1971-D $1 MS67 Certification #13773359, PCGS #7407

Type: Eisenhower Dollar, Type 1, Clad (1971-1978) Designer: Frank Gasparro / Michael Collins & James Cooper Content: 75% Copper, 25% Nickel over a pure Copper center Weight: 22.70 grams Diameter: 38.50 millimeters Edge: Reeded Mint: Denver Production Strikes: 68,587,424 General Type Description: In 1970, Congress passed legislation authorizing a new one dollar coin to commemorate both the death of General Dwight David Eisenhower and man's first landing on the moon (on July 20, 1969). The obverse features a bust of Eisenhower facing left; the reverse copies the insignia of the Apollo 11 mission, minus the name of the mission. “Ike” dollars made for circulation were of a cupro-nickel composition. These were the “Ike” Dollars made for regular circulation, thus they contain the same metal alloys as the other copper-nickel “clad” coins of lower denominations. Despite mintages in the tens and scores of millions, the Ike Dollar rarely appeared in circulation and was considered more of a nuisance since most cashiers' drawers did not contain a space for them. Nonetheless, they remain very popular with collectors. All of the dates in this series are extremely common in both Proof and Mint State. High-grade examples are very scarce because most were not well-made to begin with, they clanged against each other in bags, and the wide-open, low-relief surfaces are particularly vulnerable to attack. For new collectors, the Eisenhower Dollar is a perfect starter coin and it remains one of the most popular coins on the PCGS Set Registry. Special Uncirculated and Proof versions containing 40% silver were struck and sold at a premium to collectors. A new design was created to celebrate the 1976 Bicentennial of the signing of the Declaration of Independence. (Source: Guth, Ron. PCGS CoinFacts) Specific Issue Description: This is the first year in which the Denver Mint struck Eisenhower Dollars. The 1971-D Eisenhower Dollar is usually well struck. Since this is the first year that it was struck, many coins were saved and still exist in uncirculated grades, as follows: MS60–MS63 – Many coins still exist in this grade and can be located without much trouble; MS64 grade it is not common, but still easy to locate; In MS65 grades it becomes somewhat scarce and some searching is required but yet still obtainable without much difficulty; In MS66 grade it becomes very challenging to locate and possibly 1,000-1,500 coins survive in this condition; MS67 is the highest grade available for this coin and very few coins exist in this grade. There are probably less than 30 examples which would grade MS67. (Source: Hernandez, Jaime. PCGS CoinFacts) Exemplar Description: Acquired 7/2012 from James Sego, JMS Coins. Photography/Imaging c/o Todd Pollock, BluCCPhotos.com

Charles Morgan

The United States has a long and complicated history with the large silver dollar coin. Though the denomination was a cornerstone of the monetary system at the Mint's founding, by 1803, the Jefferson administration scuttled production of Draped Bust Dollars to preserve the domestic flow of silver coinage. Efforts to resume coining dollars resulted in the Gobrecht Dollars (1836–1839) and the low-mintage Liberty Seated Dollar series (1840–1873).

Following a five-year period when Congress favored the international Trade Dollar, the domestic silver dollar was forcefully reintroduced (overriding a Presidential veto) in 1878 with the Morgan Dollar. Primarily a sop to Western mining interests, millions of the mandated Morgans stacked up, unwanted, inside Treasury vaults.

Dollar coin production only resumed in 1921 because Congress compelled the Mint to strike 270 million coins to replace the vaulted silver melted to aid Great Britain during World War I. That year, the Mint struck 86 million Morgan Dollars before introducing Anthony de Francisci’s Peace Dollar design. While the "Peace Dollar" was proposed by key members of the American Numismatic Association, its final design faced initial displeasure from figures like Farren Zerbe, voiced in the pages of The Numismatist.

The Failed 1964 Attempt

A genuine effort to resume dollar production was launched in the early-to-mid 1960s, prompted by the rising price of silver draining the Treasury's stockpile. The Philadelphia Mint prepared dies for both Morgan and Peace designs, but the Peace Dollar was selected.

In May 1965, the Denver Mint produced 316,106 1964-D Peace Dollars (antedated due to a contemporary date freeze to deter hoarding). Almost immediately, intense public and Congressional backlash erupted, opposing the production of silver dollars during a national coin shortage. President Johnson quickly rescinded the production order for new dollars and ordered that all struck coins be melted, which the Mint complied with shortly thereafter.

The Eisenhower Dollar is Conceived

Five years later, the situation was fundamentally different. The Coinage Act of 1965 had ushered in a massive shift, replacing 90% silver coins with Copper-Nickel clad coinage as the American standard.

President Dwight D. Eisenhower's death in 1969 served as the catalyst for the dollar coin's reintroduction as a memorial. This bipartisan effort, similar to the authorization of the Kennedy Half Dollar in 1963, stalled briefly over metal composition. With Congress's prohibition on new dollar coins set to expire on July 23, 1970, a compromise was reached:

• Copper-nickel clad for general circulation.
• Silver-clad (40%) for the collector market.

The coin's authorization was secured with the signing of the Bank Holding Company Act Amendments of 1970 by President Richard M. Nixon on December 31, 1970. (This legislation also notably permitted the GSA to sell 2.8 million Carson City Morgan Dollars held in Treasury vaults.)

Quality and the "Friendly Eagle" Variety

The creation of the large Cu-Ni clad Eisenhower Dollar presented a significant technical challenge for the U.S. Mint facilities. The Denver Mint was the first facility to strike the new coins, producing the 1971-D Eisenhower Dollar (#7407) several weeks before Philadelphia struck the 1971 (#7406). Initial mintages were substantial: 68,587,424 at Denver and 47,799,000 at Philadelphia.

Despite operating older presses, the Denver issues generally achieved better quality with a sharper, cleaner look, often fully lustrous. In contrast, most Philadelphia issues appear dull, lack luster, and frequently show residual annealing chatter marks on the high points (such as Eisenhower’s chin and hair).

A key variety is found on the Denver reverse:

1971-D "Friendly Eagle" (FS-901): Early strikings display a flattened earth with the Andes Mountains appearing raised. This variety is distinguished by an eagle that has no eyebrow, giving it a "friendlier" facial expression. The variety was initially published in ErrorScope, catalogued as RDV-006, and is now recognized by PCGS by its Cherrypicker's Guide catalog number of FS-901.

Die Sink: A Common Issue on the 1971-D Eisenhower Dollar

Despite the superior striking quality, even the 1971-D dollars often show significant die sink along the bottom periphery—a flaw visible through the date and flattening the first few letters of the motto IN GOD WE TRUST.

 

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