Q. David Bowers
"She pointed out that the Constitution itself called for creation of a mint, and that the Mint, in turn, had played a little known role in preserving the original of the document, giving it and the Declaration of In-dependence safe storage at Fort Knox during World War II. She also reminded the audience that the ceremony was taking place only a few city blocks from where its authors were laboring 200 years ago to the day, and complaining of the heat and humidity of the city, not unlike the current weather.
"Baker contributed a second historical note attesting to the Mint's antiquity: The early Philadelphia Mint was the first building constructed by the U.S. government, in 1792. The founding fathers, he said, 'knew that a genuine nation had to have a genuine currency,' and the new coins are fine symbols of a remarkable document, the Constitution. 'But the coins of a nation are more than a symbol,' he said, 'they are the tangible means of conducting the nation's commerce.' ... After Baker and his party departed, there were an additional 35 strikes by prominent numismatists, government officials, and representatives of the Mint's overseas distributors from Japan, Korea, Germany, Italy, and New Zealand."
Production and Distribution
The Philadelphia Mint struck Uncirculated 1987-P silver dollars, whereas the San Francisco Mint produced Proof 1987-S $1 pieces. Distribution was through direct mail to Mint customers, through national retail chains (including Montgomery Ward, Service Merchandise, and Sears & Roe-buck), over 1,700 banks, and numerous other locations for a total of 15,000 outlets. Direct marketing efforts were handled by the firm of Kobs & Draft Advertising, Inc. As was the case with other recent commemoratives, several package options were available. A delineation of these follows: (As enumerated by Walter Breen in the 1990 reprint edition of The Encyclopedia of United States Silver & Gold Commemorative Coins.)
(1) Single Proof 1987-S dollars were offered at the advance discount price of $ 24, later raised to $28. 1,778,606 were distributed in this manner, according to the Bureau of the Mint who gave Walter Breen this figure on May 1, 1989, stating that it was subject to minor corrections. At the time of distribution each coin was placed in a plastic capsule and housed in a navy blue velvet presentation case with hinged lid (on which is a plaque of the Great Seal). The whole was contained in a navy blue cardboard box accompanied by a descriptive certificate. This box and its blue card-board slip cover were each imprinted with the Great Seal and "United States Constitution Coins."
(2) Single Uncirculated 1987-P dollars were first offered at $22.50, later raised to $26. Through this option 282,683 dollars were sold. Coins were packaged Similarly to the Proof 1987-S dollars.
(3) Prestige Proof sets consisting of a regular Proof set from the Lincoln cent to the Kennedy half dollar, plus one Proof commemorative 1987-S dollar, were first offered for $41, a price later raised to $45. 435,495 sets were sold. Each set was mounted in a plastic case within a box of gray suede (resembling a book) with a silver heraldic eagle centered on the front cover; white satin interior cover with the Great Seal, "United States 1987 Prestige Set" imprinted in blue, and red, white, and blue ribbon; all within a gray cardboard box imprinted with the Great Seal and Prestige Set designation.
(4) Two-coin Proof sets consisted of a Proof 1987-S dollar and a Proof 1987-W $5 and were first offered at $217, later raised to $250. Through this option 443,757 sets were marketed. Coins in plastic capsules were housed in a navy blue velvet presentation case with a hinged lid and a plaque of the Great Seal on the lid. The case and a descriptive certificate were enclosed in a navy blue cardboard box imprinted on the lid with the Great Seal and "United States Constitution Coins." The box was placed within a navy blue slipcover Similarly imprinted.
(5) Two-coin Uncirculated sets comprised an Uncirculated 1987-P dollar and a 1987-W $5. These were first offered at $217, a price later raised to $240. Sets sold amounted to 79,688. Sets were packaged similarly to the two-coin Proof sets.
(6) Four-coin sets included a 1987-P Uncirculated dollar, a 1987-S Proof dollar, and Uncirculated and Proof examples of the 1987-W $5. These were first offered at $465. The price was later raised to $525. 89,258 sets were sold. Coins in plastic capsules were housed in a velvet-lined mahogany case and were accompanied by a certificate of authenticity. The case was enclosed in a navy blue cardboard box imprinted with a heraldic eagle.
The total distribution quantities of 1987 Constitution Bicentennial silver dollars amounted to 451,629 1987-P Uncirculated coins and 27,747,116 1987-S Proofs. The official sales period ended on June 30, 1988.
Collecting 1987 Constitution Bicentennial Silver Dollars
Specimens of the Uncirculated 1987-P and Proof 1987-S Constitution Bicentennial silver dollars are readily available today in condition as Issued.