Rare 1971 Eisenhower silver dollar sells for $264,000 — only two more coins are out there

Sometimes a glance at a coin jar is all it takes to find a fortune. Back in 2022, a rare prototype silver dollar was sold for a whopping $264,000 because of a special anomaly. The coin from 1971, bearing 34th President Dwight D. Eisenhower on one side, was sold by Heritage Auctions. The Dallas-based auction house called the piece "birth certificate of America's last silver dollar". 

All you need to know about the Eisenhower dollar

The 1974 prototype coin made President Dwight Eisenhower, the first US president, to appear on a circulating dollar coin. Prototype coins helped an engraver perfect the design of a coin before they were mass-produced at the mint.

This prototype coin marked the first dollar coin issued since 1935 when the Peace dollar series ended. It also reportedly contributed to the minting of 6.8 million "Ike" dollar coins at the San Francisco Mint in 1971.

Here's what makes the prototype special

The prototype is slightly different from the official Ike dollar which was struck at the San Francisco Mint in 1971. This coin has an anomaly, an “unfinished moon,” as per Heritage. While mistakes are often viewed as negative, in the case of rare coins, they're actually a good thing and they could fetch owners extra money.

“This is an extremely rare discovery of an early design stage for the first year of the Ike dollars that were made from 1971 to 1978," Jim Halperin, co-chairman of Heritage Auctions, said in a statement, Barrons reported. "There isn’t even an example of this prototype in the National Numismatic Collection at the Smithsonian," he added. 

The prototype was discovered by a California collector in 2008 and was analyzed, authenticated, and certified by the Professional Coin Grading Service. It was graded Specimen 67 (on the numismatic coin grading scale of 1 to 70) by the PCGS, indicating its pristine condition.

Before the coin's discovery, there were only two other 1971 silver dollar prototypes known to exist. These two were discovered in 2010 at an Alabama pawn shop and on eBay in 2013, according to Heritage. Such prototypes were struck in 40% silver and were ordered to be destroyed.  However, the three possibly experimental pieces somehow escaped destruction, the auction house noted. 

While the guides estimate the price to be up to $400, advance online bidding for this prototype coin began at a high $63,000. Eventually, the coin sold for $264,000, indicating it was a special item for the collectors. 

The prototype is so rare that the Smithsonian’s National Numismatic Collection, and other numismatic museum collections, lack a representative of the series. Thus, Heritage advised the potential bidders at the time that they may take the opportunity to place this coin on loan to any of the worthy institutions. 

While the prototype sold for a significant amount, it wasn't the most expensive coin in the world. Back in 2021, the 1933 “Saint Gaudens” Double Eagle coin sold for a whopping $18,872,250, via Sotheby's.

Collector Stuart Weitzman was able to fetch such a high bid as it was the only 1933 gold Double Eagle that can be legally owned by a private collector.