1978 $1 (Regular Strike)

The Eisenhower Dollar was introduced into circulation in 1971 as a numismatic memorial to the popular war hero and President, but its utility as everyday tender was always a dubious proposition. The United States had long struggled with the widespread acceptance of its dollar coins, particularly since they circulated alongside the favored Federal Reserve Note, which offered superior foldability and a standard size. The Ike Dollar, on the other hand, was a heavy and cumbersome coin, struck to the same large size standards as the old silver dollars (such as the Morgan and Peace Dollars). However, unlike its predecessors, the circulation strike Eisenhower Dollar was not backed by intrinsic metal value, a consequence of the shift away from silver coinage.

Another Dollar Coin Boondoggle

Without the intrinsic value of silver to justify its size, the Ike Dollar's large diameter was a matter of tradition over practicality. While the coin found a niche with casino interests as an ideal replacement for the silver dollars used in slot machines, it was widely viewed by the rest of America as either a novelty or an example of wasteful government spending.

The Treasury Department's own actions mirrored these sentiments. No Eisenhower Dollars were struck for circulation in 1973, as tens of millions of coins struck in 1971 and 1972 languished unwanted in government vaults. Furthermore, by the time the regular design resumed following the Mint's two-year Bicentennial design observance, an effort in Congress was already underway to replace the large dollar coin with a smaller one. Even the 40% silver "collector" program, which ran from 1971 to 1974 and was replaced by a three-coin 40% silver Bicentennial coin program in 1975 and 1976, was not resumed for the series' final two years.

The Last of the Ike Dollars: The 1978 Issue

The 1978 Eisenhower Dollar (#7425) marks the final year of the large circulating dollar series. Throughout 1978, hearings were held to discuss a change in the dollar coin's size and design. In July 1978, the Senate Committee on Banking, Housing, and Urban Affairs proposed a bill to authorize a small dollar coin featuring Susan B. Anthony. Anthony was ultimately chosen for the obverse over other candidates, including Sacagawea—who's time would come in 2000.

The Philadelphia Mint struck 25.7 million 1978 Eisenhower Dollars as preparation got underway to replace it. On December 13, the striking of the first 1979-P Susan B. Anthony Dollars (#9571) formally ended the Eisenhower Dollar dollar production.

Collecting the 1978 Eisenhower Dollar

While seldom seen in circulation today, circulated Eisenhower Dollars still appear from time to time. Bank branches may occasionally have a few tucked away, but these worn coins are not "collectible" in any meaningful sense. Raw Mint State coins can be sourced from saved bank rolls and, most commonly, from the 1978 United States Mint Uncirculated Coin Set. 2,162,609 of these sets were produced, each containing one example of every circulating coin struck at the Philadelphia and Denver Mints. These sets can occasionally yield Gem-quality 1978 Eisenhower Dollars with good luster, but incidental contact marks often limit the coins' viability as a certified collectible. The typical uncirculated example likely grades MS63 to MS64. While the PCGS Population Report shows MS65 as a frequent grade, this figure is representative only of the coins that submitters felt were of sufficient enough quality to encapsulate.

As is true throughout the entire series, the Denver Mint strikes generally exhibit better quality, a fact reflected when comparing the certified populations of the 1978 and 1978-D (#7426) issues.

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