The value of a 1972 silver dollar varies on the variety of coins one wishes to acquire. Even though both contain 40% silver, they serve distinct functions. Blue Ikes are coins from standard strikes that are encased in a blue container. The production of the coins, commonly referred to as “Eisenhower dollars,” entered its second year in 1972. They were notably substantial and weighty coinage, starkly contrasting to the contemporary dollar.
Ike dollars were predominantly utilized in casinos on the West Coast and did not achieve widespread circulation across the United States. While these voluminous and weighty coins may not be notably valuable or popular today, certain collectors hold them in high regard.
History Of The 1972 Silver Dollar
The US Mint continued to manufacture Eisenhower (Ike) Dollars until 1978, when they were introduced into circulation in 1971. Two of these coins are distinguishable: clad in silver and those covered in copper and nickel.Â
Precious metal pieces are merely one of two coin varieties that have comprised 40% silver throughout American coinage. They were larger and heavier specimens than the majority of US Mint-produced coins. These coins materialized because Eisenhower supporters and the wagering industry collaborated for a common purpose.
The minting of these dollars was made possible by a series of fortunate events. First, the prohibition on using this precious metal in producing coins was repealed in 1970.
Furthermore, following his passing in 1969, Eisenhower’s supporters aspired to obtain a commemorative coin bearing his likeness on the reverse.
However, silver remained pricey, and the production of silver dollars was prohibitively expensive, so silver-clad dollar minting was agreed upon as a compromise. These coins were composed primarily of copper, with fewer precious metals.
Although every proof coin was struck in San Francisco, conventional strike pieces were produced at all three mints. However, silver was used exclusively in coins bearing the S mint mark.
Such was the weight of these dollar coins that they were unsuitable for daily use. However, to attract new patrons, American casinos seized the opportunity to substitute less appealing tokens with physical currency.
Features Of A 1972 Silver Dollar
In 1972, the United States Mint produced six variants of Ike dollars, four copper-nickel clad, and two of which were 4 percent silver.
This is the final year without copper-nickel-clad prototypes; therefore, only silver-clad specimens bearing this minting date on the obverse are available.Â
1.The Obverse Of The 1972 Silver DollarÂ
Franklin Gasparro, an engraver, etched this image of President Ike on the obverse of the Eisenhower silver dollar. The year of minting and the word LIBERTY are engraved along the coin’s circumference. This straightforward design is adorned solely with the inscription “IN GOD WE TRUST.”
2. The Reverse Of The 1972 Silver DollarÂ
Gasparro also created this coin reversal. He depicts an eagle descending on the moon while holding an olive branch in its talons. It serves as a tribute to the 1969 Apollo 11 mission.
In addition to the thirteen stars, the composition is surrounded by the denomination and the United States of America. The obligatory Latin motto is positioned atop the ape’s skull.
The reverse side of this coin also features a miniature Earth in the background. This reverse segment classifies Philadelphia-minted coins into three groups: Type 1, Type 2, and Type 3.
3. Other Features Of The 1972 Silver DollarÂ
The Ike silver dollar from 1972 is a silver-clad one-dollar coin featuring an exact count of 198 reeds along its perimeter. It is composed of 60% copper and 40% silver. The inner coin layer comprises 21% precious metal, whereas the outer layer comprises 80% silver.
The silver content of these substantial pieces is 0.3161 troy ounces (9.83 g), or 0.792 troy ounces (24.624 g). Every coin has a thickness of 0.102 inches (2.58 mm) and has a diameter of 1.5 inches (38.1 mm).
What Makes A 1972 Silver Dollar Rare?
The majority of silver dollars from 1972 are standard. However, base metal coins in mint condition 66 or higher most undoubtedly are. Rare are even disseminated coins of the Type 2 variety. By examining the Earth nearby on the obverse, one can discern the specific array of Philadelphia coins that one possesses.
A Type 2 exists if the Caribbean islands are incised on the surface instead of elevated above it. PCGS estimates an error occurred while striking the 1972 Type 2 Eisenhower Dollar using a die designed for proof coins. There are fewer than 40,000 examples of this variant in all grades, as many have been circulated and worn away, rendering them exceedingly difficult to identify.Â
1972 Silver Dollar Value
In 1972, the Eisenhower dollar was minted for 172,443,198 dollars, but San Francisco produced only 4,004,687 silver-clad pieces. Regular strikes paid 2,193,056 Ike dollars, whereas proofs comprised 1,811,631 coins.
1. 1972 Silver Dollar, Type 1Â
In Philadelphia, nearly 48 million dollars dated 1972 were minted for general circulation. Numerous of these are Type 1 varieties. A faint depiction of the Earth on a coin does not automatically imply that it is valuable. The majority have little value beyond their apparent value.
Conversely, this is altered when one discovers an uncirculated coin in pristine condition. The most exceptional silver dollars from 1972, designated Type 1, are rated MS (mint state) 66 out of 70. As of now, only four of them have been discovered. Moreover, it is precious if you manage to acquire one.
2011, the auction record was established for a 1972 Type 1 silver dollar. It was for an MS66-graded coin that sold for $7,745, the purchasers’ premium included.
2. 1972 Silver Dollar, Type 2Â
Type 2 coins are significantly more uncommon. They were minted in Philadelphia using dies initially intended for the San Francisco silver-clad dollar coins.
They had been used for a mere month until March 1972, when the error was discovered. Approximately 100,000 people were attacked at that time, and 40,000 may have survived.
Therefore, in any condition, one of these will be worth significantly more than one dollar. At present, a standard circulated coin is valued at approximately $30.
However, locating one of the highest quality results in a substantial price increase. MS63-graded coins are valued at a range of $75 to $150. Increasing two points to MS65 will result in an approximate $1,000 value.
MS66 grades denote the highest examples known to be in existence. The PGCS has graded nine coins at this level, and the NGC has two. Although prices are subject to change, the auction record was established in August 2022 with the sale of a Type 2 1972 dollar-graded MS66 for $14,400.
3. 1972 Silver Dollar, Type 3Â
The situation is comparable with Type 3 silver dollars. Production of the Type 3 commenced approximately midway through the year. However, there are still numerous ones to be discovered. Furthermore, they are available for barely their nominal value in used condition.
Aside from that, however, obtaining one of the finest examples will require a significant financial investment. The highest known grade of Type 3 coin is one assigned the MS66+ designation by PCGS. This one set a new auction record for a Type 3 in July 2022 at $5,880.
4. 1972 D Silver DollarÂ
Like circulated Philadelphia dollars, Denver-minted dollars are significantly less valuable than their face value.
They are readily available in excellent condition as well. Another option is to purchase a Denver 1972 dollar in grade MS63 for less than $5.
However, as one advances a few grade points, the coins become more valuable and scarce. MS66-graded coins can fetch prices ranging from $50 to $550.
This is still a considerable bargain compared to Philadelphia dollars of the same grade. This is because the Denver dollar is offered in a superior grade, MS67. Additionally, an MS67 example can be purchased for a price range of $1,500 to $9,800.
5. 1972 Silver Dollar Silver-Clad ValueÂ
1972, two distinct varieties of silver-clad dollars were struck in San Francisco. Mint-state coins existed, which were designed for something other than circulation. Additionally, prototypes were produced using premium-quality polished planchets and special dies.
These coins are the most valuable silver dollars from 1972. However, this is different from the situation in reality.
Although manufactured in smaller quantities than coins intended for circulation, the numbers produced could have been more modest. A little more than $1.8 million worth of “brown Ikes” and slightly less than 2.2 million uncirculated “blue Ikes” were struck as prototypes.
Due to their intended use by collectors, the coins were meticulously stored. Thus, locating high-quality examples is relatively easy; consequently, prices remain reasonable.
The market value of a brown Ike designated MS66 varies from $20 to $170. A blue Ike-commissioned “deep cameo” and graded PR69 can be purchased for $50 to $70.
Rare 1972 Silver Dollar Error List
1972-minted blue and brown Ikes were each accompanied by a few distinct defects that increased their value.
1. No S Mint Mark
The San Francisco mint issued a restricted run of Ike dollars lacking the customary S mint mark in 1972. No one can pinpoint the precise cause, but the following are likely factors that contributed to the incident:
- An error in manufacturing
- A transient scarcity of mint symbols
These items are frequently regarded as errors by collectors, who are willing to pay a premium for them compared to standard specimens.
2. Double DieÂ
This widespread error in silver dollars from 1972 occurs when the die passes two passes across a slightly inclined planchet. A roughly duplicated image appears on one or both sides of the coin.
The price range for such items is between $55 and $100; however, those featuring a striking cameo contrast may fetch as much as $500.Â
3. Clipped PlanchetÂ
Unexpectedly, a planchet cuts a coin during minting, resulting in an atypical and occasionally bizarre shape. Certain parts of this assortment can fetch a premium price ranging from $30 to $100.
4. Silver Dollar Struck With The Proof Reverse
Occasional errors occurred when the reverse dies struck conventional 1972 silver dollars intended solely for proof pieces. Such errors have led to the collectibility of such coins. There are an estimated 40,000 in existence at present, and collectors are willing to pay between $100 and $200 for one.
5. Filled G Reverse
Specific Eisenhower dollars from 1972 bear the inscription “GOD” with an unusually completed letter G. Occasional occurrences of this error are the consequence of the die defect. Some coin collectors prefer coins with this particular imperfection.
6. Off-CentreÂ
This error manifests itself when the coin undergoes the minting procedure improperly aligned. The design is subsequently altered by a certain percentage, increasing the item’s value. As an illustration, a 10% off-centre error on the 1972 Eisenhower silver dollar can result in an approximate $200 value.Â
7. Die Cracks
Die flaws errors arise due to minute fissures or fractures on the dies. After striking planchets with such dies, imperfections are imprinted onto the surfaces of the coins.
In such a scenario, minute lines can be observed in the metal along the contours of the design. The magnitude of the flaws determines the value of these silver dollars.Â
8. Struck-Through Error
Its peculiar appearance resulted from an extraneous object becoming entangled in the die before its impact. It imprinted itself on the surfaces of these specimens, thereby increasing their cost compared to standard pieces.
In summary, although the silver dollar of 1972 may not be considered rare in the conventional sense due to its high mintage, particular exemplars, and conditions of the coin are exceedingly valuable within the numismatic community. The silver-clad proofs, uncirculated coins struck by the San Francisco Mint, and the elusive Type 2 variation originating from Philadelphia are particularly collectible.
Thank you for reading…..
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