A rare 1796 Draped Bust Dime, long tucked away in storage, has recently captivated the numismatic world by selling for over $75,000 at auction.
This remarkable sale underscores the enduring allure and value of early American coinage.
The 1796 Draped Bust Dime: A Glimpse into Early American Coinage
The 1796 Draped Bust Dime holds a special place in U.S. numismatic history. Introduced as the first dime officially minted by the United States, it marked a significant step in the young nation’s efforts to establish its own currency system.
Key Features
- Obverse Design: Features a portrait of Lady Liberty with flowing hair, designed by renowned artist Gilbert Stuart.
- Reverse Design: Showcases a small eagle perched on a cloud, surrounded by a wreath—a design used only in 1796 and part of 1797, making it unique among U.S. dimes.
- Mintage: Only 22,135 pieces were struck, contributing to its rarity.
The Recent Auction: A Coin’s Journey from Storage to Spotlight
In a recent auction, a 1796 Draped Bust Dime emerged from private storage and fetched an impressive $75,000. The coin’s condition, historical significance, and rarity all played pivotal roles in achieving this substantial price.
Factors Influencing the Sale Price
- Condition: Coins in better preservation states command higher prices.
- Historical Significance: Being the inaugural dime minted by the U.S. adds to its desirability.
- Rarity: Limited mintage and survival rate enhance its value.
Comparative Analysis: Draped Bust Dime Auction Prices
To contextualize the recent sale, here’s a comparison with other notable Draped Bust Dime auction results:
| Year | Grade | Auction Price | Auction House | Notes |
|---|---|---|---|---|
| 1796 | MS67 | $881,250 | Heritage Auctions | Highest recorded price for this coin. |
| 1802 | MS62 | $117,000 | Stack’s Bowers | Notable for its condition and rarity. |
| 1804 | AU58 | $632,000 | Heritage Auctions | Features unique design elements. |
| 1796 | AU58 | $75,000 | Recent Auction | The coin in focus, notable for emerging from storage. |
Understanding the Value: What Makes the 1796 Dime So Special?
Several factors contribute to the 1796 Draped Bust Dime’s high valuation:
- Historical Context: As the first U.S. dime, it represents a foundational piece of American numismatics.
- Design Uniqueness: The combination of the Draped Bust and small eagle designs was short-lived, adding to its uniqueness.
- Survival Rate: Given the coin’s age and limited original mintage, few have survived in collectible condition.
The sale of the 1796 Draped Bust Dime for over $75,000 serves as a testament to the enduring fascination with early American coinage.
Collectors and historians alike value such pieces not just for their monetary worth but for the rich stories they tell about the nation’s formative years.
FAQs
How many 1796 Draped Bust Dimes are known to exist today?
While the original mintage was 22,135, the exact number of surviving coins is uncertain. However, due to factors like circulation wear and loss over time, surviving specimens are considered rare.
What should collectors look for when identifying a genuine 1796 Draped Bust Dime?
Key identifiers include the Draped Bust of Liberty on the obverse, the small eagle design on the reverse, and the date “1796.” Consulting with numismatic experts or using reputable grading services can aid in authentication.
How does the condition of a coin affect its value?
Coin condition, often graded on the Sheldon scale from 1 to 70, significantly impacts value. Higher-grade coins (e.g., MS60 and above) are more desirable and command higher prices due to their superior preservation.