Q. David Bowers
FRANK VAN VALEN'S COMMENTARY
The Ike Dollars Begin by Frank Van Valen
I like Ike. If my recollections of my pre-school days in the early 1950s are anywhere near accurate, everybody liked Ike! Even my dad, an FDR-man if ever there was one, liked Ike. And what finer tribute to a true American hero than a circulating coin, indeed, a dollar coin, befitting the stature of Ike the man?
Born in 1890, Eisenhower rose to worldwide fame during the Second World War as commander in-chief of the allied forces in Western Europe. He was elected president of the United States in 1952, and re-elected in 1956. His death occurred in 1969, by which time he had enjoyed his retirement in Gettysburg, Pennsylvania (his home there is depicted on the reverse of the 1990 commemorative dollar featuring his portrait twice on the obverse).
Although generations of earlier collectors had dreamed of finding a fortune (sort of) in their pockets-a rare 1916-D Mercury dime, 1916 Standing Liberty quarter, or something of that nature-by the time of Ike's passing in 1969, such dreams could no longer be realized. Most such scarce dates had been worn thin or had long since been picked up by collectors.
With the advent of clad coinage in 1965, the oncesteady supply of silver dimes, quarters, and halves began to disappear from pocket change, hoarded by collectors and the general public alike. Subsequently, other "unusual" coins such as Buffalo nickels and wheat-reverse Lincoln cents also began to disappear from circulation at an alarming rate.
Even in those days there was, however, a bright spot on the horizon for numismatists. Countless numbers of coin collectors across the country were delighted when rumors of a new dollar coin began to be heard. By 1971, the Eisenhower dollar was a reality. True, it wasn't the most attractive design type anyone had ever seen, but it came in Proof and Uncirculated formats, and there were copper-nickel specimens as well as 40% silver coins to collect. The most optimistic among us predicted a great new rebirth of coin collecting, while even the most pessimistic collector grudgingly agreed that it might be fun to collect a circulating dollar coin from pocket change.
The U.S. Mint scored a coup. Of the estimated five million 40% silver Proof Eisenhower dollars the Mint hoped to sell during the first year of coinage, more than 4.2 million 1971-S-dated coins were actually sold. Collectors flocked to the new issue, ordering 2.8 million Uncirculated 40% silver Ikes from the Mint as well.
No sooner had the new dollar coins made their appearance, than new phrases were added to the numismatic vocabulary. Retail sales advertisements soon were featuring "Blue Ikes" and "Brown Ikes" in the after market. Collectors who, for one reason or another, didn't order Eisenhower dollars directly from the Mint, or who wanted to add to their holdings, plus new collectors discovering the hobby, formed an active market. The Uncirculated 40% Ikes came in distinctive blue envelopes, and the Proof versions of the same coin came in a large (and somewhat awkward) brown box; hence the nicknames "blue" and "brown" names that are still used to identify the Uncirculated and Proof Eisenhower dollars today.
Collecting Eisenhower Dollars
Perhaps the easiest way to collect Eisenhower dollars is to purchase a complete set in a display holder. The cost of an average quality set, complete with all of the copper-nickel clad coins and 40% silver coins in both Uncirculated and Proof formats, ranges upward from $200 (in 1993), depending upon quality, not an overly expensive output for a complete collection of our nation's last circulating large-sized dollar coin,
Buying a complete set inane fell swoop takes some of the excitement out of collecting Ikes. Just because a-coin is inexpensive or deemed "common" is no reason that a certain amount of fun shouldn't be had in the pursuit of the finest specimens available. Like any coin series, there is quite a challenge to be considered when attempting to assemble a complete set of Ikes in grades above the average usually seen.
One of the great challenges is to find outstanding examples of all of the dates in each of the various metallic compositions. You will find that some dates are almost always seen with some areas of striking weakness, while other dates tend to come dull and lackluster, and still others tend to be heavily bagmarked. If you seek high quality, you will soon find that there are some really hard-to-find dates among the "common" varieties!
That's where the fun and patience comes in. At most coin shows, at least one dealer will have a large stock of Ikes in blue and brown holders as issued by the Mint. At today's low prices, it may be a verywise investment to spend some time searching through such pieces to find sharp strikes with good surface quality. I believe that the time will come when the rest of the collecting fraternity "discovers" Ike dollars. If you act now, you will be miles ahead of the rest of the numismatic crowd.
Sometimes the low value of a coin works against its ease of purchase. Chances are good that "name" auction sales will not contain Ikes, at least not singly, and that many large firms will not be able to supply you. When they become worth $100 each (if they do), then dealers will stock them with enthusiasm, but for now, Ikes are often where you find them!
Eisenhower dollar specialist Dave McHenry commented as follows:(Conversation of Frank Van Valen with Dave McHenry, January 26, 1993.)
All Eisenhower dollars of general circulation dates are getting scarcer, especially in Mint State. There is a premium for any Eisenhower dollar, even worn ones (although for circulated pieces the premium is small). In January 1993, I was paying $1.10 each for Worn coins and selling them for $1.20 to $1.25. It almost seems like there is a new frontier, as existed for Morgan silver dollars 30 years ago. There just aren't that many large hoards out there.
Eisenhower dollars are being used as giveaways, promotions, and so on. I even sell a few bags a year to a large construction company that gives the coins away to employees who go for a month at a time without job related accidents. What hoards then: are, seem to be gradually dispersed into much smaller lots.
Really depressed in price right now are the 40% silver Mint State coins and Proofs. This is an area that can be collected for a nominal sum of money.