1799 $1 Draped Bust Silver Dollar, BB-156 PCGS MS62

Scarce Bowers Terminal Die State—One of Two Known in Mint State

This example is Bowers Die State III, with extensive reverse cracks. David Bowers has determined that this terminal die state is a greater rarity than Die State II in his iconic 1993 book, Silver Dollar Encyclopedia. 

A substantial die bulge northeast of the eagle's head results in a near-complete loss of detail in that area, however, the rest of this Uncirculated Draped Bust dollar is well-struck, particularly around the rims. The only noticeable softness is found on the middle curls of Liberty’s hair. An attractive silver-gray patina overall yields to splashes of violet and antique golden hues.

The BB-156 variety is usually found only in XF and lower grades. About Uncirculated examples are rare, and Mint State pieces—such as this offering from AUCM—are major rarities. This is the lone BB-156 coin in Mint State attributed for die variety by PCGS, and it is tied with the MS62 R.L. Miles-Numisma '95 specimen listed on the Bowers census. Collectors Universe prices this variety at $35,000 in MS62.

 https://youtu.be/ZTygsf1utJo

A short video courtesy of Heritage Auctions displays the attractive obverse of this offering.

The mintage of the 1799 Draped Bust silver dollar was plentiful for its time: 423,515.  However, the surviving total population is approximately 6,500. That is because a great majority of the Draped Bust dollars were shipped to the East to be part of the China trade. The dollars of 1799 were worth $1.03 when they were produced at the Philadelphia Mint, which made them excellent candidates for instruments of international trade. Such coins were rarely seen in American commerce. Those that survived were mostly stored in the First Bank of the United States.