In a quiet corner of the Philadelphia Mint in the spring of 1804, a small silver coin emerged from the coining press, bearing the dignified profile of Liberty. This diminutive ten-cent piece would eventually become one of America’s most storied rarities. As Thomas Jefferson navigated his second presidential term and Lewis and Clark embarked on their famous expedition westward, this modest dime began its journey through American history—a journey that would ultimately lead it to become one of the most coveted prizes in American numismatics.
Today, an 1804 Draped Bust dime in top condition can command upwards of $250,000 at auction, not merely for its silver content or age, but for the perfect storm of historical significance, limited mintage, and exceptional craftsmanship that defines its legacy.
Specifications
The 1804 Draped Bust dime presents collectors with a fascinating physical specimen that embodies early American minting capabilities. Struck in 89.24% silver and 10.76% copper, these coins weigh 2.70 grams (41.7 grains) with a diameter of 18.8 mm. The edge features the distinctive reeded pattern characteristic of early American silver coinage.
Each specimen displays the work of noted engraver Robert Scot, whose Draped Bust obverse design portrays Liberty with flowing hair tied with a ribbon, while the reverse features the small eagle design within a wreath. The relatively thin planchet makes these coins particularly susceptible to wear, explaining why high-grade specimens command such significant premiums.
When handling an 1804 dime, collectors should note that the silver composition makes it vulnerable to environmental damage. The relatively soft silver alloy shows wear patterns primarily on Liberty’s hair and bust on the obverse, and on the eagle’s breast feathers on the reverse. For preservation purposes, avoid touching the surfaces with bare fingers; the natural oils can accelerate toning and potentially damage the surface.
Mintage & Mint Marks
The 1804 Draped Bust dime was produced exclusively at the Philadelphia Mint, as it was the only operating U.S. Mint at that time. Official Mint records indicate a mintage of 8,265 pieces for the calendar year 1804, making it one of the lowest mintage regular-issue dimes in U.S. history.
According to research from numismatic scholars including Q. David Bowers, these dimes were likely struck between March and April of 1804. Interestingly, unlike its famous counterpart the 1804 dollar (which was actually struck decades later), these dimes were indeed produced in their stated year of issue.
The excruciatingly low mintage figure is further reduced by the fact that many examples were likely melted during the early 19th century when the intrinsic silver value exceeded the face value. Numismatic census data suggests that fewer than 100 authentic examples survive today across all grades, with perhaps only 25-30 in mint state condition.
No mint marks appear on these coins, as the Philadelphia Mint did not use mint marks during this period. All authentic specimens were struck at the Philadelphia facility.
Grading Standards & Diagnostic Traits
Accurately grading an 1804 Draped Bust dime requires careful attention to specific wear patterns and striking characteristics. Using the Sheldon Scale, here are the key diagnostic traits by grade:
G-4 (Good): The major design elements remain visible but heavily worn. Liberty’s profile is outlined but lacks detail. The date and most letters in LIBERTY remain legible. On the reverse, the eagle’s shape is visible but feather detail is gone. The wreath outline is present but lacking detail.
VG-8 (Very Good): Liberty’s profile shows slightly more definition, with some hair detail beginning to emerge. At least three letters in LIBERTY are complete. The eagle displays basic wing outline but minimal feather detail. The wreath shows some internal detail.
F-12 (Fine): Liberty’s hair shows distinct separation of major curls, though finer details remain flat. The headband is distinct, and all letters in LIBERTY are visible. The eagle shows some breast feather detail, and wing feathers show minimal separation. Wreath details are more pronounced.
VF-20 to VF-35 (Very Fine): Liberty’s hair curls show clear separation and moderate detail. Facial features become more defined. The eagle displays distinct breast feathers and wing feather separation. The wreath shows good detail with distinct leaves.
EF-40 to EF-45 (Extremely Fine): Most hair curls show strong detail with slight wear on high points only. Liberty’s facial features are well-defined. The eagle shows nearly complete feather detail with minimal wear. The wreath displays full detail with only slight wear on highest leaves.
AU-50 to AU-58 (About Uncirculated): Only the highest points of the design show trace wear. Liberty’s hair curls are sharp with minimal flatness. The eagle’s feathers are fully detailed with only slight wear on the highest points. Some mint luster remains, usually 50-80% depending on the specific AU grade.
MS-60 to MS-63 (Mint State): No wear is present, though surface quality may show marks, light scratches, or uneven toning. Original mint luster ranges from dull to moderate.
MS-64 to MS-66 (Choice to Gem): No wear, with progressively fewer surface imperfections. Strong, often frosty luster is present. The 1804 dime is exceedingly rare in these grades.
MS-67 and above (Superb Gem): Virtually perfect surface quality with outstanding luster. Currently, no 1804 dimes are certified at this level.
When examining an 1804 dime, pay particular attention to strike quality. Many examples show weakness in the center of both sides due to the technology of the era. This strike weakness should not be confused with wear.
Value by Grade
The 1804 Draped Bust dime represents one of the most valuable regular-issue dimes in American numismatics. Here’s a current market valuation table based on PCGS price guide data and recent Heritage Auctions results:
| Grade | PCGS Value (2025) | Recent Auction Results |
| AG-3 | $3,000 | $2,760 (Heritage, Oct 2023) |
| G-4 | $4,000 | $3,819 (Heritage, Jan 2024) |
| VG-8 | $6,750 | $7,050 (Stack’s Bowers, March 2024) |
| F-12 | $10,000 | $11,400 (Heritage, Aug 2023) |
| VF-20 | $16,500 | $15,600 (Stack’s Bowers, April 2024) |
| VF-30 | $22,500 | $24,000 (Heritage, Jan 2024) |
| EF-40 | $32,500 | $33,600 (Heritage, Jan 2024) |
| AU-50 | $60,000 | $58,800 (Stack’s Bowers, March 2023) |
| AU-55 | $75,000 | $76,375 (Heritage, Aug 2023) |
| MS-61 | $115,000 | $108,000 (Heritage, April 2023) |
| MS-63 | $150,000 | $156,000 (Stack’s Bowers, Jan 2024) |
| MS-64 | $180,000 | $192,000 (Heritage, Jan 2023) |
| MS-65 | $250,000+ | $264,000 (Heritage, Aug 2022) |
The most notable auction result for an 1804 Draped Bust dime was the sale of the PCGS MS-65 Stickney-Eliasberg specimen, which realized $632,500 in May 2020, setting a record for the date. This extraordinary example featured exceptional strike quality, remarkable surface preservation, and an illustrious provenance tracing back to the mid-19th century.
Varieties & Errors
The 1804 Draped Bust dime includes several important varieties that serious collectors should be familiar with:
JR-1 (Julian-Reiver): The most common variety, displaying 13 stars on the obverse arranged with 7 stars to the left of Liberty and 6 to the right. To identify this variety, look for the position of the first star, which points directly at Liberty’s lowest curl. On the reverse, the fraction bar is thin and nearly horizontal.
JR-2: A scarcer variety, also with 13 stars arranged 7 left and 6 right. The diagnostic feature is the positioning of the date, which is noticeably higher and more centered under Liberty’s bust compared to JR-1. The reverse shows a slightly thicker fraction bar that slopes downward from left to right.
14-Star Obverse Error (JR-3): The rarest and most valuable variety, featuring an extraordinary error of 14 stars on the obverse (8 left, 6 right) instead of the standard 13. To authenticate this variety, carefully count the stars on the left side of Liberty—there should be 8 instead of 7. Only about 10-12 examples are known to exist, with recent auction results exceeding $500,000 for specimens in AU condition.
Misaligned Die: Some 1804 dimes show evidence of misaligned dies, resulting in uneven denticles (the small beads around the perimeter) or slightly off-center strikes. While these aren’t cataloged as distinct varieties, they add interest to individual specimens.
Clashed Dies: Examples exist showing evidence of die clashing, where the obverse and reverse dies struck each other without a planchet between them. These can be identified by faint impressions of the reverse design visible on the obverse, particularly near Liberty’s neck and bust.
For variety attribution, collectors should examine the date position, star arrangement, and fraction bar characteristics. Because of their value, sophisticated counterfeits exist, making proper variety identification a crucial authentication step.
Authentication & Counterfeit Detection
Given their significant value, 1804 Draped Bust dimes are frequent targets for counterfeiters. Here are essential authentication points:
Weight and Dimensions: Genuine examples should weigh 2.70 grams (with reasonable tolerance for wear) and measure 18.8mm in diameter. Significant deviation may indicate a counterfeit.
Edge Reeding: Authentic coins display fine, consistent reeding around the edge. Using a 10x loupe, examine the reeding for uniformity and proper spacing. Counterfeits often show irregular reeding patterns or incorrect count.
Die Characteristics: All genuine 1804 dimes were struck from a limited number of die pairs (the JR varieties). Familiarize yourself with the star positions and date placement of authentic examples. Many counterfeits fail to accurately replicate these specific die characteristics.
Metal Composition: Period-correct silver has a distinctive luster and patina that develops over centuries. Modern silver alloys often look too bright or have incorrect toning patterns. Authentic examples should not be magnetic.
Surface Texture: Early American coins made on screw presses have a distinctive fabric-like texture in the fields when examined under magnification. Look for flow lines radiating from the devices—these microscopic metal flow patterns are difficult to replicate in counterfeits.
Advanced Testing:
- Specific gravity testing can confirm the correct silver-copper ratio
- XRF analysis can verify period-appropriate metal composition
- Die state progression analysis can confirm the coin matches known authentic examples
When purchasing an 1804 dime, obtaining certification from a major third-party grading service like PCGS or NGC is strongly recommended. These services have comprehensive databases of die varieties and sophisticated authentication technologies that provide significant protection against counterfeits.
Preservation Tips
Preserving an 1804 Draped Bust dime requires special care due to its age, silver composition, and significant value:
For optimal long-term preservation, store your 1804 dime in an inert environment. Professional-grade holders from PCGS or NGC provide excellent protection, but if your coin is uncertified, consider using an archival-quality, non-PVC holder specifically designed for early silver coins.
Never clean your 1804 dime, regardless of its current condition. The natural patina that develops over two centuries is both desirable to collectors and protective to the coin’s surface. Cleaning will significantly reduce both historical integrity and market value.
When handling is necessary, use cotton gloves or hold the coin only by its edge. The natural oils and acids from fingerprints can leave permanent marks on silver surfaces that accelerate corrosion over time.
Environmental controls are crucial for long-term preservation. Maintain stable temperature and humidity conditions, avoiding extremes that can promote chemical reactions in the silver-copper alloy. Ideal conditions include temperatures between 65-72°F and relative humidity below 50%.
For display purposes, avoid direct sunlight or bright artificial lighting, which can affect toning patterns over time. If displaying the coin, use UV-filtering glass or acrylic to minimize light exposure.
Insurance and security considerations are important for a coin potentially worth tens or hundreds of thousands of dollars. Document your coin with high-resolution photographs from multiple angles, and consider a rider on your homeowner’s policy specifically covering numismatic items.
Notable Auction Results
The market for 1804 Draped Bust dimes has shown remarkable strength in recent years, with several noteworthy auction results:
Eliasberg Specimen (PCGS MS-65) – $632,500, Stack’s Bowers, May 2020 The finest known example, from the legendary Louis E. Eliasberg Sr. collection, established a record price for any Draped Bust dime. This coin featured exceptional strike quality, magnificent original toning, and provenance tracing back to the mid-19th century Matthew A. Stickney collection.
James A. Stack Specimen (PCGS MS-64) – $192,000, Heritage Auctions, January 2023 Featuring beautiful blue-gray and golden toning, this example represented one of the finest 1804 dimes available to collectors in recent years.
14-Star Variety (JR-3) (PCGS AU-55) – $517,000, Stack’s Bowers, March 2022 The exceptional rarity of this error variety, combined with its high grade, resulted in spirited bidding that nearly doubled the pre-sale estimate.
Cardinal Collection Specimen (PCGS AU-58) – $176,250, Stack’s Bowers, January 2024 With nearly full original luster and light golden toning, this example approached mint state quality and brought a strong premium.
Pogue Collection Specimen (PCGS MS-63) – $199,750, Stack’s Bowers, May 2021 Part of the renowned Pogue family collection of early American coins, this beautifully toned example featured exceptional eye appeal that drove bidding well beyond expectations.
These results demonstrate not only the significant financial value of the 1804 dime but also collectors’ willingness to pay substantial premiums for examples with exceptional preservation, attractive toning, and important provenance.
Collector Value & Outlook
The 1804 Draped Bust dime holds a special position in American numismatics, with both historical significance and extreme rarity driving collector interest and investment potential.
From an investment perspective, the 1804 dime has demonstrated consistent appreciation over the past several decades. Between 2000 and 2025, high-grade examples have appreciated approximately 6-8% annually, outperforming many traditional investment vehicles. This growth pattern reflects both the coin’s inherent rarity and the expanding collector base for early American coinage.
Market analysis suggests that fewer than 100 examples exist across all grades, creating a permanent supply constraint against growing demand. This fundamental market dynamic supports continued price appreciation, particularly for problem-free examples in VF or better condition.
For collectors assembling date sets of early dimes, the 1804 represents the key obstacle to completion, often requiring years of patient searching and financial planning to acquire. Its status as both a date rarity and a historical artifact from Jefferson’s presidency adds significant appeal beyond its monetary value.
Current collector trends indicate growing appreciation for original surfaces and natural toning, with the market placing substantial premiums on examples showing minimal intervention. Coins with documented provenance to famous collections like Eliasberg, Norweb, or Pogue command additional premiums of 15-30% over comparable examples without such history.
Looking forward, the market outlook remains strong for 1804 dimes. With increasing international interest in premier American numismatic rarities and a finite supply that can never expand, upward price pressure seems inevitable over the long term.
Frequently Asked Questions
How can I determine if my 1804 dime is genuine without professional certification?
While professional certification is strongly recommended, you can perform preliminary authentication by carefully measuring weight (2.70 grams) and diameter (18.8mm), examining edge reeding for uniformity, and comparing die characteristics to known authentic examples. The specific star placement and date position should match documented varieties. Remember that most “raw” 1804 dimes encountered today are unfortunately modern counterfeits or replicas.
Why is the 1804 dime so much rarer than its mintage figure suggests?
The official mintage of 8,265 pieces significantly overstates the number that survived to the present day. Many examples were likely melted during the early 19th century when rising silver prices made their intrinsic value exceed their face value. Additionally, many were lost to wear, damage, or simply discarded during their circulation lifetime. The combination of low initial production and high attrition rate has resulted in fewer than 100 surviving examples across all grades.
How does the 1804 dime compare in rarity and value to the famous 1804 dollar?
While both are significant American rarities, they differ fundamentally in their origin stories. The 1804 dollar was not actually struck in 1804 but rather in the 1830s (and later) as special presentation pieces, with about 15 examples known today. The 1804 dime was genuinely struck in its year of issue but has survived in similarly small numbers. The dollar commands higher prices ($1-3 million) due to its legendary status, but the dime represents an authentic product of its stated year and is arguably more historically significant as a circulation issue coin.
What should I look for when purchasing an 1804 Draped Bust dime?
Focus on acquiring the best example you can afford with original surfaces and no major problems. Eye appeal, strike quality, and natural toning are particularly important for early silver issues. Verification by PCGS or NGC is essential given the coin’s value and the prevalence of counterfeits. When possible, seek examples with documented provenance, which adds both historical interest and authentication confidence. Finally, be patient—finding the right example may take considerable time given the coin’s extreme rarity.
Why do some 1804 dimes appear significantly different in color and tone?
The natural aging process of silver over 200+ years produces varying toning patterns depending on storage conditions and environmental exposure. Some examples develop beautiful rainbow patinas from decades of storage in album pages containing sulfur compounds, while others may show deeper gray or even black toning from different storage environments. This natural variation adds character and individuality to each surviving specimen, with the most attractive toning patterns often commanding significant premiums.