A Revolution in American Coinage
On a cold December morning in 1795, the first Draped Bust dollar coins slid down the delivery chutes at the Philadelphia Mint, landing with a distinctive ring that would echo through American numismatic history. Chief Engraver Robert Scot’s new design—reportedly based on a portrait of Philadelphia socialite Ann Willing Bingham—represented more than just a new coin; it marked America’s determination to establish its own distinctive currency worthy of a young republic finding its place in the world. These first Draped Bust dollars, struck just six years after George Washington’s inauguration, would become cornerstone pieces in American coin collecting.
Specifications
The 1795 Draped Bust dollar represented significant technical achievements for the fledgling U.S. Mint. Each silver dollar measured 39-40mm in diameter, somewhat larger than modern dollar coins. These early dollars weighed approximately 26.96 grams (416 grains) and contained .8924 fine silver (roughly 24.1 grams of pure silver), conforming to the Coinage Act of 1792.
The edge of these coins features a distinctive reed pattern known as “lettered edge” with the inscription “HUNDRED CENTS ONE DOLLAR OR UNIT” alongside decorative stars and other ornamental devices. The inscription was applied using a collar die before striking, making edge examination crucial for authentication.
Handling note: The silver content of Draped Bust dollars makes them particularly susceptible to environmental damage. Collectors should always handle these coins by their edges, wearing cotton gloves when possible, and avoid cleaning attempts that often prove disastrous for original surfaces.
Mintage & Mint Marks
The 1795 Draped Bust dollar represents the first year of this design, replacing the earlier Flowing Hair type. Only the Philadelphia Mint struck these coins, as branch mints hadn’t yet been established. According to U.S. Mint records, approximately 42,738 silver dollars were produced bearing the 1795 date. However, numismatic researchers like Q. David Bowers suggest the actual number of Draped Bust specimens is considerably smaller—perhaps 19,000 to 20,000—as the mint continued striking Flowing Hair dollars early in the year before transitioning to the new design.
This makes the 1795 Draped Bust dollar significantly scarcer than the total mintage figures initially suggest. Adding to their importance, these represent the only silver dollars produced during Washington’s presidency featuring the Draped Bust obverse combined with the Small Eagle reverse design.
Grading Standards & Diagnostic Traits
Grading early dollars requires considerable expertise due to their handcrafted nature and two centuries of potential wear. Here are key diagnostic features using the Sheldon Scale:
Good (G-4 to G-6): The major design elements remain visible but heavily worn. Liberty’s profile outline is present but most hair details are flattened. On the reverse, the eagle’s form is identifiable but with minimal feather detail.
Very Good (VG-8 to VG-10): Liberty’s facial features show slight definition, with some separation visible in hair strands. The eagle’s wing feathers show minimal separation, and letters in the legend remain complete though worn.
Fine (F-12 to F-15): Liberty’s major hair curls are distinct though flat in the centers. Moderate detail appears in the drapery folds. The eagle displays basic feather definition, and wreath details are partially visible.
Very Fine (VF-20 to VF-35): This represents a significant jump in preservation. Liberty’s hair curls show interior detail with minor highpoint wear. The eagle’s breast feathers show some separation, and wreath details are mostly distinct. VF specimens often display attractive cabinet toning that develops over decades of proper storage.
Extremely Fine (EF-40 to EF-45): All major design elements show sharp detail with only slight wear on the highest points. Liberty’s hair strands are individually defined with some luster possibly surviving in protected areas. The eagle’s feathers show clear separation, and star points remain sharp.
About Uncirculated (AU-50 to AU-58): Only trace wear appears on the highest points with significant mint luster still present in protected areas. High-point friction is minimal, primarily visible on Liberty’s cheek and the eagle’s breast.
Mint State (MS-60 to MS-65+): True uncirculated specimens show no wear, though quality of strike, luster, and surface preservation vary considerably. Due to primitive striking techniques, even MS examples often show weakness in central areas—this is not considered wear.
Authentication tip: Genuine coins frequently display adjustment marks—file marks made at the mint to correct weight before striking. These fine parallel lines are not damage but rather confirmation of authentic mint processes.
Value by Grade
The 1795 Draped Bust dollar’s value has shown remarkable appreciation over the decades, with specimens commanding significant premiums in all grades. Current market values based on PCGS Price Guide and recent Heritage Auction results:
| Grade | PCGS Retail Value | Recent Auction Ranges |
| G-4 | $2,500 – $3,000 | $2,400 – $3,250 |
| VG-8 | $3,750 – $4,000 | $3,600 – $4,500 |
| F-12 | $6,000 – $6,500 | $5,750 – $7,000 |
| VF-20 | $9,000 – $10,000 | $8,500 – $12,000 |
| EF-40 | $20,000 – $22,500 | $18,500 – $25,000 |
| AU-50 | $37,500 – $42,500 | $35,000 – $45,000 |
| MS-60 | $65,000 – $75,000 | $60,000 – $85,000 |
| MS-63 | $150,000 – $175,000 | $140,000 – $190,000 |
| MS-65 | $450,000+ (when available) | $400,000 – $550,000 |
Premium prices often apply to specimens with exceptional eye appeal, original surfaces, or attractive toning. In January 2023, a PCGS MS-65 example with CAC approval realized $705,000 at Heritage Auctions, demonstrating the exceptional ceiling for finest-known examples.
Varieties & Errors
The 1795 Draped Bust dollars feature several significant varieties that specialists actively pursue. Here are the most notable:
Bowers-Borckardt (BB) Varieties:
- BB-51, B-14, Three Leaves: Features three leaves under each of the eagle’s wings. This is the most common variety and serves as the reference standard.
- BB-52, B-15, Two Leaves: Shows only two leaves under each wing. This scarcer variety commands approximately 25-40% premium over the Three Leaves variety in comparable grades.
Off-Center Strikes: While rare, some specimens show 5-10% off-center striking, resulting from misalignment during the manual coining process. These errors typically command 40-75% premiums over perfectly centered examples.
Die Cracks and Clashes: Late die state examples often show significant die cracks across the fields or evidence of die clashing where the obverse and reverse designs impressed upon each other when struck without a planchet between them. These are collectible as they document the mint’s production challenges.
How to identify the Two Leaves variety: Examine the area under the eagle’s wings carefully. Two clearly defined leaves will be visible rather than three. This distinction is most easily observed on higher-grade specimens but can be determined even on well-worn examples with careful examination under proper lighting.
Authentication & Counterfeit Detection
Early silver dollars are frequently counterfeited, making authentication crucial. Here are key diagnostics for genuine specimens:
Weight and Specific Gravity: Genuine coins should weigh approximately 26.96 grams with minimal deviation. Silver content can be verified using specific gravity testing, with authentic coins measuring between 10.1-10.3.
Edge Lettering: The lettered edge should show characteristics of being applied before striking, with letterings occasionally showing slight distortion where the planchet metal expanded during striking. Cast counterfeits typically show seams or imperfect edge lettering.
Die Characteristics: All genuine 1795 Draped Bust dollars correspond to known die pairings documented in references like the Bowers-Borckardt encyclopedia. Study the placement of stars, lettering, date position, and distinctive die markers.
Microscopic Features: Under 10x magnification, genuine coins show flow lines in the metal—distinctive radial patterns created during striking. Modern counterfeits often lack these features or show evidence of casting pits.
Common Counterfeit Indicators:
- Improper weight or metallic composition
- Mushy or indistinct design details
- Incorrect font styles in lettering
- Evidence of removed mount points (counterfeits were often made into jewelry)
- Unnatural surface texture unlike coins struck with dies
When in doubt, seek professional authentication from PCGS, NGC, or ANACS, as these early dollars frequently command prices warranting expert verification.
Preservation Tips
Preserving these 225+ year-old artifacts requires special care:
Proper Housing: Store in inert, PVC-free holders designed for early dollars. For raw coins, use Intercept Shield technology holders or those with neutral pH environments.
Environmental Control: Maintain consistent temperature and humidity levels below 50% relative humidity. Avoid extremes that can promote corrosion or environmental damage.
Handling Protocol: Use cotton, powder-free nitrile, or lint-free cloth gloves. Always hold by edges, never by surfaces.
Surface Protection: Never clean, dip, or treat these coins. Even light wiping can remove original surfaces that developed over centuries. The natural patina often enhances both aesthetics and value.
Storage Location: Keep away from wood (which can emit damaging acids), chemical storage areas, and high-traffic locations with air pollutants.
Documentation: Maintain detailed records of provenance and condition, ideally with high-resolution photographs. This documentation proves invaluable for insurance, eventual sale, or estate planning.
Notable Auction Results
The most significant 1795 Draped Bust dollar sales in recent years include:
- January 2023, Heritage Auctions: PCGS MS-65 CAC, Pogue Collection pedigree – $705,000
- August 2021, Stack’s Bowers: PCGS MS-64+ CAC, Two Leaves variety – $384,000
- April 2019, Heritage Auctions: NGC MS-63, Ex-Eliasberg Collection – $192,000
- January 2020, Heritage Auctions: PCGS VF-35, exceptional original toning – $35,250
- September 2022, Heritage Auctions: PCGS F-15, Two Leaves variety – $16,800
These results demonstrate both the significant appreciation these coins have experienced and the premium commanded by exceptional specimens with notable provenance.
Collector Value & Outlook
The 1795 Draped Bust dollar occupies a position of particular importance within American numismatics. As the first year of a new design and one of the earliest silver dollars, these coins represent tangible connections to the nation’s founding era.
Market trends over the past three decades show consistent appreciation exceeding inflation, particularly for specimens in VF and better condition. Several factors support continued strength in this market:
- Finite Supply: With a surviving population estimated at fewer than 1,500 coins across all grades, demand consistently exceeds supply.
- Historical Significance: These coins circulated during Washington’s presidency and the formative years of the republic, giving them profound historical resonance.
- Portfolio Diversification: High-value tangible assets like early American coinage have increasingly attracted wealth preservation investors seeking alternatives to traditional financial instruments.
- Demographic Trends: As wealth transfers to younger generations, education about these early numismatic treasures ensures continued collector interest.
However, collectors should note potential market challenges:
- Authentication Concerns: As values rise, so do sophisticated counterfeiting attempts.
- Liquidity Considerations: While valuable, coins of this caliber typically require specialist auction venues for optimal realization.
- Condition Rarity: The supply of problem-free, original examples continues to diminish as coins are occasionally damaged or improperly conserved.
For collectors with the means to acquire these important early dollars, they represent both pleasure in ownership and a tangible store of value with strong prospects for continued appreciation.
Frequently Asked Questions
How can I tell if a 1795 dollar is from the Flowing Hair or Draped Bust design without seeing the obverse?
The reverse designs differ significantly. Flowing Hair dollars feature a small eagle within a wreath with detailed wing feathers, while the Small Eagle reverse on Draped Bust dollars shows the eagle perched on clouds with outstretched wings. The wreath arrangement also differs noticeably.
Are there any affordable entry points for collecting 1795 Draped Bust dollars?
While “affordable” is relative, specimens with identifiable problems (heavy wear, evidence of mounting, cleaning, or damage) often sell for 30-60% below problem-free examples of similar grade. These “details grade” coins provide ownership opportunities at lower price points while still offering historical significance.
What complementary pieces might enhance a 1795 Draped Bust dollar collection?
Consider acquiring contemporary half dollars (1795-1797) with similar designs, period copper coins, or historical artifacts from the Washington administration. These contextual pieces can create a more comprehensive collecting experience when a complete date run of early dollars isn’t feasible.
How should I approach insurance for high-value coins like the 1795 Draped Bust dollar?
Standard homeowner’s policies typically provide inadequate coverage. Specialized numismatic insurance through companies like Hugh Wood, Collectibles Insurance Services, or American Collectors Insurance offers appropriate coverage. Professional appraisals, high-quality photographs, and third-party certification are essential documentation for insurance purposes.
What resources should I consult before purchasing?
Essential references include “Early United States Dollars 1794-1803” by Q. David Bowers and Mark Borckardt, “The Encyclopedia of United States Silver Dollars” by John Bowers, and auction archives from Heritage Auctions, Stack’s Bowers, and other major houses. PCGS CoinFacts and NGC Coin Explorer provide valuable online references for die varieties and price history.