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United States of America
Eisenhower Dollar
Bicentennial Issue
38.1mm and circa 22.68 grams
Copper-Nickel Issue .750 copper, .250 nickel, .250 nickel bonded to inner core
of pure copper
LIBERTY IN GOD WE TRUST 1776-1976, Head of President
Eisenhower left.
UNITED STATES OF AMERICA E PLURIBUS UNUM ONE DOLLAR, Liberty bell in front of
moon; two five-pointed stars on left and right fields.
This coin commemorates President Eisenhower and also the first
man landing on the moon and the Bicentennial of the United States of America
This coin was designed by Frank Gasparro and Dennis R. Williams. Frank
Gasparro’s initials can be found on the truncation of Eisenhower’s head. Dennis
R. William’s initials can be found below the Liberty Bell on the reverse.
You are bidding on the exact
item pictured, provided with a Certificate of Authenticity and Lifetime
Guarantee of Authenticity.
The Liberty Bell
is an iconic symbol of
American independence
, located in
Philadelphia
,
Pennsylvania
. Formerly placed in the steeple of
the Pennsylvania State House (now renamed
Independence Hall
), the bell today is located
in the
Liberty Bell Pavilion
in
Independence National Historic Park
. The bell
was commissioned from the London firm of Lester and Pack (today the
Whitechapel Bell Foundry
) in 1752, and
was cast
with the lettering (part of
Leviticus
25:10) “Proclaim LIBERTY
throughout all the land unto all the inhabitants thereof.” It originally cracked
when first rung after arrival in Philadelphia, and was twice recast by local
workmen John Pass and John Stow, whose last names appear on the bell. In its
early years, the Liberty Bell was used to summon lawmakers to legislative
sessions and to alert citizens to public meetings and proclamations.
No immediate announcement was made of the
Second Continental Congress
‘s vote for
independence, and thus the bell could not have rung on July 4, 1776, at least
not for any reason related to that vote. Bells were rung to mark the reading of
the Declaration of Independence
on July 8,
1776, and while there is no contemporary account of the Liberty Bell ringing,
most historians believe it was one of the bells rung. After American
independence was secured, it fell into relative obscurity for some years. In the
1830s, the bell was adopted as a symbol by
abolitionist
societies, who dubbed it the
“Liberty Bell.” It acquired its distinctive large crack sometime in the early
19th century—a widespread story claims it cracked while ringing after the death
of
Chief Justice
John Marshall
in 1835.
The bell became famous after an 1847 short story claimed that an aged
bell-ringer rang it on July 4, 1776, upon hearing of the
Second Continental Congress
‘s vote for
independence. Despite the fact that the bell did not ring for independence on
that July 4, the tale was widely accepted as fact, even by some historians.
Beginning in 1885, the City of Philadelphia, which owns the bell, allowed it to
go to various expositions and patriotic gatherings. The bell attracted huge
crowds wherever it went, additional cracking occurred and pieces were chipped
away by souvenir hunters. The last such journey occurred in 1915, after which
the city refused further requests.
After World War II, the city allowed the
National Park Service
to take custody of the
bell, while retaining ownership. The bell was used as a symbol of freedom during
the Cold War
and was a popular site for protests in
the 1960s. It was moved from its longtime home in Independence Hall to a nearby
glass pavilion on
Independence Mall
in 1976, and then to the
larger Liberty Bell Center adjacent to the pavilion in 2003. The bell has been
featured on coins and stamps, and its name and image have been widely used by
corporations.
Apollo
11 was the
spaceflight
that
landed
the first humans on the
Moon, Americans
Neil Armstrong
and
Buzz Aldrin
, on July 20, 1969, at 20:18
UTC
. Armstrong became the first to step onto
the lunar surface six hours later on July 21 at 02:56 UTC. Armstrong spent about
two and a half hours outside the spacecraft, Aldrin slightly less, and together
they collected 47.5 pounds (21.5 kg) of lunar material for return to Earth. The
third member of the mission,
Michael Collins
, piloted the
command spacecraft
alone in lunar orbit until
Armstrong and Aldrin returned to it just under a day later for the trip back to
Earth.
Launched by a
Saturn V
rocket from
Kennedy Space Center
in
Merritt Island, Florida
, on July 16, Apollo 11
was the fifth manned mission of
NASA‘s
Apollo program
. The Apollo
spacecraft
had three parts: a
Command Module
(CM) with a cabin for the three
astronauts, and the only part that landed back on Earth; a
Service Module
(SM), which supported the
Command Module with propulsion, electrical power, oxygen, and water; and a
Lunar Module
(LM) for landing on the Moon.
After being sent toward the Moon by the Saturn V’s upper stage, the astronauts
separated the spacecraft from it and traveled for three days until they entered
into lunar orbit. Armstrong and Aldrin then moved into the Lunar Module and
landed in the
Sea of Tranquility
. They stayed a total of
about 21½ hours on the lunar surface. After lifting off in the upper part of the
Lunar Module and rejoining Collins in the Command Module, they returned to Earth
and landed in the
Pacific Ocean
on July 24.
Broadcast on live TV to a world-wide audience, Armstrong stepped onto the
lunar surface and described the event as “one small step for [a] man, one giant
leap for mankind.” Apollo 11 effectively ended the
Space Race
and fulfilled a national goal
proposed in 1961 by the
U.S. President
John F. Kennedy
in a speech before the
U.S. Congress
: “before this decade is out, of
landing a man on the Moon and returning him safely to the Earth.”
The
United
States Bicentennial coinage was a set of
circulating
commemorative
coins, consisting of a
quarter
,
half dollar
and
dollar
struck by the
United States Mint
in 1975 and 1976. Regardless
of when struck, each coin bears the double date 1776–1976 on the normal
obverses
for the
Washington quarter
,
Kennedy half dollar
and
Eisenhower dollar
. No coins dated 1975 of any
of the three denominations were minted.
Given past abuses in the system, the Mint advocated against the issuance of
commemorative coins
starting in the 1950s.
Beginning in 1971, members of Congress introduced bills to authorize coins to
honor the
United States Bicentennial
, which would occur
in 1976. The Mint, through its director,
Mary Brooks
, initially opposed such proposals,
but later supported them, and Congress passed legislation requiring the
temporary redesign of the
reverse
of the quarter, half dollar and dollar.
A nationwide competition resulted in designs of a Colonial drummer for the
quarter,
Independence Hall
for the half dollar and the
Liberty Bell
superimposed against the moon for
the dollar. All three coins remain common today, due to the quantity struck.
Circulation pieces were in copper nickel; Congress also mandated 45,000,000
part-silver pieces be struck for collectors. The Mint sold over half of the
part-silver coins before melting the remainder after withdrawing them from sale
in 1986.
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
General
and
President
Dwight D. Eisenhower
, who appears on the
obverse
. Both its obverse and reverse were
designed by
Frank Gasparro
.
In 1965, the Mint had begun to strike copper-nickel clad coins instead of
silver, due to rises in bullion prices. No dollar coins had been struck in
thirty years, and none, initially, were minted in the new metal. Beginning in
1969, legislators sought to reintroduce a dollar coin into commerce. After
Eisenhower died in March of that year, there were a number of proposals to honor
Eisenhower with the new coin. While these bills generally commanded wide
support, enactment was delayed by a dispute over whether the new coin should be
in base metal or 40% silver. In 1970, a compromise was reached to strike the
Eisenhower dollar in base metal for circulation, and in 40% silver as a
collectible. President
Richard Nixon
signed legislation authorizing
the new coin on December 31, 1970.
Although the collector’s pieces sold well, the new dollars failed to
circulate to any degree, except in and around Nevada casinos, where they took
the place of privately issued tokens. There are no dollars dated 1975; coins
from that year and from 1976 bear a double date 1776-1976, and a special reverse
by Dennis R. Williams in honor of the bicentennial of American independence.
Beginning in 1977, the Mint sought to replace the Eisenhower dollar with a
smaller-sized piece. Congress authorized the
Susan B. Anthony dollar
, struck beginning in
1979, but that piece also failed to circulate. Due to their modest cost and the
short length of the series, sets of Eisenhower dollars are becoming more popular
among collectors.
Background
Further information:
Peace dollar § Striking of 1964-D dollars
The silver dollar had never been a popular coin, circulating little except in
the West; it served as a means of monetizing metal and generally sat in bank
vaults once struck. The
Peace dollar
, the last circulating dollar made
of silver, was not struck after 1935, and in most years in the quarter century
after that, the bullion value of a silver dollar did not exceed 70 cents. In the
early 1960s, though, silver prices rose, and the huge stocks of silver dollars
in the hands of banks and the government were obtained by the public through the
redemption of
silver certificates
. This caused shortages of
silver dollars in the western states where the pieces circulated, and interests
there sought the issuance of more dollars.
On August 3, 1964, Congress passed legislation providing for the striking of
45,000,000 silver dollars. This legislation was enacted as coins vanished from
circulation as the price of silver rose past the $1.29 per ounce at which silver
coins were worth more as bullion than as currency. The new pieces were intended
to be used at Nevada casinos and elsewhere in the West where “hard money” was
popular. Numismatic periodicals complained that striking the dollars was a waste
of resources. The law had been passed at the urging of the
Senate Majority Leader
,
Mike Mansfield
(Democrat–Montana), who
represented a state that heavily used silver dollars. Despite the efforts of
Mint Director Eva Adams
and her staff to persuade him,
Senator Mansfield refused to consider any cancellation or delay and on May 12,
1965, the Denver Mint began striking 1964-D Peace dollars—the Mint had obtained
congressional authorization to continue striking 1964-dated coins into 1965.
A public announcement of the new pieces was made on May 15, 1965, to be met
with a storm of objections. Both the public and many congressmen saw the issue
as a poor use of Mint resources at a time of severe coin shortages, which would
only benefit coin dealers. On May 24, one day before a hastily called
congressional hearing, Adams announced that the pieces were deemed trial
strikes, never intended for circulation. The Mint later stated that 316,076
pieces had been struck; all were reported melted amid heavy security. To ensure
that there would be no repetition, Congress inserted a provision in the
Coinage Act of 1965
forbidding the coinage of
silver dollars for five years. That act also removed silver from the dime and
quarter, and reduced the silver content of the half dollar to 40%.
Inception
An unofficially produced 1964-D Peace dollar, struck over a genuine
silver dollar by a private mint
In 1969,
Nixon administration
Mint Director
Mary Brooks
sought the reissuance of the dollar
coin. By this time, rising bullion prices threatened the continued use of silver
in the
Kennedy half dollar
, but Brooks hoped to
maintain the dollar as a silver coin. Brooks’ proposal for a new silver dollar
was opposed by the chairman of the House Banking Committee,
Wright Patman
, who had been convinced by
Nixon’s predecessor,
Lyndon Johnson
, to support the continued use of
silver in the half dollar against his better judgment.
On March 28, 1969, former president
Dwight D. Eisenhower
(nicknamed “Ike”), a
former World War II general, died. Soon after his death, New Jersey
Representative
Florence Dwyer
, like Eisenhower a Republican,
suggested that the proposed dollar coin bear his likeness. She spoke to
Democratic Missouri Representative
Leonor Sullivan
, who agreed that the dollar
should bear a portrait of Eisenhower as “equal time” to the half dollar, which
bore the likeness of Democratic president
Kennedy
. A bill was filed by Connecticut
Congressman
Robert N. Giaimo
to authorize an Eisenhower
dollar, to be struck without silver content. The
Joint Commission on the Coinage
, drawing
members from the administration and from Congress, including Giaimo, recommended
the dollar in spring 1969. It also called for the elimination of silver from the
half dollar, and for the transfer from the Treasury to the
General Services Administration
(GSA) of
quantities of rare silver dollars, so they could be sold. Giaimo noted that the
coin would be useful in casinos, which were striking their own tokens in the
absence of circulating dollar coins, and in the vending industry, which was
starting to sell higher-priced items.
On October 3, 1969, the House Banking Committee passed legislation for a
silverless Eisenhower dollar, with Patman stating that he hoped to have it
approved by the full House in time for the late president’s birthday on October
14. On October 6, the bill’s sponsors lost a procedural vote which would have
allowed for no amendments. While some representatives spoke against the manner
in which the legislation was to be considered, Iowa Congressman
H. R. Gross
objected to the base-metal
composition of the proposed coin: “You would be doing the memory of President
Eisenhower no favor to mint a dollar made perhaps of scrap metal.” Both houses
voted on October 14, Eisenhower’s birthday. Although the House passed the
administration-backed bill for a base metal dollar, the Senate passed the bill
as amended by Colorado Senator
Peter Dominick
, calling for the piece to be
minted in 40% silver. Instrumental in the passage of the Senate amendment was a
letter from Mamie Eisenhower, recalling that her husband had liked to give
silver dollars as mementoes, and had gone to some effort to obtain coins struck
in the year of his birth, 1890. Idaho Senator
James McClure
stated, “It is somehow beneath
the dignity of a great president like General Eisenhower to withhold silver from
the coin.” On October 29, 1969, Texas Representative
Robert R. Casey
introduced legislation to honor
both Eisenhower and the recent
Apollo XI
Moon landing
. These provisions would become
part of the enacted bill authorizing the Eisenhower dollar. Casey originally
wanted the mission theme of Apollo XI, “We came in peace for all mankind” to
appear on the coin; when the Mint informed him there was not room for that
inscription, he settled for requiring that the reverse design be emblematic of
that theme.
In March 1970, the two houses reached a compromise whereby 150 million
dollars would be struck in the 40% silver alloy for collectors and others. The
circulating dollar, though, would have no silver and would be struck in larger
quantities. The 47.4 million troy ounces of silver needed to strike the
collectors’ pieces would come from bullion already held by the government. The
compromise was worked out by McClure and other congressional Republicans, with
the aid of Brooks, an Idahoan. McClure described the deal as “a lot less than
the country deserves, but a lot more than it appeared we would get”. The
reason for having a collector’s edition with silver was to avoid the hoarding
which had driven the Kennedy half dollar from circulation.
Although the compromise passed the Senate in March 1970, it was blocked in
the House by Representative Patman, who was determined to end silver in the
coinage. The Senate passed the bill again in September, this time attaching it
as a
rider
to a bank holding company bill sought by
Patman. The bill, which also included provisions to eliminate silver from the
half dollar and to transfer the rare silver dollars to the GSA, was approved by
a
conference committee
and passed both houses.
Nixon had intended to let the bill pass into law without his signature. When
aides realized that as Congress had adjourned, not signing the bill would
pocket veto
it, Nixon hastily signed it just
before midnight on December 31, 1970, only minutes before the deadline.
Design
The
Apollo 11
mission insignia served
as the basis of the Eisenhower dollar’s reverse.
For Mint Chief Engraver
Frank Gasparro
, the opportunity to put
Eisenhower on a coin was the fulfillment of a longtime dream. On June 19, 1945,
Gasparro had been one of more than 4,000,000 people who gathered in New York to
watch a parade in honor of the Allied victory in Europe. Although Gasparro, then
an assistant engraver at the Mint, only saw a glimpse of General Eisenhower, he
stepped back from the crowd and sketched the general’s features. That sketch
served as the basis of his design for the obverse. Gasparro consulted with the
late president’s widow,
Mamie Eisenhower
, as to the designs of both
sides of the coin; the former
First Lady
was presented with a galvano (a
metallic model used in the coin design process) by Brooks and Gasparro on
January 1, 1971. Gasparro wrote in 1991 that he had six weeks to complete the
work beginning in mid-November 1970, that his extensive research into eagles
over the years was a great help in creating the reverse, and that his sketches
were adopted without change. The chief engraver was not given full freedom of
design; he was instructed to have the layout of the obverse resemble that of the
Washington quarter
.
Before the legislation passed, Gasparro had prepared two reverses, the one
actually used, and a reverse with a more formal
heraldic eagle
, which numismatic historian and
coin dealer
Q. David Bowers
finds reminiscent of
pattern coins
prepared in the 1870s. At
Congress’s insistence, the chief engraver created a design in commemoration of
the
Apollo XI
lunar landing, based on the
mission patch
conceived by astronaut
Michael Collins
and others. Bowers deems the
choice of the lunar landing “a stroke of genius”, allowing the dollar, which
would be little-used in commerce, to be a commemorative both of Eisenhower and
of the Moon mission. The reverse depicts an eagle (representing the
lunar lander
, Eagle) swooping low over
the Moon’s surface, holding an olive branch, token of peace, in its claws.
The use of Collins’ mission patch design had initially been opposed by some
government officials because of the fierce expression of the eagle; Gasparro’s
initial concept met similar objections. The Mint Director recalled that Gasparro
had gone to the
Philadelphia Zoo
to look at eagles, and on his
return had prepared a design which she felt emphasized the eagle’s predatory
nature. Brooks informed Gasparro that the eagle was “too fierce, too warlike, a
little too aggressive” and asked that the expression be made friendlier.
Gasparro, who reportedly was unhappy at having to change the eagle, described
the final version as “pleasant looking”. The
State Department
also feared that the eagle’s
expression might offend, and sought a neutral visage. The distant Earth may be
seen above the bird, and there are 13 stars in honor of the original states.
Bowers deems the bust of Eisenhower “well modeled” by Gasparro, and notes
that the fact that the eagle on the reverse holds only an olive branch, rather
than arrows as well (token of war), “meant that the public would like the
design”. Nevertheless, he notes that Eisenhower’s stern expression was widely
criticized as not typical of a man noted for geniality. Numismatic author David
Lange opines that “the Eisenhower dollar is one of the poorest products to
emanate from the U.S. Mint”. Lange writes that Gasparro had designed only one
side of the coin for the Kennedy half dollar and
Lincoln Memorial reverse
for the cent, “the
Eisenhower dollar was his design alone and should have served as a showcase for
his talent. Sadly, it is a mediocre design that reveals his typically unnatural
treatment of Ike’s hair and the eagle’s feathers.” Some collectors complained
after the release that the Earth was not fully shown, not realizing that
Gasparro had carefully followed the mission badge. The chief engraver responded
by clarifying the design.
Release
The Eisenhower dollar’s design as released by the Treasury in
January 1971 (probably from photographs of the galvano)
Two prototype dollars were struck at the Philadelphia Mint on January 25,
1971; they were subsequently destroyed. Striking such large pieces of tough
copper-nickel proved destructive to the Mint’s dies, and Gasparro repeatedly
used the Janvier
reducing lathe
to lower the relief to be used
on the circulation strikes and the uncirculated silver clad coins. The chief
engraver altered the resulting master die directly to restore at least some of
the detail which was lost as the relief was lowered. The proof coins struck at
San Francisco, nevertheless, remained in high relief. This meant that in 1971
and for much of 1972 (until better-quality steel was used in the dies), the
uncirculated strikes had a lower relief, less detailed surface, compared with
the proof coins. Proof coins are struck slowly, and generally multiple times, to
bring out the full detail. Striking of Eisenhower dollars for circulation began
at Denver on February 3, apparently without any ceremony; minting at
Philadelphia also began early in the year, although Bowers, in his comprehensive
encyclopedia of silver and clad dollar coins, does not record a specific date.
The first Eisenhower dollars in 40% silver, with an uncirculated finish, were
struck at the San Francisco Assay Office (today the
San Francisco Mint
) on March 31, 1971; Brooks
ceremoniously operated the presses. The first coin struck was for presentation
to Mamie Eisenhower; the second to
David Eisenhower
(grandson of Dwight and Mamie
Eisenhower) and the third to David Eisenhower’s father-in-law, President Nixon.
1974-S “brown Ike”, partially open to show the coin and holder
On January 29, 1971, the Mint announced the prices for the 40% silver pieces
which would be struck at San Francisco: $3 for uncirculated specimens and $10
for mirror-surfaced
proof pieces
, with orders to be taken by mail
beginning on July 1, with a limit of five of each per customer. Order forms for
the public were shipped to 44,000 post offices and 33,000 banks, with
instructions not to hand them out until June 18. The Mint returned some orders
for being sent in too early.
Mint sets
of the circulating coinage for 1971
did not include the Eisenhower dollar.
The first proof strikes, at San Francisco, took place in July. The proof
pieces were sold in a plastic holder inside a brown box with a gold eagle seal;
the uncirculated silver pieces were encased in pliofilm inside a blue envelope.
These were dubbed “brown Ikes” and “blue Ikes” and are still known by those
terms. On July 27, 1971, President Nixon presented the first piece to be struck
to Mamie Eisenhower at a White House ceremony. Sales of the 40% silver pieces
were ended on October 8; the first proof coins were mailed to collectors on
October 14, President Eisenhower’s birthday.
The circulation version of the Eisenhower dollar, the largest clad coin ever
attempted by the Mint, was released through banks on November 1, 1971. Many were
obtained by collectors; there was sufficient demand that many banks imposed a
limit of one coin per customer. The clad pieces were struck from coinage strip
purchased by the Mint from contractors. Many were not well-struck, causing
collectors to search through rolls in search of better specimens. An oil film
was found on a large number of specimens; this was removed by collectors.
From the start, the coin failed to circulate. In 1976, a Treasury study done
in conjunction with a private-sector firm found that the Eisenhower dollar had a
near-100 percent attrition rate, that is, almost always, a coin was used in only
one transaction, and then stopped circulating. (by comparison, the attrition
rate of the quarter was close to zero) This was because of the coin’s large
size, its weight, and the lack of potential uses for it. Even so, it was
successful in replacing private-issue tokens in Nevada casinos. According to
numismatist Randy Camper, about 70% of Eisenhower dollars were used in casinos.
Although the vending machine industry lobbied for the Eisenhower dollar, they
converted few machines to take the pieces. Lange recalled, “The fact is that
these coins never circulated outside of casinos and nearby areas, and I don’t
recall ever seeing a vending machine that accepted them.”
Production
Early
years (1971–1974)
1973-S “blue Ike”: envelope, pliofilm coin holder, and printed
insert
The Mint struck over 125 million of the Eisenhower dollars in 1971, more than
doubling its largest annual production for a dollar coin. Despite an increased
mintage in 1972 to over 170 million, and despite what CoinAge magazine
termed “near-heroic measures on the part of the Mint”, the piece did not
circulate. In a 1974 article for CoinAge, numismatist Clement F. Bailey
noted, “the circulation value of the coin has been nil”. Many Eisenhower dollars
were put aside as souvenirs by non-collectors. Nevertheless, the silver coins
sold so well that in October 1971, Mint Director Brooks warned that orders for
1971-S proof dollars would not all be filled until well into 1972. She ascribed
the delay to the large public demand and to production difficulties which she
indicated had been corrected. More than 11,000,000 of the 1971-S silver pieces
were sold, in proof and uncirculated, with nearly 7,000,000 in proof. In May
1972, Treasury Secretary
John Connally
, testifying before a Senate
committee, described the profits the Mint had made on the silver version of the
Eisenhower dollar as “just unconscionable”, with the average profit on a silver
coin at $3.89, and expected to increase as production became more efficient.
Mint officials felt that reducing the price would anger those who had already
purchased the pieces.
The 1972 silver pieces were again struck at San Francisco. Sales dropped
considerably, to just under 2.2 million specimens in uncirculated and 1.8
million in proof. The part-silver 1972-S Eisenhower dollars were available for
sale by mail order, with the ordering period from May 1 to July 15 for the proof
coins and August 1 to October 16 for the uncirculated version.
With ample supplies of Eisenhower dollars, the Federal Reserve had no need to
order any in 1973, and none were struck for circulation. The 1973 and 1973-D
were the first Eisenhower dollars struck for inclusion in mint sets, and were,
in theory, only available that way. Many 1973 and 1973-D are known in circulated
condition, leading to speculation that the 230,798 pieces which were reported
melted after the Mint failed to sell as many mint sets as anticipated, were in
fact released into circulation. John Wexler, Bill Crawford, and Kevin Flynn, in
their volume on Eisenhower dollars, deny this, citing a 1974 letter from
Assistant Director of the Mint for Public Services Roy C. Cahoon, which stated
that all Eisenhower dollars from unsold mint sets were melted. The 1973-S was
struck for inclusion in base-metal proof sets, as well as for the regular “blue
Ikes” and “brown Ikes”. Sales of the part-silver pieces dipped to a total of
just under 2.9 million. The coin was struck again for circulation in 1974, was
included in mint sets and proof sets, and was available in proof and
uncirculated silver clad from San Francisco.
Congress ordered that some of the money from the sale of 1974-S silver pieces be
used to support
Eisenhower College
in
Seneca Falls, New York
. Coin collectors felt
that this set a bad precedent, but about $9 million was paid to the college,
which, despite the infusion of money, soon closed its doors.
Bicentennial issue (1975–1976)
For further information on the circulating commemorative quarters, half
dollars and dollars struck in 1975–1976, see
United States Bicentennial coinage
.
| Bicentennial Reverses |
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Type I Bicentennial, struck in 1975
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Type II Bicentennial, struck 1975–76
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The United States had issued commemorative coins between 1892 and 1954, as a
means for fundraising for organizations deemed worthy of federal support. A
sponsoring organization would be designated in the authorizing legislation, and
was permitted to buy up the issue at face value, selling it to the public at a
premium, and pocketing the difference. Various problems with the issues,
including mishandling of distributions and complaints that public coins should
not be used for private profit, resulted in firm Treasury Department opposition
to such issues, and none were struck after 1954.
The American Revolutionary Bicentennial Commission (ARBC) was established by
Congress in 1966 as an oversight body for the 1976 two-hundredth anniversary of
American independence (the “Bicentennial”). In 1970, its coins and medals
advisory committee recommended the issuance of a special half dollar, and
subsequently the committee sought the temporary redesign of circulating American
coins. Brooks and the Mint initially opposed legislation to effect these
proposals, but eventually Brooks supported legislation to redesign the reverses
of the quarter, half dollar, and dollar coins, and to issue special collector’s
sets in silver clad. Legislation to authorize this was signed by President Nixon
on October 18, 1973. By the terms of this legislation, coins of these
denomination minted for delivery after July 4, 1975 and before December 31, 1976
would bear special reverses, and also be dated 1776–1976. A total of 15,000,000
sets (45,000,000) coins in all) would be struck in silver clad for sale to the
public at a premium.
Mint Director
Mary Brooks
presents President
Gerald Ford
(center) with the first
set of the Bicentennial coins, November 13, 1974, as American
Revolutionary Bicentennial Administration Director
John Warner
looks on.
The reverse designs for the three Bicentennial coins were determined by a
design competition open to the public. This competition closed in January 1974,
and in March, a design submitted by 22-year-old art student Dennis R. Williams
was selected for the dollar. Williams, the youngest person to that point to
design a U.S. coin, had submitted a design depicting the
Liberty Bell
superimposed against the Moon.
Gasparro slightly modified the design, simplifying the features visible on the
lunar surface, and altering the lettering and the bell. Williams and the
designers of the other denominations operated the presses to strike the first
coins on August 12, 1974; a set of these prototypes was later given to the new
president,
Gerald Ford
. Williams’ design was liked by the
public but attracted criticism in the numismatic community as the Liberty Bell
had been previously used on coinage (for example, on the
Franklin half dollar
). Fearing that a
low-mintage 1975 piece would be hoarded, the Mint obtained legislation in
December 1974 allowing it to continue coining 1974-dated pieces until it began
coinage of Bicentennial pieces.
The Bicentennial dollars were the first of the three denominations to be
struck for distribution to the public; these were coined beginning in February
1975. The silver pieces were struck at San Francisco beginning on April 23,
1975. The Mint found that the copper nickel dollar was striking indistinctly, a
problem not seen with the silver pieces. Brooks called a halt in production to
allow Gasparro to modify the dies; the most noticeable change is that the
revised issue, or Type II as it came to be known, have narrower, sharper
lettering on the reverse. All silver pieces (struck only at San Francisco) are
Type I; all three mints struck both Type I and Type II copper nickel pieces. All
dollars included in 1975 proof sets are Type I; all those included in 1976 proof
sets are Type II. The first Bicentennial dollars were released into circulation
on October 13, 1975. Over 220,000,000 were struck. The Bicentennial design was
not used after 1976; sets of silver clad Bicentennial coins were sold by the
Mint until sales were finally closed at the end of 1986.
One proof Bicentennial coin in silver clad and lacking a mint mark, similar
to the dollar in the prototype set given to President Ford, is known. This piece
supposedly came from a cash register drawer at the
Woodward & Lothrop
department store in
Washington, D.C. Thomas K. DeLorey, who was then a reporter for
Coin World
, spoke to the discoverer and was
suspicious of the story, thinking it more likely the coin was surreptitiously
obtained from the government. He declined to question the origin then, fearing
it might be seized and lost to the numismatic community. The piece brought
almost $30,000 by private sale in 1987.
Final years and replacement (1977–1978)
Main article:
Susan B. Anthony dollar
The Susan B. Anthony dollar
By 1975, the Treasury was concerned about the drain on resources from
striking the dollar, which did not circulate. It engaged a private firm to study
the six current denominations of U.S. coinage, and make recommendations. The
firm concluded in its report that the Eisenhower dollar was too large and heavy
to circulate effectively, but if the diameter was reduced by about a third, and
the weight by two-thirds, it might be used. That report found that “the
Eisenhower dollar has not been widely accepted by the public because of its
large size and weight”. In January 1977, just prior to leaving office, Ford’s
Treasury Secretary,
William E. Simon
, proposed the elimination of
the cent and half dollar, and a reduction in size of the dollar. According to
Bowers, the Treasury had come to believe that a coin as large as the Eisenhower
dollar simply would not circulate in the United States.
The Mint struck pattern pieces of the smaller size, with various shapes and
compositions. An 11-sided coin was considered, which would have differentiated
it from the quarter, but the patterns would not work in vending machines. Such
exotic metals as titanium were considered before the Mint decided on the
standard clad composition. Gasparro prepared, for the circulating pieces, a
design showing
Liberty
with flowing hair, similar to early
American coins.
As the Eisenhower dollar awaited its demise, approximately 50,000,000 per
year were struck, using the eagle design for the reverse. In both years, the
majority coined were at Denver. No silver collector’s edition was issued; the
blue and brown Ikes ended with 1974.
The new Treasury Secretary,
Michael Blumenthal
supported Gasparro’s design
in testimony before Congress; Wisconsin Senator
William Proxmire
dubbed Blumenthal’s position a
“cop-out”. Proxmire refused to introduce the bill, which would have left the
choice of design up to Blumenthal or his successor, instead introducing his own
legislation, to commemorate early women’s rights leader
Susan B. Anthony
. Many in the new Congress and
in the Carter Administration were social progressives, and supported
women’s lib
. Ohio Representative
Mary Rose Oakar
also introduced legislation for
a
Susan B. Anthony dollar
in October 1978; it
proceeded rapidly through Congress and was signed by President
Jimmy Carter
. Gasparro was given a photograph
of Anthony and told to reproduce it exactly on the coin. Anthony’s stern
expression caused some to dub it the “Susan B. Agony” dollar. The Eisenhower
dollar’s reverse was used for the Anthony dollar. Convinced that the public
would hoard the new pieces, the Mint Bureau produced half a billion before its
official release to the public on July 2, 1979. It need not have worried; the
public quickly rejected the new coin as too close in size and weight to the
quarter dollar, and production for circulation ceased after 1980. Mint Director
Stella Hackel Sims
stated, “people are
accustomed to the Eisenhower dollar, but in time, they’ll become accustomed to
the Susan”. Attempts were made to give the new smaller dollars out as change in
postal transactions, and to force their use by U.S. military personnel in
Europe; both failed.
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