As a coin collector and numismatic expert, I‘ve handled my fair share of impressive silver dollars over the years. But there‘s something special about the 1971 Eisenhower dollar that always catches my eye. These large, weighty coins marked a historic revival of silver dollar coinage in the United States after a 36-year hiatus. And with their 40% silver composition and moon landing reverse design, they stand out as both valuable bullion pieces and collectible works of art.
If you‘re curious about what your 1971 silver Eisenhower dollars might be worth, you‘ve come to the right place. In this comprehensive guide, I‘ll break down everything you need to know to assess the value of your coins like a pro. We‘ll dive into the historical context, key date stats, grading nuances, and market trends that shape 1971 silver dollar prices. Plus, I‘ll share some insider tips for buying, selling, and protecting your Ike dollars gleaned from decades in the hobby.
Whether you‘re a seasoned collector or just starting out, this article will equip you with the knowledge and confidence to navigate the 1971 silver dollar market like an expert. So grab your loupe and let‘s get started!
The Eisenhower Dollar Revival
To fully appreciate the significance of 1971 silver dollars, it helps to understand their place in numismatic history. The U.S. Mint hadn‘t struck silver dollars for circulation since the Peace dollar series ended in 1935. In the decades that followed, there were several attempts to bring back the iconic coin but none came to fruition.
That all changed in the late 1960s when the gaming industry in Nevada lobbied for a new silver dollar coin to replace the Morgan and Peace dollars that were becoming scarce. At the same time, the passing of beloved President Dwight D. Eisenhower in 1969 sparked calls for a commemorative coin in his honor.
Congress ultimately authorized the new Eisenhower dollar as a dual-purpose coin – both as a circulating dollar and a collector‘s item in 40% silver. The obverse would feature a portrait of Eisenhower while the reverse depicted the Apollo 11 moon landing mission insignia, celebrating the recent July 1969 lunar triumph.
Chief Engraver Frank Gasparro was tapped to create the designs, which were met with mixed reviews. Some criticized the portrait as unflattering and the reverse as cluttered. But collectors were thrilled at the prospect of a new silver dollar, imperfections and all.
Three Strikes and Composition
The first Eisenhower dollars ceremoniously rolled off the presses at the San Francisco Assay Office on January 29, 1971. First strike coins were sealed in clear plastic cases and sold to collectors at a premium by the Bureau of the Mint.
In total, the U.S. Mint produced Eisenhower dollars at three different mints in 1971:
| Mint | Composition | Mintage |
|---|---|---|
| Philadelphia | Copper-nickel clad | 47,799,000 |
| Denver | Copper-nickel clad | 68,587,424 |
| San Francisco | 40% silver uncirculated | 6,868,530 |
| San Francisco | 40% silver proof | 4,265,234 |
The copper-nickel clad dollars struck in Philadelphia and Denver were intended for circulation and made up the lion‘s share of production. These coins have a pure copper core sandwiched between outer layers of cupronickel (75% copper, 25% nickel).
But it‘s the 40% silver issues from the San Francisco Mint that really catch collectors‘ eyes. The silver uncirculated strikes were sold directly to collectors in plastic GSA holders for $3 each, while the proofs were included in the regular annual proof set. Both versions have an outer layer of .800 fine silver bonded to an inner core of 20.9% silver and 79.1% copper.
Assembling a complete set of all three 1971 Eisenhower dollar variants is a popular pursuit for collectors. But the coveted silver issues remain the clear standouts in terms of numismatic value and prestige.
Collector Grades and Eye Appeal
As with any collectible coin, condition is king when it comes to 1971 silver dollar values. Eisenhower dollars are large coins with ample real estate to showcase bag marks, scuffs, and hairlines. So surface preservation can vary widely from one example to the next.
Most numismatists use the 70-point Sheldon grading scale to assess the condition of Eisenhower dollars, with "1" representing a barely identifiable coin and "70" indicating perfection. Here‘s a quick crash course in the main uncirculated grade tiers:
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MS-60 to MS-62 (Mint State Typical) – Decent luster but heavily marked with clusters of significant contact marks, hairlines, or scuffs.
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MS-63 (Mint State Choice) – Moderate marks scattered over the surface but none too severe or distracting. Luster may be slightly impaired.
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MS-64 (Mint State Very Choice) – Only light scattered contact marks that don‘t detract from strong overall eye appeal. Luster is mostly complete.
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MS-65 (Mint State Gem) – Virtually pristine surfaces with minuscule marks that are barely noticeable. Full cartwheel luster and exceptional eye appeal.
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MS-66 (Mint State Premium Gem) – Nearly flawless but may exhibit the slightest friction on the highest points or one or two tiny flecks.
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MS-67 (Mint State Superb Gem) – Microscopic imperfections that are extremely difficult to spot under 5x magnification. Unimprovable luster and strike.
Proof Eisenhower dollars follow a similar grading rubric but are judged on different criteria like the quality of their reflective fields and devices. Cameo contrast between the frosted raised elements and mirror-like background is highly desired by collectors.
A word of caution – beware of coins in "body bags," the oversized plastic holders from the GSA hoard sales. These holders can sometimes make a coin appear higher grade than it is. For an accurate assessment, it‘s best to evaluate the coin outside of the holder under direct light with a 5x or 10x loupe.
Of course, the single most important factor in determining a coin‘s grade is its overall eye appeal. You can have two identically graded coins, but the one with better luster, toning, and surface quality will always command a higher price. A good rule of thumb is to buy the best coin you can afford for your grade range.
Striking Characteristics and Varieties
When grading and authenticating 1971 silver dollars, collectors also need to be aware of certain key striking characteristics and varieties. The Eisenhower dollar series is notorious for mushy strikes, especially on the high points of Eisenhower‘s hair and the Earth.
However, the 1971 San Francisco Mint silver issues tend to have much sharper strikes than their clad counterparts. The dies were brand new and the slower minting process allowed for better metal flow. As a result, most 1971-S dollars exhibit fully rendered details in Eisenhower‘s portrait and the eagle‘s breast feathers.
Certain die varieties and errors can also add numismatic intrigue to 1971 silver dollars. One of the most well-known is the "peg leg" variety, caused by a stray mark that resembles a peg leg on the trailing leg of the eagle. Other varieties listed in the Cherrypickers‘ Guide include:
- Reverse moon line
- Friendly eagle‘s brow
- Double die reverse
- 7/1 overdate
While none of these varieties are particularly rare, they can add a fun element of collectibility for cherry pickers. Error coins like off-center strikes or clipped planchets are also highly sought after by collectors.
Market Dynamics and Valuation
So what are 1971 silver dollars actually selling for these days? The answer depends on a complex interplay of factors like grade, relative rarity, variety, market sentiment, and overall demand from collectors.
Eisenhower dollars have historically appealed to a niche collector base, primarily Americans who remember using the coins in casinos or who have a personal affinity for the late president. However, interest has picked up in recent years as a new generation of collectors discovers the series.
According to the latest PCGS population report, here‘s the breakdown of the top four grades for 1971-S uncirculated silver dollars:
| Grade | Population | Value Range |
|---|---|---|
| MS-67 | 175 | $550 – $1,100 |
| MS-66 | 2,716 | $160 – $225 |
| MS-65 | 24,939 | $50 – $75 |
| MS-64 | 45,328 | $30 – $40 |
As you can see, the jump in value from MS-66 to MS-67 is exponential. This underscores the immense price pressure on condition census coins from registry set collectors. For most collectors, though, an attractive MS-65 or MS-66 is a solid goal.
One key factor to consider is that Eisenhower dollars are large silver coins, meaning their melt value rises and falls with the spot price of silver. As of September 2021, the intrinsic melt value of a 1971-S dollar is about $7.50 based on a silver spot price of $22.26 per ounce. But numismatic premiums for gem uncirculated examples consistently push retail values into the $50 to $200+ range.
Some prognosticators believe silver Eisenhower dollars are undervalued compared to their Morgan and Peace dollar cousins. As more collectors gravitate toward the modern series, prices for high grade examples could continue to appreciate. But as with any coin, buy what you love and can comfortably afford.
Tips for Buying and Selling
Whether you‘re looking to start a 1971 silver dollar collection or cash in on a inherited set, there are some best practices to follow to get the most bang for your buck.
On the buying side, look for coins that have been professionally graded by PCGS or NGC – the hobby‘s most trusted third party grading services. These coins will come sonically sealed in tamper-evident plastic holders with a grade certification label. Buying raw, ungraded coins can be a gamble unless you have the expertise to accurately judge their condition.
When purchasing online, be sure to deal with reputable sellers with a proven track record of delivering coins as described. Check dealer reviews and don‘t be afraid to ask questions about a coin‘s provenance or surface quality. If a deal seems too good to be true, it probably is.
For the best deals, I recommend scouring online auctions, coin shows, and local dealer inventories. You‘d be surprised how many hidden gems are sitting in dealers‘ bargain bins. Just be prepared to cherry pick and don‘t settle for subpar examples.
On the selling side, realize that you‘ll rarely get full retail value for your coins unless you sell directly to a collector. Dealers need to cover their overhead costs and make a profit, so expect buyback offers around 60% to 80% of retail depending on the coin and grade.
Again, your best bet is to get your silver dollars authenticated and graded by a top-tier service. Not only will this maximize the value of your coins, but it will also make them more liquid and easier to sell. There‘s peace of mind in dealing with certified coins, even if you never intend to sell.
Celebrating an American Icon
For me, 1971 silver dollars aren‘t just a great collectible and investment vehicle – they‘re also a tangible connection to a chapter of American history. Every coin carries the story of the late president, the space program triumphs, and the hopes of the collecting community at the time.
Holding a high-grade 1971-S Eisenhower dollar in your hand is a humbling experience. The weighty coins were struck at the same mint that produced the famed Morgan dollars and they share that iconic 38.1mm diameter. The mirror-like surfaces and sculptural relief of a well-struck gem evoke a sense of awe and reverence.
In a way, collecting Eisenhower dollars is like assembling a bridge between America‘s numismatic past and present. By seeking out the finest examples and preserving them for future generations, we honor Ike‘s legacy and the spirit of American ingenuity.
Whether you‘re drawn to Eisenhower dollars for their historical significance, aesthetic beauty, or bullion value, I encourage every collector to experience these monumental coins in person. Attend a coin show, join a club, and network with other Ike enthusiasts. Share the hobby with young numismatists and help keep the tradition of coin collecting alive.
With a little knowledge, care, and passion, you‘ll find that 1971 silver dollars are more than just a commodity or collectible. They‘re a key to unlocking the rich heritage and artistry of American coinage. Cherish them, study them, and above all, enjoy them. Happy collecting!
