The 1798 Draped Bust Dollar, featuring the Small Eagle reverse, is one of the most coveted and historic coins in American numismatics. Struck at a pivotal moment in U.S. history, this coin represents the early years of the United States Mint and the young nation’s growing economy. Its rarity, unique design, and place in American coinage history make it a sought-after treasure for serious collectors. Whether you are an experienced numismatist or a novice to the world of U.S. coin collecting, the 1798 Draped Bust Dollar is a fascinating coin to explore.
A Brief History of the 1798 Draped Bust Dollar
The Draped Bust Dollar was designed by Robert Scot, the first Chief Engraver of the U.S. Mint. The obverse features a portrait of Lady Liberty draped in a flowing gown, representing freedom, with a coronet inscribed with the word “LIBERTY”. The reverse depicts a small eagle, which was later replaced by the heraldic eagle on subsequent coinage due to its perceived weakness as a national symbol. The coin was struck during the administration of President John Adams, just after the United States Mint was founded, making it one of the first silver dollars produced under the newly established U.S. Mint system.
Design and Features
The obverse of the 1798 Draped Bust Dollar features Lady Liberty’s serene portrait, with her hair elegantly flowing and a ribbon inscribed with the word “LIBERTY.” This side of the coin also includes the year of minting, 1798, and thirteen stars—representing the original thirteen colonies—arranged in a circular pattern around Liberty’s head.
Varieties of the 1798 Draped Bust Dollar
There are several notable varieties of the 1798 Draped Bust Dollar, and collectors often focus on distinguishing between them. The key variations for the 1798 Small Eagle include:
- Small 8 and Large 8 Varieties: The 8 in the date “1798” can appear in a small or large size, which is one of the distinguishing features for identifying this coin’s specific variety.
- Star Arrangement: The number and positioning of the stars on the obverse can vary slightly, with some coins featuring the stars arranged in a particular pattern.
- Edge Variety: There are also differences in the edge design, where some coins have a reeded edge while others have a plain edge.
Due to the relatively short period of production for this design, these variations are highly prized by collectors and can significantly impact the value of the coin.
Collecting the 1798 Draped Bust Dollar
When collecting the 1798 Draped Bust Dollar, the primary factors to consider are condition and authenticity. Coins that are in higher grades, such as XF (Extremely Fine) or AU (About Uncirculated), are significantly rarer and can command higher prices at auction.
Key factors for evaluating condition:
- Obverse Detail: Look for wear in the hair detail and the face of Liberty. The more detailed these features are, the higher the grade.
- Reverse Detail: The eagle’s wings and body, along with the letters on the reverse, should be sharp and clear.
- Strike Quality: Early U.S. coins were not struck with the precision seen in modern coins, so signs of weak strikes on areas like the stars or eagle’s tail feathers are common.
Conclusion
The 1798 Draped Bust Dollar, Small Eagle, is not just a coin; it is a snapshot of the early days of the United States. It reflects the country’s fledgling coinage system, its aspirations, and its symbols of liberty and strength. Due to its limited mintage, distinctive design, and historical significance, it remains a treasured piece in the world of U.S. coin collecting. Whether you are looking to acquire one of these rare coins or simply admiring it from afar, the 1798 Draped Bust Dollar offers a fascinating journey into America’s numismatic history.1. What is the significance of the 1798 Draped Bust Dollar?
FAQs
1. What is the significance of the 1798 Draped Bust Dollar?
The 1798 Draped Bust Dollar, Small Eagle, is a rare coin from the early days of the U.S. Mint. It represents a transitional phase in American coinage, with a distinctive design and a limited mintage. It is prized by collectors for its historical importance and scarcity.
2. What are the key varieties of the 1798 Draped Bust Dollar?
The 1798 Draped Bust Dollar features varieties such as the Small 8 and Large 8 in the date and differences in the arrangement of stars on the obverse. Additionally, there are variations in the edge, with some coins having a reeded edge and others a plain edge.
3. How can I determine the value of a 1798 Draped Bust Dollar?
The value of a 1798 Draped Bust Dollar depends on its condition, with higher grades like XF (Extremely Fine) or AU (About Uncirculated) being more valuable. The coin’s rarity, specific variety, and market demand also play a significant role in determining its worth.