1799/8 $1 Draped Bust Silver Dollar, 15 Reverse Stars BB-141 PCGS XF40

Here’s a rare example to add to your collection. PCGS has graded 5 of the BB-141 as XF40 with 20 finer. Collectors Universe gives this variety a price of $5,500.00 in XF40.

Writes NGC Coin Explorer, “The large number of dies prepared for 1798's silver dollar coinage included one that was overdated 1799/8 the following year. This could be accomplished only with a die not previously used, as the hardening process precluded alterations to the date, thus there are no coins known from this die prior to its being overdated. The single overdated die was used in combination with three different reverses. BB-141 is the most common marriage…”

The First U.S. Mint in Philadelphia, where this rarity was produced in 1799. Image: public domain.

The mintage of the 1799 Draped Bust silver dollar was plentiful for its time: 423,515.  However, only about 6,500 have survived into the 21st century. How did that happen? Because a great majority of the Draped Bust dollars were shipped to the East to be part of the China trade. Even though the U.S. dollar was lighter in silver content than the Spanish dollar, in the West Indies these coins were traded at par.

U.S. merchants would bring brilliant, lustrous Draped Bust dollars there and trade them for the heavier Spanish dollars. Then they would bring the Spanish dollars to the Mint in Philadelphia to be made into new Draped Bust dollars. When they were ready, they were brought to the West Indies to continue the exchange arbitrage. Therefore, such coins were rarely seen in American commerce. Those that survived, including this offering from AUCM, were mainly stored in the First Bank of the United States.