Draped Bust dollar

Draped Bust dollar. The Draped Bust dollar was the second silver dollar design struck by the United States Mint, succeeding the Flowing Hair dollar. Authorized by the Coinage Act of 1792, this iconic coin was minted from 1795 to 1804, though the final year's mintage was not released into circulation. Its elegant design, featuring a portrait of Liberty by Robert Scot, represents a pivotal era in early American federal coinage.

Design and specifications

The obverse of the coin features a right-facing bust of Liberty, her hair tied with a ribbon and draped with a cloth, giving the series its name. This portrait was likely inspired by a drawing by artist Gilbert Stuart and engraved by United States Mint Chief Engraver Robert Scot. The reverse initially featured a small, naturalistic Bald eagle within a simple wreath, a design known as the "small eagle." In 1798, this was replaced by the more imposing "heraldic eagle" reverse, depicting a larger eagle with a shield on its breast, clutching olive branches and arrows, and surrounded by clouds and stars. The coin's edge bears the incuse lettering "HUNDRED CENTS ONE DOLLAR OR UNIT," as mandated by the Coinage Act of 1792. With a composition of 89.24% Silver and 10.76% Copper, it conformed to the standard set by the Spanish dollar.

History and production

Production of the Draped Bust dollar began at the Philadelphia Mint in late 1795, replacing the less popular Flowing Hair dollar. Mint Director Henry William de Saussure advocated for a more dignified design to represent the young nation. The coin's production was sporadic, heavily influenced by the availability of Silver bullion, often obtained from deposits by bankers or merchants. Major silver deposits from the Louisiana Purchase did not materialize during this period, leading to inconsistent mintages. Official coinage ceased after 1803, but a small number were struck in 1804 using dies dated 1803. The famous "1804 dollars" were actually struck decades later, around 1834, for inclusion in diplomatic proof sets intended for rulers in Asia like the Sultan of Muscat and the King of Siam.

Varieties and mint marks

All Draped Bust dollars were struck at the Philadelphia Mint and therefore carry no mint mark. Collectors identify numerous varieties primarily through differences in the obverse star count, reverse design, and die states. The early years (1795-1798) feature the "small eagle" reverse, with key varieties including the 1795 with a "three leaves" or "two leaves" design under the eagle's wing. The 1798 issue marks the transition year, with coins struck with both the small and large "heraldic eagle" reverses. For the heraldic eagle type (1798-1804), varieties are classified by the number of obverse stars (15 or 13), the arrangement of clouds above the eagle, and the presence of a "knob" on the arrowheads. The 1799 is the most common date, while the 1795 small eagle and any 1804 dollar are among the rarest.

Collecting and value

Draped Bust dollars are highly prized by numismatists and represent a cornerstone of early American coin collecting. Their value is exceptionally high, influenced by date, variety, and condition, with well-preserved specimens often commanding six or seven-figure prices at auctions by firms like Stack's Bowers or Heritage Auctions. The legendary "King of American Coins" is the 1804 dollar, with only 15 known specimens, such as the one originally presented to the Sultan of Muscat. Even more common dates like the 1799 are significant investments in lower grades. Authentication and grading by the Professional Coin Grading Service or the Numismatic Guaranty Company are essential for the market. The series is prominently featured in major collections, including the Smithsonian Institution and the American Numismatic Association's Edward C. Rochette Money Museum.

Category:Coins of the United States Category:Dollar coins of the United States Category:1795 introductions