This particular coin is a commemorative silver dollar issued by the United States Mint in 1987 to celebrate the bicentennial of the United States Constitution. It features Adolph A. Weinman’s iconic Walking Liberty design, originally used on the half dollar from 1916 to 1947. This design depicts Liberty striding towards the dawn, carrying laurel and oak branches, symbolizing civil and military honors.
Its significance lies in its historical connection to the Constitution’s anniversary and its silver content, which contributes to its intrinsic value beyond its face value of one dollar. The coin serves as a tangible reminder of the foundational document of the United States and is often sought after by collectors for its design, historical importance, and precious metal content. It represents a specific instance within a broader category of commemorative coins issued by the U.S. Mint.
The following sections will delve into the mintage figures, grading factors that influence its value, market value trends, and tips for collecting and preserving this numismatic item.
1. Silver content (0.77344 troy oz)
The silver content of the 1987 commemorative silver dollar, specifically its .77344 troy ounces of pure silver, is a crucial element in determining the coin’s inherent value and its appeal to collectors and investors. This weight represents the actual amount of silver contained within the coin, excluding any other metals.
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Intrinsic Value Foundation
The silver content provides a baseline for the coin’s value. It ensures that the coin maintains a certain worth directly tied to the fluctuating price of silver in the global market. Even if the numismatic demand were to decrease, the inherent silver value would provide a safety net, preventing the coin’s value from plummeting entirely. Investors often use this base value when determining whether the coin represents a sound investment opportunity.
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Composition and Purity
While the coin contains .77344 troy ounces of pure silver, it is not made of pure silver. It is comprised of 90% silver and 10% copper, known as “coin silver”. This alloy was traditionally used for coinage due to its durability and resistance to wear, compared to pure silver which is softer. Understanding the 90/10 composition is crucial when calculating melt value versus numismatic value.
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Market Fluctuation Influence
The market value of the commemorative silver dollar is influenced by changes in silver prices. When silver prices rise, the intrinsic value of the coin also increases, which can lead to a corresponding increase in its market value. Conversely, a drop in silver prices may lead to a decline in the coin’s value. This direct relationship creates a dynamic interaction between the precious metal market and the numismatic market.
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Investor and Collector Appeal
The silver content adds an extra layer of appeal for both investors and collectors. For investors, it represents a tangible asset that can be held and traded. For collectors, it enhances the coin’s intrinsic value and ensures that it will always have some worth, regardless of its numismatic value. The combination of historical significance and precious metal content makes it an attractive asset.
In conclusion, the .77344 troy ounces of silver within the 1987 commemorative silver dollar provides a tangible and measurable component contributing to its value. It serves as a base value dependent on silver prices, and contributes both to investor and collector appeal, making it a key characteristic of this particular commemorative coin.
2. Commemorative purpose
The defining feature of the 1987 silver dollar is its commemorative purpose: to honor the bicentennial of the United States Constitution. This intent dictates not only the coin’s design but also its production and distribution. The legislation authorizing its minting specifically tied its existence to this historical milestone, making it distinct from regular circulating coinage. Without this commemorative mandate, the coin would not exist in its current form, highlighting the fundamental role of purpose in its creation.
The commemorative purpose directly influences the coin’s design elements. The Walking Liberty design, borrowed from the earlier half dollar, represents the concept of freedom enshrined in the Constitution. The inclusion of “200th Anniversary of the Constitution” on the coin reinforces this connection. Proceeds from the coin’s sale were directed toward projects supporting the celebration of the Constitution’s bicentennial. For example, funds went to educational programs and historical preservation efforts, illustrating a direct application of the commemorative intention.
Understanding the commemorative purpose is crucial for collectors and historians. It provides context for the coin’s creation and its place within U.S. numismatic history. While the silver content provides intrinsic value, the commemorative aspect contributes to the coin’s collectibility and historical significance. Recognizing this connection allows for a more nuanced appreciation of the coin, moving beyond simple valuation to understanding its cultural and historical importance. Challenges may arise in quantifying the “value” of the commemorative aspect, but its undeniable influence on the coin’s existence makes it a core component of its overall worth.
3. Adolph A. Weinman’s design
Adolph A. Weinman’s iconic Walking Liberty design, originally created for the half dollar in 1916, is the central artistic element of the 1987 commemorative silver dollar. Its selection for this coin directly connects the celebration of the Constitution’s bicentennial with a powerful symbol of American freedom and progress.
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Symbolism and Representation
Weinman’s design features Liberty striding towards the dawn, carrying branches of laurel and oak. These elements symbolize civil and military honors, respectively. The rising sun represents a new era and the pursuit of a brighter future, aligning with the aspirational ideals embedded in the Constitution. Its use on the 1987 dollar reinforces the enduring values of freedom and progress represented by the Constitution.
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Artistic Merit and Recognition
Weinman’s design is widely regarded as one of the most beautiful and iconic designs in American coinage. Its elegance and dynamism have been praised by numismatists and art historians alike. The decision to reuse this design for the 1987 commemorative dollar reflects a desire to connect the anniversary of the Constitution with a widely respected and recognizable symbol of American artistry.
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Historical Context and Continuity
By repurposing the Walking Liberty design, the 1987 dollar establishes a link to earlier periods in American history. The original half dollar circulated during significant events, including World War I and the interwar period. Its reappearance on the commemorative dollar creates a sense of historical continuity, suggesting that the values represented by the Constitution are timeless and enduring.
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Impact on Collectibility and Value
The presence of Weinman’s design undoubtedly enhances the collectibility and value of the 1987 silver dollar. Its artistic merit and historical significance make it a sought-after item among collectors. The design’s widespread recognition and positive association with American values contribute to its enduring appeal in the numismatic market. Collectors specifically look for well-struck examples where the details of Weinman’s design are sharply defined.
In conclusion, Adolph A. Weinman’s Walking Liberty design is more than just an aesthetic element on the 1987 silver dollar. It serves as a powerful symbol of American values, connects the coin to a rich historical tradition, and enhances its appeal to collectors. The decision to utilize this design was a conscious choice to link the commemoration of the Constitution with a widely recognized and respected representation of American freedom and progress.
4. United States Mint issue
The “United States Mint issue” aspect is fundamental to the existence and value of the 1987 commemorative silver dollar. The U.S. Mint’s involvement dictates the coin’s legality, design adherence, production standards, and distribution channels, effectively defining its place within American numismatics.
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Legal Tender Status and Authorization
The U.S. Mint’s official sanction grants the coin legal tender status, although its face value of one dollar is significantly less than its intrinsic and collector value. The coin’s issuance was specifically authorized by an Act of Congress, demonstrating the legislative backing necessary for its production. Without this authorization and the Mint’s subsequent actions, the coin would be an illegal counterfeit.
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Design Control and Production Standards
The U.S. Mint exercises complete control over the coin’s design, ensuring adherence to legal requirements and artistic considerations. The Mint’s engravers are responsible for creating the dies used to strike the coins, maintaining consistency and quality across the entire production run. Strict production standards are enforced to ensure that each coin meets specific weight, diameter, and metal composition specifications.
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Distribution and Marketing Channels
The U.S. Mint manages the initial distribution of the commemorative silver dollar, often through direct sales to collectors and the general public. The Mint’s marketing efforts play a crucial role in promoting the coin and generating demand. Premium pricing is often employed, reflecting the coin’s silver content and commemorative status, with a portion of the proceeds sometimes earmarked for specific causes related to the coin’s theme.
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Impact on Authenticity and Grading
The U.S. Mint’s involvement provides assurance of the coin’s authenticity, making it easier to distinguish genuine examples from counterfeits. Third-party grading services rely on the Mint’s production standards to assess a coin’s condition and assign a grade. The Mint’s historical records provide valuable information about mintage figures and variations, which are essential for determining a coin’s rarity and value.
The U.S. Mint’s role extends beyond simple production; it encompasses legal authorization, design control, quality assurance, and distribution. These factors, inextricably linked to the 1987 commemorative silver dollar, significantly influence its value, collectibility, and place in numismatic history. Without the Mint’s involvement, the coin would not exist as a legally recognized and valuable artifact.
5. Bicentennial of Constitution
The bicentennial of the United States Constitution in 1987 served as the impetus for the creation and issuance of a commemorative silver dollar. This anniversary, marking two centuries since the document’s ratification, provided a significant historical context for the coin, directly influencing its design and purpose.
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Commemorative Intent and Design
The bicentennial directly dictated the coin’s commemorative intent. Unlike standard circulating coinage, this silver dollar was specifically produced to honor the Constitution’s 200th anniversary. The choice to utilize Adolph A. Weinman’s Walking Liberty design, though not explicitly tied to the Constitution in its original conception, was intended to evoke themes of freedom and progress, aligning with the values enshrined in the foundational document. The inscription “200th Anniversary of the Constitution” on the coin further underscores this commemorative connection. Example: The coin serves as a tangible artifact of a national celebration, solidifying the anniversarys importance.
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Legislative Authorization and Proceeds
The production of the 1987 silver dollar required an Act of Congress authorizing its minting. This legislative action was directly tied to the bicentennial, demonstrating the government’s commitment to commemorating the event. Furthermore, a portion of the proceeds from the coin’s sale was often designated to support activities and programs related to the Constitution’s bicentennial celebrations. Example: The funds helped support educational initiatives and historical preservation projects connected to the Constitution, directly linking sales to civic action.
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Historical Context and Collector Appeal
The bicentennial provides a crucial historical context for understanding the coin’s significance. Collectors are drawn to the coin not only for its silver content and design but also for its connection to a pivotal moment in American history. The coin serves as a tangible reminder of the principles and values embodied in the Constitution. Example: Knowing the historical backdrop enhances the coin’s value, making it more desirable to numismatists interested in American history.
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National Identity and Civic Engagement
The issuance of the commemorative silver dollar aimed to promote national identity and encourage civic engagement related to the Constitution. By circulating a tangible symbol of the document’s importance, the government sought to raise awareness and foster a deeper understanding of the Constitution’s role in American society. Example: The coin acted as a catalyst for discussions about constitutional principles, fostering a greater appreciation of American governance.
These interconnected elements demonstrate how the bicentennial of the Constitution served as a central catalyst for the creation, design, and purpose of the 1987 Walking Liberty silver dollar. The coin is not merely a numismatic item; it is a physical embodiment of a significant historical event, representing a concerted effort to commemorate and celebrate the foundational principles of the United States.
6. Mintage figures
The mintage figures for the 1987 commemorative silver dollar directly influence its scarcity and, consequently, its value within the numismatic market. The United States Mint produced these coins in both proof and uncirculated versions, each with distinct mintage numbers. The specific number of coins struck for each version creates a foundational element for determining its relative rarity and desirability among collectors.
For instance, if one version of the coin has a significantly lower mintage than the other, it is generally considered more scarce and commands a higher premium. Collectors meticulously track these figures, using them as a primary criterion when evaluating the potential investment value or historical significance of a particular coin. Real-world examples demonstrate this principle; a lower mintage proof version, especially one with documented certification of its condition, will consistently fetch a higher price at auction than a higher mintage uncirculated version. Therefore, comprehending the mintage quantities is critical for anyone involved in the buying, selling, or collecting of these commemorative dollars. This factor interacts with other aspects, like condition and market trends, to define overall value, but mintage provides a crucial starting point for assessing potential.
In summary, the mintage figures are integral to assessing the 1987 commemorative silver dollar. They directly influence the coin’s perceived scarcity, impacting its market value and collector appeal. Understanding these figures is essential for both seasoned numismatists and those new to coin collecting. While condition and market demand also play significant roles, mintage figures provide a fundamental benchmark for evaluating the potential worth of this historical piece. Challenges may arise in accurately interpreting historical records, but the mintage numbers remain a cornerstone of any valuation analysis.
7. Grade & condition
Grade and condition are paramount determinants of value for the 1987 Walking Liberty silver dollar. As a collectible item, its preservation state directly correlates with its desirability among numismatists and, subsequently, its market price. Minor imperfections can significantly reduce its worth, underscoring the importance of careful evaluation.
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Impact of Mint State Grades (MS60-MS70)
Uncirculated coins, graded within the Mint State range, represent the highest echelon of preservation. A coin graded MS70 exhibits virtually no imperfections even under magnification, commanding a substantial premium. Lower Mint State grades, such as MS63 or MS65, may exhibit minor contact marks or slight luster deficiencies, resulting in a lower, though still significant, value. Example: An MS70 1987 silver dollar might fetch several times the price of an MS63 example due to its superior condition.
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Effects of Wear on Circulated Grades (AG-AU)
Coins that have entered circulation exhibit varying degrees of wear. Grades range from About Good (AG), where the design is barely discernible, to About Uncirculated (AU), showing minimal wear. Circulated examples possess diminished value compared to their uncirculated counterparts, with lower grades incurring substantial price reductions. Example: A coin graded AG might only be worth its silver melt value, while an AU example could still retain some numismatic premium.
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Significance of Eye Appeal and Luster
Beyond technical grading, eye appeal plays a critical role. A coin with vibrant luster and attractive toning can be more desirable, even within the same grade, than a dull or unattractive example. Eye appeal is subjective but significantly influences collector demand. Example: Two coins graded MS65 might have different market values based on their luster and surface appearance.
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Importance of Third-Party Grading Services (PCGS, NGC)
Independent grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) provide impartial assessments of a coin’s grade and authenticity. These services encapsulate graded coins in protective holders, ensuring their long-term preservation and providing confidence to buyers. Certified coins generally command higher prices due to the assurance of their grade and authenticity. Example: A PCGS-graded MS67 1987 silver dollar would likely sell for more than a raw (ungraded) coin purported to be in similar condition.
In summary, grade and condition are pivotal factors in determining the value of the 1987 Walking Liberty silver dollar. Mint State examples, particularly those graded by reputable third-party services, represent the most desirable and valuable specimens. Conversely, circulated coins with significant wear possess diminished value, often approaching their intrinsic silver melt value. The interplay of technical grading, eye appeal, and certification significantly impacts the coin’s market price and collectibility.
8. Market value fluctuations
The market value of the 1987 commemorative silver dollar is subject to fluctuations influenced by several interconnected factors. These fluctuations reflect the complex interplay between the coin’s intrinsic silver value, its numismatic appeal, and broader economic trends. Understanding these dynamics is crucial for collectors and investors seeking to navigate the market effectively. The price of silver itself directly impacts the coin’s baseline value, with increases in silver prices generally leading to corresponding increases in the coin’s market value. Numismatic demand, driven by collector interest, rarity assessments, and the overall condition of available coins, adds another layer of variability. Economic indicators, such as inflation rates and investor confidence, can also indirectly influence market values, as precious metals are often seen as safe-haven assets during times of economic uncertainty. For example, during periods of high inflation, demand for silver coins may increase, driving up prices beyond their intrinsic value.
Real-world examples illustrate the practical significance of understanding these market dynamics. The 1987 silver dollar’s value experienced significant upticks in the late 2000s and early 2010s, mirroring surges in silver prices during the global financial crisis. However, as silver prices subsequently stabilized, the coin’s market value also moderated. Furthermore, heightened interest surrounding specific grades or certified examples can create temporary price spikes, highlighting the importance of monitoring auction results and collector forums. The practical application of this understanding extends to informed buying and selling decisions, risk management, and the strategic development of coin collections. For example, collectors might choose to acquire coins during periods of market downturn or focus on acquiring undervalued examples based on their condition and rarity.
In summary, market value fluctuations are an inherent characteristic of the 1987 commemorative silver dollar, driven by a confluence of economic, precious metal, and numismatic factors. While these fluctuations can present challenges in predicting short-term price movements, a comprehensive understanding of the underlying drivers enables collectors and investors to make more informed decisions. The interplay between intrinsic value, collector demand, and broader economic trends underscores the need for ongoing monitoring and analysis of market conditions. The inherent value of silver content and the historic ties may buffer against drastic changes, offering value in the long term.
9. Collector demand
Collector demand exerts a significant influence on the value and market dynamics of the 1987 Walking Liberty silver dollar. The degree to which numismatists seek this particular coin directly impacts its scarcity in the marketplace and, consequently, the prices it commands. Increased demand, driven by factors such as historical interest, design appreciation, or perceived investment potential, tightens supply and elevates value. Conversely, a decline in collector interest can lead to a surplus of available coins and a corresponding reduction in market prices. The intrinsic characteristics of the silver dollar, such as its silver content and historical significance, create a base level of demand, but fluctuations above this level are largely governed by prevailing collector sentiment. A surge in popularity of constitutional bicentennial memorabilia, for instance, would likely drive up demand for the 1987 coin.
The practical significance of understanding collector demand is multifaceted. Dealers and investors closely monitor market trends and auction results to gauge the level of interest in the 1987 silver dollar. This information informs their buying and selling strategies, allowing them to capitalize on periods of high demand and avoid periods of low interest. Collectors themselves benefit from this understanding by making more informed purchasing decisions. For instance, knowing that certified examples of the coin in high grades are particularly sought after might encourage them to prioritize these specimens. Furthermore, the interplay between collector demand and coin availability can create opportunities for profit. Discovering a previously overlooked variety or error coin, and successfully promoting its rarity to the collector community, can substantially increase its value.
In summary, collector demand is a critical component in the valuation and market behavior of the 1987 Walking Liberty silver dollar. Its effects on scarcity, pricing, and investment opportunities are undeniable. While accurately predicting future demand can be challenging, a thorough understanding of numismatic trends, historical context, and collector preferences is essential for navigating the market successfully. External factors, such as media coverage of the Constitution or changes in economic conditions, can also impact collector behavior, highlighting the need for continuous monitoring and analysis. The coin’s long-term value is intertwined with a stable and active collector base that appreciates its historical and artistic merit.
Frequently Asked Questions
This section addresses common inquiries regarding the 1987 commemorative silver dollar, providing concise answers to frequently asked questions.
Question 1: What distinguishes the 1987 commemorative silver dollar from regular circulating silver dollars?
The 1987 issue is a commemorative coin, specifically produced to honor the bicentennial of the United States Constitution. Regular circulating silver dollars were not minted in 1987. This commemorative coin features a design distinct from typical circulating coinage and was sold at a premium.
Question 2: What is the silver content of the 1987 commemorative silver dollar?
The 1987 commemorative silver dollar contains 0.77344 troy ounces of silver. It is composed of 90% silver and 10% copper, an alloy commonly used in coinage for durability.
Question 3: How does the grade of a 1987 commemorative silver dollar impact its value?
The grade significantly influences the coin’s value. Uncirculated coins in Mint State (MS) grades command higher prices than circulated coins. Coins graded by reputable third-party services, such as PCGS or NGC, typically fetch a premium due to the assurance of their condition.
Question 4: What factors contribute to fluctuations in the market value of the 1987 commemorative silver dollar?
Market value is influenced by silver prices, numismatic demand, economic conditions, and the coin’s grade and condition. Increases in silver prices or heightened collector interest can drive up the coin’s value, while economic downturns or a decline in demand may lead to price decreases.
Question 5: Are there any specific varieties or errors associated with the 1987 commemorative silver dollar that collectors should be aware of?
While no widely recognized major errors are commonly associated with this issue, collectors should always examine coins for minor die variations or striking anomalies. Any coin exhibiting unusual characteristics should be evaluated by a numismatic expert.
Question 6: How should the 1987 commemorative silver dollar be stored to maintain its condition?
To preserve its condition, the coin should be stored in a protective holder, such as a coin capsule or an archival-quality flip. Avoid handling the coin directly, and store it in a cool, dry place away from direct sunlight and humidity.
Understanding these key aspects of the 1987 Walking Liberty silver dollar can aid in making informed decisions regarding its acquisition, preservation, and potential value.
The following section will provide resources for further research and exploration of the topic.
Tips for Collectors of 1987 Walking Liberty Silver Dollars
This section offers guidance to collectors seeking to acquire, preserve, or enhance their holdings of the 1987 commemorative silver dollar. Adherence to these principles may assist in maximizing the value and enjoyment derived from collecting.
Tip 1: Prioritize Certified Examples. Acquire coins graded and encapsulated by reputable third-party services such as PCGS or NGC. Certification provides assurance of authenticity and grade, enhancing long-term value and liquidity.
Tip 2: Scrutinize for Eye Appeal. Beyond technical grading, assess the coin’s luster and surface quality. A coin with vibrant luster and minimal imperfections commands a premium, even within the same numerical grade.
Tip 3: Monitor Auction Results. Track auction prices realized for comparable coins to gauge market trends and identify potential buying opportunities. Auction data provides valuable insights into current valuations and demand.
Tip 4: Research Mintage Figures. Understand the mintage numbers for both the proof and uncirculated versions of the 1987 silver dollar. Lower mintage figures often correlate with increased scarcity and higher value.
Tip 5: Implement Proper Storage. Store coins in protective holders designed for long-term preservation. Avoid exposure to humidity, extreme temperatures, and direct sunlight, which can accelerate deterioration.
Tip 6: Understand Silver Market Dynamics. Track fluctuations in silver prices, as these directly impact the intrinsic value of the coin. Consider acquiring coins during periods of silver market downturns.
Tip 7: Consider the Complete Set. If possible, seek to acquire both the proof and uncirculated versions to complete a set. Completing a set enhances its collectibility and potential value.
Adherence to these guidelines can facilitate informed acquisition decisions and contribute to the long-term preservation of the 1987 Walking Liberty silver dollar.
The subsequent section will offer concluding remarks regarding the significance and enduring appeal of this particular commemorative coin.
Conclusion
The preceding exploration of the 1987 Walking Liberty silver dollar has underscored its multifaceted significance. As a commemorative issue, it serves as a tangible representation of the United States Constitution’s bicentennial. Its silver content provides an intrinsic value foundation, while Adolph A. Weinman’s design contributes artistic merit and historical continuity. Mintage figures, grade, market fluctuations, and collector demand all interact to determine its overall worth within the numismatic landscape.
The ongoing interest in this specific commemorative coin highlights the enduring appeal of American numismatic history and the significance of the Constitution. Continued study and informed collecting practices are vital to preserving its legacy for future generations. Further research into specific mintage variations, market trends, and historical documents surrounding the coin’s creation is encouraged to foster a deeper appreciation for its place within the American narrative.
