A Silver Whisper from the Founding Era
As President John Adams navigated the young nation through the Quasi-War with France in 1798, a small silver disc was making its quiet debut in Philadelphia. Each 1798 Draped Bust dime that survived those tumultuous years carries with it not just monetary value, but the tangible essence of a nation finding its footing. One such coin, discovered in a Revolutionary War-era farmhouse during renovation in 1964, sold at auction for over $19,000 despite bearing the marks of circulation—a testament to the profound connection these early dimes provide to America’s formative period.
Specifications
The 1798 Draped Bust dime weighs 2.70 grams and consists of 89.24% silver and 10.76% copper, a composition known as “standard silver” in the early American republic. Measuring 19-19.5mm in diameter, these coins were struck without a standardized collar, resulting in slight variations in diameter and thickness. The edge features reeding with approximately 75-79 reeds, though this can vary due to the handcrafted nature of early minting technology.
The coin lacks a mint mark as all examples were struck at the Philadelphia Mint, the only operating U.S. mint at that time. The relatively low silver content makes these coins less prone to toning than later 90% silver issues, though they remain susceptible to improper storage conditions. When handling, always use cotton gloves or hold by the edges to prevent oils from transferring to the surface.
Mintage & Mint Marks
According to Mint records, approximately 27,550 dimes were struck bearing the 1798 date. However, numismatic research suggests the actual number may be slightly lower, with some dies potentially being reused with the 1797 date. All 1798 dimes were produced at the Philadelphia Mint, as it remained the sole operating U.S. mint until 1838 when branch mints began operations. The Mint did not employ mint marks until later years, so no mint mark varieties exist for this date.
The survival rate for these early dimes is exceptionally low, with PCGS estimating fewer than 800 examples exist across all grades. This scarcity reflects their extensive circulation and the frequent melting of early silver coinage for bullion value throughout the 19th century.
Grading Standards & Diagnostic Traits
Grading the 1798 Draped Bust dime requires careful examination of specific areas that show wear first:
Good (G-4 to G-6): Liberty’s profile outline is visible but lacks interior detail. The date and some lettering remain legible, though portions may be worn smooth. LIBERTY is partially readable at best.
Very Good (VG-8 to VG-10): Liberty’s profile shows increased definition with some hair detail emerging. The word LIBERTY is usually readable though worn. The eagle’s body outline is clear, but breast feathers are typically flat.
Fine (F-12 to F-15): Liberty’s hair shows distinct curls above the forehead and at the back of the head. The eagle displays some breast feather detail, though the central areas remain relatively flat. Rim weakness may be present due to strike or wear.
Very Fine (VF-20 to VF-35): Hair strands on Liberty become individually distinguishable. Most of the drapery lines on Liberty’s bust remain visible. The eagle’s breast feathers show moderate to strong definition, though the highest points of the wings may show smoothing.
Extremely Fine (EF-40 to EF-45): Nearly all hair strands are sharp and distinct. The drapery shows clear fold lines. The eagle’s feathers display individual definition across most areas except the highest points.
About Uncirculated (AU-50 to AU-58): Minimal wear appears only on the highest points of Liberty’s hair and the eagle’s breast. Look for slight friction on Liberty’s cheek and the highest curls. Most examples retain partial to significant luster in protected areas.
Mint State (MS-60 to MS-65+): No wear, though strike quality, luster, and surface marks determine the grade. True Mint State examples of 1798 dimes are exceedingly rare, with fewer than 15 known specimens. Surface quality is paramount, as most surviving examples show adjustment marks (file marks from weight adjustment prior to striking) which are not considered damage but affect eye appeal.
When authenticating a 1798 dime, examine the date placement and style. The 8 in 1798 should have a small upper loop compared to the lower loop. The drapery lines should flow naturally and not appear too rigid or simplistic.
Value by Grade
| Grade | PCGS Retail Value (2025) |
| G-4 | $850 – $950 |
| G-6 | $950 – $1,100 |
| VG-8 | $1,200 – $1,400 |
| F-12 | $2,200 – $2,500 |
| VF-20 | $3,800 – $4,200 |
| VF-30 | $5,000 – $5,500 |
| EF-40 | $7,500 – $8,500 |
| AU-50 | $14,000 – $15,500 |
| AU-58 | $22,000 – $25,000 |
| MS-60 | $35,000 – $40,000 |
| MS-63 | $75,000 – $85,000 |
| MS-65 | $150,000+ |
Notable auction records include an MS-66 example that sold for $253,000 at Heritage Auctions in January 2023, representing one of the finest known specimens. Even heavily circulated examples command significant premiums, with a G-4 example realizing $1,058 at a Stack’s Bowers auction in August 2024.
Varieties & Errors
The 1798 Draped Bust dime features several distinct varieties, primarily differentiated by the number of stars on the obverse:
13-Star Variety (JR-1): Featuring 13 stars on the obverse, with 7 stars on the left and 6 on the right. This represents the original 13 colonies and is somewhat scarcer than the 16-star variety. Diagnostic: The 1 in the date is positioned directly below Liberty’s bust drapery.
16-Star Variety (JR-2 through JR-4): Displays 16 stars, reflecting the addition of Vermont, Kentucky, and Tennessee to the Union. The stars are arranged with 8 on the left and 8 on the right. This is the more commonly encountered variety. Diagnostic: The 8 in the date is closer to the drapery than in the 13-star variety.
Small 8 vs. Large 8: The JR-3 variety features a notably smaller “8” in the date compared to other varieties. Diagnostic: The upper and lower loops of the 8 are distinctly smaller than other varieties.
Repunched Date (JR-4): Shows clear doubling on the digits of the date, particularly visible on the “17” portion. Diagnostic: Look for shadowing or doubling underneath portions of the date digits.
Beyond these major varieties, specialist collectors also pursue die state progressions, particularly those showing die cracks through the reverse. The later die states showing significant breaks are considerably rarer and can command premiums of 20-40% over typical examples in the same grade.
Authentication & Counterfeit Detection
Counterfeit 1798 dimes exist in several forms, from period counterfeits made in the early 19th century to modern Chinese forgeries. Authentic examples will exhibit:
- Proper Weight and Dimensions: The coin should weigh approximately 2.70 grams (±0.10g) and measure 19-19.5mm in diameter.
- Correct Metal Content: Genuine coins will have a specific gravity consistent with 89.24% silver. A specific gravity test can verify this.
- Die Characteristics: All legitimate 1798 dimes were struck from a limited number of known die pairs. Study the star arrangements, date positions, and reverse details against recognized reference materials like the John Reich Collectors Society attribution guide.
- Strike Quality: Early US coins exhibit characteristic strike weakness in certain areas due to the limitations of press technology. Too perfect a strike is actually suspicious.
- Edge Reeding: Examine the reeding under magnification. Authentic coins show reeding produced by the original minting process, not added later.
Modern counterfeits often show these warning signs:
- Perfect centering and strike (too good to be true)
- Improper metal “ping” when dropped on a hard surface
- Incorrect font styles, particularly in the lettering of LIBERTY and UNITED STATES
- Absence of proper die flow lines when examined under magnification
- Weight outside the acceptable range
When in doubt, have the coin authenticated by a reputable third-party grading service like PCGS or NGC. The cost of certification is minimal compared to the value of an authentic example.
Preservation Tips
Preserving your 1798 Draped Bust dime requires special consideration due to its age and composition:
For raw (uncertified) coins, store in an inert, non-PVC holder with minimal contact points. Avoid old-style cardboard 2x2s which may contain acidic materials. Modern mylar flips or non-plasticized holders specifically designed for early silver are recommended.
Never clean your coin. The natural patina that develops over 220+ years is prized by collectors and preserves the coin’s surface. Even gentle cleaning can remove microscopic layers of silver and permanently damage the surface.
For long-term storage, maintain a stable environment with moderate humidity (40-50%) and temperature (65-72°F). Avoid areas prone to temperature fluctuations like attics, basements, or exterior walls.
If you handle your coin, use cotton gloves or hold by the edges to prevent oils and acids from your skin transferring to the coin’s surface. After handling, allow the coin to rest on a soft surface rather than immediately returning it to its holder, as this allows any transferred moisture to evaporate.
Consider professional conservation only for coins suffering from active corrosion or damaged by improper storage. This should be performed only by recognized conservation services like NCS (Numismatic Conservation Service).
Notable Auction Results
The market for high-quality 1798 Draped Bust dimes has shown remarkable strength in recent years:
- January 2023: The Pogue Collection MS-66 example (16 stars) achieved $253,000 at Heritage Auctions, setting a record for the date.
- August 2022: An MS-64 example of the 13-star variety realized $102,000 at Stack’s Bowers, demonstrating the premium commanded by this scarcer variety.
- November 2023: An AU-58 example with exceptional toning sold for $28,750 at Heritage Auctions, exceeding the estimate by nearly 30%.
- April 2024: A VF-30 example discovered in a collection of otherwise common 20th-century coins brought $4,700 at a regional auction.
- October 2024: A Good-6 example with problem-free surfaces but moderate wear realized $1,175 at Heritage Auctions, demonstrating strong demand even for heavily circulated specimens.
The preservation of original surfaces plays a crucial role in determining value, with original, unmolested examples commanding significant premiums over cleaned or damaged specimens regardless of technical grade.
Collector Value & Outlook
The 1798 Draped Bust dime holds extraordinary appeal among early American silver collectors. As one of the earliest dime issues and representing an important transitional period in American coinage, its historical significance extends beyond its numismatic value.
From an investment perspective, these coins have demonstrated remarkable stability and growth. Over the past decade, values for problem-free examples in VF and better grades have appreciated approximately 5-7% annually, outpacing many other investments. This growth reflects both increasing collector interest in early American coinage and the inherently limited supply.
The demographic trends within numismatics further support a positive outlook for the 1798 dime. As collectors of modern issues mature in their collecting journey, many gravitate toward early federal issues that combine historical significance with genuine rarity. The connection to the Founding Era provides these coins with an appeal that transcends pure numismatic interest.
For collectors with more modest budgets, even a well-worn G-4 example provides a tangible connection to the earliest years of the American republic—a powerful draw that ensures continued demand. The relatively small premium between lower circulated grades (G to F) makes these attractive entry points for collectors beginning their early dime collection.
Market analysts predict continued strong performance for high-quality examples, particularly those with original surfaces and problem-free eye appeal. The premium for finest-known specimens is expected to widen as wealthy collectors compete for trophy coins with exceptional provenance.
Frequently Asked Questions
How can I tell if my 1798 dime has been cleaned?
Examine the surfaces under good lighting at different angles. Cleaned coins typically show hairline scratches in parallel patterns and often have an unnatural brightness or dull, lifeless appearance instead of natural luster or patina. Areas around lettering and devices may show unnatural brightness where a brush has caught the recessed areas.
Are the adjustment marks on my coin considered damage?
No, adjustment marks (thin parallel lines created by filing the planchet to adjust weight before striking) are not considered damage but rather mint-made characteristics common to early U.S. coinage. While they may affect eye appeal, they are part of the coin’s history and production process.
How significant is the difference in value between the 13-star and 16-star varieties?
The 13-star variety typically commands a 15-25% premium over comparable 16-star examples, with the gap widening in higher grades. For collectors assembling a type set, either variety is acceptable, but variety specialists will pay a premium for the scarcer 13-star configuration.
Should I have my raw 1798 dime professionally graded?
For any 1798 dime in VG or better condition, professional grading is recommended. The significant value difference between grades makes third-party authentication and grading a worthwhile investment. Additionally, encapsulation provides protection and often enhances marketability.
How many 1798 dimes are believed to exist today?
Numismatic researchers estimate that fewer than 800 examples survive across all grades, with perhaps 15-20 in Mint State and approximately 100-125 in AU grades. The majority exist in grades from Good to Fine, with many showing problems like cleaning, damage, or repairs.
The 1798 Draped Bust dime represents more than mere currency; it embodies the aspirations and challenges of a young republic. For today’s collector, each worn silver disc offers a tangible connection to an era when Washington’s influence still shaped the nation and the experiment of American democracy was just beginning to prove itself viable. Whether as the centerpiece of an advanced collection or a treasured heirloom to pass down through generations, these early dimes continue to captivate collectors with their historical significance and enduring beauty.