1795 $1 Draped Bust Silver Dollar, Centered Bust BB-52 NGC VF30

Here’s a rare piece to add to your collection that will give you endless pleasure for many years to come. NGC has graded 158 as VF with 224 finer. Collectors Universe give this issue a price of $8,500.00 in VF30.

The "Centered Bust" indicates the location of the Liberty bust within the field of the die. The only other variety for 1795 is the "Off-Center Bust." Please see photos below to compare them both. Ron Guth writes in PCGS Coinfacts, "The difference between the two can be seen best on the position of the bow behind Liberty's head. On the Centered Bust, the bow is well away from the stars..."

Obverse comparison of 1795 Draped Bust dollar CENTERED/OFF-CENTER BUST. Photo: PCGS Coinfacts.

The 1795 Draped Bust dollar is quite rare. Out of the entire mintage of 42,738, there are an estimated 1,400 total surviving pieces today. But where did all the other coins go? The U.S. silver dollar had less silver than the ubiquitous Spanish-American 8 Reales (aka Spanish dollar) that circulated in the United States at the time. The Draped Bust silver dollar had 371.25 grains of silver, while full-bodied Spanish dollars had around 377.25 grains.

Even though that was the case, in the West Indies the U.S. dollar and the Spanish dollar traded at par. Therefore it was profitable for merchants to partake in a continual cycle of exchange arbitrage: ship American silver dollars to the West Indies and trade them for Spanish dollars. In that manner the U.S. silver dollars virtually disappeared from circulation. The vast majority of U.S. silver dollars ended up being shipped off as part of the China trade, where they were discounted and melted into Chinese bullion called sycee.