The Eisenhower dollar

The Eisenhower dollar is a one-dollar coin issued by the United States Mint from 1971 to 1978; it was the first coin of that denomination issued by the Mint since the Peace dollar series ended in 1935. The coin depicts General and President Dwight D. Eisenhower, who appears on the obverse. Both its obverse and reverse were designed by Frank Gasparro.

In 1965, the Mint had begun to strike copper-nickel clad coins instead of silver, due to rises in bullion prices. No dollar coins had been struck in thirty years, and none, initially, were minted in the new metal. Beginning in 1969, legislators sought to reintroduce a dollar coin into commerce. After Eisenhower died in March of that year, there were a number of proposals to honor Eisenhower with the new coin. While these bills generally commanded wide support, enactment was delayed by a dispute over whether the new coin should be in base metal or 40% silver. In 1970, a compromise was reached to strike the Eisenhower dollar in base metal for circulation, and in 40% silver as a collectible. President Richard Nixon signed legislation authorizing the new coin on December 31, 1970.

Although the collector's pieces sold well, the new dollars failed to circulate to any degree, except in and around Nevada casinos, where they took the place of privately issued tokens. There are no dollars dated 1975; coins from that year and from 1976 bear a double date 1776-1976, and a special reverse by Dennis R. Williams in honor of the bicentennial of American independence. Beginning in 1977, the Mint sought to replace the Eisenhower dollar with a smaller-sized piece. Congress authorized the Susan B. Anthony dollar, struck beginning in 1979, but that piece also failed to circulate. Due to their modest cost and the short length of the series, sets of Eisenhower dollars are becoming more popular among collectors.

Final years and replacement (1977–1978)

By 1975, the Treasury was concerned about the drain on resources from striking the dollar, which did not circulate. It engaged a private firm to study the six current denominations of U.S. coinage, and make recommendations. The firm concluded in its report that the Eisenhower dollar was too large and heavy to circulate effectively, but if the diameter was reduced by about a third, and the weight by two-thirds, it might be used.[45] That report found that "the Eisenhower dollar has not been widely accepted by the public because of its large size and weight".[73] In January 1977, just prior to leaving office, Ford's Treasury Secretary, William E. Simon, proposed the elimination of the cent and half dollar, and a reduction in size of the dollar.[74] According to Bowers, the Treasury had come to believe that a coin as large as the Eisenhower dollar simply would not circulate in the United States.[75]

The Mint struck pattern pieces of the smaller size, with various shapes and compositions. A 11-sided coin was considered, which would have differentiated it from the quarter, but the patterns would not work in vending machines. Such exotic metals as titanium were considered before the Mint decided on the standard clad composition. Gasparro prepared, for the circulating pieces, a design showing Liberty with flowing hair, similar to early American coins.[76]

As the Eisenhower dollar awaited its demise, approximately 50,000,000 per year were struck, using the eagle design for the reverse. In both years, the majority coined were at Denver. No silver collector's edition was issued; the blue and brown Ikes ended with 1974.[77]

The new Treasury Secretary, Michael Blumenthal supported Gasparro's design in testimony before Congress; Wisconsin Senator William Proxmire dubbed Blumenthal's position a "cop-out".[78] Proxmire refused to introduce the bill, which would have left the choice of design up to Blumenthal or his successor, instead introducing his own legislation, to commemorate early women's rights leader Susan B. Anthony.[79] Many in the new Congress and in the Carter Administration were social progressives, and supported women's lib. Ohio Representative Mary Rose Oakar also introduced legislation for a Susan B. Anthony dollar in October 1978; it proceeded rapidly through Congress and was signed by Carter. Gasparro was given a photograph of Anthony and told to reproduce it exactly on the coin. Anthony's stern expression caused some to dub it the "Susan B. Agony" dollar. The Eisenhower dollar's reverse was used for the Anthony dollar. Convinced that the public would hoard the new pieces, the Mint Bureau produced half a billion before its official release to the public on July 2, 1979. It need not have worried; the public quickly rejected the new coin as too close in size and weight to the quarter dollar, and production for circulation ceased after 1980.[80] Mint Director Stella Hackel Sims stated, "people are accustomed to the Eisenhower dollar, but in time, they'll become accustomed to the Susan".[81] Attempts were made to give the new smaller dollars out as change in postal transactions, and to force their use by U.S. military personnel in Europe; both failed.[82]


REF