Q. David Bowers
Collecting Eisenhower Dollars
As this book is being written in the early 1990s, the Eisenhower dollar series 1971-1978 has not received a great deal of attention from old-line numismatists, although several dealers, Dave McHenry of the Arizona Coin Exchange in Phoenix, Arizona prominent among them, have made a market in them. Rather, the formation of sets is generally considered to be in the realm of those with a beginning interest, although there is no reason that this should be so.
As time goes on and the series becomes older and older, it will get the respect (for want of a better word) that it deserves. Similarly, I remember well in the 1950s and 1960s when Franklin half dollars were nearly universally ignored (except by dealers who sold roll-quantities to investors,) but now in the 1990s many advanced numismatists seek to put together high-quality sets. In fact, some of the ostensibly "common" Franklin issues are decidedly rare in nicely struck MS-65 grade.
A 1993 article by AI Doyle, "Common Ikes Worth More Than Face Value," noted the following (excerpted);(Numismatic News, January 12, 1993, pp. 21 ff.)
It is unlikely that your local bank will have a decent supply [of Ike dollars] on hand, but anyone who has a bagful in the closet or is willing to gradually accumulate a group of coins can make a modest profit. Grading is not a major problem. Just be sure your Ikes arc problem-free. Mint State or lightly circulated pieces are acceptable to buyers [of bulk coins].
Mike Mouret of South Louisiana Coin Exchange is a steady buyer of Ike dollars. "We do quite a bit with them. We sell them as promotional items to companies. They use them as an inexpensive pat-on-the-back type of prize or premium. Sometimes they catch on pretty well."
Coin collectors may not think much of common date Eisenhower dollars, but they do attract the attention of the general public. "Even though you can see the copper band around the edges, people still refer to them as silver dollars," Mouret said. "They think the coins contain silver."
First struck in 1971, Ikes seldom circulate, so it might be logical to assume that substantial quantities are gathering dust in bank vaults. Mouret reports just the opposite.
"We can usually find up to 500 at once, but it's a problem getting bag quantities. We'll let our bank know that we're interested in buying Ikes, but they very seldom call us with a quantity." Mouret pays from $1.05 to $1.18 for Ikes. The price varies with his inventory and the immediate need for the coins.
Cleveland-area hobbyists with a hoard of Ike dollars can take them to the Kennedy Mint in nearby Strongville, Ohio. "Collectors buy them," said Renato Montorsi of the firm. "I put them in sets." Montorsi pays $1.10 for lightly circulated Ikes and $1.15 to $1.25 for Mint State pieces. Unlike other buyers, he has no trouble in finding enough coins to meet his needs.
First struck in 1971, Ikes seldom circulate, so it might be logical to assume that substantial quantities are gathering dust in bank vaults. Mouret reports just the opposite.
"We can usually find up to 500 at once, but it's a problem getting bag quantities. We'll let our bank know that we're interested in buying Ikes, but they very seldom call us with a quantity." Mouret pays from $1.05 to $1.18 for Ikes. The price varies with his inventory and the immediate need for the coins.
Cleveland-area hobbyists with a hoard of Ike dollars can take them to the Kennedy Mint in nearby Strongville, Ohio. "Collectors buy them," said Renato Montorsi of the firm. "I put them in sets." Montorsi pays $1.10 for lightly circulated Ikes and $1.15 to $1.25 for Mint State pieces. Unlike other buyers, he has no trouble in finding enough coins to meet his needs.
Kirk Kelly of the Coin Depot in Greenville, S.C., buys and sells just about any coin, and that includes clad Ike dollars. "We sell bags and bags of them to Germany and Japan," he said. "I have no idea what they do with them .... We sell 75 or so bags a year in the U.S., mostly for promotions."
Once unwanted because of their size and lack of precious metal content, Eisenhower dollars have developed into one of those little-known niches that can mean profits for the knowledgeable.
Eisenhower dollars produced for collectors-including Proofs and those sold in Special Mint Sets-tend to be available in better grades, virtually as issued, which for Proof means Proof-65 or finer. However, business strike coins taken from bags are apt to be a different story and are often heavily marked and fairly unattractive.
Putting together a nicely matched MS-65 and Proof-65 set can be a challenge, at least with respect to MS-65 coins of certain dates. As the individual date descriptions in this book indicate, there are some truly scarce issues, particularly among those that were not specifically sold to collectors, such as 1971, 1971-D, 1972, and 1972-D.
There are no Eisenhower dollars dated 1975, a curious fact, along with there being no half dollars or quarters this year, a scrap of information that would make a nice quiz item at a coin club meeting. The government was busy striking 1776-1976-dated Bicentennial coins. Equally interesting is that millions of these 1976 coins were prestruck before 1976 and, in fact, were released beginning in October 1975.
On today's market, a complete set of Eisenhower dollars is relatively inexpensive and, in due time, will undoubtedly become more valuable and certainly more appreciated by the numismatic community. By way of comparison, Morgan silver dollars were not in demand by many numismatists during the era in which they were minted, 1878 to 1921, or even for many years after then. Today, Morgans are at the top of the popularity list. Will Eisenhower dollars have their day in the sun? I think they will.