1978-D Eisenhower Dollar : History & Value

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

End of an Era

The era of the big dollar coin was already coming to a close when the United States Mint struck the last 59,000,000 Eisenhower Dollar coins for circulation at the Denver and Philadelphia mints. Denver struck slightly more, and, as had been the case through the entire series, struck them better than the mother mint.

The copper-nickel-clad large dollar came into existence in 1971 as a memorial to the recently passed and beloved war-hero-turned-President Dwight D. Eisenhower. As Americans faced the daily horrors that played out on the nightly news reporting from Vietnam, the sentiment to honor one of America’s last great war heroes overrode all other concerns and another dollar coin was born.

Throughout the series’ eight-year run, production swung from as high as 113 million pieces to as low as 1.76 million. The high came during the 1976 United States Bicentennial at the Philadelphia Mint. The low came from the 1973 emission, when coins were struck for the annual Mint Set (although at least one bag of 1973 coins has been reported as having been released into the wild).

The 1978-D’s mintage of 33,102,890 coins makes this issue the fourth-highest Denver mintage of the series. It is by all accounts a typical issue from this late-modern-era U.S. coin series.

On October 10, President Jimmy Carter signed into law legislation authorizing a new clad small dollar measuring 26.5 mm and weighing 8.1 g. Production of the Susan B. Anthony Dollar began on December 13, 1978, and with the Mint terminating Ike Dollar production on December 31, the two coins were struck concurrently for a little over two weeks.

How Much Is the 1978-D Eisenhower Dollar Worth?

The Eisenhower Dollar is popularly collected two ways: raw or certified by a major grading service such as CAC, NGC, and PCGS. Raw coins come from circulation or the Mint’s annual Uncirculated Coin Set. Given the availability of Uncirculated examples, coins that show wear from use or exhibit atypical flaws or distracting features are not considered desirable and can be safely spent at face value.

Uncirculated examples, whether from bags, rolls, or Mint Sets, carry a premium of about four to 10 times face value based on the typical price of completed transactions on eBay. An extremely knowledgeable numismatist with professional-level grading skills may pay more for a premium raw coin because they intend to have it certified. Even a great coin with the potential to earn a high grade will sell for a discount if sold raw, except in extraordinary circumstances.

In Mint State 65, the 1978-D carries a price of about $18 according to CoinWeek IQ’s current market analytics. This low price does not reflect the difficulty in cherrypicking Gem Eisenhower Dollars of this issue in the wild. Mint Set coins tend to have the best strikes, but this is a trend and not the rule. A large quantity of 1978-D dollars was found among the 223,000-coin Eisenhower Dollar hoard marketed by Littleton Coin Company in 2011 and dubbed “The Big Sky Hoard” because it was discovered in a Montana bank vault.

In MS66, the 1978-D sells for about $100, but can, from time to time, sell on eBay for $65-$75 if the seller does not employ professional listing or have competent photos. Curiously, four CAC-approved 1978-D Eisenhower Dollars sold in October 2020 at Heritage for $200 to $400 each. We do not believe the date is worth that much, even with CAC approval. Denver Mint coins were struck better than those from Philadelphia, and finding Gem-quality 1978-D Ike Dollars with nice eye appeal is not so difficult as to justify such a premium… at least not in MS66.

Mint State 67 is another story. PCGS boasts a certified population of 14 examples, the last selling in 2017 for $7,050. That example was not the finest of the then only four known, based on our observation of coins in the finest Eisenhower dollar registry sets. In January 2022, the sale of a lightly toned MS67 was reported on eBay at a record price of $8,750.

CAC has so far stickered 44 coins, none finer than MS66, but it has stickered four coins at the MS67 level. NGC reports 28 coins at MS67.

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Market Data and Noteworthy Specimens

Top Population: PCGS MS67 (14, 10/2024), NGC MS67 (28, 10/2024), and CAC MS67 (4:0 stickered:graded, 10/2024).

• NGC MS67 #6680591-012: Heritage, May 12, 2024, Lot 7404 – $2,100; GreatCollections, October 13, 2024, Lot 1645543 – View.
• NGC MS67 #6602078-009: Heritage, November 23, 2022, Lot 27674 – $2,520.
• PCGS MS67 #83921304: Heritage, June 8, 2017, Lot 3791 – $7,050. Light golden-brown toning around entire rim.
• NGC MS67 #3553189-003: Heritage, January 5, 2017, Lot 5393 – $4,935.
• NGC MS67 #1519054-005: Heritage, January 11, 2013, Lot 6433 – $3,818.75; Heritage, January 8, 2016, Lot 6229 – $2,232.50.
• NGC MS67: David Lawrence Rare Coins, August 18, 2008, Lot 911 – $4,025.
• NGC MS67 #1845804-044: Heritage, July 29, 2005, Lot 7050 – $3,450.
• PCGS MS67: Teletrade, September 22, 1999, Lot 1714 – $2,193.50.

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Design

Obverse:

Chief Engraver Frank 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 or S 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-D 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).

1978-D Eisenhower Dollar Coin Specifications

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