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How Rare Is The 1801 Draped Bust Dollar?

 
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 Posted 07/27/2021  6:31 pm Show Profile   Bookmark this topic Add CCFPress to your friends list Get a Link to this Message
PCGS - The run of Draped Bust Dollars with the Type 2 Heraldic Eagle reverse from 1798 through 1804 pertains to a relatively short span of coins. However, it is arguably the busiest bunch of so-called Early Dollars, which trace further back to 1794 and include the first United States silver dollars ever made. The rarest of them all is the famous 1804 Dollar, the so-called "King of American Coins," which serves as the iconic posterchild for the series. Only 15 of those 1804-dated dollars were made, and all were produced at least three decades after their date otherwise suggests.


Draped Bust Dollar, 1801 $1, PCGS MS65

And while the 1804 dollar is certainly the rarest of these large silver coins bearing the Draped Bust design by Robert Scot, there are other dates in the series deserving of one's attention. To be sure, all Draped Bust Dollars are scarce coins, even in the lowest of circulated grades, and they're decidedly rare in Mint State condition.

Of the Draped Bust Dollars paired with the Heraldic Eagle design, the most common dates as determined by mintage figures include the 1798, 1799, and 1800 issues, with production totals of 327,536, 423,515, and 220,920, respectively. The latter three circulating issues - 1801, 1802, and 1803 (dollars dated 1804 were not made for use in commerce) - each come in significantly under 100,000 apiece.

The 1801 Draped Bust Dollar saw 54,454 examples struck, 1802 yielded 41,650, and 1803 delivered 85,634 specimens. It really doesn't take a mathematician to understand that the 1802 Dollar has the lowest mintage, but it may require some deeper numismatic insight to know that it's the 1801 Dollar that is overall the rarest of that group today. Why?

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 Posted 07/27/2021  7:26 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Good read, thanks for the link.
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 Posted 07/27/2021  7:33 pm  Show Profile   Bookmark this reply Add fortcollins to your friends list Get a Link to this Reply

Quote:
it was common in those days for the U.S. Mint to strike coins bearing the previous year's date


Sincere question. If so, why is there an 1802/1 dollar?
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 Posted 07/27/2021  10:13 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
I am just happy to have a fake 1804! - it cost me two bucks.
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 Posted 07/28/2021  11:16 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
Sincere question. If so, why is there an 1802/1 dollar?

At the end of the year if a die in use was still in good shape it would continue to be used in the following year. If an unused and UNHARDENED die was on hand at the end of the year it would be overdated, hardened, and then used. A used die would not be overdated because there would be a significant chance of failure of the die during rehardening. Since the previously dated die was still good, why risk it failing by overdating it?

After the last of the 1800 dies was retired in 1801 they made three 1801 obv dies. The first two were used in 1801 and one unhardened die was left over at the end of the year. That die was overdated and used in 1802.
Gary Schmidt
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 Posted 07/29/2021  11:23 am  Show Profile   Bookmark this reply Add fortcollins to your friends list Get a Link to this Reply
@Conder101

Thank you! That makes sense. Appreciate it!
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