Owner Comments:
The Mint saw lack of availability as a barrier to circulation for Eisenhower dollars. One cause of unavailability might be hoarding, and the Mint was determined to prevent speculators from hoarding the large dollar coins. The best way to do this was to produce such an abundant supply that the coin would be available everywhere. The coin was produced during 1971, but was not released until November of that year, giving the Mint time to strike some 115 million copper-nickel coins for circulation. In 1972, they again struck an unimaginable quantity: more than 168 million Eisenhower dollars were struck for circulation during that year. Casinos welcomed the return of the dollar coin, which replaced their own dollar-sized tokens. But outside of that use, there was really very little need for such a large and heavy coin. Ultimately, it was impractical for commerce. It had been 36 years since the last dollar coin was issued in the United States, and, in the realm of daily commerce, it clearly was not missed. In many ways, the Eisenhower dollar was made in a rush. It was approved for coinage in 1970, just as a five-year ban on production of a dollar coin, imposed in 1965, was expiring. The impetus for the coin was, in part, public opinion. Many requests for this coin were made after Eisenhower, the soldier-statesman president, died on March 28, 1969. In all the hurry, neither the Proof set nor the Mint set’s packaging was ever refitted to accommodate the large dollar coin. Annual coin sets of one form or another had been issued continuously since 1947, but a dollar coin had never been made in this time. The 1971 and 1972 sets didn’t include Eisenhower dollars. If anything, excluding them from the Mint set likely added hoarding pressure to the coin. There was simply no time to create new packaging and adjust the assembly-line machinery to accommodate these coins. When the Mint announced that the 1973 Proof set would include the dollar in an August 18, 1972, press release, they were still uncertain about the Mint set: “It is hoped that coins produced at both the Philadelphia and Denver Mints including the dollar … can be included in the 1973 Uncirculated coin sets. There are a few details still to be worked out before a firm commitment can be made.” When the Mint set went on sale, it did indeed include the Philadelphia and Denver Mint dollars. By this time, it was clear that the Mint’s exuberant production had well-outpaced demand for the coin in circulation. Although the Mint could now include the coin in the annual coin sets, there was no need for additional 1973 Eisenhower dollars to be struck for commerce. The only Eisenhower dollars that were struck at the Philadelphia and Denver mints in 1973, therefore, were coined for inclusion in Mint sets. Since no examples were struck for commerce, the mintage of the 1973 issues is very low. Adding them to the Mint set raised the set’s issue price from $3.50 to $6. This increase had a devastating effect on the set’s sales, and only 1,767,691 were sold, compared to 2,750,000 sets the year before in 1972. To meet this low demand, only two million Eisenhower dollars were struck at Philadelphia and Denver, compared to 76 and 93 million, respectively, during the previous year. While some of the silver-clad issues do have lower mintage figures, the 1973 issues are by far the lowest-mintage circulation-issue Eisenhower dollars. As a “Mint set only” issue, they are always in demand.
Garrett, Jeff; Schechter, Scott. 100 Greatest US Modern Coins (Kindle Locations 3304-3314). Ingram Distribution. Kindle Edition.
Garrett, Jeff; Schechter, Scott. 100 Greatest US Modern Coins (Kindle Locations 3300-3304). Ingram Distribution. Kindle Edition.