 Some Peace dollars using a base metal composition were struck as experimental pieces in 1970 in anticipation of the approval of the Eisenhower dollar ; they are all presumed destroyed . This new dollar coin was approved by an act signed by President Richard Nixon on December 31 , 1970 , with the obverse to depict President Dwight D. Eisenhower , who had died in March , 1969 . Circulating Eisenhower dollars contained no precious metal , though some for collectors were struck in 40 % silver . 
