1978 Eisenhower Dollar : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The United States Mint recognized that the large size of the one-dollar coin was suboptimal if the coin was to see widespread circulation and acceptance in vending machines. The Eisenhower Dollar measured 38.1 mm in diameter and was the same size as the standard silver dollars struck by the Mint between 1840 and 1935. Then, the large dollar coins and many of America’s subsidiary coins were struck on planchets made of .900 fine silver.

The Coinage Act of 1965 marked the removal of silver from the dime and quarter and called for the production of a debased 40% silver half dollar. By 1970, the Mint realized that producing half dollars in any amount of silver at all was a mistake. This was apparent in the wording of the law that authorized the production of the Eisenhower Dollar, as it called for the production of copper and nickel-clad coins for circulation and 40% silver-clad coins to be struck solely for collectors. That same bill called for the half dollar to be struck in copper-nickel as well.

Without the intrinsic value of silver, the coin’s large size was owed more to tradition than practicality. True, casino interests found the coin an ideal replacement for the silver dollars that once poured into their slot machines. But for the rest of America, the Eisenhower Dollar was a novelty coin at best, and a government boondoggle at worst.

As Final Eisenhower Dollars Struck, Philadelphia Prepares to Strike Susan B. Anthony Dollars

By the summer of 1976, work was well underway to rethink the future of American coinage. In its Comprehensive Review of U.S. Coinage, the Research Triangle Institute contemplated the elimination of the cent, the introduction of a two-cent coin, and the introduction of a “more convenient-sized” one-dollar coin.

The “more conveniently sized” one-dollar coin went from a think-tank idea to the subject of Congressional interest by the end of the decade. In 1978, Congress held numerous hearings regarding a change in the size and design of the dollar coin. In July, the Committee on Banking, Housing, and Urban Affairs of the United States Senate filed its report and proposed a bill to authorize the production of a small dollar coin bearing the likeness of Susan B. Anthony. Anthony beat out a number of other historical figures for the coin’s obverse, including Corps of Discovery member Sacagawea. Sacagawea would replace the stern-faced suffragette as the face of another dollar-coin debacle.

This was the climate under which the last of the Eisenhower Dollars of 1978 were made. The United States Mint struck 25.7 million Ike Dollars at the Philadelphia Mint. On December 13, 1978, the striking of the first Susan B. Anthony Dollars marked the end of America’s last large circulating dollar series.

How Much Is the 1978 Eisenhower Dollar Worth?

Although it’s been nearly 50 years since the last Eisenhower Dollars were struck, these durable coins can still be acquired in circulation. Larger bank branches occasionally have a few on hand – but these are typically worn. Bag and roll quantities of the coin still persist but are encountered infrequently.

Circulated 1978 Eisenhower Dollars are worth a small premium over their $1 face value. Uncirculated examples are also plentiful. A common source for these coins is the 1978 United States Mint Uncirculated Coin Set. 2,006,869 of these sets were sold and each one contains a single example of every circulating coin struck at the Philadelphia and Denver mints. These sets carried an issue price of $7 and today are worth about $15. A loose uncirculated 1978 Eisenhower Dollar typically sells for $5 to $7 on eBay.

Collectors particular about the quality of their coins may prefer to buy examples that have been graded by one of the three major grading services: CAC, NGC, or PCGS.

In Mint State 65, the 1978 Eisenhower Dollar is worth about $18. This low price does not reflect the difficulty in cherrypicking Gem-quality Ike Dollars of this issue in the wild. Mint set coins tend to have the best strikes, but this is a trend and not a rule. In MS66, the 1978 Eisenhower Dollar sells for about $80.

The coin is conditionally rare in the grade of MS67 and to date only two coins have graded MS67+ (both by NGC). One of the two NGC MS67+ coins sold on February 25, 2024 for $10,406.25. We hesitate to call this the record price paid for a 1978 Eisenhower Dollar without having private dealer transactions to compare it to.

PCGS MS67 coins have sold for $5,000 – $6,000 in recent years, while NGC examples in the same grade tend to sell for $1,500.

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Market Data and Noteworthy Specimens

The PCGS MS67 population has increased from 14 to 17 since August 2024. The NGC MS67+ population has increased from two to three in the same time.

Top Population: PCGS MS67 (17, 2/2025), NGC MS67+ (3, 2/2025), and CAC MS67 (2:0 stickered:graded, 2/2025).

• NGC MS67+ #6954392-006: GreatCollections, February 25, 2024, Lot 1537667 – $10,406.25.  Oily swirling toning in gold, dusk tones of purple and red, with highlights in blue and green.
• NGC MS67 #6963977-011: Heritage Auctions, November 6, 2024, Lot 21703 – $1,080.
• NGC MS67 #6613712-007: Heritage Auctions, August 18, 2024, Lot 7501 – $1,500.
• PCGS MS67 #48550332: GreatCollections, March 24, 2024, Lot 1482826 – $5,513.62. Olive hue.
• PCGS MS67 #46988953: GreatCollections, May 21, 2023, Lot 1248765 – View.
• PCGS MS67 #45700029: GreatCollections, May 14, 2023, Lot 1175608 – View. Pearlescent blue and purple hue.
• PCGS MS67 CAC #46989743: GreatCollections, May 14, 2023, Lot 1262293 – View.
• PCGS MS67 #35759012: GreatCollections, August 12, 2018, Lot 611109 – View; Heritage Auctions, January 12, 2023, Lot 3561 – $6,000.
• PCGS MS67 #42269722: GreatCollections, June 4, 2021, Lot 1000503 – View.
• NGC MS67 #1783871-010: “The Pittstown Collection,” Stack’s Bowers, March 26, 2021, Lot 5525 – $1,440.
• PCGS MS67 CAC #81341867: GreatCollections, August 21, 2016, Lot 384612 – View.

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Design

Obverse:

Gasparro’s portrait of Dwight D. Eisenhower (as president); Eisenhower facing to the left. Gasparro’s initials FG appear raised in the bust truncation. Beneath Eisenhower’s chin, to the left, is the motto IN GOD WE TRUST. The word LIBERTY wraps around the top of the coin in the space between the rim and the top of Eisenhower’s head. The date wraps around the bottom of the design, between the rim and the bottom of Eisenhower’s bust truncation. While Philadelphia-struck pieces bear no mintmark, coins struck at Denver and San Francisco will bear small mintmarks of D and S respectively above the space between the last two digits of the date. On Eisenhower Dollars, mintmarks were hand-punched and may vary in exact location and orientation.

Reverse:

The reverse is based on Michael Collins’ Apollo 11 Mission Patch design.

In the center, a bald eagle in descent. In its talons, an olive branch. Its left wing is raised. The lunar surface lies below. Above the eagle’s head is a depiction of the Earth. North America is prominently visible. Wrapping around the top of the coin adjacent to the rim is the legend UNITED STATES OF AMERICA. Thirteen small five-pointed stars circle around the eagle. Below the ring of stars but above the eagle is the motto E PLURIBUS UNUM. Wrapping around the bottom of the design is the denomination ONE DOLLAR.

Edge:

The edge of the 1978 (P) Eisenhower Dollar is reeded.

Designer

Frank Gasparro was a friend to numismatists and served as Chief Engraver of the United States Mint from 1965 to 1981 (View Designer’s Profile).

Coin Specifications

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