The 1798 Draped Bust Penny represents an important early federal coinage issue that continues to captivate collectors across all experience levels. As one of the earliest large cents produced by the United States Mint, these coins offer fascinating insight into America’s monetary beginnings and present numerous collecting opportunities through their varieties and errors. This comprehensive guide examines the 1798 Draped Bust Penny’s historical context, physical characteristics, known varieties, error types, authentication points, and current market values.
Essential Identification and Market Overview
The 1798 Draped Bust Penny was designed by Robert Scot, featuring Liberty with flowing hair on the obverse and a wreath encircling “ONE CENT” on the reverse. With a recorded mintage of 1,841,745 pieces (according to Mint records), the 1798 issue represents one of the more available dates in the Draped Bust series, though finding high-grade examples remains challenging.
Current market values range from approximately $100 for heavily worn specimens to over $20,000 for uncirculated examples. According to recent PCGS Price Guide data, even in Fair-2 condition, these historic cents command $85-125, while the finest known examples can reach six figures at major auctions.
Physical Specifications
| Specification | Details |
| Diameter | 29-29.5mm |
| Weight | 10.89 grams (168 grains) |
| Composition | 100% copper |
| Edge | Plain |
| Designer | Robert Scot |
| Mintmark Location | None (all produced at Philadelphia) |
| Mintage | 1,841,745 |
The copper planchets used for 1798 cents were slightly heavier than modern pennies, contributing to their substantial feel. The weight specification occasionally varies slightly due to the primitive manufacturing methods of the era. The diameter measurement can also show minor variations, which is typical for hand-struck coinage of this period.
Minting Process and Context
The 1798 Draped Bust Penny was produced using relatively primitive methods by today’s standards. Planchets were punched from rolled copper sheets, with edges plain rather than lettered. Dies were hand-engraved, leading to numerous die varieties. Coins were struck on a screw press, with each coin requiring manual placement and removal.
The Philadelphia Mint operated under challenging conditions during this period, including yellow fever epidemics that periodically halted production. These historical circumstances add context to the quality variations seen in surviving examples.
Major Varieties
The 1798 Draped Bust Penny features several significant varieties, primarily categorized by the style numeral “1” in the date and the number of stems in the wreath. According to the Sheldon attribution system (S-numbers), the following represent the major varieties collectors should know:
Must Check: 1797 Draped Bust Penny History, Value, Errors & Mint Marks
Style I Hair (S-158 through S-179)
Common characteristics: Liberty with fuller hair curls, slightly different portrait details
1798/7 Overdate (S-152)
Diagnostic points: Clear evidence of a “7” underneath the final “8” in the date Collectibility: Highly sought after, commanding significant premiums over regular issues Current value: Approximately $1,000-12,000 depending on condition (PCGS Price Guide)
Single Stems in Wreath (S-170, S-171, S-172, S-173)
Identification: Features a single stem connecting leaves in the reverse wreath design Note: Generally less common than multiple stem varieties
Multiple Stems in Wreath (S-165 through S-169)
Identification: Shows multiple stems connecting leaves in the reverse wreath
Authentication Tip: When examining 1798 Draped Bust Penny varieties, use at least 5x magnification to study the date position relative to the bust and the stem arrangement on the reverse. The S-166 variety shows a distinctly positioned date with the “1” closer to Liberty’s bust than other varieties.
Current Market Values
The following table presents updated market values based on the January 2024 PCGS Price Guide and recent Heritage Auction results:
| Grade | PCGS Price (Regular Issue) | PCGS Price (1798/7 Overdate) |
| AG-3 | $100-125 | $800-1,000 |
| G-4 | $140-175 | $1,000-1,200 |
| VG-8 | $225-275 | $1,500-1,800 |
| F-12 | $400-475 | $2,500-3,000 |
| VF-20 | $700-900 | $4,000-4,500 |
| VF-30 | $1,100-1,300 | $5,500-6,500 |
| EF-40 | $2,000-2,500 | $8,000-9,500 |
| AU-50 | $4,000-5,000 | $12,000-15,000 |
| MS-60 | $10,000-12,000 | $25,000-35,000 |
| MS-63 | $18,000-22,000 | $50,000+ |
| MS-65 | $45,000+ | Few exist |
Notable Auction Results:
- In January 2023, Heritage Auctions sold an MS-63 Brown 1798 S-167 for $21,600
- A PCGS-graded AU-55 1798/7 overdate realized $14,400 at Stack’s Bowers in March 2023
- A problem-free VF-30 example (S-166) sold for $1,292 at Heritage Auctions in November 2023
Grading Standards
Grading early copper coins requires special consideration due to their age, composition, and striking characteristics. The following provides grade-specific characteristics for the 1798 Draped Bust Penny using standard Sheldon scale terminology:
Good (G-4 to G-6)
- Obverse: Full rim visible, date completely legible, Liberty’s profile outline clear
- Reverse: ONE CENT readable, wreath outline visible though details worn
Very Good (VG-8 to VG-10)
- Obverse: Some hair detail visible, facial features partially defined
- Reverse: Wreath details partially visible, lettering fully legible
Fine (F-12 to F-15)
- Obverse: Liberty’s facial features distinct, some hair strands visible
- Reverse: Wreath details partially defined, stems identifiable
Very Fine (VF-20 to VF-35)
- Obverse: Significant hair detail present, facial features well-defined
- Reverse: Most wreath details visible, stem structure clear
Extremely Fine (EF-40 to EF-45)
- Obverse: Sharp facial features, most hair details distinct
- Reverse: Complete wreath details visible, all lettering sharp
About Uncirculated (AU-50 to AU-58)
- Obverse: Only highest points show slight wear, full hair detail
- Reverse: Complete wreath details with minimal high-point wear
Mint State (MS-60 to MS-65+)
- Obverse: No evidence of circulation wear, though striking quality may vary
- Reverse: Full detail as struck, no wear from circulation
Grading Challenge: The 1798 Draped Bust Penny often exhibits porosity and surface issues even in higher grades due to the primitive minting process and copper’s reactive nature. Collectors should distinguish between original mint-related surface characteristics and post-minting damage.
Known Error Types
The 1798 Draped Bust Penny exhibits several error types resulting from the hand-crafted production methods of the era. These errors add significant numismatic interest and often command substantial premiums.
1. Die Cracks and Breaks
Description: Lines appearing on the coin’s surface resulting from fractured dies Notable example: The S-167 variety often shows die cracks through the date area Value impact: Minor die cracks add minimal premium; major breaks can increase value 20-40%
2. Struck Off-Center
Description: Design not centered on planchet due to misalignment during striking Collectibility: 5-10% off-center examples add modest premium; 20%+ off-center issues can double or triple value Authentication Tip: Genuine off-center strikes show proper metal flow and design elements consistent with known dies
3. Clipped Planchets
Description: Planchet missing portion of edge due to improper blanking Types observed: Straight clips and curved clips both documented Value impact: Generally adds 50-100% premium depending on severity
4. Obverse/Reverse Die Rotation
Description: Reverse die not properly aligned with obverse (normal orientation is 180°) Notable variety: S-162 often exhibits 20-30° rotation Premium: Typically adds 25-50% to base value depending on severity
5. Planchet Flaws
Description: Pre-striking defects in copper planchet Common types: Laminations, fissures, impurities in copper Authentication Tip: Genuine planchet flaws show evidence of metal flow during striking; post-mint damage typically lacks this characteristic
Authentication Guidelines
Distinguishing genuine 1798 Draped Bust Pennies from contemporary counterfeits and modern forgeries requires careful examination of several key diagnostic points:
Genuine Characteristics
- Die characteristics: All genuine specimens match documented die pairings in the Sheldon system
- Edge quality: Plain edge with slight irregularities consistent with period manufacturing
- Weight tolerance: Should weigh between 10.5-11.2 grams (allowing for wear)
- Metal composition: Reddish-brown copper with natural aging patina
Common Counterfeit Indicators
- Die markers: Absence of known die markers for the purported variety
- Letter formation: Irregular or inconsistent letter punches compared to genuine examples
- Weight discrepancies: Often too light or too heavy compared to official specifications
- Edge seams: Cast counterfeits may show seam lines not present on struck originals
- Microscopic details: Modern manufacturing methods produce different metal flow patterns
Authentication Tip: When examining a 1798 penny, compare the specific date placement and die markers with published references. The positional relationship between the final “8” in the date and Liberty’s bust line is particularly diagnostic for identifying specific varieties.
Preservation Considerations
The copper composition of 1798 Draped Bust Pennies presents specific conservation challenges that collectors should understand:
Surface Conditions
- Natural patina: Light to medium brown toning is desirable and should be preserved
- Artificial treatments: Avoid coins showing evidence of harsh cleaning or artificial coloring
- Environmental damage: “Verdigris” (green encrustations) indicates problematic storage conditions
Storage Recommendations
- Use inert, PVC-free holders designed for copper coins
- Maintain consistent, moderate humidity levels (45-55%)
- Avoid handling with bare hands; natural oils accelerate copper deterioration
- Keep away from paper products containing sulphur, which can cause spotting
Preservation Tip: Never clean copper coins with any chemical agents or abrasives, as this permanently damages the surface and significantly reduces both collector appeal and market value.
Collecting Strategies
Collectors approach the 1798 Draped Bust Penny from several perspectives:
1. Type Collection
Acquiring a single representative example for a type collection. For this approach, focus on:
- Attractive, problem-free surfaces rather than absolute grade
- Clear design elements and date
- Natural color and patina
2. Die Variety Collection
Pursuing the various Sheldon number varieties. Key considerations include:
- Focus on clearly attributable examples with distinct diagnostic points
- Consider starting with the more available varieties (S-166, S-167)
- Use specialized references like Sheldon’s “Early American Cents” or Breen’s “Encyclopedia”
3. Error Collection
Targeting specific error types. This approach requires:
- Authentication expertise to distinguish mint errors from post-mint damage
- Patience, as genuine errors are scarce in early copper issues
- Willingness to pay significant premiums for documented errors
4. Investment Focus
For those viewing their collection as an investment:
- Prioritize coins with PCGS or NGC certification
- Focus on higher-grade examples (VF or better) when budget allows
- Consider documented pedigrees from notable collections for added provenance value
Frequently Asked Questions
How can I tell if my 1798 Draped Bust Penny is genuine?
Authentication requires comparing your coin to known die varieties using proper references. Check the specific placement of the date, letter positions, and known die markers. Weight should be approximately 10.89 grams, and the edge should be plain. For definitive authentication, consider submission to PCGS or NGC grading services, which offer guarantees of authenticity.
Why do some 1798 pennies appear almost black while others are brown?
The copper composition naturally darkens over time due to oxidation. Coins stored in different environments develop different patinas. Very dark examples often experienced high humidity or environmental exposure, while chocolate brown examples typically indicate more stable storage conditions. Bright or unnaturally red examples often indicate cleaning or artificial treatment, which significantly reduces value.
Is the 1798/7 overdate penny worth pursuing for my collection?
The 1798/7 overdate (S-152) represents one of the most desirable varieties in the series, commanding significant premiums over regular-date examples. However, this variety is frequently misidentified, as wear can make a regular “8” appear similar to an overdate. True overdates show clear remnants of the “7” underneath the “8” when examined under magnification. For an investment-grade example, professional certification is strongly recommended.
How does porosity affect the value of 1798 Draped Bust Pennies?
Porosity (small pits in the surface) is common in early copper coins and results from both minting conditions and environmental exposure over centuries. Mild, even porosity is considered acceptable and affects value minimally. Severe porosity can reduce value by 30-50% compared to problem-free examples of the same grade. Collectors should distinguish between mint-made porosity (present at striking) and post-mint environmental damage.
What is the best reference book for studying 1798 Draped Bust Penny varieties?
While Sheldon’s “Early American Cents” (later revised as “Penny Whimsy”) established the original attribution system, modern collectors should consult William C. Noyes’ “United States Large Cents 1793-1814” or the Bowers-Manley “The Official Red Book of United States Large Cents.” For the most current attribution and census information, the Early American Coppers (EAC) club publications provide updated research and population estimates for various die marriages.
Conclusion
The 1798 Draped Bust Penny represents an important piece of early American numismatic history. With its various die varieties, errors, and historical significance, it continues to attract serious collectors seeking tangible connections to America’s monetary origins. While finding high-grade examples presents challenges, the relative availability of circulated specimens allows collectors at various budget levels to own these historic coins.
When purchasing a 1798 Draped Bust Penny, prioritize original surfaces, problem-free copper, and proper attribution. Consider professional certification for higher-value examples, especially when pursuing key varieties like the 1798/7 overdate. With proper knowledge of authentication points, grading standards, and variety characteristics, collectors can make informed decisions when adding these important early coppers to their collections.
