In the world of coin collecting, few coins command the fascination and staggering valuations like the 1796 Draped Bust Silver Dollar. A rare gem of early American numismatics, this coin recently made headlines when it fetched an astonishing $1,475,000 at auction. This historical piece not only reflects the artistry of early U.S. Mint craftsmanship but also tells a rich story of a young nation forging its identity. In this article, we delve deeply into the history, design, rarity, and valuation of the 1796 Draped Bust Silver Dollar.
The Historical Significance of the 1796 Draped Bust Silver Dollar
The 1796 Draped Bust Silver Dollar is a symbol of the United States’ early economic development and ambition. Following the Coinage Act of 1792, the U.S. Mint began producing silver dollars, starting with the Flowing Hair design. By 1795, the design transitioned to the more elegant Draped Bust, crafted by the renowned artist Gilbert Stuart.
The 1796 edition is notable for being among the earliest issues of this new design, showcasing the evolving artistic aspirations of the fledgling nation. This coin represents the second year of Draped Bust dollar production and is revered for its low mintage and distinct features.
Design Features of the 1796 Draped Bust Silver Dollar
The obverse (front) of the coin features a right-facing portrait of Lady Liberty, with flowing hair draped in cloth, surrounded by stars representing the original states of the union. The reverse depicts a small eagle perched within an olive wreath—an emblem of peace and unity.
Key Design Details:
- Obverse: Draped bust of Liberty, designed by Gilbert Stuart and engraved by Robert Scot.
- Reverse: Small eagle within an olive wreath, a hallmark of the early silver dollars.
- Composition: 89.24% silver, 10.76% copper.
- Diameter: Approximately 39-40 mm.
- Edge: Lettered with the inscription “HUNDRED CENTS ONE DOLLAR OR UNIT.”
The 1796 Draped Bust Silver Dollar is also known for variations in the number of stars on the obverse, making certain versions more desirable to collectors.
The Rarity and Mintage of the 1796 Draped Bust Dollar
The 1796 Draped Bust Silver Dollar is one of the rarest silver dollars ever minted by the U.S. Mint. Only approximately 79,920 pieces were struck, and far fewer have survived in collectible condition.
Adding to its rarity are the design variations:
- 15 Stars Variety: Represents the original 15 states (including Kentucky’s admission in 1792).
- 16 Stars Variety: A rare type acknowledging Tennessee’s admission, making it extremely sought after.
Surviving examples in mint state or near-mint state condition are exceedingly rare, contributing to its eye-popping auction prices.
Why Is the 1796 Draped Bust Dollar Worth $1,475,000?
The specific coin that fetched $1,475,000 was a superb specimen known for its exceptional preservation, rich patina, and strong historical context. Here’s why it reached such a high price:
1. Condition (Grade)
The coin was graded MS-66 (Mint State 66) by PCGS, meaning it is in near-perfect condition with no visible wear and sharp strike details. Coins from the 18th century in this state are exceptionally rare.
2. Provenance
The coin belonged to a prestigious private collection, adding to its desirability among collectors.
3. Historical Importance
The 1796 dollar represents a pivotal time in American history when the young republic was solidifying its financial system.
4. Rarity of Type and Die Variety
Being a rare variety with a specific star count, combined with its near-perfect condition, places it among the finest known examples.
5. Market Demand
High-end numismatics is a specialized market where ultra-rare coins regularly attract elite collectors and investors willing to pay premium prices.
The Allure of Early American Silver Dollars
Early American silver dollars, such as the 1796 Draped Bust, are considered masterpieces of American coinage. Collectors prize them for:
- Historical symbolism.
- Early minting artistry.
- Investment potential.
Owning such a coin is akin to holding a tangible piece of American history, which is why they often headline major auctions and command headlines.
Conclusion
The 1796 Draped Bust Silver Dollar is more than just a coin—it is a relic of a young nation striving to assert its place in the world. Its breathtaking design, historical significance, and extreme rarity have made it one of the most valuable and sought-after coins in numismatic history. With its recent auction price of $1,475,000, it continues to solidify its place as a crown jewel of American coinage, reminding collectors and historians alike of the artistry and ambition that marked the United States’ formative years.
