The Coin That Almost Wasn’t
As President Thomas Jefferson settled into his second term and Lewis and Clark embarked on their historic expedition westward, the Philadelphia Mint quietly struck what would become one of early America’s most challenging silver coins to acquire. The 1805 Draped Bust dime emerged during a critical silver shortage that nearly halted production altogether that year.
Had Mint Director Robert Patterson not insisted on maintaining at least minimal coinage, today’s collectors might never have known this transitional-year treasure. When renowned numismatist Louis E. Eliasberg Sr. completed his collection of United States coins in the 1940s, it was an 1805 dime that proved among his most elusive acquisitions, requiring years of patient searching.
Specifications
The 1805 Draped Bust dime represents early American coinage craftsmanship at its finest, though still primitive by today’s standards. Each coin weighs approximately 2.70 grams (41.67 grains) and measures 18.8mm in diameter. The composition consists of 89.24% silver and 10.76% copper, following the standard established by the Coinage Act of 1792.
The dime’s edge features reeding, an anti-counterfeiting measure that also prevented the common practice of “clipping” precious metal from the rim. The thickness varies slightly from specimen to specimen due to the manual striking process, with most examples measuring between 1.2 and 1.4mm thick.
When handling these silver coins, collectors should always use cotton gloves or hold them by the edges to prevent oils and acids from skin contact damaging the surfaces. The silver-copper alloy is particularly susceptible to environmental damage, making proper storage essential for preservation.
Mintage & Mint Marks
The 1805 Draped Bust dime was produced exclusively at the Philadelphia Mint, as branch mints would not be established until decades later. According to Mint records, precisely 120,780 dimes were struck in 1805, a modest number even for the era. This relatively low mintage reflects the silver shortage and operational challenges facing the early Mint.
No mint marks appear on these coins, as Philadelphia was the only operating facility. The absence of a mint mark is standard for Philadelphia-struck coins of this period, not becoming a variable until the New Orleans Mint began operations in 1838, followed by other branch facilities.
According to PCGS population reports, fewer than 1,200 examples are believed to survive today across all grades, with fewer than 50 examples in Mint State condition. This represents less than 1% of the original mintage, making the 1805 dime significantly scarcer than its reported mintage might suggest.
Grading Standards & Diagnostic Traits
The 1805 Draped Bust dime presents particular challenges for grading due to its often weakly struck details and the passage of over two centuries. Here are the key diagnostic traits by grade range:
Good (G-4) to Very Good (VG-8): The full rim should be visible, though often worn nearly flat. Liberty’s profile remains outlined, though most hair details are gone. The date remains legible, though sometimes faint. On the reverse, the eagle’s shape is discernible, but most breast feathers have disappeared. Stars and lettering show significant wear but remain identifiable.
Fine (F-12) to Very Fine (VF-20): In Fine condition, some hair details become visible around Liberty’s face and at the back of her head. The eagle’s wing feathers show some separation, and breast feathers begin to emerge. The junction between Liberty’s bust and neck becomes more distinct in these grades, a key diagnostic area.
Extremely Fine (EF-40) to About Uncirculated (AU-58): Hair curls show clear separation, with only the highest points showing wear. The wreath details and eagle feather definition become much clearer. Look for remaining luster in the protected areas around the lettering and in Liberty’s hair to distinguish AU specimens. The “LIBERTY” text above the portrait shows clear definition between letters.
Mint State (MS-60 to MS-65+): Full luster should be present, though often subdued on this early issue. Strike quality becomes a critical factor in higher grades, with weakness at the centers being common even on the finest examples. The highest points – Liberty’s cheek and the eagle’s breast – should be examined for contact marks that would limit the grade. Toning is common and often enhances a coin’s appeal if naturally acquired.
Most 1805 dimes show some striking weakness, particularly at the centers and on some star details. This is not a grading defect but a production characteristic of the era when coins were struck by hand-operated screw presses.
Value by Grade
| Grade | PCGS Value (2025) | Notes |
| G-4 | $750-850 | Most affordable entry point for collectors |
| VG-8 | $1,100-1,300 | Common collector grade |
| F-12 | $1,800-2,200 | Shows good detail/value balance |
| VF-20 | $3,400-3,800 | Most popular collector grade |
| EF-40 | $7,500-9,000 | Scarce in this grade |
| AU-50 | $15,000-18,000 | Very scarce |
| AU-58 | $25,000-30,000 | Rare |
| MS-60 | $40,000-45,000 | Very rare |
| MS-63 | $85,000-95,000 | Extremely rare |
| MS-65 | $200,000+ | Fewer than 10 known examples |
Notable auction results include the Pogue Collection MS-66 example that sold for $411,250 in 2015 through Stack’s Bowers—the finest known specimen. In January 2023, Heritage Auctions sold an MS-64 example for $108,000, showing continued strong demand for high-grade specimens. Even moderately circulated examples in VF condition have shown steady appreciation of approximately 6-8% annually over the past decade.
Varieties & Errors
The 1805 Draped Bust dime appears in several recognized varieties, with two major die marriages documented in numismatic references:
JR-1 (Obverse 1, Reverse A) This variety shows 4 berries in the olive branch on the reverse. The diagnostic feature is a small die defect near the letter “T” in “UNITED” that appears as a small lump or protrusion. This variety is slightly more common, representing approximately 60% of surviving examples.
JR-2 (Obverse 2, Reverse B) The second major variety shows 5 berries in the olive branch. To identify this variety, look for the second “T” in “STATES” positioned directly over a leaf rather than between leaves as seen on JR-1. This variety commands a 15-20% premium in equivalent grades due to its relative scarcity.
A third variety, sometimes referenced as JR-3, is now generally considered a late die state of JR-2 with significant die deterioration causing central weakness. This is not a true separate variety but can be collectible as an example of period minting techniques.
Error 1805 dimes are extremely rare. Unlike modern minting, early Mint quality control typically prevented major errors from leaving the facility. Occasionally, specimens with minor strike-throughs (where foreign material got between the die and planchet) or slightly off-center strikes have appeared at auction, commanding significant premiums of 50-100% over normal examples.
Authentication & Counterfeit Detection
Due to their value, 1805 Draped Bust dimes have been targets for counterfeiters since the 19th century. Modern collectors should be vigilant and consider these authentication points:
Weight and Dimensions: Genuine coins should weigh very close to 2.70 grams. Significant deviation suggests a counterfeit. The diameter should measure 18.8mm, with minimal variation.
Strike Characteristics: Authentic 1805 dimes typically show some weakness at the centers, particularly on Liberty’s hair curls and the eagle’s breast feathers. Counterfeits often overcompensate with unrealistically sharp details in these areas.
Die Markers: Each genuine die variety has documented die markers. For JR-1, the small defect near “T” in “UNITED” is crucial. For JR-2, the positioning of “T” over a leaf is definitive. Counterfeits rarely match these precise details.
Edge Reeding: Genuine coins have approximately 118-120 reeds around the edge. Inspect the reeding for uniformity and proper spacing – cast counterfeits often have irregular or poorly defined reeding.
Silver Properties: The 89.24% silver composition should give the coin a distinctive ring when lightly tapped against hard surfaces (though this test should be conducted with extreme caution). Magnet tests will not work as both genuine and fake coins should be non-magnetic.
Advanced Tests: For high-value specimens, consider specific gravity testing (which should be approximately 10.34 g/cm³) or spectroscopic analysis for precise metal composition.
Professional authentication through PCGS or NGC is strongly recommended for any 1805 dime being considered for purchase, especially for examples priced over $1,000.
Preservation Tips
The survival of your 1805 Draped Bust dime for future generations depends on proper handling and storage:
For the silver-copper alloy of these early dimes, maintain stable humidity levels between 40-50%. Fluctuating humidity can accelerate toning and potentially contribute to copper spots or “verdigris” formation on the surface.
Never clean these coins. Despite temptation to brighten dull surfaces, any cleaning will substantially reduce value. The natural patina developed over two centuries is prized by collectors and considered part of the coin’s character and history.
Store in inert materials only. Use holders made specifically for numismatic preservation, ideally those certified to be free of polyvinyl chloride (PVC) and other harmful plastics. For long-term storage, consider mylar flips or capsules specifically designed for early silver coins.
For highest-grade examples, consider professional conservation by a recognized expert if environmental damage is present or developing. The Numismatic Conservation Service (NCS) associated with NGC can provide appropriate treatments that preserve rather than diminish value.
Handle minimally and properly. When examination is necessary, work over a soft surface, use cotton gloves, and hold coins only by their edges. Avoid breathing directly on the surfaces, as moisture from breath can initiate corrosion processes.
Notable Auction Results
The marketplace for 1805 Draped Bust dimes has shown remarkable strength in recent years, with several noteworthy sales:
The aforementioned Pogue Collection MS-66 example at $411,250 (Stack’s Bowers, 2015) remains the record holder for the date. This coin featured exceptional strike quality and beautiful natural toning with blue and gold hues around the peripheries.
An MS-65 example from the D. Brent Pogue Collection sold for $258,500 in March 2020 through Stack’s Bowers, demonstrating continued strong demand despite market fluctuations.
A particularly attractive AU-58 JR-2 (5 berry variety) with original surfaces and pleasing gray-blue toning realized $40,250 at Heritage Auctions in January 2022, substantially above price guide estimates.
Even in more moderate grades, notable results include a VF-35 example that brought $5,280 at a regional auction in 2023, and an AG-3 heavily circulated but problem-free specimen that still commanded $425 at a 2024 online sale.
The trajectory of these results indicates steadily increasing demand with particularly strong premiums paid for original, problem-free surfaces regardless of grade.
Collector Value & Outlook
The 1805 Draped Bust dime holds particular significance for collectors beyond its intrinsic rarity. As a representative of the earliest American decimal coinage, it connects directly to the founding generation’s vision for a standardized monetary system.
From an investment perspective, the 1805 dime has consistently outperformed many other early American coins. Over the past 20 years, examples in VF condition have appreciated approximately 180%, compared to roughly 140% for more common early American silver coins. This outperformance reflects several factors:
- Increasing collector interest in early American coinage as modern issues become more common and less distinctive
- The comparative rarity versus reported mintage figures, as many examples were likely melted during silver price spikes
- The coin’s status as a difficult acquisition for type collectors assembling early dime sets
Looking forward, demographic trends suggest continued strength in this market segment. As more collectors enter retirement age with disposable income directed toward completing longstanding collections, demand for key early coins like the 1805 dime should remain robust.
For those considering adding an example to their collection, focus on originality and problem-free surfaces rather than absolute grade. An original Fine example with attractive toning and no damage will likely appreciate more consistently than a technically higher-grade piece with problems or questionable surfaces.
Frequently Asked Questions
How can I tell if my 1805 dime has been artificially brightened or cleaned?
Look for unnatural brightness, hairline scratches in a uniform direction, or an unusually whitish appearance. Original surfaces typically show natural toning in gray, blue, or amber hues. Under magnification, cleaned coins often show microscratches that cross relief details in ways inconsistent with natural wear patterns.
Are 1805 dimes ever found in circulation or metal detecting?
Extremely unlikely in circulation. Metal detector finds are rare but not impossible, particularly in areas with early 19th century settlements. Any dug example will show environmental damage and significantly reduced value, but would still be a remarkable find worth several hundred dollars even in poor condition.
How does the 1805 dime compare in rarity to other Draped Bust dimes?
The 1805 is more common than the key-date 1804 (which had a mintage of only 8,265), but scarcer than the 1807. It’s about on par with the 1806 in overall rarity. However, the 1805 is known for often being weakly struck, making well-defined examples particularly desirable to specialists.
Should I purchase an ungraded 1805 dime?
For examples priced over $1,000, professional grading and authentication is strongly recommended. The prevalence of counterfeits and the subtleties of variety attribution make expert verification important. For lower-grade examples under $1,000, ensure the seller has a strong reputation and return policy before purchasing.
How does toning affect the value of an 1805 dime?
Natural, attractive toning can significantly enhance value—sometimes by 20-30% for exceptional examples. Most desirable is original “album” or “cabinet” toning showing blue, violet, or russet hues. Deep, uniform gray is also acceptable. Artificial toning, which often appears splotchy or with unnatural colors, will reduce value substantially.
For the serious collector, the 1805 Draped Bust dime represents not just a coin but a tangible connection to America’s formative years. Whether you’re adding one example as part of a type set or pursuing the challenging goal of acquiring both major varieties, each 1805 dime carries with it over two centuries of American history—from Jefferson’s presidency through countless hands and pockets to its current place of honor in your collection.