The production numbers for Eisenhower Dollars in the first two years were staggering, with over 116 million coins struck in 1971 and over 168 million in 1972. Despite the initial enthusiasm among collectors, the large clad dollar coin did not find widespread use in circulation. By 1973, it became clear that the Eisenhower Dollar would face the same challenges as the Morgan and Peace Dollars before it.
The 1973 Eisenhower Dollar: A Collector’s Piece, Not for Circulation
In 1973, the U.S. Mint decided not to strike additional Eisenhower Dollars for general circulation. Instead, they produced two million coins each from the Philadelphia and Denver Mints, exclusively for inclusion in that year’s Mint Set. A total of two million 1973 Mint Sets were created, but only 1,769,258 sets were sold, leading to the destruction of the remaining 230,742 1973 (P) and D-mintmark Eisenhower Dollars.
While there have been rumors of some of these coins entering circulation, likely by accident, they are extremely rare in circulated grades, making the 1973 and 1973-D coins appear as “key dates” to some collectors. However, they are not truly key dates in the series, as certain 1971 and 1972 issues, particularly the 1972 Type 2 reverse, are much scarcer in Mint State.
Interestingly, the 1973 Eisenhower Dollars were struck using hardened 52100 die steel, resulting in sharper strikes compared to the earlier coins. However, the limited production run and distribution method yielded few notable die varieties or errors.
Value of the 1973 Eisenhower Dollar
While the face value of the 1973 Eisenhower Dollar is one dollar, these coins were never intended to circulate. Unlike the 1971-S and 1972-S silver-clad coins, which were sold at premiums to collectors, the 1973 Cu-Ni clad Eisenhower Dollar was released only in collector sets.
The 1973 Mint Set was the first to include this dollar coin, increasing the set’s price from $3.50 in 1972 to $6.00 in 1973. Today, these sets typically sell for around $18, with individual ungraded 1973 Eisenhower Dollars fetching about $8 each.
In Mint State 65, the 1973 Eisenhower Dollar typically retails for about $25. However, higher-grade coins, particularly those in MS66, can sell for $400-$450, with CAC-approved examples reaching over $600. The finest examples, especially those with exceptional toning and eye appeal, can command prices of $1,000 or more.
Although MS66 was once considered the highest grade for Eisenhower Dollars, coins have since been certified at MS66+ by PCGS, with the highest auction price reaching $7,637.50. The finest known example is the Sego-Weaver specimen, a CAC-approved MS66+ coin with remarkable toning and eye appeal.
Design Details of the 1973 Eisenhower Dollar
Obverse:
The obverse features a left-facing portrait of President Dwight D. Eisenhower, designed by Chief Engraver Frank Gasparro. The inscription “LIBERTY” arcs along the top, with the motto “IN GOD WE TRUST” and the date at the bottom. Coins struck at the Philadelphia Mint bear no mintmark.
Reverse:
The reverse design, based on astronaut Michael Collins’ Apollo 11 mission patch, shows a descending bald eagle clutching an olive branch, symbolizing peace. The Earth is visible above, with North America prominently featured.
Surrounding the eagle are 13 stars, and the inscriptions “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” and “ONE DOLLAR” complete the design.
Edge:
The edge of the 1973 Eisenhower Dollar is reeded.
Designer:
Frank Gasparro, who served as Chief Engraver of the U.S. Mint from 1965 to 1981, designed both the obverse and reverse of the 1973 Eisenhower Dollar, with the reverse design also crediting astronaut Michael Collins.
Coin Specifications:
| Country: | United States of America |
|---|---|
| Year of Issue: | 1973 |
| Denomination: | One Dollar (USD) |
| Mintmark: | None (Philadelphia Mint) |
| Mintage: | 2,000,000 |
| Alloy: | Copper-Nickel (Cu-Ni) |
| Weight: | 22.68 g |
| Diameter: | 38.10 mm |
| Edge: | Reeded |
| OBV Designer: | Frank Gasparro |
| REV Designer: | Frank Gasparro |
| Quality: | Uncirculated |
Conclusion
The 1973 Eisenhower Dollar stands out in the series due to its unique production history and limited availability. While it was never intended for circulation, it remains a popular collector’s item, with high-grade examples commanding premium prices in the numismatic market.
FAQs
Why was the 1973 Eisenhower Dollar not intended for circulation?
The 1973 Eisenhower Dollar was struck exclusively for inclusion in the annual Mint Set, and none were produced for general circulation.
What makes the 1973 Eisenhower Dollar unique compared to earlier issues?
The 1973 Eisenhower Dollar was struck using hardened 52100 die steel, resulting in sharper strikes and fewer die-sinking issues.
How much is a 1973 Eisenhower Dollar worth today?
Ungraded examples typically sell for about $8, while high-grade coins can fetch anywhere from $25 to over $1,000, depending on the grade and condition.
Are there any notable varieties or errors in the 1973 Eisenhower Dollar?
Few significant die varieties or mint errors exist, but collectors may seek out “Peg Leg” varieties with a distinctively polished “R” in LIBERTY.
Why is the 1973 Eisenhower Dollar considered a key date by some collectors?
Although not a true key date, the 1973 Eisenhower Dollar is often regarded as such due to its low mintage and limited distribution.
References
- U.S. Mint Historical Data
- CoinWeek Analysis and Market Reports
- Heritage Auctions Records
