Eisenhower Dollars
Earendil
Posts: 243 ✭✭
Was the Eisenhower dollar pulled out of circulation when the Susan B. Anthony dollar came out? I have found that Eisenhowers are nonexistant in circulation wherever I go, and I have always wondered why. They're not really worth enough to hoard, either. Any insight anyone could give on this matter would be appreciated. Thanks.
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In honor of the memory of Cpl. Michael E. Thompson
No, they were/are considered to be too bulky to use; thus, most never circulated.
In honor of the memory of Cpl. Michael E. Thompson
Finding nice uncirculated rolls though, can be a treasure so keep your eyes open.
As far as them circulating or being pulled out of circulation? The coins just never ever circulated. Much the same as today's Golden Sacajawackies or the Presidential dollars. The American public will simply not use a dollar coin in lieu of a paper buck as the paper always gets precedence. The same was true for the Peace and Morgan Dollars whose primary purpose served to back the silver certificates or serve as gambling tokens for poker games or slot machines. For the Eisenhower, these were produced to subsidize the gambling industry which had recently lost their Morgan and Peace dollars to the surge in silver prices. 1971 and 1972 didn't even have the coins in mint or proof sets. 1973 didn't get any produced for circulation, only mint and proof sets.
1974 saw the coins in mint sets, proof sets and as single collectibles. 1975-1976 saw a resurgence in popularity but only because of the BiCentennial reverses. People thought sure that these would be collectible treasures and socked a bunch of them away! 1977 and 1978 slipped by with very little interest in the coins.
Of the IKEs produced over 8 years of production, only 686,105,621 were intended for circulation. Todate, and in the first year of production, over 768,530,000 presidential dollars have been minted and the Madison isn't even out yet! To put it into perspective, when was the last time you saw a presidential dollar in a cash drawer somewhere?
Since the Eisenhower Dollar was introduced to commemorate Dwight D. Eisenhower, the only way to get rid of producing it was to produce something else, namely the Susan B. Anthony in a small dollar version. (It did have the same reverse as the IKEs though). This in itself didn't kill the IKE because it was pretty much dead already and since the SBA was such a flop, it was easy for Congress to just drop the dollar coin from production altogether.
So, were they pulled from circulation? Possibly but keep in mind that the Federal Reserve system serves the public. If folks don't use the coins, then banks don't order them. If the banks don't order them then the next years production drops way down until the coin eventually gets dropped from production for economic reasons. Current Federal Reserve inventory probably gets stored somewhere until they get tired of tripping over it!
However, I wouldn't put it past the government to come up with a GSA Hoard of pristine IKE Dollars at some point in time. After all, why destroy perfectly good coinage, especially since prouction of the clad material used today is produced by outside contractors and the US Mint is well aware of prices collectors pay for old coins.
Who knows?
Sorry for the rambling...............
The name is LEE!
Probably hiding among the billions of wheat cents and Kennedy halves that have also disappeared from circulation.
My Adolph A. Weinman signature
Mike
W.C. Fields
just completed 3d tour to Iraq and retired after 28+ years in the US Army
<< <i>i have wanted to ask my bank(s) if they had any Ike dollars, just been too shy
You should, I cash mine in at the bank all the time. Every collection I buy has them in it.
the mint to maintain a comfortable stockpile. When the drawdown on Ikes was low
they simply reduced their orders from the mint. When the SBA came out they most
probably simply issued the Ikes and discontinued stockpiling them. It's not imposs-
ible that some have been destroyed by the FED but it is unlikely. It's a safe bet that
they don't have any real quantities in storage at the current time.
It should also be remembered that the FED contracts most of the actual coin count-
ing and handling responsibilities to several large armoured car services and some of
these are nearly autonomous so would have varying policies from one to another.
HIGH GRADE SUPER IKES (CLAD) ARE ALMOST IPOSSIBLE TO FIND. IF YOU THINK OTHERWISE GO MAKE A 66 AND CALL ME NEXT YEAR AFTER YOU'VE LOOKED THORUGH 1000'S OF COINS.
CIRCS ARE EVERYWHERE, FOLKS JUST DON;T LUG THEM TO SHOWS BECAUSE THEY ARE HEAVY AND WORTH ALLOF $1.15 IN BAGS OF 1000, SO HOW CHEAP DO YOU BUY THEM TO MAKE $$$???
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
Perhaps they are heavy for the price they bring as they certainly are not heavier than a Morgan or Peace dollar.
However, any bag of a 1,000 large dollar coins will give you a hernia if your not careful!
The name is LEE!
I remember the day my boss walked into my office, flipping a new 1979 SBA dollar. Even then, I hadn't seen any Ikes around for years.
I knew it would happen.
FYI, I live in Missoula, MT, and my credit union has many circulated. They keep them in paper cups in the vault, I guess because they are too awkward to roll!
I walked out of there with 59 Ikes at face value, I went through them last night and didnt find any varieties but it just goes to show that they are out there - just ask.
<< <i>Great thread, guys, and as always I appreciate the insights!
FYI, I live in Missoula, MT, and my credit union has many circulated. They keep them in paper cups in the vault, I guess because they are too awkward to roll! >>
I've not seen a new dang paper roll for them since the mid-'80's.
A few miles must make a big difference; here in NW Indiana I used to see them
regularly from 1971 to 1981 in change. They were very few in number but I got
a couple a year like clockwork. I never did get a small dollar.
A lot of the Ikes came from the post office and small businesses.
Every now and then I'll grab a few of them when I go to the store and I'll toss them down on the counter- some of the looks I get are outstanding, they go nuts when I toss a crappy IHC to cover the tax!
I only put back into circulation the ones that are- heavily circulated with barely a date- but you can still use them!
That's cool, Morganhunter2!
<< <i>I don't remember receiving or spending more than one or two Ikes, ever - and that was over 30 years ago. I've got some in my car to spend. I think that it's even money whether or not they will be accepted at the retail level without a manager's authorization. Any guesses what the acceptance rate will be?
I remember the day my boss walked into my office, flipping a new 1979 SBA dollar. Even then, I hadn't seen any Ikes around for years. >>
Jeez! I spend these all the time with no problems what-so-ever. As a matter of fact, they are almost instantly recognized and always appreciated............
The name is LEE!
They are a great piece of US numismatics -- I believe the only large size clad dollar minted...
In 1972 I was giving her 40 Ikes for the groceries but now had 5 kids.
<< <i>my personal opinion - this is a sleeper coin - in years to come, the nice examples will carry a premium - espeically the different varieties i.e. the 1971-D FEP & 1972 Type II - I always advise someone who's just getting into the hobby to check out the IKE's - very collectable - I feel in higher grades it's a beautiful coin and the reverse is nothing but striking in appearance - the challenge is to find nice examples that are turned into banks - everytime I go to my bank I ask for IKE's & Kennedy's - sometimes they have them, other times it's a wipe-out - but it's fun looking for that exceptional gem/variety. >>
yah but i won't be around in the year 3500
Grandparents love to give them as gifts to kids as a reminder of days of Hard Money gone bye
Liberty: Parent of Science & Industry
eg., 1972 PCGS
60 62 63 64 65 66
7409 1972 Type 1 4 10 35 60 475 10500 - - - -
97409 1972 Type 2 165 215 335 650 3500 16250
I would think twice before using them as pocket change.
Check the Pop's reports: Eisenhowers were and are relatively scarce.
I'm not predicting a boom in Collectors of them, but I would say they are more interesting than Susan B Anthony.. especially when you get into the fine details of the reverse -- and the different types.
Yesterday.
if they are nice enough to send in. The series also offers LOTS of "naked-eye" Varieties
and "naked-eye" clashed dies.
Because of the size and weight, they are very hard to find the clads in high grade.
The error Ikes are cool too!
Brian
I Love
just completed 3d tour to Iraq and retired after 28+ years in the US Army
The name is LEE!