1987 Constitution Bicentennial Coins

Gwillhickers / Wikimedia Commons (Public domain)

To mark 200 years since the signing of the U.S. Constitution, the Mint issued a silver dollar and a gold $5 half eagle in 1987 — each in proof and uncirculated finishes. High mintages keep prices friendly, but original packaging and top grades still carry premiums.

History

The Bicentennial of the Constitution Coins and Medals Act (Public Law 99–582), signed in 1986, authorized the Mint to strike two commemorative coins for the 200th anniversary of the signing of the Constitution: a silver dollar and a gold half eagle ($5), each available in both proof and uncirculated finishes (Wikipedia). The program followed the previous year’s Statue of Liberty centennial issues and continued the Mint’s 1980s revival of commemorative coinage — including its deliberate move to bring outside artists into coin design.

The silver dollar was designed by Patricia L. Verani, a New Hampshire artist chosen through open competition: the obverse shows a sheaf of parchments with a quill pen and the words “WE THE PEOPLE,” while the reverse portrays a cross-section of Americans from various periods of history (Wikipedia; GreatCollections). The gold half eagle was designed by Marcel Jovine: the obverse features a modernistic, highly stylized eagle gripping a massive quill pen, and the reverse a large quill pen with “WE THE PEOPLE” — flanked by nine stars for the first states to ratify the Constitution and four for the remaining original states (Wikipedia; Littleton Coin Company).

What is it worth

These are high-mintage modern commemoratives, so prices stay close to bullion plus a modest premium. Proof silver dollars recently sold on eBay in the roughly $35–$65 range in original government packaging, while a proof gold $5 changed hands around $1,075 — most of that being its quarter-ounce of gold (PriceCharting). Uncirculated examples trade a bit lower than proofs. Graded PR69/PR70 Deep Cameo pieces and complete two- and four-coin sets in the original navy-blue display boxes add a collector premium.

Precise price-guide ranges were not documented in the consulted references — compare live listings in the Market check below.

What drives the premium

For the silver dollar, condition and completeness: gem proof grades with deep-cameo contrast, and intact original government packaging with the certificate of authenticity. For the gold $5, the gold content is the floor — the coin contains 0.2418 oz of gold, so its value tracks the gold price first and its numismatic premium second (GreatCollections). Low-population top grades (PR70/MS70) are the exception that can command real multiples.

How to identify the valuable variety

There are no rare varieties to chase here — the play is finish, mint, and condition. Proof silver dollars carry the S mintmark and were struck at San Francisco; uncirculated silver dollars were struck at Philadelphia (Arnold Coin). Gold $5 pieces were struck at West Point: proofs are the 1987-W, with a proof mintage of 651,659 versus 214,225 uncirculated (GreatCollections). Always check that the original box, capsule, and COA are present and matching before paying a packaging premium.

Specifications

Silver dollar: 26.73 grams, 38.1 mm, 90% silver / 10% copper (0.7736 oz of silver), reeded edge. Mintages: 451,629 uncirculated (Philadelphia), 2,747,116 proof (San Francisco) (Arnold Coin; GreatCollections). Gold $5 half eagle: 8.359 grams, 21.6 mm, 90% gold / 10% copper (0.2418 oz actual gold weight), reeded edge. Mintages: 214,225 uncirculated, 651,659 proof — both struck at West Point (GreatCollections).

Collector notes

The Mint sold these individually and in two-coin and four-coin sets, so matched sets in the navy-blue display boxes are common and popular gifts (Wikipedia; GreatCollections). Because mintages were large, these are an affordable entry into modern commemoratives — buy the best grade and the most complete packaging your budget allows, and let the gold piece ride the gold market. The silver dollar’s “We the People” obverse makes it one of the most recognizable modern commemorative designs.

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