1802 $1 Draped Bust Silver Dollar NGC VF35

The striking of silver dollars throughout 1802 was greatly reduced from the high numbers of 1798-1800, for those earlier coins had over a dollar's worth of silver. The number of newly-minted pieces (dated 1798-1800) that were shipped overseas to China traded at their bullion value is unknown, but the attrition rate was fairly high.

The 1802 issue was also sent to China in trade in significant numbers. The mintage for 1802 Draped Bust dollars is 41,650. Research suggests that there are approximately 990 survivors.

NGC has graded 112 pieces as VF with 244 finer. Collectors Universe prices this issue at $3,850.00 in VF35.

Ann Willing Bingham at the age of 21, the alleged model for the Draped Bust coinage, as rendered by Gilbert Stuart in 1785. Image: Wikimedia Commons.

The 1802 was the penultimate issue of the Draped Bust type silver dollar, which replaced the Flowing Hair type of 1794-1795. The obverse was engraved by Robert Scot, chief U.S. Mint engraver. The same design was also displayed upon the fractional copper and silver coinage as well, but first appeared on the silver dollar.

Legend tells us that the appearance of Liberty was modeled upon a Philadelphia socialite, Ann Willing Bingham, from a drawing by artist Gilbert Stuart. This design change after only one year (from the Flowing Hair type) was the brain-child of Mint Director Henry DeSaussure (and probably with the encouragement of President Washington) in his desire to improve the appearance of all U.S. coinage. John Eckstein, an artist from Rhode Island, crafted a plaster model of Stuart's rendering, from which Scot prepared the dies.