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Dollar in Extra Fine
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Half dollar in Very Fine
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Among collectors,
Draped Bust coins, particularly dollars, are very popular right now.
An early dollar is truly a majestic coin. At 39 to 40 mm in diameter
(the largest of any U.S. coin struck for circulation, more than a
millimeter larger than Morgan, Peace, and Eisenhower dollars) and
26.96 grams in weight, a Draped Bust dollar is hefty, a marvel to
hold in your hand.
Scores of die varieties exist in the
various denominations of Draped Bust coins because the dies back
then were tooled by hand. The biggest design variation, though,
resulted from a change in silver Draped Bust coins from the Small
Eagle reverse, considerably rarer today, to the Heraldic Eagle
reverse, considerably more attractive. This occurred in 1798, with
both versions of the dollar minted that year. It's thought that this
change was brought about to make the design more consistent with the
Quarter Eagle reverse design of 1796 and with heraldic European
coins of the time.
The Heraldic Eagle reverse was taken
directly from the Great Seal of the United States, though
interesting differences were introduced. On the Great Seal, the
eagle is holding the arrows, symbolizing war, in its left claw and
an olive branch, symbolizing peace, in its right claw. On Heraldic
Eagle coins, these positions are reversed. |
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Quarter in Very Fine
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Quarter in Fine
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As with all early
coins, you need to take care when buying Draped Bust coins. Many
Draped Bust dollars, for instance, were holed during the 1800s and
made into jewelry or buttons. When the coins began significantly
appreciating in value in the 1950s, large quantities were filled
with silver plugs. Plugged dollars are still collectible but are
worth roughly one-third the value of undamaged coins. Holed yet
unplugged coins, as you'll see two pages down, can be more desirable
than plugged coins.
The existence of any plug should be
mentioned in the description of the coin but sometimes isn't. A plug
can sometimes be difficult to spot, though it can be given away by
slight irregularities around the plug and a dark appearance or pits
in the fields caused by heat used in the plugging
process.
Other Draped Bust coins have been reworked in other
ways, including having initials or scratches removed, weakly struck
or worn areas enhanced, and rim dings filled in. From 20 to 35
percent of early dollars have been damaged and retooled in some way,
according to the book The United States Early Silver Dollars, 1794 to
1803 by
Jules Reiver. A repaired coin is always worth less than an original
one. |
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Quarter in Very Good
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Dime in Good
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Outright
counterfeits can also be a problem with Draped Bust coins. Look for
poorly executed designs, dull, lifeless surfaces, or seams along the
edge of the coin. More detail about this later.
Overgrading,
particularly at online auctions, is another sore spot. You can find
great deals at online auctions on both slabbed (in certified
holders) and raw (unslabed) Draped Bust coins, but make sure you
have return privileges from the seller in case the coin in person
looks different from the coin on screen. Also, be careful about
fringe slabbing services that may be valuable to certain sellers but
habitually overgrade coins. This is a good place to get other opinions about
questionable coins you're interested in that are up for
auction. |
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Cent in Extra Fine
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Cent in Very Fine
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The issues of
toning and cleaning are also key in evaluating Draped Bust coins.
Many collectors of these coins value authenticity and originality to
the extent that they abhor any attempt to change a coin's
appearance, including cleaning.
Dipping, for instance, strips
a coin of toning, which in silver coins typically results from the
reaction of silver with hydrogen sulfide in the air or sulfur in
coin albums or bags to form silver sulfide. In copper and bronze
coins, the copper typically reacts with sulfur to form copper
sulfate. Toning can impart beautiful color to a coin, but it can
also turn it into a muddy or splotchy mess.
Many Draped Bust
coins were cleaned at least once in their lives--it's estimated, for
instance, that 75 percent of early dollars have been cleaned, also
according to Reiver. Some cleaned coins have retoned, either
naturally or artificially (artificial toning is often very dark and
may have been used to cover evidence of repair work or harsh
cleaning). Some coins were cleaned recently and look artificially
white. Some cleaned harshly long ago are forever defaced with ugly
scratch marks or have been permanently clouded by overdipping. Some
coins in About Uncirculated or higher grades with ugly toning could
probably benefit from a light dipping. As a general rule, though,
uncleaned Draped Bust coins are valued higher than cleaned
ones. |
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Cent in Fine
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Half cent in Very Good
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