D Eisenhower dollar in MS66. The reverse of this coin jumped out of the dealer’s cabinet when we walked by. You’ll love it! […]
Description: While the country-at-large’s desire for a large dollar coin at the start of the 1970s was hardly demonstrable, the gaming industry developed an acute need to find a replacement for the silver dollars it used to feed tens of thousands of slot machines. This “need”, and the recent passing of beloved war-hero-turned-President Dwight D. […]
By Joshua McMorrow-Hernandez for CoinWeek.com …… Proof coinage has been a fixture in American numismatics since the 19th century and a regular hobby staple since 1936, when the United States Mint offered the first modern proof sets after a two-decade hiatus. There was also a three-year intermission between 1965 and 1967, when a nationwide coin […]
By Joshua McMorrow-Hernandez for CoinWeek.com …… Proof coinage has been a fixture in American numismatics since the 19th century and a regular hobby staple since 1936, when the United States Mint offered the first modern proof sets after a two-decade hiatus. There was also a three-year intermission between 1965 and 1967, when a nationwide […]
By Charles Morgan with Hubert Walker A couple of weeks ago, I wrote a column about Eisenhower dollars and the way they’re treated in the Redbook. The column made the rounds of the editorial boards of several coin magazines, Whitman Publishing (who want you to know that the “Professional Edition” of the Redbook does include […]
Description: The 1990 Eisenhower Centennial Dollar is the second United States coin struck to honor the 34th President of the United States, the first was the circulating Eisenhower dollar issued from 1971-1978. Authorized by Public Law 100-467 (Act of October 3, 1988), which authorized the striking of up to 4,000,000 silver dollars to commemorate the […]
by Charles Morgan and Hubert Walker for CoinWeek…. As a member of the Ike Group, Charles tries to stay informed about the current goings-on in the series and keeps in touch with collectors and Eisenhower dollar researchers. They generally like to talk about the popularity of the series, research into new varieties, and the state of the […]
by Charles Morgan and Hubert Walker for CoinWeek…. As a member of the Ike Group, Charles tries to stay informed about the current goings-on in the series and keeps in touch with collectors and Eisenhower dollar researchers. They generally like to talk about the popularity of the series, research into new varieties, and the state of the […]
