Origin of the unique 1976 "No S" Variety Two 40% silver Ike
CaptHenway
Posts: 32,252 ✭✭✭✭✭
In another thread about what is the most valuable Ike dollar, the unique 1976 "No S" Variety Two 40% silver proof was mentioned.
In my files I found a copy of a news release dated May 18, 1978, sent by the International Numismatic Society of Washington, D.C.:
"Exclusive to Coin World
May 18, 1978
For Release Immediately
1976 S-less Proof Eisenhower Dollar Certified by INS
A rare 1976 Bicentennial Eisenhower proof silver-clad dollar without the usual San Francisco mintmark was recently certified genuine by the International Numismatic Society Authentication Bureau in Washington, D.C.
The coin was found in a cash register in a major Washington department store in mid-1977, which suggests that the spender was unaware of the true nature and value of the piece. Fortunately the thoughtless handling of the coin resulted in virtually no impairment. Foreign matter which had accumulated on its surfaces was carefully removed in the INS Authentication Bureau laboratory at the request of the owner.
Microscopic examination of the S-less dollar, as well as other tests, led INS authenticators Charles Hoskins and "Skip" Fazzari to the conclusion that the coin is genuine, and that the mintmark had not been removed. No surface irregularities are present in the mintmark area.
The owner of the coin, who wishes to be anonymous for security reasons, has indicated willingness to sell the coin for an appropriate price. Further information is available from the INS Authentication Bureau, P.O. Box 19386, Washington, D.C. 20036. Authentication Bureau Director Charles Hoskins says that communications for the owner of the coin will be forwarded to him upon receipt by INSAB.
-0-
(Note: Photos of obv. and rev. of above coin enclosed.)"
(end of news release)
When we got this release and photos, I studied the photos and noticed that the reverse die was of the Variety Two design, which INSAB had apparently overlooked, as it was not mentioned in the news release. I knew that all of the 40% silver Bicentennial dollars, both BU's and Proofs, had been struck with the Variety One, and that only the copper-nickel BU and Proof strikes had changed to the Variety Two reverse in calendar year 1976.
We printed a story based upon the INSAB release and photos in the June 7, 1978 Coin World (p. 21, with a jump to p. 26) but with the headline "Variety II Bicentennial silver dollar appears."
We also contacted the owner through the INSAB, and arranged to have the coin sent to the Collectors Clearinghouse office. There I exami9ned the coin and agreed with INSAB that it was a genuine and un-altered 40% silver dollar. The weight was 383.25 grains, with a specific gravity of 9.55.
From the owner I learned that the coin had been found at the Woodward & Lothrup Department Store in Washington, though he requested that the name of the store not be published at that time. I suspected, but did not ask and cannot confirm, that the owner was an employee of that store, and did not wish to cause any problem with his employment. I repeat, this is only speculation on my part.
I was particularly interested in the piece at the time because I was the first person to have noticed, some time earlier, that the Mint's official publicity photographs of the 40% silver trial strikes struck in Philadelphia on August 12, 1974 showed "No S" Proofs. This coin struck me as obviously related to them.
FWIW, the piece appeared in the Devonshire Rare Coin Galleries July 9-10 auction sale held in conjunction with the Metropolitan Washington Numismatic Association Inc. Coin Convention as Lot 838. The item description includes: "INSAB papers accompany the coin."
Tom DeLorey
In my files I found a copy of a news release dated May 18, 1978, sent by the International Numismatic Society of Washington, D.C.:
"Exclusive to Coin World
May 18, 1978
For Release Immediately
1976 S-less Proof Eisenhower Dollar Certified by INS
A rare 1976 Bicentennial Eisenhower proof silver-clad dollar without the usual San Francisco mintmark was recently certified genuine by the International Numismatic Society Authentication Bureau in Washington, D.C.
The coin was found in a cash register in a major Washington department store in mid-1977, which suggests that the spender was unaware of the true nature and value of the piece. Fortunately the thoughtless handling of the coin resulted in virtually no impairment. Foreign matter which had accumulated on its surfaces was carefully removed in the INS Authentication Bureau laboratory at the request of the owner.
Microscopic examination of the S-less dollar, as well as other tests, led INS authenticators Charles Hoskins and "Skip" Fazzari to the conclusion that the coin is genuine, and that the mintmark had not been removed. No surface irregularities are present in the mintmark area.
The owner of the coin, who wishes to be anonymous for security reasons, has indicated willingness to sell the coin for an appropriate price. Further information is available from the INS Authentication Bureau, P.O. Box 19386, Washington, D.C. 20036. Authentication Bureau Director Charles Hoskins says that communications for the owner of the coin will be forwarded to him upon receipt by INSAB.
-0-
(Note: Photos of obv. and rev. of above coin enclosed.)"
(end of news release)
When we got this release and photos, I studied the photos and noticed that the reverse die was of the Variety Two design, which INSAB had apparently overlooked, as it was not mentioned in the news release. I knew that all of the 40% silver Bicentennial dollars, both BU's and Proofs, had been struck with the Variety One, and that only the copper-nickel BU and Proof strikes had changed to the Variety Two reverse in calendar year 1976.
We printed a story based upon the INSAB release and photos in the June 7, 1978 Coin World (p. 21, with a jump to p. 26) but with the headline "Variety II Bicentennial silver dollar appears."
We also contacted the owner through the INSAB, and arranged to have the coin sent to the Collectors Clearinghouse office. There I exami9ned the coin and agreed with INSAB that it was a genuine and un-altered 40% silver dollar. The weight was 383.25 grains, with a specific gravity of 9.55.
From the owner I learned that the coin had been found at the Woodward & Lothrup Department Store in Washington, though he requested that the name of the store not be published at that time. I suspected, but did not ask and cannot confirm, that the owner was an employee of that store, and did not wish to cause any problem with his employment. I repeat, this is only speculation on my part.
I was particularly interested in the piece at the time because I was the first person to have noticed, some time earlier, that the Mint's official publicity photographs of the 40% silver trial strikes struck in Philadelphia on August 12, 1974 showed "No S" Proofs. This coin struck me as obviously related to them.
FWIW, the piece appeared in the Devonshire Rare Coin Galleries July 9-10 auction sale held in conjunction with the Metropolitan Washington Numismatic Association Inc. Coin Convention as Lot 838. The item description includes: "INSAB papers accompany the coin."
Tom DeLorey
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
10
Comments
I am also researching the circumstances and events surrounding the coin and speaking with the previous owners from the time of that first auction. I hope to have some additional information concerning the coin when my work is complete.
It is a very special (modern) coin, especially dated 1976.
Wondercoin
TD
That is an extra detail Tom added that I had not picked up on in other threads.
--John
I'd love to have it in my Showcase!
The name is LEE!
Antique bump.
Is @Insider3 still amongst us? I have a question about something in this thread.
I think Skip is long gone.
Say, what did the piece sell for the first time it was auctioned?
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Martin Paul and I bought it at the Devonshire auction. IIRC, it hammered at 5K, no buyer's premium. And FWIW, I saw Skip at the FUN show last month and he seemed fine.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I don't remember the publicity photographs, but I do remember seeing S-less coins in the marketing materials from the US Mint for the 1975 3 piece sets. However, I never could figure out if those were photos of actual coins, or if they were just artist's renditions that happened to be missing the mintmarks. The images just weren't crisp enough to be sure.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Thanks Tom for your memories / story.
In 1982, Andy bought it for $5,000 at auction.
In 2002, I bought it at the Bowers auction in the $40-$50k range if memory serves me right. I believe Andy told me he was my underbidder in that auction. This was one of the few coins I ever simply marked “Win” at public auction so I am thankful Andy put his bidding paddle down when he did.
After holding the coin now for nearly (23) years, I have declined to do many things with it thus far. One thing was to reholder (and regrade) the Unique coin and get the insert tag signed by John Glenn. This was actually very tempting to me (the signature) and I nearly went forward with that suggestion.
More recently, a major auction house had a discussion with me where they believed there were upwards of “14” potential (likely) bidders above one million dollars for the coin if I was ready to sell it.
For now, I just plan to enjoy the Sestercentennial with the coin. I try to answer as many of the roughly 500-1000 new emails /calls a year I receive on the coin since the rarity of the coin “went viral” on YouTube a few years ago.
Wondercoin.
https://minterrornews.com/features-10-10-23-the-rarest-eisenhower-dollars-known.html
14? That's awfully specific. Are they keeping a list?
Trivial correction, but Martin Paul was probably your underbidder.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Very interesting story and coin. However, I recommend this thread be deleted now so now more info is spread and we don't get besieged with trolls claiming to have hundreds of said coin! Just saying...
WS
‘’14? That's awfully specific. Are they keeping a list?’’
I thought the same thing. So, I started making my own list. At the passing of one gentleman collector a few years back who pursued these type of great coins, I figured it probably went down to a max. of 13. But, then after Mike Byers’ recent Ike Dollar article (and his personal valuation of the coin), I figured maybe it just might be back to “14”. 😉
Wondercoin.
You only need two...
Mitch- since I am the Publisher and Editor of Mint Error News, and have handled very expensive Ikes on my coin website, Mike Byers, I also get tons of calls, emails and texts on your no S Proof Ike since I wrote the article on it.
Everyone found one of course, but they are mint state. I have a standard copy/paste response.
Additionally, everyone has an aluminum Cent like my unique 1977, or a 1970s 25C overstruck on a Barber Q. I have standard copy/paste responses for these as well.
It is what it is…
Will see if I can find those glossy photographs.
In the meantime here is the press release photograph as reproduced from the 1975 Mint Report via the Newman Numismatic Portal. They look like photographs of coins, but note the differences between the obverses and reverses. They may have been just manipulated images. Without those originals I cannot be sure one way or the other.
Does anyone have any information about the quarter and half dollar shown in the 1975 Annual Report of the Director Of The Mint? They also appear to not have an S mint mark and they also appear to be 40% silver proofs.
Yes. All three appear to be “No S” 40% Silver Clad Proofs. The question that was raised is, are these true pictures or manipulated images?
The Type Two Dollar Proof IS real. I tested it myself.
The wide letter reverse Dollar image is from 1975, thus Type One. Says images are from 1975 too.
This has always been a favorite of mine even though its a No S Variety,
I do not actively collect varieties, but I do love to cherry pick varieties and then cash out.
I'd keep a No S Ike if I cherried it, but I highly doubt these are found in proof sets.
Is this coin presently certified?
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With money........
Wikipedia entry on the Bicentennial coinage which mentions the "No S" trial strikes made in 1974.
https://en.wikipedia.org/wiki/United_States_Bicentennial_coinage
Story which says that prototypes did not have mint marks on them.
https://www.usacoinbook.com/encyclopedia/coin-designers/seth-g-huntington/
Similar story which says that prototype coins did not have mint marks on them. Says only three struck, and that none were given to the designers that day. I do not know if it is correct.
https://www.usacoinbook.com/encyclopedia/coin-designers/jack-l-ahr/
I was working at Coin World at the time, and I was under the impression that each of the three designers present at the first striking was given a three-piece set of the coins. I may have been mistaken.
I was also under the impression that one set was given to President Ford's Appointments Secretary to be passed on to him. The President was not at this historic event because he had only become President just a few days earlier, following President Nixon's resignation, and it is presumed that he had more pressing demands upon his time.
Interesting modern item about coins celebrating the Declaration of Independence. Look at the pictures of the 1776-1976 coins, provided to the publication by the U.S. Mint in 2021. If you blow up the obverse of the quarter, you will see that it is the same "No S" 40% silver Proof image that appeared in the 1975 Mint Report.
https://crsreports.congress.gov/product/pdf/IF/IF11926/1
Story from US Coin Book about the Unique 1776-1976 "No S" Type Two 40% silver dollar.
https://www.usacoinbook.com/coins.php?id=5918&displaytype=own
Notice that it says that the original "No S" 40% silver prototypes were displayed at the 1974 ANA Convention in Bal Harbour, Florida, but later returned to the Philadelphia Mint and destroyed and replaced with "With S" coins.
The PCGS listing of @Wondercoin's unique piece, probably the most comprehensive "current" report on the coin, though it does inexplicably neglect to mention the INSAB press release on the coin's discovery and the story I wrote about the same in Coin World.
https://www.pcgs.com/news/the-unique-1976-philadelphia-eisenhower-dollar
So, in summary, I would say that complete, three-piece sets of "No S" 40% silver Proof Bicentennial Quarters, Halves and Variety One Dollars WERE struck in August of 1974, they WERE displayed at the ANA Convention in Bal Harbour Florida in August of 1974 (a logical move to promote the program), and they were ALLEGEDLY destroyed afterwards.
The Variety Two "No S" 40% silver Proof Dollar was struck later, after the Mint discovered a need to revise the design to help make business strikes strike up better.
TD
Are the 1975 (S) Proofs legal to own ?
Seems they may be like 1974 P&D Aluminum Cents:
Made, displayed, recovered & then destroyed.
I see absolutely no reason why they wouldn't be!