Discover the Secrets of the 1796 Draped Bust Dollar: Small Date – Small Letters Edition

The 1796 Draped Bust Dollar is one of the most famous coins in American numismatic history. This coin was part of the first series of silver dollars minted by the U.S. government. The “Small Date – Small Letters” variety, in particular, holds great interest for collectors due to its rarity and distinct characteristics. In this article, we’ll explore the history, design features, and value of the 1796 Draped Bust Dollar, especially focusing on the Small Date – Small Letters variety.

Introduction to the 1796 Draped Bust Dollar

The Draped Bust Dollar was the first official U.S. silver dollar design minted after the Coinage Act of 1792, which established the U.S. Mint. The coin was designed by Robert Scot, the first chief engraver of the U.S. Mint, and it features Lady Liberty on the obverse and an eagle on the reverse. The design was used for only a few years, with 1796 being the first year it was produced.

There are two main varieties of the 1796 Draped Bust Dollar: the “Small Date” and the “Large Date.” The Small Date variety is particularly rare, with only a limited number of coins being produced. This variety is distinguished by the smaller digits used in the date, which are noticeably different from the Large Date version. The Small Letters on the reverse are also smaller compared to the other variety, making it an interesting study for coin collectors and historians alike.

History of the 1796 Draped Bust Dollar

The U.S. Mint began producing the Draped Bust Dollar in 1795, but it was the 1796 issue that marked the first year of a distinctive design featuring Lady Liberty with draped hair. While the 1795 Draped Bust Dollar had already made its debut, it was in 1796 that the Mint began experimenting with different dies for the dollar coins. The 1796 coins were struck in small quantities, making them even rarer than other early U.S. coins.

The 1796 Draped Bust Dollar was minted only in Philadelphia, and the total number of coins produced is believed to be just 23,000. These early dollar coins were used as currency in the United States during the formative years of the nation’s history. However, due to their limited production, they are now considered highly collectible.

Design Features of the 1796 Draped Bust Dollar

Obverse Design

The obverse of the 1796 Draped Bust Dollar features a portrait of Lady Liberty facing right, with her hair flowing freely, symbolizing the young nation’s freedom and independence. The legend “LIBERTY” appears above her head, and the year “1796” is positioned beneath the bust.

The small digits in the date on the Small Date variety are one of the defining features of this coin. Additionally, the stars surrounding Liberty’s portrait represent the 15 states that were part of the United States at the time.

Reverse Design

The reverse of the 1796 Draped Bust Dollar features a bald eagle with wings outstretched, perched on a bundle of arrows. This symbol of strength and unity was meant to reflect the young nation’s resilience. The eagle holds an olive branch in its talons, representing peace, while the arrows symbolize the nation’s readiness to defend itself.

The reverse inscription reads “UNITED STATES OF AMERICA,” and the coin’s denomination, “ONE DOLLAR,” is inscribed below the eagle.

Small Date – Small Letters: Key Differences

The Small Date variety of the 1796 Draped Bust Dollar is distinct from the Large Date version. The main difference lies in the size of the digits in the date “1796,” which are noticeably smaller on the Small Date variety. Additionally, the letters in the word “AMERICA” on the reverse are also smaller in comparison to the Large Date version, which is why this coin is called the “Small Date – Small Letters” variety.

Collectors often seek out the Small Date – Small Letters variety due to its rarity. It is believed that a limited number of these coins were produced, making them a valuable addition to any collection.

Value and Rarity of the 1796 Draped Bust Dollar: Small Date – Small Letters

The value of a 1796 Draped Bust Dollar, especially the Small Date – Small Letters variety, can vary significantly depending on the coin’s condition, rarity, and other factors such as its grade. In general, these coins are considered to be extremely rare and are highly sought after by collectors. The value can range from several thousand to even millions of dollars for well-preserved specimens.

Factors Affecting the Value

Several factors contribute to the value of the 1796 Draped Bust Dollar, including:

• Condition: Coins in better condition, such as those graded MS or higher, can fetch significantly higher prices.
• Rarity: As one of the most limited mintage coins of the era, the Small Date – Small Letters variety is rarer than its counterparts.
• Historical Significance: Being one of the first silver dollars ever minted, the 1796 Draped Bust Dollar holds historical importance, which boosts its value among collectors.

Table of Characteristics

Feature	1796 Draped Bust Dollar (Small Date – Small Letters)
Year Minted	1796
Total Mintage	Approx. 23,000 coins
Designer	Robert Scot
Obverse Design	Lady Liberty with flowing hair
Reverse Design	Bald eagle with arrows and olive branch
Key Differentiator	Smaller date digits and smaller letters on reverse
Rarity	High (due to limited mintage)
Value Range	$10,000 to $1,000,000+

Conclusion

The 1796 Draped Bust Dollar, particularly the Small Date – Small Letters variety, is a rare and valuable coin in American numismatics. Its historical significance, unique design, and limited mintage make it a prized possession for collectors. Whether you’re a beginner or an experienced numismatist, understanding the features of this iconic coin is essential for appreciating its value and place in U.S. coin history.

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