The 1795 Draped Bust Silver Dollar, a cornerstone of early American coinage, has captivated collectors for centuries. In May 2016, a specimen graded SP66 by the Professional Coin Grading Service (PCGS) shattered previous records by selling for $1,057,500 at a Stack’s Bowers auction.
Historical Significance
Introduced in the fall of 1795, the Draped Bust design, crafted by Chief Engraver Robert Scot, replaced the earlier Flowing Hair motif. The obverse features Liberty with flowing hair tied by a ribbon, while the reverse showcases a small eagle encircled by a wreath. This design was a precursor to the later Heraldic Eagle reverse introduced in 1798.
Mintage and Rarity
The 1795 Draped Bust Silver Dollar had a modest mintage of 42,738 coins. Due to the era’s manual minting processes and the passage of time, only an estimated 4,000 specimens survive today, many exhibiting signs of wear or damage. This scarcity, especially in higher grades, significantly enhances the coin’s desirability among collectors.
Notable Varieties
Collectors identify two primary varieties of the 1795 Draped Bust Silver Dollar:
- Centered Bust: Liberty’s portrait is well-centered on the coin.
- Off-Center Bust: Liberty’s portrait is positioned slightly to the left.
Both varieties are equally valued across most grading thresholds, offering distinct opportunities for enthusiasts.
Record-Breaking Sale
The specimen that achieved the $1,057,500 record is distinguished by its exceptional preservation and the “Off-Center Bust” variety. Graded SP66 by PCGS, it stands as the finest known example of this variety, underscoring its historical and numismatic significance.
Factors Influencing Value
Several elements contribute to the substantial value of the 1795 Draped Bust Silver Dollar:
- Condition (Grade): Coins are graded on a scale from 1 to 70, with higher grades indicating better preservation. Uncirculated coins (grades 60 and above) are especially valuable.
- Variety: The “Off-Center Bust” and “Centered Bust” varieties offer unique attributes that can affect desirability.
- Historical Provenance: Coins with documented histories or previous ownership by notable collectors often command premium prices.
Market Valuation
The market value of the 1795 Draped Bust Silver Dollar varies based on its condition and variety. While most specimens range from $1,500 for a Good-4 grade to over $10,000 for Extremely Fine-40, uncirculated examples can exceed $55,000. The record-setting SP66 specimen highlights the potential for exceptional pieces to achieve seven-figure sums.
Comparison with Other Draped Bust Dollars
The 1795 Draped Bust Silver Dollar is among several notable issues in the series. For instance, the 1804 Draped Bust Dollar, known as the “King of American Coins,” has fetched over $7 million at auction, reflecting the series’ enduring appeal.
Investment Considerations
For potential investors and collectors:
- Authentication: Due to the coin’s popularity, counterfeits exist. Ensure coins are authenticated by reputable grading services.
- Market Trends: Monitor the numismatic market for trends affecting coin values.
- Storage: Proper storage is essential to maintain the coin’s condition and value. Use protective holders and store in a climate-controlled environment.
The 1795 Draped Bust Silver Dollar is not merely a piece of currency but a significant artifact of American history. Its limited mintage, coupled with the historical context of its production, renders it a prized possession for collectors and a valuable investment for numismatists.
FAQs
What distinguishes the “Off-Center Bust” variety of the 1795 Draped Bust Silver Dollar?
In this variety, Liberty’s portrait is positioned slightly to the left, differing from the well-centered depiction in the “Centered Bust” variety.
Why is the 1795 Draped Bust Silver Dollar significant in U.S. coinage history?
It marks the transition from the Flowing Hair design to the Draped Bust motif, reflecting evolving artistic preferences in early American coinage.
How can I verify the authenticity of a 1795 Draped Bust Silver Dollar?
Consult reputable grading services like PCGS or NGC for authentication and grading.
What factors most influence the value of a 1795 Draped Bust Silver Dollar?
Condition, variety, historical provenance, and market demand are key determinants of the coin’s value.
Are there other Draped Bust Silver Dollars that have achieved high auction prices?
Yes, notably the 1804 Draped Bust Dollar, which has sold for over $7 million, underscoring the series’ allure among collectors.
