Liberty in Silver: The Dollar That Witnessed a Nation’s Growth
The sound of metal striking metal echoed through the Philadelphia Mint on an ordinary day in 1798. A newly struck silver dollar fell into the collection bin, its gleaming surface bearing the likeness of Liberty with flowing hair—a coin that would survive wars, depressions, and centuries of handling to become one of America’s most sought-after numismatic treasures.
Two hundred and twenty-seven years later, an elderly gentleman in Vermont paid $67,500 for one such dollar at auction, completing a collection started in his youth. “When I finally held it,” he later recalled, “I was touching the same silver that circulated when George Washington was still alive.”
Specifications
The 1798 Draped Bust Dollar represents early American coinage at its finest, being both a monetary instrument and an artistic achievement. Weighing approximately 26.96 grams (416 grains), this substantial silver coin contains 89.24% silver and 10.76% copper. The coin measures 39-40mm in diameter, making it noticeably larger than modern dollar coins. The edge features distinctive reeding, with approximately 198-200 reeds around the circumference.
The coin’s composition presents specific handling concerns for collectors. The high silver content makes these dollars particularly susceptible to oils from fingers, which can leave permanent marks on unprotected surfaces. The copper alloy component can also develop natural patina over time, which, while considered desirable by some collectors, should develop naturally rather than through chemical acceleration.
Production quality varied considerably, with striking pressure inconsistencies common. Even mint-state examples often show weakness in central devices, particularly on Liberty’s hair details and the eagle’s breast feathers.
Mintage & Mint Marks
The 1798 Draped Bust Dollar had a recorded mintage of 327,536 pieces, all struck at the Philadelphia Mint, as branch mints did not yet exist in the United States. This figure comes from U.S. Mint records, though numismatic researchers believe the actual number of surviving specimens is dramatically lower—perhaps fewer than 3,000 across all grades today.
No mint marks appear on these coins, as the Philadelphia Mint was the only operational U.S. mint at the time. The 1798 dollars were struck using multiple die pairs, leading to several recognized varieties based on the number of stars on the obverse and reverse design elements.
The relatively high mintage for 1798 makes these dollars more available than some other years in the Draped Bust series, particularly compared to the extremely rare 1804 dollar, which was actually struck later as a special presentation piece.
Grading Standards & Diagnostic Traits
Grading Draped Bust Dollars requires attention to specific wear patterns that develop as these coins circulated. Using the Sheldon Scale:
G-4 (Good): Major design elements remain visible but with heavy wear throughout. Liberty’s profile is flat with little detail in hair. The eagle’s form is visible but breast feathers are completely worn away. Stars may be flat and barely distinguishable.
VG-8 (Very Good): Liberty’s hairlines begin to show some separation. Eagle’s wing feathers show minimal detail. Lettering is complete but worn.
F-12 (Fine): Liberty’s hair strands show clear separation in most areas. Some detail returns to the eagle’s breast and wing feathers. The ribbon in Liberty’s hair becomes distinct rather than a solid mass.
VF-20 to VF-35 (Very Fine): Moderate wear on high points only. Liberty’s hair curls show clear separation and internal detail. Eagle’s wing feathers show clear delineation. Drapery lines on Liberty’s bust become clearly defined.
EF-40 to EF-45 (Extremely Fine): Light wear on highest points only. Hair strands show full detail except at highest points above Liberty’s forehead and behind ear. Eagle’s breast feathers partially visible. Stars show full points.
AU-50 to AU-58 (About Uncirculated): Trace wear on highest points. Luster remains in protected areas around stars, lettering, and date. Full detail in Liberty’s hair except slight friction on highest curls.
MS-60 to MS-63 (Mint State): No wear, though surface quality varies. May show contact marks, weak striking in centers, adjustment marks from planchet preparation. Original mint luster ranges from subdued to vibrant.
MS-64 and above: Exceptional examples with strong strikes, minimal contact marks, and significant original luster. Extremely rare for this date, with fewer than 50 specimens estimated to exist in grades above MS-63.
Important diagnostic trait: True 1798 dollars typically show some die cracks, particularly in later die states. Counterfeits often lack these characteristic die markers.
Value by Grade
| Grade | PCGS Value (2025) | Notes |
| G-4 | $1,350-1,800 | Varies by variety |
| VG-8 | $1,950-2,600 | Small Eagle commands premium |
| F-12 | $2,800-3,600 | Value increases significantly with clear details |
| VF-20 | $4,500-6,000 | Most collector specimens fall in this range |
| VF-35 | $7,200-9,800 | Desirable collector grade |
| EF-40 | $12,000-15,500 | Significant jump at this grade point |
| AU-50 | $24,000-30,000 | Scarce in authentic, unaltered condition |
| AU-58 | $38,000-45,000 | Very scarce, often with adjustment marks |
| MS-60 | $58,000-65,000 | Rare in true uncirculated condition |
| MS-63 | $95,000-125,000 | Exceptional examples with strong strikes |
| MS-65 | $250,000+ | Museum quality; rarely offered at auction |
Notable recent auction results include a PCGS MS-65 example of the 1798 Draped Bust Dollar (Small Eagle, 13 Stars) that realized $910,000 at Heritage Auctions in January 2023, and an MS-64 specimen (Heraldic Eagle) that brought $216,000 at Stack’s Bowers in August 2024.
Varieties & Errors
The 1798 Draped Bust Dollar has several significant varieties that serious collectors pursue:
Small Eagle Reverse: BB-81, BB-82 (Bolender-Bowers reference numbers)
- Features smaller eagle design with wreath
- Visually identified by eagle with outstretched wings holding wreath
- One of the scarcest varieties, commanding 30-40% premium over common varieties
- Estimated fewer than 400 surviving examples across all grades
Heraldic Eagle Reverse: Multiple varieties including:
- 13 Stars on Obverse (BB-103, BB-104): Standard arrangement
- 14 Stars on Obverse (BB-105): Rare error with extra star
- 15 Stars on Obverse (BB-113): Represents addition of Vermont and Kentucky
- “Pointed 9” in Date (BB-96): Has sharp point on top of the 9
- “Knob 9” in Date (BB-125): Has rounded knob at top of 9
Key identification points:
- Count stars on obverse carefully
- Examine date digits, particularly the 9
- Check eagle’s position relative to clouds and stars
Error coins:
- Die cracks: Common on later strikes, with some running through date or stars
- Adjustment marks: Parallel lines caused by weight adjustment before striking
- Off-center strikes: Extremely rare for this denomination
The 1798 BB-120 “Wide Date” with Heraldic Eagle is considered the most common variety, while the BB-81 Small Eagle is significantly rarer and worth approximately 3-4 times more in comparable grades.
Authentication & Counterfeit Detection
Detecting counterfeit 1798 Draped Bust Dollars requires knowledge of authentic characteristics:
Weight verification: Authentic coins should weigh between 26.5-27.0 grams. Period counterfeits often used base metals and will be lighter or show incorrect specific gravity when tested.
Edge examination: The genuine edge reeding should be precise and consistent. Using a 10x loupe, count approximately 198-200 reeds. Counterfeits often have irregular, missing, or too many reeds.
Die characteristics: Authentic 1798 dollars were struck from known die pairs with documented die flaws and cracks. Study reference works by Bolender and Bowers to verify die characteristics.
Metal composition tests: Genuine coins will respond appropriately to specific gravity tests (approximately 10.2-10.3) and will not be magnetic.
Surface texture: Under magnification, genuine coins show flowing metal lines from the minting process. Cast counterfeits often show pitted surfaces, seam lines, or unnatural textures.
Die alignment: Most 1798 Draped Bust Dollars show a slight medal alignment (0° rotation) rather than coin alignment (180° rotation). Improper die alignment can indicate a counterfeit.
Modern counterfeits are increasingly sophisticated, sometimes using period silver. When purchasing high-value specimens, obtaining certification from PCGS or NGC is strongly recommended.
Preservation Tips
Proper preservation of your 1798 Draped Bust Dollar will maintain both its historical integrity and financial value:
Store the coin in an inert environment, preferably in an archival holder that does not contain PVC or other harmful plastics. For uncertified coins, use Mylar flips or inert, non-plasticized holders.
Handling should be kept to an absolute minimum. When necessary, hold the coin by its edge between clean fingers or while wearing cotton gloves, avoiding contact with the obverse and reverse surfaces.
The silver-copper alloy is susceptible to toning over time. While some collectors prize the rainbow toning that develops naturally, artificial toning is considered damage and significantly reduces value. Never clean your coin with chemicals, dips, or abrasives, as this will permanently damage the original surfaces.
Environmental factors matter significantly. Maintain stable humidity between 35-45% and avoid temperature fluctuations. Exposure to sulfur compounds (from rubber bands, certain papers, or air pollution) can cause spotting or discoloration.
For coins of exceptional value, consider professional conservation services offered by PCGS or NGC if stability issues arise, rather than attempting home remedies.
Notable Auction Results
The market for high-quality 1798 Draped Bust Dollars continues to demonstrate strength:
- January 2023: A PCGS MS-65 Small Eagle variety realized $910,000 at Heritage Auctions (Orlando FUN Sale)
- September 2022: An NGC AU-58 Heraldic Eagle (BB-122) sold for $72,000 at Stack’s Bowers
- April 2024: A PCGS VF-35 Small Eagle variety brought $22,800 at Heritage Auctions
- August 2024: An uncertified but authenticated VF-20 example sold for $4,700 in a private transaction
- November 2023: An unusual error specimen with significant die crack realized $28,500 despite only grading VF-25 (PCGS)
Particularly noteworthy was the 2019 sale of the finest known 1798 Small Eagle dollar from the Pogue Collection, which commanded $1.05 million, demonstrating the ceiling for truly exceptional specimens.
Collector Value & Outlook
The 1798 Draped Bust Dollar occupies a significant position in American numismatics, representing both historical importance and investment potential.
From an investment perspective, these dollars have shown steady appreciation over the past three decades, with average annual returns of 6-8% for properly graded authentic specimens. Unlike modern issues, the finite supply of these early dollars creates inherent scarcity that supports long-term value.
Market trends show increased interest from younger collectors entering the early dollar market, driven partly by greater availability of information and authentication services. This generational shift suggests continued demand as wealth transfers occur in coming decades.
The condition census for these coins remains relatively stable, with few new high-grade discoveries in recent years. This stability suggests that premium examples will continue commanding strong prices when offered.
For collectors building type sets, the 1798 represents a more obtainable date compared to some years, making it a practical choice for representing the Draped Bust Dollar design. Those pursuing date sets often begin with this issue before tackling scarcer dates.
International interest, particularly from Asian markets, has increased for early American silver coinage, broadening the potential buyer base beyond traditional American collectors.
Frequently Asked Questions
How can I tell if my 1798 dollar has been cleaned or improperly preserved?
Under magnification (10x-20x), look for hairline scratches in parallel patterns across the surface. Authentic, uncleaned coins show natural luster that flows from the center outward in cartwheel patterns. Cleaned coins often appear unnaturally bright or have a dull, lifeless appearance with disrupted metal flow lines.
Why do some 1798 dollars have different numbers of stars?
The star count on 1798 dollars varies from 13 to 15, reflecting the nation’s growth. The 13 stars represent the original colonies, while 15 stars acknowledge Vermont and Kentucky’s admission to the Union. This variation creates collectible varieties rather than errors.
What should I look for if purchasing an uncertified specimen?
Beyond authenticity, examine strike quality—many 1798 dollars show weakness in central devices due to the limitations of early minting technology. Look for examples with the best-defined hair details on Liberty and feather definition on the eagle. Check for adjustment marks (parallel lines caused by weight adjustments before striking), which can affect value but are normal for the period.
How does the Small Eagle reverse compare in value to the Heraldic Eagle design?
The Small Eagle design was used only in early years of the Draped Bust series and is scarcer for the 1798 date. In equal grades, a Small Eagle 1798 dollar typically commands a 30-40% premium over a Heraldic Eagle variety. This premium increases in higher grades due to the relative scarcity of well-preserved Small Eagle examples.
Should I restore the original surfaces of my toned 1798 dollar?
Absolutely not. Original toning developed over centuries is considered part of the coin’s character and history. Any attempt to remove this patina through cleaning will significantly reduce both collector appeal and financial value. Professional numismatists can distinguish between natural and artificial toning, and natural toning is often prized by sophisticated collectors.