Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The silver dollar was authorized by the Mint Act of April 2, 1792, and the denomination was intended to be the standard unit of the American monetary system. Similar in size and composition to Spanish and Mexican dollars, the denomination should have been the ideal unit of commerce. However, the reality was somewhat different, and though used in foreign trade, silver dollars generally did not actively circulate in the U.S. The reasons were basic: the coins were too large and too heavy. In most parts of the country, silver dollars often made a short journey from bank vault to customers as gifts or mementos, and then back to bank vault for safekeeping. Peace dollars were the last silver dollars minted, and after the 1935 issues regular production of the dollar coin ended. However, when a sealed bank vault was opened in 1962 at the Philadelphia Mint, hundreds of thousands of Morgan and Peace dollars were found, including some scarce issues. Both the Treasury and banks freely paid out the coins until they were gone in early 1964. The Coinage Act of July 23, 1965, specified that no new silver dollars could be coined for five years, at which time the need for the denomination would be reevaluated.

That “need” apparently came from a somewhat unexpected source, the Nevada gambling casinos. Though small numbers of silver dollars were often kept as rainy-day money by non-collectors who had lived through the years of the Great Depression and WWII, after silver coins disappeared from circulation in the mid-1960s large dollar-size tokens continued to be used at casinos. Customers, however, preferred the genuine item. The March 1969 death of Dwight D. Eisenhower, the former Supreme Commander of Allied forces invading France and two-term U.S. President, and the 8-day July 1969 historic lunar mission and landing by the Apollo XI crew, prompted an October 29, 1969, House bill that proposed a dollar coin commemorating both events. Following more than a year of debate the new dollars were approved in December, 1970. Circulating Eisenhower, or “Ike”, dollars were to be minted in the same copper-nickel composition of the circulating dime, quarter, and half dollar. Silver-copper clad dollars for collectors, a composition the same as that used for the 40% silver Kennedy half dollars produced from 1965 through 1970, were also approved.

The obverse of the new dollar featured a portrait of Eisenhower, the reverse a slightly modified copy of the scene used on the Apollo 11 crew patch, which shows an eagle landing on the moon. Though seemingly benign, the original depiction of the eagle on the coin was apparently interpreted by the U.S. State Department as bearing a somewhat hostile expression; not the first time in U.S. coinage history when a design has received unexpected criticism. More controversial was an amendment to the authorizing legislation that directed a portion of the profits from the collector coins to the private Eisenhower College in Seneca Falls, New York. In spite of receiving approximately $9 million from this provision, the College closed its doors in 1983, after being in operation only since 1968. Because of a desire to produce the dollars quickly, Chief Engraver Frank Gasparro prepared the design, having already started the process in anticipation of the coin’s approval; though for unknown reasons the first dollar coins were not issued until November 1, 1971. The reverse design was modified for the 1976 Bicentennial year, as were those for the quarter and half dollar, but with production starting in mid-1975, no 1975-dated dollar coins were produced. The dollar returned to the original design for 1977 and 1978, the latter the final year of the type.

A left-facing portrait of Eisenhower is centered on the obverse; Engraver Frank Gasparro’s initials FG are on the truncation of the neck. LIBERTY arcs above the head, concentric with the flat rim, and the date is similarly placed at the bottom. IN GOD WE TRUST, in two lines, is at the bottom left. Ike dollars were minted at Philadelphia, Denver, and San Francisco; D and S mintmarks are below the neck, above the date. Bicentennial dollar coins have the dual date 1776-1976 at the bottom, the dates separated by a centered dot.

The reverse depicts an eagle with outstretched wings landing on the cratered moon, shown in part on the bottom third of the coin. The eagle clutches an olive branch in its claws. UNITED STATES OF AMERICA curves inside the rim at the top, over the blackness of space; ONE DOLLAR is at the bottom along the rim, superimposed over the moon. Circling around the eagle against the space backdrop are 13 small five-point stars. Above the eagle, below the stars, is E PLURIBUS UNUM in two lines with centered spacing dots; a small representation of earth is in space above and to the left of the eagle, below the stars. The designer’s initials FG are between the eagle’s tail and the tip of the olive branch. The Bicentennial version replaces the center image with the Liberty Bell in front of the whole disc of the cratered moon. E PLURIBUS UNUM, each word on a separate line, is located at the lower right of the bell/ moon composite. UNITED STATES OF AMERICA and ONE DOLLAR along the rim are separated by centered five-point stars. The initials DRW, for reverse designer Dennis R. Williams are below the bottom edge of the bell, to the right of the clapper.

Thousands of business strike Eisenhower dollar coins have been certified, most at grades finer than MS63, and consisting of four main types: regular copper-nickel clad, Bicentennial copper-nickel clad, regular silver-copper clad, and Bicentennial silver-copper clad. Additional varieties have been identified within these main types. Prices are modest for most issues up to Gem, and for some dates to MS66. More expensive coins at higher grades are 1971-1974 Type 1, 1972 Type 2, and 1976 Type 1. In addition, most MS67 and finer copper-nickel clad, and MS69 silver-copper clad, dollars are very expensive. Thousands of proof Eisenhower dollars have been certified, most as PR69, and most as Cameo or Deep Cameo. Prices are modest for all issues through PR69, but jump to very expensive as PR70; 1976-S Bicentennial copper-nickel clad proofs are the most expensive at this grade.

Specifications:
Designer: Frank Gasparro and Dennis R. Williams (Bicentennial reverse)
Circulation Mintage: high 113,318,000 (1776-1976 copper-nickel clad, Variety 2), low 1,883,140 (1973-S silver-copper clad)
Proof Mintage: high 4,265,234 (1971-S silver-copper clad), low 1,013,646 (1973-S silver-copper clad)
Denomination: $1.00
Diameter: 38.1 mm, reeded edge
Metal Content: Copper-nickel: outer layers 75% copper, 25% nickel; inner core is pure copper. Silver-copper: outer layers 80% silver, 20% copper; inner core 20.9% silver, 79.1% copper.
Weight: Copper-nickel clad, 22.68 grams; silver-copper clad, 24.59 grams
Varieties: Several identified including 1972 copper-nickel clad Varieties I, II, and II (low relief and high relief and other die changes); 1776-1976 copper-nickel clad Varieties 1 and 2, and 1776-1976-S Variety 1 (bold lettering and delicate lettering); 1974-D, 1976-D, and 1977-D silver-copper clad (produced in error, should have been copper-nickel clad); general copper-nickel, silver-copper, and Bicentennial versions; and other minor die varieties.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/16/2009

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
By 1809 the half cent was not a denomination as frequently used in commerce as was the cent and various foreign coins that circulated during this era in the United States. Lowered public demand and the difficulty in securing sufficient copper blanks for production resulted in the suspension of half cent production after the 1811 mintage. Although the denomination was resumed starting in 1825, mintage was not done every year from the mid-1820s through the 1830s. No half cents were minted in 1827, 1830, or from 1837 through 1839; there were few orders and the Mint had a large quantity stockpiled. However, the Mint found another reason to produce half cents. In the early 19th century it was not unusual to give dignitaries from other countries a proof set of U.S. coins, and in 1840 Mint Director Robert M. Patterson decided to include half cents in those sets.

Engraver Christian Gobrecht was directed to produce new half cent dies for the proof coins, as well as hubs from which working dies could be produced if the need for more circulating half cents became apparent. Gobrecht had modified the John Reich/ William Kneass Matron Head cent in 1839 (apparently intended for use in 1840), and used the same basic Liberty design for his half cent. The reverse continued with very few alterations the John Reich design first used on the 1809 half cent. Both obverse and reverse have a classic simplicity, with just a few elements in the uncluttered designs. Though Braided Hair half cents were produced every year from 1840 through 1849, only starting in 1849 were the coins made for circulation- the early 1840s issues were proof only, made for the presentation sets or for collectors.

Increased demand by 1849, after several years of draw-downs from the Mint’s stockpile of 1834 and 1835 half cents, resulted in restarted mintage for circulation. But production halted in 1852, except for proofs, as demand for the denomination again weakened and sufficient 1851 half cents were on hand for distribution. Although resumed with 1853 circulation issues (but no proofs for that year) official production of the half cent ended with the 1857 pieces, by the Act of February 21, 1857. Unofficial proof restrikes of the 1840s dates and 1852 were made in the late 1850s by Mint employees, a practice halted by Mint Director James Ross Snowden in 1860, only to be resumed briefly in the late 1860s by Mint Director Henry R. Linderman; after which the dies were destroyed. After a half-century hiatus the denomination almost returned in the early 20th century, along with the three cent piece, as a result of legislation that passed the U.S. House in 1912. The bill died in the Senate, however, leaving the 1857 coins the last of the denomination.

A left-facing, neoclassical Liberty is in the center of the obverse. Curled and flowing hair is swept back in rope-like braids to a bun tied by beaded cords, with locks draped over the ear and down the back of the neck. A coronet worn above the ear and forehead displays LIBERTY. Thirteen six-point stars and the date at the bottom form a circle inside dentils located next to the flat rim. The reverse displays UNITED STATES OF AMERICA as a mostly complete circle concentric with the dentils and flat rim. Inside of that is another circle formed by a laurel branch with berries, the ends tied by a ribbon at the bottom. In the center is HALF CENT, each word on a separate line. All Braided Hair cents were minted at Philadelphia and display no mintmark.

A few hundred business strike Braided Hair half cents have been certified for each date from 1849 through 1857, except for 1852. Coins are described as Brown (BN), Red-Brown (RB), or Red (RD), with RB examples less common than BN, and RD the most scarce. Prices are modest for many issues up to and including MS63 (MS64 for BN examples), but are expensive finer than that, particularly for RB and the scarce or rare RD examples. Fewer than 20 proof Original and Restrike examples are certified for many years (more for the 1850s), also with the Brown (BN), Red-Brown (RB), and Red (RD) designations; there are also a very few Cameo pieces. All proof Braided Hair half cents are expensive, both Original and Restrike, with Original pieces generally higher priced. Examples graded PR63 and finer are very expensive, and the 1851 pieces are very expensive in all grades.

Specifications:
Designer: Christian Gobrecht
Circulation Mintage: high 147,672 (1851), low 35,180 (1857; none minted 1840-1848, and 1852)
Proof Mintage: high 275 (1857, estimated), low 25 (several years, estimated; none known for 1853)
Denomination: One half cent (005/100)
Diameter: 23 mm, plain edge
Metal Content: 100% copper
Weight: 5.44 grams
Varieties: Several known including Restrikes dated 1840 through 1849, and 1852 (Large Berries and Small Berries reverses); 1849 Large Date and Small Date; and other minor die variations.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
Early American Coppers: www.eacs.org
Walter Breen’s Encyclopedia of Early United States Half Cents 1793-1857. Walter Breen. American Institute of Numismatic Research.
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
The U.S. Mint and Coinage. Don Taxay. Arco Publishing.
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/12/2009