Q. David Bowers
Retail Prices to the Mint Mailing List
In its direct sales campaign to collectors and others on its mailing list, the Mint established prices of $22 for an Uncirculated 1988-D Olympic silver dollar, raised after May 15, 1988, to $ 27, whereas a Proof 1988-S Olympic dollar was first offered at $23, raised on May 15, 1988, to $29. In addition, a two-coin Uncirculated set consisting of a 1988-D silver dollar and a 1988-W gold $5 was offered at $220 per set, price later raised to $250. The two coin Proof set containing the 1988-S Proof silver dollar and a Proof 1988-W $5 was offered at $225, raised on May 15 to $260.
Prestige Proof sets were priced at $45 each. Special four-coin sets in mahogany boxes containing an Uncirculated 1988-D Olympic dollar, Proof 1988-S Olympic dollar, and Uncirculated and Proof examples of the 1988-W $5 gold were first offered at $445, price later raised to $510.
Minting and Distribution
Grey Advertising was awarded a $22 million contract to mount a nationwide campaign to publicize and distribute the 1988 Olympic coins. Orders were filled by the Washington office of the U.S. Mint, with mailing facilities in Lanham, Maryland. A form letter was sent to those ordering, expressing appreciation for their business and noting that all Uncirculated pieces ordered during the pre-issue period would be shipped by the time of the Olympic Games in September 1988. In addition, a commitment was made to ship at least 200,000 Proof gold coins and 750,000 Proof silver coins by September. Handy & Harman, a New York precious metals refiner, was given a contract to supply the needed silver bullion to the Mint.
The initial 1988-D silver dollars were struck in a special ceremony. On hand to view the procedure were several athletes from past and present United States Olympic teams including Jeff Blatnick, Rowdy Gaines, John Naber, Bill Toomey, and Connie Carpenter-Phinney.
Coin World provided details.("Mint Ceremony Among Largest Ever as 300 Attend," May 18, 1988, p. 1.) "A first-strike ceremony for the 1988-D Olympic silver dollar was held at the Denver Mint on May 2, 1988. In attendance were the new superintendent Cynthia Grassby Baker, Mint Director Donna Pope, Treasury Secretary James A. Baker III, U.S. Treasurer Katherine D. Ortega, Senator Timothy E. Wirth CD-CO), USOC Vice President William B. Tutt, Patricia Lewis Verani (designer of the obverse of the silver dollar), Chief Sculptor-Engraver of the U.S. Mint Elizabeth Jones (who designed the obverse of the gold half eagle), Marcel Jovine (designer of the half eagle reverse), as well as over 300 attendees including Treasury officials, local coin collectors and dealers, representatives of the ANA, Olympic athletes and officials, members of the press, and a large number of Denver Mint employees.
"Secretary Baker noted that the Mint hoped to have sales in excess of $49 million. The first two coins were struck by Baker. At the same time he had Olympic gold medalist Theresa Andrews strike the first Olympic $5 gold at West Point through audio hook-ups. The crowd at Denver could clearly hear Andrews respond that 'it's beautiful.' "
The 1988 Annual Report of the Director of the Mint told of the sales effort: "1988 Olympic commemorative coins were marketed through direct mail, telemarketing, international marketing, bulk, consignment and over-the-counter sales. These coins were first offered for sale at a pre-issue direct mail discount from mid-February through mid-May 1988. More than 1.2 million coins were sold during the three month period of pre-issue discount sales. After the pre-issue period, special campaigns were conducted in the domestic market to sup-port the sale of coins through the retail program. Major retailers such as K-Mart, Sears, Montgomery Ward, and over 900 financial institutions sold U.S. Olympic coins to their customers. This retail program made U.S. Olympic coins available to the American public in all 50 states at more than 8,500 selling locations. Additional marketing efforts included a program to sell large quantities of coins to precious metal and coin dealers. A strong public relations program was conducted to ensure optimum press coverage."
Final sales figures released by the Mint indicate that 191,368 Uncirculated 1988-D Olympic silver dollars were distributed and 1,359,366 Proof 1988-S dollars were sold, amounting to a total of 1,550,734 silver dollars from both mints. Eventually the sales of nearly two million coins (including the $5 gold coins) yielded a profit of about $22 million'!
Collecting 1988 Olympic Silver Dollars
Today examples of the Uncirculated 1988-D and Proof 1988-S. Olympic silver dollars are readily available in condition as issued.
Commemorating: American participation in the 1988 Olympic Games held in Seoul, Korea
Obverse motif: Two torches
Reverse motif: Olympic rings and wreath
Authorization date: October 28, 1987
Date on coins: 1988
Dates when coins were actually minted: 1988-1989
Mints used: Denver, San Francisco
Maximum quantity authorized: 10,000,000
Total quantity minted: Information not released by the Mint
Quantity melted: Information not released by the Mint
Net number distributed: 191,368 Uncirculated Denver Mint coins; 1,359,366 Proof San Francisco Mint coins
Issued by: U.S. Mint, P.O. Box 7710, Philadelphia, PA 19162-0023
Standard original packaging: Single coins and two-coin sets were packaged in a velvet-lined burgundy box; four-coin sets were packaged in a mahogany box
Official sale prices: Uncirculated Denver Mint coins $22 in advance (later, $27; also sold as part of other options-see text); Proof San Francisco Mint coins $23 in advance (later, $29; also sold as part of other options-see text)
Designer of obverse: Patricia Lewis Verani
Designer of reverse: Sherl Joseph Winter
Interesting fact: The reverse of this coin (and the 1988 Olympic $5) bears the name of our country twice: as U.S.A. and as UNITED STATES OF AMERICA.
(average market prices)
1990 (spring) MS-65 $18
1990 (December) MS-65 $19
(average market prices)
1990 (spring) Proof-65 $13
1990 (December) Proof-65 $14