The 1796 Draped Bust Dime holds a distinguished place in American numismatic history as the inaugural dime issued by the United States Mint.
Its rarity and historical significance have made it a coveted piece among collectors, with some specimens commanding extraordinary prices at auctions.
Historical Significance of the 1796 Draped Bust Dime
Minted in 1796, this dime was part of the first series of dimes produced by the U.S. Mint.
The obverse features the “Draped Bust” of Liberty, a design attributed to artist Gilbert Stuart, while the reverse showcases a small eagle, a motif used only in 1796 and 1797.
With a mintage of approximately 22,135 coins, the 1796 dime is particularly scarce, especially in higher grades.
Design and Varieties
The 1796 Draped Bust Dime is notable for its intricate design elements:
- Obverse: Depicts Liberty with flowing hair, draped bust, and encircled by stars representing the original states.
- Reverse: Features a small eagle perched on a cloud within a wreath, a design unique to the 1796-1797 dimes.
There are six known die varieties for the 1796 dime, identified by slight differences in star placement and other minute details. These varieties are cataloged as JR-1 through JR-6, with some being rarer than others.
Modern Value and Auction Records
The value of a 1796 Draped Bust Dime varies significantly based on its condition, rarity of the die variety, and market demand. In circulated grades, these dimes can fetch several thousand dollars. However, specimens in mint state (MS) conditions command substantially higher prices.
One of the most remarkable sales occurred in 2014 when a 1796 Draped Bust Dime graded PCGS MS68 was sold for $881,250. This coin is considered the finest known example of its kind.
More recently, in 2023, a 1796 Draped Bust Dime graded MS66+ fetched $372,000 at auction, underscoring the coin’s enduring appeal and value among collectors.
Factors Influencing Value
Several factors contribute to the value of the 1796 Draped Bust Dime:
- Condition (Grade): Coins are graded on a scale from 1 to 70, with higher grades indicating better preservation and, consequently, higher value.
- Rarity of Die Variety: Certain die varieties (e.g., JR-4) are rarer and more sought after by collectors.
- Historical Significance: As the first U.S. dime, its historical importance adds to its desirability.
- Market Demand: The numismatic market’s interest in early American coinage influences auction prices.
Notable Auction Sales
Here is a table summarizing some notable auction sales of the 1796 Draped Bust Dime:
| Year | Grade | Auction Price | Notes |
|---|---|---|---|
| 2014 | MS68 | $881,250 | Finest known example, sold by Heritage Auctions. |
| 2023 | MS66+ | $372,000 | JR-4 variety, notable for faint die cracks enhancing its historical value. |
| 2024 | FR-02 | $2,199.95 | JR-6 variety, lower grade but still significant due to rarity. |
Collecting the 1796 Draped Bust Dime
For collectors interested in acquiring a 1796 Draped Bust Dime, consider the following:
- Authentication: Due to the coin’s value, ensure it is authenticated by reputable grading services like PCGS or NGC.
- Condition Assessment: Be aware that even slight differences in condition can lead to substantial price variations.
- Provenance: A well-documented ownership history can enhance the coin’s value.
- Market Research: Stay informed about recent auction results and market trends to make educated purchasing decisions.
The 1796 Draped Bust Dime remains a cornerstone of American numismatics, reflecting the early history of U.S. coinage.
Its rarity, coupled with historical and artistic significance, continues to captivate collectors, leading to impressive auction results that highlight its enduring legacy.
FAQs
Why is the 1796 Draped Bust Dime so valuable?
Its value stems from its status as the first U.S. dime, low mintage, and rarity in high grades.
What is the significance of the die varieties in the 1796 dime?
Die varieties indicate different production runs and can affect the coin’s rarity and value.
How can I determine the value of my 1796 Draped Bust Dime?
Consult with professional grading services and recent auction records to assess its value.
