By Charles Morgan and Hubert Walker for CoinWeek Notes …..
Whereas the nation at giant’s want for a big greenback coin in the beginning of the Nineteen Seventies was hardly demonstrable, the gaming trade developed an acute must discover a substitute for the silver {dollars} it used to feed tens of hundreds of slot machines. This “want”, and the current passing of beloved war-hero-turned-president Dwight D. Eisenhower, offered Congress with a chance to cater to the wants of the trade. Whereas United States Mint Director Mary Brooks lobbied for the coin to be made primarily of silver, Congress as a substitute selected to strike the coin for circulation in the identical copper-nickel (Cu-Ni) clad composition used for the dime and quarter greenback. In a compromise, silver-clad variations have been licensed and bought to collectors.
Signed into legislation by President Richard M. Nixon (previously Eisenhower’s Vice President) on December 31, 1970, the Financial institution Holding Firm Act Amendments of 1970 licensed the manufacturing of the coin. By the way, the laws additionally licensed the Common Companies Administration (GSA) to promote 2.8 million Carson Metropolis Morgan {Dollars} from the vaults of the United States Treasury Division.
The putting of silver-clad Eisenhower {Dollars} for collectors was controversial. Not solely was the associated fee charged for the cash by the Mint extreme however a portion of the proceeds from the sale was additionally earmarked for the lately established Eisenhower School in Seneca Falls, New York – which, because of Public Law 93-441, was set to obtain a dispersal of “one-tenth of all of the moneys derived from the sale of $1 [Eisenhower] proof cash”, with 10% of the entire moneys obtained by the school being transferred to the campus’s Samuel Rayburn Library, with a most allocation of $9 million. In 1975, Congress raised that quantity by authorizing an extra appropriation of $1 million (Public Law 94-41).
The primary 1971-S Eisenhower Greenback was struck on the United States Assay Workplace in San Francisco (previously the San Francisco Mint) on March 29, 1971. Eugene T. Rossides, the Assistant Secretary of the Treasury for Enforcement and Operations, and Mint Director Mary T. Brooks began manufacturing. The cash have been fed into coinage presses and struck as soon as. The 4 coin presses at San Francisco had the potential of manufacturing 240,000 Eisenhower Greenback cash per eight-hour shift.
1971-S Eisenhower Greenback (Blue Pack)
By way of strike and high quality, the 1971-S is the poorest of the Blue Pack Ike {dollars}. No try was undertaken to impart a particular end on these cash. The substandard high quality of the everyday specimen should have come to the eye of the US Mint earlier than the cash have been supplied on the market as a result of packaged together with every silver-clad enterprise strike coin was a particular insert stating that no particular care was taken through the manufacturing course of.
This reality is born out on each 1971-S Ike greenback you’ll ever discover, licensed or uncertified. Whereas the everyday 1972-1974 Blue Pack Ike ought to grade within the MS66 to MS67 vary, with wonderful specimens incomes MS68 and in uncommon situations MS69, the everyday 1971-S Eisenhower Greenback within the uncooked falls within the MS63 to MS65 vary. The NGC and PCGS populations, comprised of pre-screened cash normally within the increased register, bear this out.
NGC reviews 2,859 examples in MS65; 2,358 examples in MS66; and 209 in MS67. Two examples earned NGC’s prime inhabitants grade of MS68. PCGS has graded many extra cash, however its grades bear out the identical opinion. PCGS reviews 2,194 examples in MS64; 9,633 in MS65; 8,135 in MS66; and 1,254 examples in MS67. Thus far, PCGS has licensed seven examples in MS68 and one instance in MS69. The PCGS inhabitants has exploded in recent times and additional research into the standard of those cash is warranted.
Having personally seen three of the seven, we will report that the PCGS 68s usually are not of the identical high quality as 67s for the 1972-1974 points. The MS69 concern would qualify as a powerful MS68. We consider that none of those items would CAC. Moreover, some MS67+ licensed by PCGS might, in our opinion, improve to MS68 and be on par with if not beat three of the seven cash in PCGS MS68 holders. Thus far, CAC has not encapsulated a single 1971-S Eisenhower Greenback. We count on this to alter inside a couple of months.
The market value for a 1971-S Eisenhower Greenback in authentic authorities packaging is roughly $15. Though the coin options much less silver than a conventional silver greenback, the worth of a 1971-S Eisenhower greenback in its authentic packaging will rise and fall relying on the worth of silver. In licensed grades, the coin can commerce for significantly extra. At MS65 and MS66, the 1971-S sells on on-line markets like eBay for $18 to $25. The soar grade is MS67, the place cash convey $250 and up, relying on eye enchantment, CAC approval, and different elements.
The report value paid at public sale for a 1971-S Eisenhower greenback (non-variety) was $6,900, which was hammered in March 2012 at a Heritage public sale. Regardless of this, the market value for PCGS MS68 cash has trended downward in recent times because the inhabitants doubled from two to 4 items.
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Market Knowledge and Noteworthy Specimens
Prime Inhabitants: PCGS MS69 (1, 2/2025), NGC MS68 (2, 2/2025), and CAC MS67 (40:0 stickered:graded, 2/2025).
- PCGS MS68 #49658737: Stack’s Bowers, November 21, 2024, Lot 5295 – $5,040.
- PCGS MS68 #42224208: Heritage Auctions, December 13, 2023, Lot 23552 – $7,200. Sensible.
- NGC MS68 #6330809-008: Heritage Auctions, September 28, 2022, Lot 27451 – $3,600. Outstanding rim hit between B and E of LIBERTY. In our opinion, this coin wouldn’t cross.
- PCGS MS68 #26294673: “The Sonoran Monsoon Assortment,” Heritage Auctions, January 8, 2016, Lot 6206 – $4,935. Sonoran Monsoon on insert. Sensible.
- PCGS MS68 #20648685: Heritage Auctions, March 8, 2012, Lot 3785 – $6,900. Sensible.
- NGC MS68 #189199-091: Heritage Auctions, July 27, 2003, Lot 9055 – $2,875.
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1971-S Eisenhower Greenback Varieties
FS-401: “Peg Leg”
The FS-401 selection is understood by generalists because the “Peg Leg” selection. Researcher Rob Ezerman dedicates 4 chapters of Collectible Ike Varieties to a dialogue of the Peg Legs, which additionally seem (with nice frequency) on the Proof problems with 1971. Ezerman calls the FS-401 the Fading Peg Leg and differentiates it from the non-FS-401 “Straight Peg Leg” selection.
If Ezerman is right, then roughly 100,000 to 150,000 examples of the range have been struck. This estimate may be an overstatement by diploma, as up to now, solely 467 have been licensed by PCGS and 5 by NGC. Licensed populations on trendy cash will be deceptive, nevertheless, because it’s extremely uncertain that a lot of a market would exist at present for even 5,000 examples of this selection in licensed holders.
Diagnosing an FS-401 Fading Peg Leg is pretty simple. The shortage of serifs is most obvious on the bottom of the “E”, the again leg of the “R”, and the left arms of the “T” and “Y”. Considered one of two identified FS-401 dies options obverse die doubling. The DDO is notched on the suggestions of the “U” of TRUST and the bottom of the “O” and “D” of GOD. The non-DDO FS-401 will generally seem coupled with a Doubled Die Reverse.
The 1971-S Eisenhower FS-401 trades for about $40 in authentic authorities packaging. Licensed examples within the prime inhabitants grade of MS67 licensed by PCGS or NGC commerce for about $300.
FS-501: “S/S RPM”
The FS-501 “S/S RPM” is a Cherrypicker’s Information selection and one of many best-known RPMs of the brief collection. The repunched mintmark is clearly seen beneath a loupe on cash struck with contemporary dies however will be tough to distinguish because the dies put on down.
Happily, a serious marker exists to the left of the “T” in TRUST and above “1” within the date within the type of a pair of diagonal line segments. This marker will be seen via the pliofilm packaging of a blue pack Ike Greenback and is a straightforward naked-eye decide for specialists.
The 1971-S Eisenhower FS-501 trades for about $40 in authentic authorities packaging. Licensed examples in MS66, licensed by PCGS or NGC, commerce for about $200. A single MS67 is reported within the PCGS inhabitants census. This coin bought at Heritage for $8,813 in January 2016. The presence of a second (or third!) instance on this grade would seemingly halve the market worth of that specimen.
Design
Obverse:
Frank Gasparro’s portrait of Dwight D. Eisenhower (as president); Eisenhower going through to the left. Gasparro’s initials FG seem raised within the bust truncation. Beneath Eisenhower’s chin, to the left, is the motto IN GOD WE TRUST. The phrase LIBERTY wraps across the prime of the coin within the house between the rim and the highest of Eisenhower’s head. The date wraps across the backside of the design, between the rim and the underside of Eisenhower’s bust truncation. Whereas Philadelphia-struck items bear no mintmark, cash struck at Denver and San Francisco will bear small mintmarks of D or S above the house between the final two digits of the date. On Eisenhower {dollars}, mintmarks have been hand-punched and will differ in precise location and orientation.
Reverse:
The reverse relies on astronaut Michael Collins’ Apollo 11 mission patch design. Within the middle, a bald eagle in descent. In its talons, an olive department. Its left wing is raised. The lunar floor lies beneath. Above the eagle’s head is an outline of the Earth; North America is prominently seen. Wrapping across the prime of the coin adjoining to the rim is the legend UNITED STATES OF AMERICA. 13 small five-pointed stars circle across the eagle. Under the ring of stars however above the eagle is the motto E PLURIBUS UNUM. Wrapping across the backside of the design is the denomination ONE DOLLAR.
Edge:
The sting of the 1971-S Eisenhower Greenback is reeded.
Designer
Frank Gasparro was a good friend to numismatists and served as Chief Engraver of the US Mint from 1965 to 1981 (View Designer’s Profile).
Coin Specs
| Nation: | United States of America |
| 12 months of Concern: | 1971 |
| Denomination: | One Greenback (USD) |
| Mintmark: | S (San Francisco) |
| Mintage: | 6,868,530 |
| Alloy: | Outer Layer: .800 silver, .200 copper; Interior Core: .209 silver; .791 copper |
| Weight: | 24.59 g |
| Diameter: | 38.10 mm |
| OBV Designer: | Frank Gasparro |
| REV Designer: | Frank Gasparro | Michael Collins |
| High quality: | Uncirculated |
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