1971-1978 жылдар аралығындағы АҚШ долларының тарихы

United States dollar coin
the American coin struck from 1971 to 1978

The Eisenhower dollar is a one dollar coin issued by the United States Mint from 1971 to 1978; it was the first coin of that denomination issued by the Mint since the Peace dollar series ended in 1935. The coin depicts President Dwight D. Eisenhower on the obverse, and a stylized image honoring the 1969 Apollo 11 Moon mission on the reverse. Both sides were designed by Frank Gasparro, with the reverse based on the mission patch designed by astronaut Michael Collins. It is the only large size U. S. dollar coin whose circulation strikes contained no silver. In 1965, because of rises in bullion prices, the Mint began to strike copper nickel clad coins instead of silver. No dollar coins had been issued for thirty years, but, beginning in 1969, legislators sought to reintroduce a dollar coin into commerce. After Eisenhower died that March, there were a number of proposals to honor him with the new coin. While these bills generally commanded wide support, enactment was delayed by a dispute over whether the new dollar coin should be in base metal or 40% silver. In 1970, a compromise was reached to strike the Eisenhower dollar in base metal for circulation, and in 40% silver as a collectible. On December 31, 1970, President Richard Nixon, who had served as vice president under Eisenhower, signed legislation authorizing mintage of the new coin. Although the 40% silver collector's pieces sold well, the new base metal dollars failed to circulate to any significant degree, except in and around Nevada casinos, where they were preferred over privately issued tokens. There are no dollar coins dated 1975; coins struck that year and from 1976 bear the double date 1776–1976, and a special reverse by Dennis R. Williams in honor of the bicentennial of American independence. Beginning in 1977, the Mint sought to replace the cumbersome Eisenhower dollar with a smaller sized coin. Congress authorized the Susan B. Anthony dollar, struck beginning in 1979, but that coin also failed to circulate. Given their modest cost and the short length of the series, complete sets of Eisenhower dollars are inexpensive to assemble and are gaining popularity with coin collectors.

The silver dollar had never been a popular coin, circulating little except in the West; it served as a means of monetizing metal and generally sat in bank vaults once struck. The Peace dollar, the last circulating dollar made of silver, was not struck after 1935, and in most years in the quarter century after that, the bullion value of a silver dollar did not exceed 70 cents. In the early 1960s, though, silver prices rose, and the huge stocks of silver dollars in the hands of banks and the government were obtained by the public through the redemption of silver certificates. This caused shortages of silver dollars in the western states where the pieces circulated, and interests there sought the issuance of more dollars. On August 3, 1964, Congress passed legislation providing for the striking of 45 million silver dollars. This legislation was enacted when coins vanished from circulation as the price of silver rose past $1.29 per ounce, making silver dollars worth more as bullion than as currency. The new pieces were intended to be used at Nevada casinos and elsewhere in the West where "hard money" was popular. Numismatic periodicals complained that striking the dollars was a waste of resources. The law had been passed at the urging of the Senate Majority Leader, Mike Mansfield (Democrat–Montana), who represented a state that heavily used silver dollars. Despite the efforts of Mint Director Eva Adams and her staff to persuade him, Senator Mansfield refused to consider any cancellation or delay, and on May 12, 1965, the Denver Mint began striking 1964 D Peace dollars—the Mint had obtained congressional authorization to continue striking 1964 dated coins into 1965. A public announcement of the new pieces was made on May 15, 1965, only to be met with a storm of objections. Both the public and many congressmen saw the issue as a poor use of Mint resources at a time of severe coin shortages, which would only benefit coin dealers. On May 24, one day before a hastily called congressional hearing, Adams announced that the pieces were deemed trial strikes, never intended for circulation. The Mint later stated that 316,076 pieces had been struck; all were reported melted amid heavy security. To ensure that there would be no repetition, Congress inserted a provision in the Coinage Act of 1965 forbidding the coinage of silver dollars for five years. That act also removed silver from the dime and quarter, and reduced the silver content of the half dollar to 40%.

In 1969, Nixon administration Mint Director Mary Brooks sought the reissuance of the dollar coin. By this time, rising bullion prices threatened the continued use of silver in the Kennedy half dollar, but Brooks hoped to maintain the dollar as a silver coin. Brooks's proposal for a new silver dollar was opposed by the chairman of the House Banking Committee, Wright Patman, who had been persuaded, against his better judgment, by Nixon's predecessor, Lyndon Johnson, to support the continued use of silver in the half dollar. On March 28, 1969, former president and World War II general Dwight D. Eisenhower died. Soon after, New Jersey Representative Florence Dwyer, like Eisenhower, a Republican, suggested that the proposed dollar coin bear his likeness. She spoke to Democratic Missouri Representative Leonor Sullivan, who agreed that the dollar should bear a portrait of Eisenhower as "equal time" to the half dollar, which bore the likeness of Democratic president John F. Kennedy. A bill was filed by Connecticut Congressman Robert N. Giaimo to authorize an Eisenhower dollar, to be struck without silver content. The Joint Commission on the Coinage, drawing members from the administration and from Congress, including Giaimo, recommended the dollar in spring 1969. It also called for the elimination of silver from the half dollar, and for the transfer from the Treasury to the General Services Administration (GSA) of quantities of rare silver dollars, so they could be sold. Giaimo noted that the coin would be useful in casinos, which were striking their own tokens in the absence of circulating dollar coins, and in the vending industry, which was starting to sell higher priced items. On October 3, 1969, the House Banking Committee passed legislation for a base metal Eisenhower dollar, with Patman stating that he hoped to have it approved by the full House in time for the late president's birthday on October 14. On October 6, the bill's sponsors lost a procedural vote which would have allowed for no amendments. While some representatives spoke against the manner in which the legislation was to be considered, Iowa Congressman H. R. Gross objected to the base metal composition of the proposed coin: "You would be doing the memory of President Eisenhower no favor to mint a dollar made perhaps of scrap metal." Both houses voted on October 14, Eisenhower's birthday. Although the House passed the administration backed bill for a base metal dollar, the Senate passed the bill as amended by Colorado Senator Peter Dominick, calling for the piece to be minted in 40% silver. Instrumental in the passage of the Senate amendment was a letter from Mamie Eisenhower, recalling that her husband had liked to give silver dollars as mementoes, and had gone to some effort to obtain coins struck in the year of his birth, 1890. Idaho Senator James McClure stated, "It is somehow beneath the dignity of a great president like General Eisenhower to withhold silver from the coin." On October 29, 1969, Texas Representative Robert R. Casey introduced legislation to honor both Eisenhower and the recent Apollo 11 Moon landing. These provisions would become part of the enacted bill authorizing the Eisenhower dollar. Casey originally wanted the mission theme of Apollo 11, "We came in peace for all mankind," to appear on the coin; when the Mint informed him that there was not room for that inscription, he settled for requiring that the reverse design be emblematic of that theme. In March 1970, the two houses reached a compromise whereby 150 million dollars would be struck in the 40% silver alloy for collectors and others. The circulating dollar, though, would have no silver and would be struck in larger quantities. The 47.4 million troy ounces of silver needed to strike the collectors' pieces would come from bullion already held by the government. The compromise was worked out by McClure and other congressional Republicans, with the aid of Brooks, an Idahoan. McClure described the deal as "a lot less than the country deserves, but a lot more than it appeared we would get." The reason for having a collector's edition with silver was to avoid the hoarding which had driven the Kennedy half dollar from circulation. Although the compromise passed the Senate in March 1970, it was blocked in the House by Representative Patman, who was determined to end silver in the coinage. The Senate passed the bill again in September, this time attaching it as a rider to a bank holding company bill sought by Patman. The bill, which also included provisions to eliminate silver from the half dollar and to transfer the rare silver dollars to the GSA, was approved by a conference committee and passed both houses. Nixon had intended to let the bill pass into law without his signature. When aides realized that as Congress had adjourned, not signing the bill would pocket veto it, on December 31, 1970, Nixon hastily signed it only minutes before the midnight deadline.

For Mint Chief Engraver Frank Gasparro, the opportunity to put Eisenhower on a coin was the fulfillment of a longtime dream. On June 19, 1945, Gasparro had been one of more than 4 million people who gathered in New York to watch a parade celebrating the Allied victory in Europe. Although Gasparro, then an assistant engraver at the Mint, only saw a glimpse of General Eisenhower, he stepped back from the crowd and drew the general's features. That sketch served as the basis of his design for the obverse. Gasparro consulted with the late president's widow, Mamie Eisenhower, as to the designs of both sides of the coin; the former First Lady was presented with a galvano (a metallic model used in the coin design process) by Brooks and Gasparro on January 1, 1971. Gasparro wrote in 1991 that he had six weeks to complete the work beginning in mid November 1970, that his extensive research into eagles over the years was a great help in creating the reverse, and that his sketches were adopted without change. The chief engraver was not given full freedom of design; he was instructed to have the basic layout of the obverse resemble that of the Washington quarter. Before the legislation passed, Gasparro had prepared two reverses, the one actually used, and a reverse with a more formal heraldic eagle, which numismatic historian and coin dealer Q. David Bowers finds reminiscent of pattern coins prepared in the 1870s. At Congress's insistence, the chief engraver created a design in commemoration of the Apollo 11 lunar landing, based on the mission patch conceived by astronaut Michael Collins and others. Bowers deems the choice of the lunar landing "a stroke of genius," allowing the dollar, which would be little used in commerce, to be a commemorative both of Eisenhower and of the Moon mission. The reverse depicts an eagle (representing the Lunar Module Eagle) swooping low over the Moon's surface, holding an olive branch, token of peace, in its claws. The use of Collins's mission patch design had initially been opposed by some government officials because of the fierce expression of the eagle; Gasparro's initial concept met similar objections. The Mint Director recalled that Gasparro had gone to the Philadelphia Zoo to look at eagles, and on his return had prepared a design which she felt emphasized the eagle's predatory nature. Brooks informed Gasparro that the eagle was "too fierce, too warlike, a little too aggressive" and asked that the expression be made friendlier. Gasparro, who reportedly was unhappy at having to change the eagle, described the final version as "pleasant looking." The State Department also feared that the eagle's expression might offend, and sought a neutral visage. The distant Earth may be seen above the bird, and there are 13 stars in honor of the original states. Bowers deems the bust of Eisenhower "well modeled" by Gasparro, and notes that the fact that the eagle on the reverse holds only an olive branch, rather than arrows as well (token of war), "meant that the public would like the design." Nevertheless, he notes that Eisenhower's stern expression was widely criticized as not typical of a man noted for geniality. Numismatic author David Lange opines that "the Eisenhower dollar is one of the poorest products to emanate from the U. S. Mint." Lange writes that, although Gasparro had designed only one side of the coin for the Kennedy half dollar and Lincoln Memorial reverse for the cent, "the Eisenhower dollar was his design alone and should have served as a showcase for his talent. Sadly, it is a mediocre design that reveals his typically unnatural treatment of Ike's hair and the eagle's feathers." Some collectors complained after the release that the Earth was not fully shown, not realizing that Gasparro had carefully followed the mission badge. The chief engraver responded by clarifying the design.

The Mint struck over 125 million of the Eisenhower dollars in 1971, more than doubling its largest annual production for a dollar coin. Despite an increased mintage in 1972 to over 170 million, and despite what COINage magazine termed "near heroic measures on the part of the Mint", the piece did not circulate. In a 1974 article for COINage, numismatist Clement F. Bailey noted, "the circulation value of the coin has been nil". Many Eisenhower dollars were put aside as souvenirs by non collectors. Nevertheless, the silver coins sold so well that in October 1971, Mint Director Brooks warned that orders for 1971 S proof dollars would not all be filled until well into 1972. She ascribed the delay to the large public demand and to production difficulties which she indicated had been corrected. More than 11 million of the 1971 S silver pieces were sold, in proof and uncirculated, with over 4 million in proof. In May 1972, Treasury Secretary John Connally, testifying before a Senate committee, described the profits the Mint had made on the silver version of the Eisenhower dollar as "just unconscionable", with the average profit on a silver coin at $3.89, and expected to increase as production became more efficient. Mint officials felt that reducing the price would anger those who had already purchased the pieces. The 1972 silver pieces were again struck at San Francisco. Sales dropped considerably, to just under 2.2 million specimens in uncirculated and 1.8 million in proof. The part silver 1972 S Eisenhower dollars were available for sale by mail order, with the ordering period from May 1 to July 15 for the proof coins and August 1 to October 16 for the uncirculated version. With ample supplies of Eisenhower dollars, the Federal Reserve had no need to order any in 1973, and none were struck for circulation. The 1973 and 1973 D were the first Eisenhower dollars struck for inclusion in mint sets, and were, in theory, only available that way. Over the years, many 1973 and 1973 D dollar coins have been found in circulation, leading to speculation that the 230,798 pieces which were reported melted, after the Mint failed to sell as many mint sets as anticipated, were released into circulation. John Wexler, Bill Crawford, and Kevin Flynn, in their volume on Eisenhower dollars, deny this, citing a 1974 letter from Assistant Director of the Mint for Public Services Roy C. Cahoon, which stated that all 1973 Eisenhower dollars from unsold mint sets were melted. The 1973 S was struck for inclusion in base metal proof sets, as well as for the regular "blue Ikes" and "brown Ikes". Sales of the part silver pieces dipped to a total of just under 2.9 million. The coin was struck again for circulation in 1974, was included in mint sets and proof sets, and was available in proof and uncirculated silver clad from San Francisco. Congress ordered that some of the money from the sale of 1974 S silver pieces be used to support Eisenhower College in Seneca Falls, New York. Coin collectors felt that this set a bad precedent, but about $9 million was paid to the college between 1974 and 1978; yet, despite the infusion of money, the college closed its doors in 1982.

By 1975, the Treasury was concerned about the drain on resources from striking the dollar, which did not circulate. It engaged a private firm to study the six current denominations of U. S. coinage, and make recommendations. The firm concluded in its report that the Eisenhower dollar was too large and heavy to circulate effectively, but if the diameter was reduced by about a third, and the weight by two thirds, it might be used. That report found that "the Eisenhower dollar has not been widely accepted by the public because of its large size and weight". In January 1977, just prior to leaving office, Ford's Treasury Secretary, William E. Simon, proposed the elimination of the cent and half dollar, and a reduction in size of the dollar. According to Bowers, the Treasury had come to believe that a coin as large as the Eisenhower dollar simply would not circulate in the United States. The Mint struck pattern pieces of the smaller size, with various shapes and compositions. An 11 sided coin was considered, which would have differentiated it from the quarter, but the patterns would not work in vending machines. Such exotic metals as titanium were considered before the Mint decided on the standard clad composition. Gasparro prepared, for the circulating pieces, a design showing Liberty with flowing hair, similar to early American coins. As the Eisenhower dollar awaited its demise, approximately 50 million per year were struck, using the eagle design for the reverse. In both years, the majority coined were at Denver. No silver collector's edition was issued; the blue and brown Ikes ended with 1974. The new Treasury Secretary, Michael Blumenthal, supported Gasparro's design in testimony before Congress; Wisconsin Senator William Proxmire dubbed Blumenthal's position a "cop out". Proxmire refused to introduce the bill, which would have left the choice of design up to Blumenthal or his successor, instead introducing his own legislation to commemorate early women's rights leader Susan B. Anthony. Many in the new Congress and in the Carter Administration were social progressives, and supported women's lib. Ohio Representative Mary Rose Oakar also introduced legislation for a Susan B. Anthony dollar in October 1978; it proceeded rapidly through Congress and was signed by President Jimmy Carter. Gasparro was given photographs of Anthony and told to reproduce her appearance exactly on the coin. Anthony's stern expression caused some to dub it the "Susan B. Agony" dollar. The Eisenhower dollar's reverse was used for the Anthony dollar. Convinced that the public would hoard the new pieces, the Mint Bureau produced half a billion before its official release to the public on July 2, 1979. It need not have worried; the public quickly rejected the new coin as too close in size and weight to the quarter dollar, and production for circulation ceased after 1980. Mint Director Stella Hackel Sims stated, "people are accustomed to the Eisenhower dollar, but in time, they'll become accustomed to the Susan". Attempts were made to give the new smaller dollars out as change in postal transactions, and to force their use by U. S. military personnel in Europe; both failed. The Eisenhower dollar is the final regular issue dollar coin to have been minted in silver (collectors and proof issues were minted with a purity of 40% Ag), the final dollar coin to be minted in the original large size, and the only circulating "large dollar" (that is, of the same 38mm diameter as earlier 90 percent dollar coins) to have been minted in cupronickel.