The 1971 Eisenhower Dollar is an interesting and popular coin among collectors. This large dollar coin was created in the early 1970s and has a unique history behind its production. Although not widely used in everyday transactions, the coin is valued for its historical significance and its role in U.S. coinage. If you’re interested in learning about this coin, its design, value, and what makes it special, this guide will help you understand it better.
Why Was the 1971 Eisenhower Dollar Made?
In the early 1970s, the United States did not have a significant need for a large dollar coin. However, the gaming industry, especially slot machines, required a replacement for the silver dollars they were using. This presented an opportunity for Congress to introduce a new coin. Additionally, the passing of President Dwight D. Eisenhower, a well-loved war hero, made it the perfect time to create a coin in his honor.
While U.S. Mint Director Mary Brooks pushed for a silver version of the coin, Congress decided to strike it in a copper-nickel alloy, the same material used for the dime and quarter. However, silver-clad versions were made available for collectors. The creation of the 1971 Eisenhower Dollar was authorized by the Bank Holding Company Act Amendments of 1970, signed into law by President Richard Nixon.
The first-year production was large, with nearly 48 million coins produced at the Philadelphia Mint and around 68.5 million at the Denver Mint. Despite the high number of coins made, the Eisenhower Dollar became more of a novelty item than a coin widely used for transactions.
How Much Is the 1971 Eisenhower Dollar Worth?
The value of the 1971 Eisenhower Dollar can vary greatly. While a regular circulated coin might only be worth about $1, an almost perfect example in a higher grade could sell for anywhere between $10,000 and $20,000. The value depends largely on the condition of the coin.
Why does this coin have such a wide price range? The answer lies in the production process. Creating a large coin with copper-nickel proved to be a technical challenge. Coins struck at the Denver Mint tend to have a sharper, cleaner look, while Philadelphia-struck coins often appear dull with some noticeable imperfections. Coins that were saved in good condition from circulation, especially those in Mint State, are worth more than those from later years.
For example, the 1971 (P) coin in Mint State 65 is valued at about $80, which is lower than previous years due to a slowdown in the modern coin market. However, if the coin has great eye appeal, it can sell for much more. The market price for coins with a Mint State 66 grade is about $600, and those with extra high quality can fetch much higher prices.
The Design of the 1971 Eisenhower Dollar
The 1971 Eisenhower Dollar has a distinctive design that makes it stand out among other U.S. coins.
Obverse Design
The front (obverse) of the coin features a portrait of Dwight D. Eisenhower, facing left. This design was created by Frank Gasparro, the Chief Engraver at the U.S. Mint. Around the top of the coin, you’ll find the word “LIBERTY,” and below the portrait, the coin reads “IN GOD WE TRUST.” The year of issue is located at the bottom of the coin, and the mint mark is not present on Philadelphia-struck coins.
Reverse Design
The reverse of the coin is based on the design of the Apollo 11 mission patch. It features a bald eagle descending with an olive branch in its talons. The eagle’s left wing is raised, and the lunar surface is visible below it. Above the eagle’s head is the Earth, with North America clearly visible. The coin also includes the inscription “UNITED STATES OF AMERICA” and the motto “E PLURIBUS UNUM.” Below the eagle, the denomination “ONE DOLLAR” is written.
Edge
The edge of the 1971 Eisenhower Dollar is reeded, which means it has small ridges along its outer edge.
Coin Specifications
Here are the key details of the 1971 Eisenhower Dollar:
- Country: United States of America
- Year of Issue: 1971
- Denomination: One Dollar (USD)
- Mintmark: None (Philadelphia)
- Mintage: 47,799,000
- Alloy: Copper-Nickel (Cu-Ni)
- Weight: 22.68 grams
- Diameter: 38.10 mm
- Obverse Designer: Frank Gasparro
- Reverse Designer: Frank Gasparro, Michael Collins
- Quality: Uncirculated
Conclusion
The 1971 Eisenhower Dollar is an interesting piece of U.S. coinage history. While it was not widely used in everyday transactions, it became a collector’s item due to its unique design and historical significance. The value of the coin can vary depending on its condition, and higher-grade coins can be quite valuable. Whether you’re a seasoned coin collector or just curious about this iconic coin, the 1971 Eisenhower Dollar offers something of interest for everyone.
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