"Tricky Ikes" - The Story of the Silver Eisenhower Dollar
"Tricky Ikes" - The Story of the Silver Eisenhower Dollar
Unravel the mystery of silver vs. clad Eisenhower dollars and learn to identify valuable 40% silver coins from common copper-clad versions
Introduction
One of the most confusing aspects of collecting 90% silver U.S. coins, often called "junk silver," is the Eisenhower Dollar. Unlike earlier silver dollars where identification was straightforward, the Eisenhower dollar presents unique challenges that have puzzled collectors and investors for decades. Understanding these "Tricky Ikes" is essential for anyone interested in silver investing or coin collecting.
The confusion stems from a complex production history where less than 4% of all Eisenhower dollars contain any silver at all, yet identifying which ones are silver requires more than a casual glance. This comprehensive guide will help you navigate the intricacies of these fascinating coins and avoid costly mistakes when building your precious metals portfolio.
Article Contents
- The historical context: From Peace dollars to Eisenhower
- The Congressional compromise that created confusion
- Understanding "Blue Ikes" and "Brown Ikes"
- How to identify silver vs. clad Eisenhower dollars
- The final curveball: San Francisco mintmark confusion
- Complete production timeline and specifications
The Historical Context: From Peace Dollars to Eisenhower
To understand the Eisenhower dollar's complexity, we must first examine the gap in American dollar coin production. The last 90% silver "silver dollar" was the 1921-1935 Peace Dollar. From 1935 to 1971—a span of 36 years—no dollar coins were minted in the United States, representing the longest gap in dollar coin production since the Mint's founding.
End of Peace Dollar Production: The last 90% silver dollars are minted, ending an era of precious metal dollar coins.
Silver Removed from Circulation: 90% silver circulating coinage terminated due to rising silver prices exceeding face value.
Eisenhower Dies: President and WWII General Dwight D. Eisenhower passes away, sparking Congressional movement for commemorative coin.
Eisenhower Dollar Launch: First dollar coins in 36 years enter production with complex silver/clad composition system.
Economic Context
By 1965, the silver content in dimes, quarters, and half dollars had exceeded their face value due to rising precious metal prices. This economic reality drove the decision to eliminate silver from circulating coinage—a precedent that would heavily influence the Eisenhower dollar's eventual design and composition.
The Congressional Compromise That Created Confusion
When Congress moved to honor President Eisenhower with a new dollar coin, a significant debate emerged about the coin's composition. Some members of Congress thought it "disrespectful" and "demeaning" to put the image of the great war hero and president on a clad copper coin, similar to the recently changed dimes, quarters, and Kennedy half dollars.
The Problem
Silver prices had risen dramatically, making silver coins worth more than their face value. Yet Congress wanted to honor Eisenhower with a "proper" silver dollar.
The Compromise
Create both circulating clad coins for commerce and special collector versions with 40% silver content—satisfying both economic and honor concerns.
The Result
A complex system that has confused collectors for over 50 years, requiring specialized knowledge to distinguish valuable from common coins.
The final compromise established a two-tier system:
- Circulating coins: Copper-clad composition, identical to modern quarters and dimes
- Collector coins: 40% silver composition with special packaging and higher prices
- No circulation intent: Silver versions were never meant for general circulation
- Distinct marketing: Different packaging and pricing to maintain separation
Understanding "Blue Ikes" and "Brown Ikes"
The U.S. Mint created special 40% silver Eisenhower dollars with outer layers of 80% silver and 20% copper surrounding a core of 20.9% silver and 79.1% copper. These coins were marketed in two distinct formats that collectors now know by their packaging colors.
| Type | Packaging | Condition | Original Price | Current Collector Name |
|---|---|---|---|---|
| Blue Ikes | Blue jacket, sealed in plastic with blue and silver disk | Uncirculated | $3.00 | "Blue Ike" |
| Brown Ikes | Brown wood-finish box with sealed plastic card | Proof | $10.00 | "Brown Ike" |
Silver Composition Details
- Total silver content: 40%
- Outer layers: 80% silver, 20% copper
- Core: 20.9% silver, 79.1% copper
- Weight: 24.59 grams
Market Intent
- Never intended for circulation
- Premium collector products
- Sealed packaging maintained value
- Higher prices reflected silver content
Rare Circulation Finds
While silver Eisenhower dollars were never intended for circulation, they have occasionally been found in general circulation—likely the result of someone spending coins from a collection. These discoveries represent significant finds for those tracking silver values, as a 40% silver Eisenhower dollar contains approximately 0.316 troy ounces of silver.
How to Identify Silver vs. Clad Eisenhower Dollars
Distinguishing silver from clad Eisenhower dollars requires attention to specific details, as both types can appear remarkably similar at first glance. However, several reliable identification methods exist for collectors and investors.
Weight Test
Most Reliable Method:
- 40% Silver: 24.59 grams
- Copper-clad: 22.68 grams
- Difference: 1.91 grams
- Use a gram scale for accuracy
Edge Examination
Visual Identification:
- Clad: Brown copper core visible
- Silver: Dark grey core
- Both are "sandwich" construction
- Color difference is distinct
Sound Test
Audio Difference:
- Silver: Higher-pitched ring
- Clad: Duller, lower tone
- Drop test on hard surface
- Experience improves accuracy
Pro Tip for Collectors
The edge examination method is particularly useful when you don't have access to a scale. The copper core in clad coins shows a distinctly brown color, while the silver-clad core appears dark grey. This visual difference is consistent and reliable across all Eisenhower dollars, making it an excellent field identification technique for those building silver coin collections.
The Final Curveball: San Francisco Mintmark Confusion
Just when collectors thought they understood the pattern, the U.S. Mint introduced the most confusing aspect of Eisenhower dollar identification. Every single 40% silver Eisenhower dollar was produced at the San Francisco Mint and bears the "S" mintmark. This seems like a simple identification rule—until you learn the crucial exception.
Critical Distinction
All silver Ikes have "S" mintmarks, BUT not all "S" mintmark Ikes are silver. The San Francisco Mint also produced copper-clad circulating Eisenhower dollars that carry the same "S" mintmark, creating a identification trap for unwary collectors.
Simple Rule (Wrong)
"If it has an 'S' mintmark, it's silver"
This logic fails because San Francisco also made clad coins
Correct Rule
"All silver Ikes are from San Francisco, but test each 'S' mint coin individually"
Weight and edge tests remain essential
Production Statistics
Understanding the rarity of silver Eisenhower dollars puts their value in perspective:
| Composition Type | Percentage of Total Production | Approximate Quantity | Current Status |
|---|---|---|---|
| Copper-clad (Circulating) | ~96% | Over 170 million | Common |
| 40% Silver (Collector) | ~4% | Under 7 million | Collectible Premium |
Complete Production Timeline and Specifications
The Eisenhower dollar program spanned eight years with varying compositions, creating additional complexity for collectors tracking which years contain silver.
Initial Production: Both clad and 40% silver versions produced. Silver coins available as uncirculated "Blue Ikes" and proof "Brown Ikes."
Continued Production: Silver collector versions continue alongside clad circulation strikes. Market demand remains strong for both types.
No Production: No Eisenhower dollars minted as Mint prepares for Bicentennial celebration designs.
Bicentennial Celebration: Special dual-dated (1776-1976) coins with Bicentennial reverse design. Last year for 40% silver collector versions.
End of Silver Production: Proof versions continue but in copper-clad composition only. Many collectors unaware of this change.
Key Takeaway
The 1976 Bicentennial Eisenhower dollars represent the final 40% silver collector coins in the series. The 1977-S and 1978-S proof Eisenhower dollars were produced in copper-clad composition only, despite bearing the San Francisco mintmark that many associate with silver content.
Investment Considerations
For those interested in precious metals investing, silver Eisenhower dollars offer several advantages:
Silver Content Value
Each 40% silver Eisenhower dollar contains approximately 0.316 troy ounces of silver, providing direct exposure to silver price movements.
Numismatic Premium
Beyond silver content, these coins often carry collector premiums due to their limited mintages and historical significance.
Recognition Factor
Unlike some obscure collectibles, Eisenhower dollars are widely recognized, making them relatively liquid in the precious metals market.
Conclusion
The "Tricky Ike" phenomenon demonstrates how complex seemingly simple coins can become when political compromise meets economic reality. The Eisenhower dollar's dual composition system, created to honor a president while addressing silver price concerns, resulted in one of the most confusing coin series in American history.
For collectors and investors, mastering Eisenhower dollar identification requires understanding multiple factors: weight differences, edge coloration, mintmark significance, and production timelines. The key insight is that no single factor provides definitive identification—successful identification requires combining multiple verification methods.
Practical Advice
When evaluating Eisenhower dollars for your silver collection, always verify through multiple methods. Use weight as your primary test, confirm with edge examination, and remember that 1977-S and 1978-S proofs are clad despite their San Francisco mintmarks. This systematic approach will help you avoid the costly mistakes that have plagued collectors for decades.
Understanding these nuances not only prevents costly errors but also opens opportunities to find undervalued silver coins that others might overlook. In a market where silver prices continue to attract investor attention, knowledge of these "Tricky Ikes" provides a significant advantage for building a successful precious metals portfolio.