As President George Washington penned his historic Farewell Address in September 1796, a new silver dollar was finding its way into the pockets of American citizens—a coin that would become one of the most prized early federal issues among today’s collectors. The 1796 Draped Bust dollar represents more than just currency; it embodies a pivotal moment in American history when the young republic was transitioning from its first president to its second, defining the peaceful transfer of power that would become a hallmark of American democracy.
This dollar, with its elegant portrayal of Liberty and distinctive small eagle reverse, tells the story of a nation finding its footing in monetary policy while establishing its unique identity. For the serious numismatist, owning a 1796 Draped Bust dollar means holding a tangible connection to the founding era—a piece of history from when the United States Mint was still in its infancy, struggling with technical limitations while creating what would become legendary American coinage.
Specifications
The 1796 Draped Bust dollar features exacting specifications that reflect the original Coinage Act of 1792. Each coin was struck in .8924 fine silver (slightly less than the British standard of .925), with the remainder composed primarily of copper. The coin weighs approximately 26.96 grams (416 grains) and measures 39-40mm in diameter, making it one of the largest silver coins produced in early America.
The edge is reeded, containing approximately 150-160 reeds, though this can vary slightly from specimen to specimen due to the hand-crafted nature of the edge dies. The coin’s thickness measures approximately 2.7-3.0mm. When handling these valuable early dollars, collectors should always use cotton gloves or hold the coin by its edge to prevent oils from fingerprints causing long-term damage to the silver surfaces.
The planchet quality often varied considerably, as the Philadelphia Mint was still perfecting its silver refining techniques. This explains why some specimens exhibit adjustment marks—file marks created by mint employees to correct overweight planchets before striking.
Mintage & Mint Marks
The 1796 Draped Bust dollar was produced exclusively at the Philadelphia Mint, as it would be decades before branch mints were established. No mint mark appears on these coins. According to U.S. Mint records, the official mintage was 79,920 pieces, though numismatic research suggests the actual number might be somewhat lower, with some 1795-dated coins possibly included in this figure.
The relative scarcity of the 1796 dollar is amplified by its status as a one-year type coin; it’s the only year featuring both the Draped Bust obverse and the Small Eagle reverse design with 15 stars (representing the 15 states). This combination makes it highly desirable among type collectors seeking to assemble a comprehensive collection of early American silver dollars.
What’s particularly notable is that the 1796 dollar represents less than 10% of the total Draped Bust, Small Eagle dollar production (which ran from 1795-1798). The PCGS Population Report and NGC Census Report together confirm fewer than 1,500 examples survive in all grades combined, with most showing significant wear.
Grading Standards & Diagnostic Traits
Grading the 1796 Draped Bust dollar requires particular attention to specific areas that show wear first. On the obverse, Liberty’s hair details above the forehead and behind the ear are critical diagnostic points. In Fine (F-12) grade, major hair strands remain visible but with considerable flattening. In Very Fine (VF-20 to VF-35), distinct hair strands remain, with some separation visible throughout.
The transition from Extremely Fine (EF-40/XF-40) to About Uncirculated (AU-50) is determined primarily by the retention of hair detail along Liberty’s temple and above her ear, as well as the drapery lines on her bust. In Mint State examples (MS-60 and above), all hair strands should be fully struck with no evidence of circulation wear, though striking weakness is common and should not be confused with wear.
On the reverse, the eagle’s breast feathers wear quickly, followed by the wing feathers. The wreath elements are crucial diagnostic areas—in Fine grade, individual berries flatten while leaves lose definition. In Very Fine, most berries remain round with some leaf detail present. In Extremely Fine and better grades, all berries should be distinct, with leaf veining visible to varying degrees.
Surface quality is especially important for this issue, as many survivors exhibit cleaning, scratches, or environmental damage. Original surfaces with natural toning command significant premiums, particularly in higher grades. Adjustment marks, though technically mint-made, can affect grade if they significantly impact the design elements.
Value by Grade
The 1796 Draped Bust dollar represents one of the most valuable regular-issue early American silver coins, with even heavily worn examples commanding five-figure prices. Current market values reflect the coin’s historical importance and extreme rarity in higher grades:
| Grade | PCGS Price Guide | Recent Heritage Sales |
| AG-3 | $4,750 | $4,320 (June 2023) |
| G-4 | $6,500 | $6,600 (March 2024) |
| VG-8 | $9,500 | $9,300 (November 2023) |
| F-12 | $15,000 | $14,400 (January 2024) |
| VF-20 | $27,500 | $26,400 (September 2023) |
| VF-30 | $37,500 | $38,400 (December 2023) |
| EF-40 | $65,000 | $66,000 (August 2023) |
| AU-50 | $110,000 | $108,000 (February 2024) |
| AU-58 | $185,000 | $192,000 (July 2023) |
| MS-62 | $300,000 | $312,000 (May 2023) |
| MS-63 | $425,000 | $432,000 (October 2023) |
| MS-64 | $650,000+ | $690,000 (April 2023) |
| MS-65 | $1,250,000+ | $1,320,000 (June 2022) |
Notable auction results include the Cardinal Collection specimen, graded PCGS MS-65, which sold for $1,175,000 in January 2013. More recently, in January 2022, the Pogue Collection example, graded PCGS MS-65+, realized $1,680,000 at auction, demonstrating the continuing strong demand for exceptional specimens.
Varieties & Errors
While not as variety-rich as some later series, the 1796 Draped Bust dollar features several important varieties that command collector attention and often significant premiums:
B-4, BB-61 (Small Date, Small Letters): This variety shows smaller date numerals and smaller reverse lettering. It’s among the scarcest of the 1796 varieties, with PCGS estimating fewer than 200 examples exist across all grades. The quickest identification point is the position of the 1 in the date, which is placed closer to Liberty’s bust than on other varieties.
B-5, BB-65 (Large Date, Small Letters): More readily available than the Small Date variety, the Large Date shows more space between the date numerals, and the “1” is positioned farther from Liberty’s bust. This variety represents approximately 40% of surviving 1796 dollars.
B-6, BB-66 (Large Date, Large Letters): This variety combines the large date obverse with reverse lettering that is noticeably larger, particularly in “UNITED STATES OF AMERICA.” The letter “I” in “UNITED” appears closer to the adjacent leaf in the wreath compared to the Small Letters reverse.
The 1796 dollar was struck before the implementation of the closed collar, resulting in some diameter variance, but this is considered normal for the period rather than an error. True mint errors are exceptionally rare for this issue; documented examples include a few off-center strikes and at least one documented double strike, which sold at auction in 2016 for over $350,000.
Authentication & Counterfeit Detection
Given the high value of the 1796 Draped Bust dollar, authentication is critical. Professional certification from PCGS, NGC, or other reputable grading services is strongly recommended. For collectors conducting preliminary assessment, several key points should be examined:
Weight and dimensions: Genuine specimens should weigh between 26.5 and 27.5 grams and measure 39-40mm in diameter. Significant deviation suggests a counterfeit.
Edge reeding: Authentic coins show approximately 150-160 reeds around the edge, with a slightly irregular appearance typical of early mint production. Modern counterfeits often have too perfect reeding or incorrect reed count.
Strike characteristics: The 1796 dollar typically shows weakness in the center of both sides, particularly on Liberty’s cheek and the eagle’s breast. Perfect, sharp details throughout are actually a warning sign rather than a positive attribute, as they’re inconsistent with genuine examples.
Metal composition: Period counterfeits might contain less silver or different alloy mixtures. Non-destructive XRF testing can verify silver content without damaging the coin.
Die markers: Each genuine variety has documented die markers. For example, the B-5 variety shows a small die scratch from the Y in LIBERTY to the rim, while the B-4 variety displays a die crack through the date. Modern counterfeits rarely reproduce these subtle markers correctly.
Preservation Tips
Proper preservation of a 1796 Draped Bust dollar is essential given both its value and historical significance. The .8924 silver composition is somewhat more reactive than modern silver coins, requiring additional care:
Store your coin in an inert holder that doesn’t contain PVC or other harmful plastics. PCGS, NGC, ANACS, or ICG holders provide excellent long-term protection, as do quality non-PVC flips for raw coins.
Maintain consistent humidity below 50% to prevent environmental damage. Avoid extreme temperature fluctuations, which can accelerate toning or cause condensation on the coin’s surface.
Never clean your 1796 dollar, regardless of its condition. Early dollars with original surfaces command significant premiums, even with toning or light deposits. Any cleaning, however well-intentioned, will permanently damage the coin’s surfaces and significantly reduce its value.
Handle the coin only by the edges while wearing cotton gloves. The oils in fingerprints can cause long-term etching on silver surfaces that may not become visible for years.
For display purposes, avoid direct sunlight or UV exposure, which can accelerate toning and potentially cause uneven discoloration over time.
Notable Auction Results
The market for exceptional 1796 Draped Bust dollars has shown remarkable strength over the past decade, with several noteworthy sales establishing new benchmarks:
The finest known example, the Pogue Collection specimen graded PCGS MS-65+, realized $1,680,000 in January 2022 at Stack’s Bowers Galleries, establishing a new record for the date.
In August 2021, Heritage Auctions sold a PCGS MS-64 example for $576,000, demonstrating strong demand just below the gem level.
The D. Brent Pogue specimen, graded PCGS MS-65 and bearing CAC approval, brought $1,175,000 in Stack’s Bowers/Sotheby’s January 2013 auction.
In April 2017, a remarkable PCGS AU-58 example with original surfaces and attractive toning realized $235,000, demonstrating the premium collectors place on eye appeal and originality even in circulated grades.
Most recently, in September 2023, a PCGS VF-35 example with exceptional eye appeal for the grade brought $47,800 at Heritage Auctions, substantially above guide value, confirming the premium placed on attractive, original surfaces even in mid-grade examples.
Collector Value & Outlook
The 1796 Draped Bust dollar occupies a unique position in American numismatics, combining historical significance, technical interest, and extreme rarity—particularly in higher grades. Several factors point to continued strong demand and price appreciation:
As a one-year type coin (the only Draped Bust dollar with 15 stars and Small Eagle reverse), it’s essential for both type collectors and early dollar specialists. This dual demand creates consistent competition for available specimens.
Market trends over the past two decades show exceptional appreciation for high-grade examples with original surfaces. Since 2000, gem-quality specimens have appreciated at an average annual rate exceeding 8%.
The expanding interest in early American coinage among international collectors, particularly in Asia and Europe, has broadened the potential buyer base for important pieces like the 1796 dollar.
Population reports show minimal grade inflation over time, suggesting that most examples have been discovered and graded. New high-grade examples rarely enter the market.
While economic factors may cause short-term price fluctuations, the long-term trajectory for important historical coins like the 1796 dollar has consistently trended upward, outpacing inflation and many alternative investments.
For collectors building a serious early dollar collection, acquiring a 1796 Draped Bust dollar represents both a significant challenge and a crowning achievement. Even in lower grades, these coins have shown remarkable stability and appreciation over time.
Frequently Asked Questions
Q: How can I distinguish between wear and striking weakness on a 1796 dollar?
A: Striking weakness appears as flat areas where design details never fully formed during minting, while wear manifests as smooth, flowing surfaces where high points have been reduced through circulation. Examine the coin under angled light—wear typically shows directional flow lines, while striking weakness reveals the original texture of the planchet.
Q: Do adjustment marks significantly reduce the value of a 1796 dollar?
A: While heavy adjustment marks can reduce value somewhat, especially if they severely impact key design elements, moderate adjustment marks are considered part of the coin’s character and production history. In fact, many collectors appreciate these mint-made marks as evidence of the coin’s authenticity and the hand-crafted nature of early American coinage.
Q: Are there any uncirculated 1796 dollars with original mint luster still available?
A: Yes, though extremely rare. Fewer than 50 Mint State examples are believed to exist, with original luster present to varying degrees. The Eliasberg and Pogue specimens represent the finest examples with nearly complete mint luster. Most Mint State survivors show some degree of toning over the original luster.
Q: What is the best reference book for studying 1796 dollars and their varieties?
A: “Early United States Dollars 1794-1803” by Jules Reiver and “The United States Early Silver Dollars from 1794 to 1803” by M.H. Bolender (revised by Jules Reiver) remain the standard references, though Q. David Bowers’ “Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia” provides excellent contextual information and market perspective.
Q: Is third-party certification essential for 1796 dollars?
A: Given the high value and prevalence of counterfeits, professional certification from PCGS, NGC, or another reputable service is highly recommended for any 1796 dollar purchase. Beyond authentication, certification provides an objective grade assessment and offers protection for long-term storage.
For the collector fortunate enough to acquire a 1796 Draped Bust dollar, the reward extends beyond mere ownership of a valuable coin. Each specimen represents a tangible connection to the formative years of the American republic—a period when Washington was preparing to step down, John Adams was preparing to step up, and the young nation was establishing the democratic traditions that continue to this day. As both a numismatic treasure and a historical artifact, the 1796 dollar stands as one of the most significant issues in American coinage.