Draped Bust Dollar (1795 – 1804)

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Sell Draped Bust Dollar In Las Vegas & Henderson

The Draped Bust silver dollar was minted from 1795 to 1804. Like its predecessor, the Flowing Hair silver dollar, it had a weight of 26.96 grams and a diameter of 39 to 40 mm. It also contained approximately 90% silver and 10% copper, (the exact fineness being .8924 silver and .1076 copper). With respect to design, the front, or “obverse” shows Liberty with a ribbon in her hair and what is referred to as a draped bust, meaning a portion of the bust of the Liberty image depicts a dress with open collar that “drapes” the bust of the image. On the back of the coin or the “reverse”, there is what is referred to as a small eagle which distinguishes it from later dates in the series.

History

For a very short series, (just 10 years), there were several changes made to the design. In 1795 there was both a centered and an uncentered bust though there is little difference in the value of the coin for either distinction. In 1796 there are small dates and letters as well as large dates and letters appearing on the coin, again with little difference in value attributed to the distinction. In 1797 and part of 1798 there were differences in the way in which stars, representing the states, were placed on the obverse surrounding Liberty. Beginning in 1798, a major design change occurred. This time the entire reverse of the coin was changed with the small eagle being replaced by a larger eagle with a shield and clutching arrows in one talon and an olive branch in the other talon as well as a banner across the eagle with the words “e pluribus unum”. These changes were to remain a part of United States coinage through the present day. Additionally, thirteen stars were added to the reverse to represent the original thirteen colonies.

How Draped Bust Dollars Are Valued

The value for all coins in this series, with one notable exception, are fairly consistent ranging from about $1,000 for those in the poorest condition to multiple thousands of dollars for those in exceptional condition. Once again, coins that are ungraded will command lesser values than those authenticated, graded and encapsulated by a reputable third party grading service. The notable exception to the value of these coins is the 1804 Draped Bust silver dollar. This coin is one of the rarest and most desirable coins in all of coin collecting. While dated 1804, these coins were actually not minted until 1834 or 1835 and then only for presentation as proof sets. Additionally, there were very early restrikes made of the coin. There are only 8 known of the first minted proofs of the 1804 Draped Bust silver dollar with this coin commanding between 4 and 7 million dollars. In 2016, the finest known example garnered a bid at auction of $10 million dollars but did not meet the reserve for the auction and was not sold.

In Summary

Because of the tremendous interest in this coin, literally thousands of fakes have entered the market, especially of the 1804 silver dollar. What should you do if you find what you believe to be an authentic Draped Bust silver dollar and wish to sell it? Bring it in to our store for authentication. We will have our coin specialists examine the coin and provide a no obligation, free appraisal. If for any reason we are not completely certain of the authenticity of your coin or if you prefer another opinion, we will recommend a third party grading service. We will always offer you a fair price for your coin that is highly competitive if not the best price in town. Our purchase price offer will be based on the condition, rarity, quality and collector demand understanding that the price must also take into consideration a wholesale factor noting that we must resell the coin in order to maintain business.