And when melt value surpasses face value, the mint goes at a loss. Anthony (SBA $1) launched this new idea.Īs we noted earlier, fluctuating precious metal prices can affect coinage because it costs the mint more money to make them. They only lasted until 1978 when the mint tried to boost the use of $1 coins by shrinking them down to 1″. But they weren’t released until 1971, due to various bureaucratic and political delays. Ike Dollars, named for Dwight Eisenhower (who was better known as Ike) were minted to honor his death in 1969. The 1977 Dollar was a Clad Ike, the second-last year of the series. So the $1 coin became more of a prestige item for collectors and investors.

The gold coins were small and easily lost, which was an issue since that was an entire day’s wage! And the silver coins were too bulky to lug around, especially since $1 bills aka silver certificates were so much more convenient. But interestingly, the $1 silver and gold coins never took root. This explains why early American money was gold and silver with a bit of copper thrown in. This could get tricky when the spot price of the metal changed, making its face value (the denomination) worth less than its melt value.

This transitioned to gemstones and standardized units of precious metals.Ī metal coin was worth its weight, so a $1 gold coin had $1 worth of molten gold. To ease the process, symbolic items like beads, shells, or special rocks were introduced. Or how many eggs got you an ounce of beer. But it wasn’t easy to decide – for example – how many cows were worth a barrel of oil. 1977 Dollar Coin Value Chartīefore the invention of money, people often bartered goods and services. Let’s look into the true 1977 Dollar Value. But this $1 coin didn’t leave the press until 1971. The coin also memorialized the Apollo 11 Moon Landing, which happened in 1969 as well. He was placed on the coin to honor his death in 1969. The 1977 Dollar coin was an Ike Dollar, named after Dwight Eisenhower, the 34 th President of the United States.

One dollar silver coin 1972 value