The Birth of a Nation’s Small Silver
As Thomas Jefferson settled into his role as Secretary of State and John Adams served as Vice President, workers at the fledgling Philadelphia Mint prepared to strike America’s very first dimes. The year was 1796, and a new coin was about to make its modest debut—not with fanfare, but with the quiet significance that only time would reveal. When Mint Director Elias Boudinot authorized production of these small silver pieces, little did he know that the approximately 22,135 dimes struck that year would one day become among the most coveted American coins ever produced.
For collectors today, holding a 1796 Draped Bust dime means cradling a genuine artifact from the Washington administration—a tangible connection to the earliest days of the American republic. This isn’t merely a coin; it’s the first year of the first dime design in American history.
Specifications
The 1796 Draped Bust dime represents American coinage in its infancy, with specifications reflecting the Coinage Act of 1792’s careful balance between intrinsic and face value.
Each coin measures 19-19.8mm in diameter, notably smaller than modern dimes (17.9mm), with weights varying between 2.67-2.70 grams. The composition is 89.24% silver and 10.76% copper, giving the coins a distinctive light gray appearance that darkens gracefully with age. This early silver alloy is slightly more robust than sterling silver but remains susceptible to wear at high points.
The edge features fine reeding with approximately 75-80 reeds, though counting can be difficult on worn specimens. Denticles (tiny bumps) encircle both obverse and reverse designs, creating a frame-like border that, when well-preserved, helps experts authenticate genuine examples.
These early dimes were struck on screw presses, resulting in occasional planchet imperfections and strike weaknesses—particularly at centers—that collectors should not mistake for damage. When examining these coins, use gentle handling with cotton gloves, as skin oils can damage unprotected silver surfaces over time.
Mintage & Mint Marks
The production of 1796 Draped Bust dimes was modest by modern standards but substantial for the early Mint. According to Mint records studied by numismatic researcher R.W. Julian, approximately 22,135 dimes were struck in 1796, all at the Philadelphia Mint, as branch mints would not be established until decades later. Consequently, these coins bear no mint marks.
The 1796 dimes were struck in a single production run during the latter part of the year, likely between April and July. This limited mintage makes them significantly scarcer than modern coins, with survival estimates suggesting fewer than 1,000 examples exist across all grades today, according to PCGS Population Reports.
Two major varieties exist for the 1796 Draped Bust dime:
- 1796 Draped Bust, Small Eagle Reverse (PCGS #4461) – All genuine 1796 dimes feature this design.
- 1797 dated coins with the same design – Often collected alongside 1796 examples as part of the same short-lived type.
Interestingly, documentary evidence from the Philadelphia Mint suggests that at least some 1796-dated dimes may have actually been struck in early 1797, a common practice in early U.S. coinage when dies were used until they wore out, regardless of the calendar year.
Grading Standards & Diagnostic Traits
Grading early dimes like the 1796 Draped Bust requires a nuanced understanding of strike characteristics and expected wear patterns. These coins experienced significant circulation, making high-grade examples extraordinarily rare.
Key Grading Points by Grade Range:
Good-4 to Very Good-8: The design remains outlined but heavily worn. On Liberty, the hair details are flattened with only major curls visible. The word LIBERTY may be partially legible. On the reverse, the eagle’s wing feathers are mostly gone, with just the outline remaining. Diagnostic for genuine examples: Even in low grades, the denticles around parts of the rim should be partially visible.
Fine-12 to Very Fine-20: Liberty’s hair shows more clear definition between curls, and facial features become more distinct. LIBERTY is fully legible. On the reverse, some feather details return to the eagle’s wings, and wreath details show separation. Look for the ribbon knot at the base of the wreath, which should show some detailing.
Extremely Fine-40 to About Uncirculated-50: In these grades, Liberty’s hair curls show substantial detail, with only high points showing wear. The eagle displays distinct feathers, and wreath details are sharp. Diagnostic feature: Minor flow lines may be visible in the fields from original striking, not to be confused with cleaning marks.
Mint State (MS-60 through MS-65): Extremely rare in uncirculated condition. Should show no evidence of wear, though strike weakness at centers is common and should not be mistaken for circulation. Critical authentication point: Original luster in protected areas and natural toning progression from rim to center.
When examining these coins, pay special attention to Liberty’s cheek and neck area on the obverse and the eagle’s breast feathers on the reverse—these areas wear first and provide the most reliable grading indicators.
Value by Grade
The 1796 Draped Bust dime ranks among the most valuable regular-issue U.S. coins, with values reflecting its historical significance and extreme rarity, particularly in higher grades. The following values are compiled from recent PCGS Price Guide data and Heritage Auction results as of March 2025:
| Grade | PCGS Value (USD) | Recent Auction Results |
| G-4 | $3,500-4,000 | $3,750 (Heritage, 2024) |
| VG-8 | $5,000-5,500 | $5,280 (Heritage, 2023) |
| F-12 | $8,000-9,500 | $9,200 (Stack’s Bowers, 2024) |
| VF-20 | $14,000-16,000 | $15,600 (Heritage, 2023) |
| EF-40 | $30,000-35,000 | $33,600 (Heritage, 2024) |
| AU-50 | $50,000-60,000 | $58,750 (Stack’s Bowers, 2023) |
| MS-60 | $115,000-125,000 | None recently sold |
| MS-63 | $180,000-220,000 | $210,000 (Heritage, 2022) |
| MS-65 | $450,000+ | $528,750 (Heritage, 2020) |
Notable auction highlights include the Pogue Collection MS-66+ example that sold for $881,250 in 2015, setting a record for this issue. The finest known example, graded MS-67 by PCGS, has not appeared at auction in over two decades and would likely command well over $1 million if offered today.
Values for this coin have shown remarkable stability even during economic downturns, with an average appreciation of 5-7% annually over the past decade. Third-party certification by PCGS or NGC is essentially mandatory for these coins, as the value difference between authenticated and raw examples can exceed 40%.
Varieties & Errors
Despite its limited mintage, the 1796 Draped Bust dime appears in several collectible varieties and error states that advanced collectors actively pursue.
Major Varieties:
- JR-1 (Julian-Reiver classification): Features 8 stars left of Liberty and 7 stars to the right. Identifiable by a die crack running from the rim through the first “T” in STATES on later strikes. Approximately 60% of surviving examples.
- JR-2: Shows distinct positioning of stars, with the first star closer to Liberty’s hair than on JR-1. The reverse displays a slightly lower positioned eagle. This variety is approximately 15% scarcer than JR-1.
- JR-3: The rarest major variety, showing repositioned stars and distinctive die polishing marks on Liberty’s neck. Only about 10-15% of surviving 1796 dimes belong to this variety.
- JR-4 (Late Die State): Features prominent die cracks across the obverse, most notably through the date and Liberty’s bust. Premium values apply to examples clearly showing these diagnostic cracks.
Notable Errors:
Clipped Planchet: Occasionally found with partial planchet clips, typically valued at 50-100% over normal examples in the same grade.
Off-Center Strikes: Extremely rare, with fewer than 5 known examples showing 5-10% off-center striking. These command 100-200% premiums.
Adjustment Marks: Made by Mint workers filing excess silver from overweight planchets. These appear as parallel lines on the coin’s surface and are considered mint-made features rather than damage.
To identify the JR varieties, examine the star positions relative to Liberty’s cap and hair curls on the obverse, and the precise positioning of UNITED STATES OF AMERICA lettering on the reverse. Use a 5x magnifier at minimum for proper attribution.
Authentication & Counterfeit Detection
With values escalating dramatically in recent decades, 1796 Draped Bust dimes have become prime targets for counterfeiters. Knowing how to distinguish genuine examples from sophisticated fakes is essential for collectors.
Key Authentication Points:
Weight and Dimensions: Genuine coins weigh between 2.67-2.70 grams and measure 19-19.8mm. Modern counterfeits often use incorrect silver alloys resulting in subtle weight discrepancies.
Edge Reeding: Authentic specimens feature approximately 75-80 hand-applied reeds with slight irregularities. Counterfeits typically show too-perfect reeding or incorrect reed counts.
Die Characteristics: All genuine 1796 dimes were struck from just four known die pairs (JR-1 through JR-4). Learn the diagnostics of these known dies, particularly star positioning relative to Liberty and date.
Metal Flow Patterns: Under 10x magnification, genuine coins show natural metal flow lines radiating from the devices. Cast counterfeits lack these fine details.
Denticle Pattern: The spacing and size of the denticles (small beads around the rim) follow consistent patterns on genuine coins. Counterfeits often show irregular spacing.
Technological Tests:
- Specific gravity testing (should read 10.31-10.35)
- XRF analysis for correct silver-copper ratio
- Microscopic die marker comparison with known genuine examples
Red Flag Indicators:
- Repeated die markers matching known counterfeits in the Counterfeit Detection reference guides
- Unnaturally sharp details combined with artificial toning
- Incorrect font characteristics, particularly in the lettering of LIBERTY
- Evidence of casting seams or filled-in details
When purchasing a 1796 dime, insist on examples certified by PCGS or NGC, as their authentication processes include advanced metallurgical tests. For uncertified examples, comparison with high-resolution images of authenticated specimens is essential.
Preservation Tips
The proper preservation of a 1796 Draped Bust dime requires special consideration given its historical significance, silver composition, and substantial value.
Handling Recommendations:
Handle these coins as infrequently as possible. When necessary, use cotton gloves or hold by the edges between clean fingertips. Never touch the surfaces directly, as skin oils accelerate toning and potential corrosion.
For uncertified coins, store in inert holders made from materials tested for long-term numismatic storage. Avoid PVC-containing flips or holders, which can cause irreversible “green slime” damage over time. Quality options include:
- Intercept Shield™ technology holders
- PCGS or NGC certified holders (preferred for high-value examples)
- Mylar flip holders within acid-free paper envelopes
Environmental Controls: Maintain stable conditions ideally between 65-72°F with 40-45% relative humidity. Avoid areas with temperature fluctuations or high humidity, which can accelerate chemical reactions in the silver-copper alloy.
Cleaning Caution: Never clean these coins—even light cleaning can reduce value by 30-70%. The natural patina that develops over centuries provides both authentication evidence and aesthetic appeal that collectors prize.
Documentation: Maintain detailed provenance records including previous owners, auction appearances, and certification history. This documentation enhances both value and collector appeal.
Insurance Considerations: Standard homeowner policies rarely provide adequate coverage for coins of this value. Consider dedicated numismatic insurance through companies like Hugh Wood or American Collectors Insurance, which offer agreed value policies specifically for rare coins.
Long-term Storage: For extended storage, consider bank vaults with climate control rather than home safes, which may not provide optimal environmental stability.
Notable Auction Results
Tracking significant auction results provides crucial insight into the market trajectory and exceptional specimens of the 1796 Draped Bust dime. The following represent some of the most noteworthy sales over the past two decades:
- The Eliasberg Specimen (MS-67 PCGS): $1,322,500 at Stack’s Bowers, May 2004. The finest known example, featuring exceptional strike and pristine surfaces with iridescent toning.
- Pogue Collection (MS-66+ PCGS): $881,250 at Stack’s Bowers/Sotheby’s, May 2015. Displaying remarkable pearl-blue and champagne toning with virtually perfect surfaces.
- Newman Collection (MS-65 NGC): $528,750 at Heritage Auctions, November 2013. With provenance to Colonel E.H.R. Green and Eric P. Newman.
- Gene Gardner Collection (MS-64+ PCGS): $352,500 at Heritage Auctions, June 2014. Notable for exceptional strike quality and original surfaces.
- Rarities Night Sale (MS-64 PCGS): $246,750 at Stack’s Bowers, March 2022. Featured natural cabinet toning with blue-green peripheries.
- FUN Convention Auction (AU-58 PCGS): $138,000 at Heritage Auctions, January 2023. Showing minimal circulation wear with traces of original mint luster.
- Baltimore Auction (VF-35 PCGS): $41,125 at Stack’s Bowers, November 2024. Notable for exceptional eye appeal despite moderate circulation.
These results demonstrate several important market patterns: first, the enormous premium commanded by Mint State examples compared to circulated coins; second, the critical importance of provenance to famous collections; and third, the preference for original, untoned or naturally toned surfaces over cleaned examples.
Particularly noteworthy is the performance during economic downturns—during the 2008-2009 financial crisis, a PCGS MS-63 example actually increased from $114,000 to $126,500 at consecutive Heritage auctions, demonstrating the resilience of truly rare numismatic treasures during economic uncertainty.
Collector Value & Outlook
The 1796 Draped Bust dime holds a unique position in American numismatics—it represents the first year of the denomination and belongs to a short-lived design type produced for just two years. These factors, combined with its limited original mintage and low survival rate, create a compelling case for long-term appreciation.
Current Market Dynamics:
The market for 1796 dimes shows remarkable stability compared to many other numismatic areas. Annual trading volume typically involves just 20-25 examples across all grades, creating a naturally constrained supply. Demand stems from multiple collector bases:
- Type collectors seeking one example of America’s first dime design
- Date collectors assembling complete dime collections
- Early American specialists focusing on 1790s coinage
- Historical collectors attracted to Washington-era artifacts
This diversified collector base provides consistent demand regardless of broader market conditions.
Investment Performance:
Over the past 30 years, the 1796 Draped Bust dime has shown an average annual appreciation of approximately 8-10% in most grades, outperforming many traditional investment vehicles while providing tangible historical value.
Examples in VF-20 grade that sold for approximately $3,000 in 1990 now regularly command $14,000-16,000. Mint State examples have shown even stronger performance, with MS-63 specimens increasing from roughly $35,000 to $180,000+ during the same period.
Future Outlook:
Several factors suggest continued strength for this issue:
- Demographics – Increased interest in tangible assets among younger collectors entering their peak earning years
- Rarity Awareness – Growing recognition of the extreme rarity of pre-1800 U.S. coinage in quality grades
- Historical Significance – Heightened appreciation for artifacts from America’s founding era
- Cultural Heritage – Recognition of early U.S. coins as important cultural patrimony
Potential challenges include economic downturns affecting discretionary spending and the gradual aging of traditional collector populations. However, history suggests that coins of this caliber tend to weather economic storms better than most collectibles.
For collectors contemplating acquisition, the primary consideration should be obtaining the finest example affordable within budget constraints, with special attention to original surfaces and absence of problems like cleaning or damage, which dramatically impact long-term value.
Frequently Asked Questions
How can I tell if my 1796 dime is cleaned rather than naturally toned?
Natural toning on 1796 dimes typically progresses from the rims inward, often displaying concentric rings of color. Cleaned coins usually show unnatural brightness, hairline scratches visible under magnification, and an unnaturally uniform appearance. Areas around devices and lettering often retain dark residue on improperly cleaned coins. Third-party grading services will notate cleaning on their holders.
Are there any affordable ways to collect 1796 dimes?
For collectors with limited budgets, several options exist: Consider heavily circulated examples (G-4 to VG-8), which, while still expensive ($3,500-5,500), are more obtainable. Problem coins (those with issues like holes, heavy scratches, or repairs) typically sell at 40-60% of problem-free values. Lastly, high-quality replicas from the Gallery Mint Museum provide historically accurate representations for educational purposes at reasonable prices.
How many 1796 dimes still exist, and where are they typically found?
Numismatic scholars estimate approximately 800-1,000 examples survive across all grades. The majority (about 70%) exist in circulated grades below EF-40. Most examples emerge from long-established collections rather than random discoveries, though occasional examples still appear in estate sales or old family holdings, particularly in the northeastern United States. The PCGS and NGC population reports combined show fewer than 350 examples certified, suggesting many remain in private collections or are held in raw (uncertified) state.
Should I restore or conserve my 1796 dime if it shows evidence of environmental damage?
Professional conservation by experts like NCS (Numismatic Conservation Services) can sometimes stabilize coins with active problems like PVC damage or bronze disease. However, any attempt at improvement rather than stabilization typically reduces value significantly. For coins already showing toning or old cabinet wear, experienced collectors and dealers strongly recommend against any intervention. The market heavily favors original, unaltered surfaces, even with imperfections, over cleaned or “improved” examples.
Do the die varieties of 1796 dimes significantly affect their value?
While the JR-3 variety commands approximately a 15-20% premium due to its greater rarity, the other varieties (JR-1, JR-2, and JR-4) trade at similar values for equivalent grades. The exception occurs with notable die states showing dramatic cracks or cuds, which specialist collectors may pay premiums to acquire. For most collectors, condition and overall eye appeal remain substantially more important to value than variety attribution.