1798 Draped Bust Dollar Value Guide (Small & Heraldic Eagle)

1798 Draped Bust Dollar: A Transitional Numismatic Treasure

The 1798 dollar exists in two distinct design types: Small Eagle (left) and Heraldic Eagle (right)

The 1798 Draped Bust Silver Dollar occupies a unique position in early American numismatics as a transitional year featuring two distinct reverse designs. Collectors encounter both the final year of the Small Eagle reverse and the inaugural appearance of the new Heraldic Eagle design. All examples were struck at the Philadelphia Mint and bear no mint mark.

Market values span from approximately $1,100 for circulated Heraldic Eagle examples to over $300,000 for top-grade Small Eagle specimens. The Small Eagle reverse is significantly scarcer with an estimated mintage of only 35,000 pieces, while the Heraldic Eagle type saw approximately 235,000 coins struck. Advanced collectors pursue 33 distinct die marriages cataloged in the Bowers-Borckardt reference system, with some varieties commanding substantial premiums.

This comprehensive guide examines identification techniques, market valuations across the full grade range, die variety analysis, authentication methods, and preservation strategies. Understanding the dual-design nature of this issue is essential for accurate attribution and valuation.

How to Identify Your 1798 Draped Bust Dollar

Authentic 1798 dollars feature edge lettering reading HUNDRED CENTS ONE DOLLAR OR UNIT

All 1798 dollars share the same obverse design featuring a right-facing bust of Liberty with flowing hair tied with a ribbon. The bust is draped with cloth. The word "LIBERTY" appears above her head, with the date "1798" centered below. The field is flanked by six-pointed stars—either 13 or 15 depending on the specific die marriage.

Reverse Design 1: Small Eagle (Type 1)

Used only during early 1798, this design features a small, naturalistic eagle perched on a cloud within an open wreath composed of palm and olive branches. The legend "UNITED STATES OF AMERICA" encircles the design. This reverse comes in two major varieties:

• 15 Stars obverse (BB-81): Shows 8 stars to the left and 7 to the right of Liberty. This anachronistic configuration used leftover dies from 1796.
• 13 Stars obverse (BB-82): Shows 7 stars left and 6 right, reflecting the standardized design adopted by the Mint.

Small Eagle varieties: BB-81 with 15 stars (left) versus BB-82 with 13 stars (right)

Reverse Design 2: Heraldic Eagle (Type 2)

Introduced mid-year in 1798, this larger, more formal design is based on the Great Seal of the United States. It features a heraldic eagle with a union shield on its breast, holding an olive branch in its right talon and arrows in its left. A scroll inscribed "E PLURIBUS UNUM" appears in its beak, with 13 stars in an arc above.

Key diagnostic features for Heraldic Eagle varieties include:

• Date style: "Knob 9" (tail ends in serif) on early dies versus "Pointed 9" (sharp tail point) on later dies
• Date spacing: Wide Date or Close Date configurations
• Shield lines: Early dies show five vertical lines within shield stripes; later dies show four
• Arrow count: Most show 13 arrows, but several "blundered" dies have only 10
• Star arrangement: Arc pattern (standard) or straight-line cross pattern (scarce)

Date diagnostics: Knob 9 (left) has distinct serif on tail, Pointed 9 (right) comes to sharp point

Edge Lettering

All genuine 1798 dollars feature incused edge lettering reading "HUNDRED CENTS ONE DOLLAR OR UNIT." This edge inscription is a critical authentication feature, as many counterfeits display incorrect fonts or poorly executed lettering.

Physical Specifications

Authentic examples weigh 26.96 grams (416.0 grains) and measure 39-40 mm in diameter. Any significant deviation from these specifications raises authenticity concerns.

1798 Draped Bust Dollar Values by Type and Grade

1798 Small Eagle Reverse (Type 1)

The Small Eagle reverse is the scarcer of the two 1798 types, with an estimated mintage of only 35,000 pieces compared to 235,000 for the Heraldic Eagle. Examples in Extremely Fine or higher grades are rare, and Mint State survivors are exceptionally so. The market often shows stronger demand for the 15 Stars variety (BB-81) in higher grades despite the 13 Stars variety (BB-82) being technically rarer in Mint State.

Grade comparison: VF-20 shows moderate wear, AU-50 retains significant detail, MS-63 displays full mint luster

Sources: PCGS Price Guide and NGC Price Guide, October 2025

1798 Heraldic (Large) Eagle Reverse (Type 2)

The Heraldic Eagle reverse is considerably more available than the Small Eagle, making it the preferred entry point for collectors of early dollars. Despite its relative accessibility in circulated grades, problem-free examples with strong strikes and original surfaces remain challenging to locate. About Uncirculated coins are scarce, while Mint State specimens are genuinely rare. The complexity of this type is revealed through 31 distinct die marriages, with many varieties trading near base type values while scarcer issues command substantial premiums.

Sources: PCGS Price Guide and NGC Price Guide, October 2025

A notable variance exists between PCGS and NGC guide values in circulated grades, with PCGS values running 26-28% higher in VF-20 through EF-40. This premium largely disappears in AU grades and vanishes entirely in Mint State, where both services list nearly identical values. At the highest quality levels, individual coin characteristics—strike quality, surfaces, and eye appeal—become the paramount value drivers, superseding certification service brand.

Grading 1798 Draped Bust Dollars: Key Diagnostics

Check these high points first: Liberty's hair above forehead, cheek, and shoulder; eagle's breast feathers

Grading early silver dollars presents unique challenges due to the era's production methods and the need to distinguish manufacturing characteristics from post-mint wear. Understanding these nuances is essential for accurate grade assessment.

Good-4 to Very Good-8: At these heavily worn grades, the date and major design elements remain identifiable but details are significantly softened. On the obverse, Liberty's hair merges into smooth outlines with only the deepest strands visible. Her cheek and bust line show as flat, worn areas. Stars retain their basic shape but points may merge. On the reverse, the eagle's form is clear but feather detail is minimal. On Heraldic Eagle types, the shield lines and wing feathers are largely worn smooth.

Fine-12 to Very Fine-20: Moderate wear is evident across all high points, but important design elements emerge. Liberty's hair shows separation of major strands, though fine detail remains worn. Her cheek retains some contour. The drapery lines at her shoulder become visible. On Small Eagle reverses, individual breast feathers begin to appear. On Heraldic Eagle types, some shield lines are visible and wing feather separation is evident, though central breast details remain weak.

Extremely Fine-40: Light wear appears only on the highest points. On the obverse, Liberty's hair retains nearly complete detail with only slight flatness at the highest curls above her forehead and ear. Cheek contour is well-defined. Fine drapery lines are clear. On the reverse, most feather detail is sharp with only slight wear on the eagle's breast center. For Heraldic types, shield lines are mostly clear and E PLURIBUS UNUM banner shows complete lettering.

Strike quality varies dramatically: weak central details (left) versus bold, well-struck example (right)

About Uncirculated-50 to AU-58: Minimal friction appears on the absolute highest points—Liberty's hair above her forehead, the tip of her bust, and her cheek. On the reverse, slight rub may show on the eagle's breast center. However, significant mint luster remains in protected areas. At AU-58, over 90% of the original luster survives, creating a nearly Mint State appearance. The coin retains sharp detail throughout with only the faintest trace of high-point friction.

Mint State-60 to MS-63: No wear is present. The coin displays complete mint luster, though it may show contact marks, bag marks, or minor surface disturbances from handling and storage. MS-60 coins typically have numerous marks that distract from eye appeal. MS-63 examples show better surface preservation with marks mostly confined to less noticeable areas.

Mint State-64 to MS-65: These premium grades represent exceptional preservation. MS-64 coins display strong luster with only minor, scattered contact marks. MS-65 examples exhibit outstanding eye appeal with minimal marks and strong, attractive luster. Original surfaces with natural toning are highly prized at these levels.

Critical Grading Considerations:

Strike versus Wear: Many 1798 dollars exhibit weak strikes due to the limitations of the era's screw press technology and the large planchet size. A coin may lack central details—particularly in Liberty's hair and the eagle's breast—due to weak striking pressure, yet still retain full mint luster and merit an AU or MS grade. Distinguishing strike weakness from actual circulation wear requires examining luster in the fields and protected areas.

Adjustment Marks: These are file marks made by Mint workers to reduce overweight planchets to proper specifications before striking. They appear as parallel or cross-hatched lines on the coin's surface. Because this was standard Mint practice, adjustment marks are not considered damage and generally do not affect the numerical grade unless exceptionally deep or disfiguring. They are simply noted as part of the coin's character.

Planchet Quality: Early silver dollars were struck on hand-rolled planchets of variable quality. Some examples show planchet striations, roughness, or minor laminations that occurred before striking. Like adjustment marks, these are manufacturing characteristics rather than damage and are accepted within the grading standards for early dollars.

Die Varieties: The Bowers-Borckardt System

Several varieties feature blundered dies with only 10 arrows instead of the correct 13

Small Eagle Varieties (BB-81 and BB-82)

BB-81 (Bolender B-2) - 15 Stars: Rarity-3 (scarce) with an estimated 500-900 survivors. This is the only 1798 dollar displaying 15 obverse stars arranged 8 left and 7 right. The reverse die is identified by a berry positioned directly below the letter A in STATES. Strikes are often weak on the reverse. This variety carries a strong market premium due to its unique historical narrative—the anachronistic 15-star configuration represents leftover dies from 1796. Representative auction results include $4,080 for VF-30 (Stack's Bowers, March 2019), $52,875 for AU-55 (Legend Rare Coin Auctions), and $129,250 for AU-58+ (Heritage Auctions, November 2013).

BB-82 (B-1) - 13 Stars: Rarity-3 (scarce) with an estimated 200-450 survivors. This represents the only pairing of a 13-star obverse with the Small Eagle reverse for 1798. Despite being technically rarer than BB-81 in some grades, market prices sometimes run lower in circulated condition, though exceptional high-grade examples command premium prices. Notable sales include $20,400 for EF-45 (Stack's Bowers, April 2025), $205,625 for AU-58 CAC with superior eye appeal (Legend Rare Coin Auctions), and $258,500 for MS-63 (Heritage Auctions, November 2013).

Notable Heraldic Eagle Varieties

The 31 Heraldic Eagle varieties range from relatively available (R-2 to R-3) to extremely rare (R-5 to R-6). While many common varieties trade near base type values, scarcer issues and those with dramatic diagnostic features command significant premiums.

10 Arrows Varieties: Several die marriages feature blundered reverses where the engraver punched only 10 arrows instead of the legislated 13. These include BB-93 (R-5, very rare, often showing heavy vertical die crack, auction record $6,325), BB-96 (R-4, scarce), BB-101 (R-5, very rare with pointed 9), BB-107 (R-4, scarce), and BB-108 (R-3, available, sold for $1,680 in F-15, Stack's Bowers August 2021). The 10 Arrows error is a major collectible variety type sought by specialists.

Blundered Stars Varieties: BB-123 (R-4, scarce, 300-500 survivors, auction record $6,612) and BB-124 (R-3, available, 600-1,100 survivors, auction record $8,924) feature haphazardly placed stars on the reverse, with some star points overlapping the clouds above the eagle. This obvious die-making error appeals strongly to variety collectors.

High-Value Varieties: BB-94 (R-5, very rare, knob 9 with 4 shield lines) represents one of the scarcest varieties with an MS-62 example listed at $92,500. BB-113 (R-2, common, close date with high 8) is paradoxically one of the most valuable despite being readily available, with an MS-64 bringing $90,000 (Heritage, September 2020) and the auction record reaching $141,000. This price strength reflects the variety's popularity and the exceptional quality of surviving specimens. BB-111 (R-4, scarce, pointed 9 with 5 berries) sold for $8,225 in AU-55+ (Heritage, January 2015).

Available Varieties for Type Collectors: BB-105 (R-3, wide date with obverse 8 attached to bust) represents a readily available variety that sold for $4,406 in EF-45 (Stack's Bowers, February 2015), with an AU-53 CAC example having a current bid of $1,600 (Stack's Bowers, November 2025). BB-122 (R-3, pointed 9 wide date) sold for $2,640 in VF-30 (Stack's Bowers, June 2024) and $3,120 in VF-30 (Stack's Bowers, April 2025).

Authentication and Counterfeit Detection

Genuine coins show smooth struck surface with natural luster; cast fakes exhibit porous, granular texture

Authentication of 1798 Draped Bust Dollars requires careful examination of multiple characteristics. Counterfeiters have targeted these coins for decades, producing both cast copies and struck forgeries of varying quality.

Weight and Dimensions: A genuine 1798 dollar must weigh 26.96 grams (with minor tolerance for wear) and measure 39-40 mm in diameter. Cast counterfeits are frequently underweight or have incorrect dimensions because the casting process shrinks the metal during cooling. Any significant deviation from proper specifications should trigger immediate suspicion. Using a precision scale accurate to 0.1 grams is essential for this test.

Edge Lettering Examination: The edge inscription "HUNDRED CENTS ONE DOLLAR OR UNIT" must be correctly formed with proper letter spacing and depth. Genuine edges show consistent, deeply incused lettering created during the striking process. Counterfeits often display incorrect fonts, uneven letter spacing, shallow lettering, or letters that appear added after striking. Cast fakes may show a casting seam along the edge—an absolute proof of forgery. The edge should be examined under magnification to check for these telltale signs.

Surface Characteristics and Texture: This is perhaps the most reliable authentication feature for experienced collectors. Genuine struck coins possess a specific surface texture and luster created by the immense pressure of the striking process. The fields should show smooth, flowing metal with directional flow lines from die contact. Cast counterfeits typically exhibit a porous, granular, or "sandy" surface texture. Under magnification, tiny pits, raised lumps, or a general roughness becomes evident—characteristics never found on genuine struck coins. Additionally, cast fakes often show softer, "mushy" details that lack the sharp definition of die-struck pieces.

Die Variety Matching: The most conclusive authentication method is matching the coin's specific die characteristics to a known Bowers-Borckardt variety. Every genuine 1798 dollar can be attributed to one of the 33 documented BB numbers by comparing date position, star placement, die cracks, die states, and other diagnostics. A coin that does not match any known die marriage is highly suspect and should be considered counterfeit until proven otherwise. This method requires access to comprehensive references such as the Bowers-Borckardt Encyclopedia or online variety resources.

Strike Quality and Die Characteristics: Genuine 1798 dollars often show characteristic weak strikes in predictable areas—typically the center of Liberty's hair and the eagle's breast. They may also display planchet adjustment marks, die cracks in specific locations, or other manufacturing characteristics documented for their variety. Counterfeits may show uniform weakness across the entire coin or lack the specific die cracks and states known for genuine examples. Conversely, some sophisticated struck counterfeits from modern dies may appear "too perfect" with unnaturally sharp details throughout.

Given the prevalence of counterfeits and the significant values involved, collectors should insist on purchasing only certified examples from reputable dealers. For raw coins being considered for purchase, professional authentication through PCGS, NGC, or another respected service is essential. The modest cost of certification provides invaluable protection against acquiring expensive forgeries.

Preservation and Care of Early Silver Dollars

Proper preservation is essential for maintaining both the numismatic value and historical integrity of 1798 Draped Bust Dollars. These coins have survived for over two centuries, and appropriate care ensures they will endure for future generations.

Storage Environment: Certified coins in PCGS or NGC holders should be stored in a cool, dry environment with stable temperature and humidity. Avoid locations subject to temperature fluctuations, such as attics or basements. A bank safe deposit box provides ideal conditions. For raw coins, storage in archival-quality holders specifically designed for numismatics is critical. Avoid holders made from PVC (polyvinyl chloride), which can damage silver surfaces over time through chemical interaction. Use only inert materials such as Mylar flips or archival coin capsules.

Handling Protocol: Always handle coins by their edges, never touching the obverse or reverse surfaces. The oils, acids, and contaminants present on human skin can damage the coin's surface and leave permanent fingerprints. For particularly valuable specimens, wear soft cotton gloves when handling is necessary. When examining a coin, hold it over a soft surface such as a velvet pad to prevent damage if accidentally dropped.

Cleaning Prohibition: This cannot be emphasized strongly enough—never attempt to clean an early silver dollar. Any cleaning, whether by abrasive methods, chemical dips, or even gentle rubbing, will permanently damage the coin's original surface, destroy its natural patina, and eliminate most of its numismatic value. Even light cleaning that appears to "improve" the coin's appearance will create microscopic scratches visible under magnification. Professional grading services will designate cleaned coins with "Details" grades that significantly reduce value. Collectors should embrace original, naturally toned surfaces—even if darkly toned—as evidence of authenticity and proper preservation.

Toning and Patina: Over time, silver coins develop natural toning ranging from light gold to deep charcoal. This toning is a protective layer that forms through interaction with sulfur in the environment. Attractive, natural toning is highly desirable to collectors and can actually enhance value. Artificial toning or attempts to remove natural toning are easily detected by experts and severely damage value. Accept the coin as a historical artifact that bears the marks of its age.

Insurance and Documentation: For valuable specimens, maintain detailed photographic records and consider obtaining specialized numismatic insurance. Standard homeowners insurance often provides inadequate coverage for rare coins. Photography should include high-resolution images of both sides, the edge, and any distinguishing characteristics. Keep certification receipts, purchase documentation, and variety attributions in a secure location separate from the coins themselves.

Recent Auction Results for 1798 Draped Bust Dollars

The following auction records demonstrate actual market performance for 1798 dollars across different varieties and grades. These results reflect real transactions and provide valuable insights into current collector demand.

Small Eagle Varieties:

• BB-81 (15 Stars): VF-30 sold for $4,080 (Stack's Bowers, March 2019); AU-55 sold for $52,875 (Legend Rare Coin Auctions); AU-58+ realized $129,250 (Heritage Auctions, Nov 2013)
• BB-82 (13 Stars): EF-45 sold for $20,400 (Stack's Bowers, April 2025); AU-58 CAC achieved $205,625 (Legend Rare Coin Auctions); MS-63 sold for $258,500 (Heritage Auctions, November 2013)

Heraldic Eagle Varieties:

• BB-93 (10 Arrows): Auction record of $6,325
• BB-94 (Knob 9, 4 Lines): MS-62 specimen listed at asking price of $92,500
• BB-105 (Wide Date): EF-45 sold for $4,406 (Stack's Bowers, February 2015); AU-53 CAC currently bid at $1,600 (Stack's Bowers, November 2025)
• BB-108 (10 Arrows): F-15 sold for $1,680 (Stack's Bowers, August 2021)
• BB-111 (5 Berries): AU-55+ sold for $8,225 (Heritage, January 2015)
• BB-113 (Close Date, High 8): MS-64 brought $90,000 (Heritage, September 2020); auction record reached $141,000
• BB-122 (Wide Date): VF-30 sold for $2,640 (Stack's Bowers, June 2024); VF-30 sold for $3,120 (Stack's Bowers, April 2025)
• BB-123 (Blundered Stars): Auction record of $6,612
• BB-124 (Blundered Stars): Auction record of $8,924

These results demonstrate that rarity alone does not determine value. Collector appeal, strike quality, surface preservation, and eye appeal all play significant roles in determining final prices. Varieties with dramatic, easily identifiable features—such as the 10 Arrows error or Blundered Stars—tend to generate stronger bidding than scarcer but less visually distinctive varieties.

Frequently Asked Questions About 1798 Draped Bust Dollars

Research Methodology and Sources

This analysis synthesizes information from authoritative numismatic references, professional grading service data, and documented auction results. Primary sources include the Bowers-Borckardt Encyclopedia of United States Silver Dollars 1794-1804, which provides comprehensive die variety documentation, and current pricing data from PCGS CoinFacts and NGC Coin Explorer. Population data reflects October 2025 census reports from both services.

Auction records cited include verified sales through Stack's Bowers Galleries, Heritage Auctions, and Legend Rare Coin Auctions. Additional historical and technical information draws from the Newman Numismatic Portal and scholarly numismatic publications.

Market values for rare coins fluctuate based on collector demand, overall economic conditions, and the specific characteristics of individual coins. Prices shown represent general market levels as of late 2025 and should be considered estimates. Actual transaction prices may vary based on the coin's specific attributes, market timing, and venue. Collectors should consult current price guides and recent auction results when making purchasing decisions. Professional appraisal is recommended for significant acquisitions.