As President Thomas Jefferson navigated the nation through its third decade of independence, a small silver coin emerged from the Philadelphia Mint that would later become one of early America’s most cherished numismatic treasures. In the shadowy mint rooms where operations often halted due to yellow fever outbreaks, skilled craftsmen struck what collectors now recognize as one of the most challenging early dimes to obtain in high grades—the 1806 Draped Bust dime.
Specifications
The 1806 Draped Bust dime represents early American coinage at a critical transition period. This small silver piece weighs 2.70 grams (41.7 grains) with a composition of 89.2% silver and 10.8% copper. The coin measures 19 mm in diameter—noticeably smaller than modern dimes—and features a reeded edge with approximately 75 reeds, though slight variations exist due to the hand-crafted nature of early minting equipment.
The silver-copper alloy presents specific preservation challenges. The relatively high copper content makes these dimes susceptible to environmental damage, particularly from sulfur compounds. Collectors should avoid handling these coins directly; the natural oils and acids from fingertips can accelerate toning and potentially damage the surface over time. When examining an 1806 dime, use cotton gloves or hold the coin by its edge.
Mintage & Mint Marks
In 1806, all federal coinage occurred exclusively at the Philadelphia Mint, so no mint marks appear on these dimes. According to U.S. Mint records, the official mintage for 1806 dimes stands at 21,760 pieces—a modest number even by early 19th-century standards. This relatively low production figure contributes significantly to the coin’s scarcity today, particularly in higher grades.
This mintage represents less than half of the previous year’s production of 1805 dimes (47,180 pieces), making the 1806 notably scarcer. The restricted mintage resulted from both silver bullion shortages and the Mint’s prioritization of larger denominations during this period.
Grading Standards & Diagnostic Traits
The 1806 Draped Bust dime presents unique grading challenges due to its early production methods and often weak strikes. Here are the key diagnostic traits across major grade thresholds:
Good-4 to Very Good-8: At these grades, the rim may be partially worn into the lettering, particularly on “LIBERTY” and the date. The central hair details on Liberty will be flattened with only the basic outline remaining. Reverse eagle features will appear as outlines with minimal interior detail. Many 1806 dimes exist in these lower grades, often having seen decades of circulation.
Fine-12 to Very Fine-20: Some hair strands become distinct above Liberty’s ear, though individual strands may remain merged. Look for partial separation of the hair ribbon and at least 3-4 visible curls behind the neck. On the reverse, breast feathers begin to show on the eagle, though they remain partially flat. The shield lines should be visible but may be incomplete.
Extremely Fine-40 to About Uncirculated-50: Most hair strands separate clearly, with liberty’s facial features showing strong definition. The key diagnostic areas include the hair above the ear and the drapery folds near the bust, which should show distinct separation and only minor flattening on high points. The reverse eagle displays clearly separated wing feathers and nearly complete shield lines.
Mint State-60 to MS-63: Full luster remains, though may be interrupted by contact marks. Complete hair strand separation and full drapery detail should be evident, with any weakness attributed to striking deficiencies rather than wear. The reverse shows complete feather detail with strong shield lines. Finding an 1806 dime at this grade level represents a significant achievement for collectors.
MS-64 and above: Exceptional specimens showing nearly complete strike, strong luster, and minimal surface marks. These examples are exceedingly rare, with fewer than 10 specimens confirmed at MS-65 or higher by major grading services. The hair curls will display full separation with original mint frost in protected areas.
Value by Grade
The 1806 Draped Bust dime commands significant premiums across all grades, with particularly steep increases at the higher end of the grading scale. Current market values based on PCGS Price Guide and recent Heritage Auctions results:
| Grade | PCGS Value (2025) | Recent Auction Range |
| AG-3 | $225 | $185-290 |
| G-4 | $350 | $275-425 |
| VG-8 | $550 | $450-625 |
| F-12 | $950 | $850-1,100 |
| VF-20 | $1,650 | $1,400-1,800 |
| EF-40 | $4,250 | $3,900-4,600 |
| AU-50 | $8,500 | $7,800-9,200 |
| AU-58 | $17,500 | $15,000-19,000 |
| MS-61 | $35,000 | $32,000-38,000 |
| MS-63 | $65,000 | $60,000-75,000 |
| MS-65 | $175,000+ | $160,000-220,000 |
Notable auction results include a PCGS MS-65 example that sold for $188,750 at Heritage Auctions in January 2023, and an NGC MS-66 specimen (one of only three known at this grade) that reached $235,000 at Stack’s Bowers in August 2021.
Varieties & Errors
The 1806 Draped Bust dime features four major varieties, each with distinct characteristics that specialized collectors actively seek:
JR-1 (Variety 4-Point Stars): Identified by four-pointed stars surrounding Liberty and a reverse with curved “1” in the fraction. The key diagnostic trait is a die crack extending from the rim to Liberty’s chin on many examples. This variety represents approximately 30% of surviving specimens.
JR-2 (Variety Wide Date): Features notably wider spacing between the digits in the date, particularly between “8” and “0”. The reverse has a straight “1” in the fraction. Look for a small die dot below the second “T” in “STATES” that helps confirm this variety.
JR-3 (Variety Small 6): The most scarce of the 1806 varieties, featuring a smaller “6” digit in the date that sits lower than the preceding digits. The “6” appears to be punched differently than other digits, suggesting a replacement or correction during die preparation.
JR-4 (Variety Double Struck 6): Shows evidence of double-punching on the “6” in the date, with a clear doubling visible under magnification. The doubling appears as a shadow or partial second impression primarily on the upper loop of the 6.
Values for the JR-3 Small 6 variety command a 25-40% premium over common varieties in comparable grades due to its scarcity. Authentication services like PCGS and NGC will note the specific variety on certification labels when submitted for grading.
Authentication & Counterfeit Detection
The 1806 Draped Bust dime, given its significant value even in lower grades, has been targeted by counterfeiters. Here are key authentication points for collectors:
Weight and Diameter: Genuine coins should weigh 2.70 grams (± 0.10 grams) and measure 19mm in diameter. Counterfeits often miss these specifications by using incorrect planchets.
Edge Reeding: Under magnification, authentic coins show period-appropriate reeding with approximately 75 reeds. The reeds should appear slightly irregular compared to modern machine-made reeding, reflecting the hand-crafted nature of early American coinage.
Die Characteristics: All genuine 1806 dimes will match one of the four known die pairings (JR-1 through JR-4). Study the star positions, date placement, and reverse lettering carefully—variations from known authentic examples suggest a counterfeit.
Metal Composition Testing: Non-destructive X-ray fluorescence testing can confirm the correct silver-copper ratio (89.2% silver, 10.8% copper). While not accessible to most collectors, reputable dealers can perform this test.
Strike Quality and Surface Texture: Period-authentic strikes show certain characteristics like slight weakness in the centers and specific flow lines in the fields. Modern counterfeits typically lack the natural metal flow patterns visible under magnification.
The most dangerous counterfeits are altered-date specimens made from genuine Draped Bust dimes of more common dates. Examine the date area carefully for tooling marks, unusual smoothness, or inconsistent patina compared to the rest of the coin’s surface.
Notable Auction Results
The 1806 Draped Bust dime has appreciated consistently over the past decade, with several remarkable auction results demonstrating its desirability among serious collectors:
- January 2023: The D. Brent Pogue Collection PCGS MS-65 JR-2 example sold for $188,750 at Heritage Auctions, setting a record for the variety.
- August 2021: An NGC MS-66 JR-1 specimen (one of only three examples at this grade) reached $235,000 at Stack’s Bowers, establishing a new record for any 1806 dime.
- January 2020: A PCGS AU-58 JR-3 (Small 6 variety) achieved $42,300 at Heritage Auctions, demonstrating the significant premium for this scarce variety.
- September 2018: An NGC VF-35 example with exceptional original toning sold for $3,840, approximately 30% above guide value, illustrating how original surfaces command premiums.
- November 2015: A damaged but authentic specimen (PCGS Genuine, AG Details) still commanded $225 at auction, showing the base level of collector interest even for problematic examples.
These results demonstrate both the strong demand for high-quality specimens and the importance of provenance, as coins from notable collections like Pogue typically command significant premiums over regular examples.
Collector Value & Outlook
The 1806 Draped Bust dime remains one of the most coveted early American silver coins, with several factors influencing its long-term value outlook:
Increasing Historical Awareness: As interest in early American history grows, so does appreciation for tangible connections to the Jeffersonian era. The 1806 dime represents one of the most accessible (though still significant) investments in Federal-period coinage.
Limited Population: Survival estimates suggest fewer than 450-500 examples exist across all grades, with perhaps 30-35 in Mint State. This fixed supply faces increasing collector demand as more numismatists pursue early dime collections.
Type Coin Demand: As a representative of the Draped Bust, Heraldic Eagle reverse design, many collectors need this date to complete type sets, creating consistent demand beyond date-specific collectors.
Quality Sensitivity: The market demonstrates extreme sensitivity to quality, with exponential price increases for specimens above VF. This trend will likely continue as collectors increasingly recognize the rarity of high-grade examples.
Market analysis suggests the 1806 dime will continue to appreciate at 5-8% annually for choice examples (EF and above), outpacing many alternative investments. Lower-grade authentic specimens (Good to Fine) still represent solid value with 3-5% annual appreciation likely.
For collectors on limited budgets, a legitimate VG-8 example represents the best value proposition, offering clear design details and historical significance without the premium commanded by higher grades.
Frequently Asked Questions
Q: How can I tell if my 1806 dime is the rare “Small 6” variety?
A: The Small 6 variety (JR-3) features a noticeably smaller “6” digit that sits slightly lower than the other date digits. Under magnification, the “6” appears to have been punched with a different tool than the other digits. This variety represents approximately 15% of surviving specimens and commands a 25-40% premium over common varieties.
Q: Why do so many 1806 dimes show weakness in the central design areas?
A: This results from the minting technology of the era. The hand-operated screw presses often couldn’t deliver sufficient striking pressure to fully bring up all design details, particularly in the centers. Additionally, die wear progressed quickly, further reducing strike quality as production continued. This characteristic weakness is actually an authentication point for genuine specimens.
Q: Is it worth purchasing an 1806 dime with problems like cleaning or damage?
A: For collectors on limited budgets, a problem coin can be an acceptable starting point, provided the issue is clearly factored into the price (typically 40-60% below problem-free examples). However, for investment purposes, problem-free coins, even in lower grades, typically appreciate more consistently. Always prioritize authenticity first—a genuine but cleaned specimen is vastly preferable to a dubious “perfect” example at a suspiciously low price.
Q: How does the 1806 dime compare in rarity to other Draped Bust dimes?
A: The 1806 ranks as the fourth scarcest date in the Draped Bust, Heraldic Eagle reverse series (behind 1804, 1802, and 1798). While not as famously rare as the legendary 1804 dime, the 1806 is significantly more difficult to locate in grades above Very Fine than the more common 1805 and 1807 dates, making it a key challenge for date collectors pursuing this series.
For the serious collector, the 1806 Draped Bust dime represents not merely a coin but a tangible connection to America’s formative years—a small silver witness to history that has survived more than two centuries. Whether as the centerpiece of an early dime collection or a representative type coin, the 1806 Draped Bust dime rewards careful study and patient pursuit with both aesthetic pleasure and investment potential.