By Charles Morgan and Hubert Walker for CoinWeek Notes …..
1972: A Make-or-Break 12 months for the Eisenhower Greenback
In 1972, a yr after the preliminary buzz… after which thud… of the discharge of the brand new Eisenhower Greenback coin, the United States Mint continued its work to refine and enhance Cheif Engraver Frank Gasparro’s design. Numerous delicate adjustments have been undertaken by the Mint’s engraving division, together with a mid-year change within the high quality of die metal used to strike the laborious copper-nickel clad circulating cash.
That there was little demand for the large-format greenback didn’t dissuade the federal government from putting virtually 170 million cash on the Denver and Philadelphia mints. At Denver, coin manufacturing more-or-less went easily, whereas at Philadelphia, minor tweaks (and presumably die mixups) led to the creation of three main varieties, identified by “Ike” collectors as 1972 Kind I, Kind II, and Kind III {dollars}.
A second variant of the Eisenhower Greenback was produced not for circulation however for collectors and was struck in a 40% silver-clad composition. Earlier than 1965, all United States dimes, quarters, and half {dollars} have been struck in a .900 high quality silver composition. Greenback cash, not produced since 1935, would have additionally adopted swimsuit had manufacturing been ongoing. This modified with the passage of the Coinage Act of 1965, which eliminated silver solely from dimes and quarters and decreased its fineness within the half greenback to 40%. The Act did one different factor as properly. It prohibited the manufacturing of greenback cash till 1970, at which era Congress would reevaluate the necessity for such a coin.
The Silver-Clad Eisenhower Greenback Issued as a Compromise
The dying of former President Dwight D. Eisenhower on March 28, 1969, gave greenback coin advocates a cause to assist the discharge of a brand new coin, however a query remained concerning the continued use of the 40% silver composition. The Mint, for its half, was happy with eradicating silver solely and assisted the Treasury Division in separating pre-64 silver points from federal holdings and melting down the out of date cash. By the top of 1969, a majority of the silver dimes, quarters, and half {dollars} in circulation had been withdrawn by speculators, collectors, and the Authorities.
A big faction in Congress supporting the manufacturing of a brand new greenback coin pushed for the Cu-Ni clad composition, however there have been others, like Consultant H.R. Gross (R-IA3), who discovered the thought of a “scrap metallic” greenback coin to be an insult to the reminiscence of the previous president. Gross’ opinions have been shared by many within the Senate however stood in opposition to the prevailing sentiment of the Home, which had coalesced round the reason for seeing to the whole removing of silver from American circulating coinage.
The compromise spelled out within the invoice, signed into legislation by President Richard M. Nixon simply earlier than midnight on December 31, 1970, accepted the putting of as much as 150 million silver-clad {dollars}, drawing from Treasury stockpiles of silver for the coin’s manufacturing. These silver-clad cash would type the premise of the collector points struck in Proof and Uncirculated codecs on the San Francisco Assay Workplace.
The Uncirculated 1972-S Eisenhower Greenback Corrected High quality Management Points
The 1971-S Uncirculated concern, as an earlier CoinWeek profile factors out, was a quality-control catastrophe. And given the excessive value above face worth that the U.S. Mint was charging for the coin, each the gathering neighborhood and most of the people weren’t completely satisfied. The Mint defined these flaws by stating that the cash have been produced in the identical manner as a daily coin can be struck for circulation, however that wasn’t solely true. Lots of the 1971-S cash appeared milky, with improperly ready planchets. Writer Rob Ezerman additionally factors out that many suffered post-strike injury because of the careless manner during which the cash have been shipped from San Francisco to Denver for packaging.
No matter occurred in 1971 to trigger that concern to face out among the many poorest-quality postwar points the Mint had produced had been addressed by the point the 1972-S Uncirculated {dollars} went into manufacturing. Because it stands, the 1972-S Eisenhower greenback (“Blue Pack“) Uncirculated coin is the 1881-S Morgan of the sequence – which is to say that, by a really nice diploma, the standard of this concern is unparalleled. It’s considerably higher than the 1971-S, marginally higher than the 1974-S, and clearly higher than the 1973-S.
How A lot Is the 1972-S Eisenhower Greenback Uncirculated Coin Price?
The 1972-S Eisenhower Greenback Uncirculated coin sells for a spread of costs from $14 to $3,500 USD. There are a large number of claims on-line that this date is price as much as $10,000, however that merely isn’t true.
To grasp why a coin that’s available on websites like eBay for $14 to $20 may typically promote for 1000’s of {dollars}, it’s a must to perceive the marketplace for licensed cash. A licensed coin has been authenticated, graded, and encapsulated by an industry-accepted third social gathering grading service. The coin interest in america acknowledges three main firms: CAC, NGC, and PCGS. CAC is a newcomer to the encapsulation enterprise, however their CAC-approved inexperienced oval stickers have created a serious marketplace for premium high quality cash over the course of the previous 15 years. NGC and PCGS have graded way more cash, nevertheless, and many of the licensed 1972-S Eisenhower {Dollars} that seem in the marketplace have been graded by one among these two providers.
From a top quality standpoint, the 1972-S Eisenhower Greenback uncirculated coin is a a lot greater high quality launch than the 1971-S. Licensed populations at PCGS and NGC bear out the story of how the 1972-S is a far superior coin. With almost 25,000 submissions, the standard 1972-S licensed by PCGS grades both MS66 or MS67, with 3,215 incomes MS68. At the moment, the PCGS MS69 licensed inhabitants stands at 34 items, a 19-coin enhance from the place this top-pop grade sat a bit over a decade in the past.
At NGC, licensed populations comply with an identical trajectory, though NGC pops are considerably decrease because of the decrease submission quantity. The overwhelming majority of all cash submitted to NGC (5,418) grade both MS66 or MS67. 600 and forty-five earn NGC’s MS68 grade, whereas simply 15 have been put into MS69 holders.
CAC has to-date graded solely three 1972-S Eisenhower Greenback uncirculated cash at their new Virginia Seaside grading heart, however have utilized the CAC approval sticker on 191 cash on the MS68 degree. These cash historically promote for a premium over cash with out the sticker in the identical grade.
The best value paid for a 1972-S Eisenhower Greenback at public sale is $3,680 USD, paid for a superior high quality instance provided at an April 2011 Heritage sale. Just a few have offered for barely greater figures in non-public gross sales carried out between 2014 and 2016. With the rising inhabitants, the worth for a top-pop 1972-S Eisenhower greenback has softened considerably, however we really feel that the coin is secure at $2,600.
At extra inexpensive value factors, collectors have a call to make.
In grades MS67 and beneath, a licensed Eisenhower Greenback is just a typical Blue Pack instance housed in a trackable licensed holder. Given the unstable nature of the unique authorities packaging, there’s a clear profit to paying a small premium for a specimen in an inert holder. However for the reason that packaging is the one factor that separates a licensed coin from a typical instance at this grade, the upside long-term is restricted. We advise this grade just for collectors with critical budgetary constraints, or for these merely trying to construct a kind set on a price range. For Eisenhower Greenback set registry collectors, a greater different is MS68 or MS68+. MS68 examples routinely promote for about $100. Don’t be afraid to pay a slight premium for one that’s significantly good – particularly one with CAC approval.
Costs for MS68+ examples have come down because the inhabitants on this grade has approached the entire of all cash graded MS69. Right here, you may have a coin that’s, for all intents and functions, on par with MS69 examples however for a deep low cost. $500 appears to be the going price, however a critical specialist would pay $1,000 – $1,500 for a superior instance that might possible (someday) improve to MS69.
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Market Information and Noteworthy Specimens
Prime Inhabitants: PCGS MS69 (40, 12/2024), NGC MS69 (19, 12/2024), and CACG MS68 (208:2 stickered:graded, 12/2024).
- PCGS MS69 #30663258: Heritage Auctions, Could 13, 2024, Lot 93552 – $3,118.80.
- PCGS MS69 #26243300: “Sonoran Monsoon,” Heritage Auctions, January 8, 2016, Lot 6214 – $3,055.
- PCGS MS69 #30844002: Heritage Auctions, December 5, 2014, Lot 4403 – $2,585.
- PCGS MS69 #60166542: Heritage Auctions, April 29, 2011, Lot 5981 – $3,680.
- PCGS MS69 #73099237: Heritage Auctions, December 3, 2010, Lot 4048 – $2,760.
- PCGS MS69 #73613356: Heritage Auctions, March 16, 2007, Lot 1436 – $4,312.50.
- PCGS MS68 #38634074: The Foxfire Assortment; “The D. Brent Pogue Assortment, Half VII,” Stack’s Bowers, March 20, 2020, Lot 7311 – $1,440. Peagreen firming all through with orange, magenta, purple, and electrical blue splashes.
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Design
Obverse
Gasparro’s portrait of Dwight D. Eisenhower (as President); Eisenhower dealing with 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. 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 and beneath Eisenhower’s neck. On Eisenhower {dollars}, mintmarks have been hand-punched and should fluctuate in actual location and orientation.
Reverse
The reverse relies on astronaut Michael Collins’ Apollo 11 Mission Patch design.
Within the heart, 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. Beneath 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 1972-S Eisenhower greenback is reeded.
Designer
Frank Gasparro was a buddy to numismatists and served as Chief Engraver of america Mint from 1965 to 1981 (View Designer’s Profile).
Coin Specs
| Nation: | United States of America |
| 12 months of Problem: | 1972 |
| Denomination: | One Greenback (USD) |
| Mintmark: | S (San Francisco) |
| Mintage: | 2,1933,056 (incl. 22,000 struck in 1973) |
| Alloy: | Outer layer: .800 silver and .200 copper; Inside layer: .791 copper and .209 silver; ASW: .3161 oz. |
| Weight: | 24.59 g |
| Diameter: | 38.10 mm |
| Edge: | Reeded |
| OBV Designer: | Frank Gasparro |
| REV Designer: | Frank Gasparro | Michael Collins |
| High quality: | Uncirculated |
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