Though unpopular during 1972 for being big and bold, 1972 Eisenhower dollars are one of the favorites of coin collectors these days. Face value is simply $1, but these coins are worth much more than that, even thousands if you’re lucky enough to get your hands on rare pieces.
Few sentences are definitely not enough to give you detailed information on 1972 dollars. So, here’s a complete guide! Read on to find out how much is a 1972 silver dollar worth!
1972 Silver Dollar And Its Popularity
Eisenhower dollars were issued by the U.S. mint from 1971 to 1978 to honor the late former President Dwight D. Eisenhower on March 28, 1969. Over 170 million Eisenhower dollars were struck in 1972.
Frank Gasparro was the designer for both the obverse and reverse sides of 1972 coins. The obverse side depicts President Dwight D. Eisenhower, while the reverse side features an image of an eagle clutching an olive branch landing on the moon. There’s also tiny earth on the side on reverse.
While the minting process in the Denver mint went smooth, the Philadelphia mint used three different reverse dies, and the coins were named Type 1, Type 2, and Type 3.
Many collectors and coin enthusiasts believe that noticeable differences on the earth, or more specifically, the islands below Florida on three types of Philadelphia minted coins, are what make 1972 Eisenhower dollars interesting.
Though the face value of these dollars is $1, they’re worth much more than $1, especially if the coins are rare, uncirculated, proofs, or double-die. And, since they’re no longer in circulation, you’ll have to look for ike dollars in order to find them.
Is Your 1972 Ike Dollar Silver?
First and foremost, is your 1972 Ike dollar even silver? 1972 Ike dollars were produced at three minting branches Philadelphia, Denver, and San Fransisco.
Except for 75.8 million coins minted in Philadelphia, in which you won’t find any mint marks, all the coins consist of a mint mark near the date. For 92.5 million 1972 coins minted at the Denver mint, the mark says ‘D’, and for around 2.1 million coins minted in San Fransisco, the mark says ‘S’.
Not all 1972 dollars are silver. Coins minted in Denver and Philadelphia are copper-nickel clad copper, meaning the core of the coin is copper which is covered by a copper-nickel cladding on the outside.
1972-S coins, however, are 40% silver. These coins were not minted for circulation but for collectors only. These coins were sold to collectors in single packs, often known as blue packs. Proof versions struck at San Fransisco were sold inside brown cardboard slipcases.
So, if your Ike dollar has an ‘S’ mint mark, that’s a 40% silver coin. You don’t have to do any further testing or bother asking an expert regarding this matter.
Types of Philadelphia 1972 Dollars
We’ve already discussed how Philadelphia mint used three reverse dies in 1972. Now, let’s see what the differences between these three varieties are and their running time.
Type 1 1972 dollars were used from January through August. Since the production for Type 1 ike dollars ran for nine months, the numismatic value for this type is relatively low. The earth outline on the reverse on Type 1 coins is flat from about 9 o’clock to about 11 o’clock.
Also, the islands beneath Florida are all exactly below or to the right. Moreover, if you observe the feathers on the eagle’s breast, they are distinctly raised.
The fact that Type 1 coins were struck using a low-relief design is one of the speculated reasons why Philadelphia mint decided to use another reverse die.
Type 2 Philadelphia Ike dollars were created using a single die that was in the run for just one production. These coins were struck using a reverse die intended for Proof coins only. The proof reverse die was mistakenly used in August at the Philadelphia mint.
Proof dies are known to have a life of only around 2-4 thousand coins, while the production dies can strike around 100-200 thousand coins. So, when a proof die is used to mint 100s of thousands of coins, it’s no surprise that it will wear off pretty quickly.
However, the total Type 2 coins struck at the Philadelphia mint facility are estimated to be less than 100,000, which makes Type 2 coins the rarest and most sought-after 1972 coins. And, needless to say, Type 2 is worth the most among the 1972 Eisenhower coin series.
So, how do you recognize a Type 1972 dollar? Firstly, the islands below Florida are flat and almost indistinguishable. Instead, they look like three flat lines denoting the water. Moreover, North America and South America seem flat and faded out at the top and the bottom of the earth.
From September to the end of the year, Philadelphia mint used the third type of reverse die, where the earth on the reverse actually depicts the true map.
Thus, you can notice islands on the south, wast, and west below Florida. These islands are Cuba, Haiti, Jamaica, and the Dominican Republic. The design is high-relief, and the outline of the earth is well-defined.
Is Your 1972 Ike Dollar Circulated, Uncirculated, Or Proof?
Before you try to figure out how much is your 1972 dollar worth, you must know whether the dollar you own is circulated, uncirculated, or proof. Those coins that have been in public circulation since the beginning are called circulated coins.
Since they have been circulating endlessly from pockets to shops to banks to pockets, they might have significant signs of wear and tear. Especially in 1972 coins, which are now around half a century old.
Uncirculated coins are those that have been stored in store collections or personal collections. Thus, they are as good as new and have no signs of abuse.
Proof coins, however, are struck differently compared to uncirculated and circulated coins. A specially prepared coin die is used to strike on a specially prepared planchet, and the finishing is mirror-like; you can really see a reflection on it. The details are sharp and striking, and you’ll observe no frosting on the fields.
It is obvious that uncirculated and proof coins are worth a lot in comparison to circulated coins. In the next section, we’ll discuss how coin grading also plays a significant role in determining the cost of 1972 dollars.
Coin Grading System
Uncirculated coins are graded from MS60 to MS70. MS60 is for those coins that are covered in marks, whereas MS70 is for flawless ones. Most uncirculated coins range from MS60-63 and MS65 and higher; the coins are difficult to find, and if found, they are very pricey.
Proof coins, like uncirculated, are also graded from 60-70. However, the prefix used is PR to indicate proof coins. Thus, PR70 graded coins are flawlessly mirror-like shiny proof coins.
Circulated coins also have their own grading system – good, very good, fine, very fine, extra-fine, and about uncirculated. About uncirculated denoted as AU indicates that there is abundant mint luster, and the wear is only visible on highest points.
As the grade increases, the cost is also expected to increase gradually. After all, who wouldn’t prefer spotless around 50 years old coins, right?
How Much Ia A 1972 Eisenhower Dollar Worth?
1972 Eisenhower dollar worth depends on many factors, its strike type, circulated/uncirculated status, composition, rarity, and grading.
There are many other factors that play a role in determining a coin’s worth. For instance, coin stickers, such as CAC and MAC, are believed to increase the value of a coin.
However, it is a contestable fact that Type 2 1972 Ike dollars are worth the highest price. Even Type 1 and Type 3 MS66 and above are rare and auctioned for thousands of dollars.
But if it’s a Type 2 and MS65 and above, it can easily command five figures. For 1972-S coins, those graded MS69 are found to be auctioned for around $3000.
If you’re trying to buy or sell a 1972 dollar, here’s a small table to help you figure out what to expect in the current market.
|Circulated||MS 63||MS 65||PR 65||PR 67|
|1972 Type 1||$5||$16||$95||N/A||N/A|
|1972 Type 2||$40||$125||$1920||N/A||N/A|
|1972 Type 3||$6.65||$23||$153||N/A||N/A|
Note: These prices are tabulated on the basis of recent auction information provided on the PCGS official site. Values are for coins that serve as a typical representation for their grade. That being said, these are in no way official pricing data, and readers are urged to take this information only as a general estimate.
We hope to have cleared all your doubts regarding 1972 dollars. So, did you find out how much is the Ike dollar you own is worth? Or, are you planning on adding these historical coins to your coin collection? Whatever be your reasons, we wish you get the best deal around!