The following post is pulled from Coin World editor Steve
Roach’s Market Analysis column in the Sept. 22 issue.
Early silver dollars can be intimidating for a new collector for a
variety of reasons. First, they’re generally expensive. An entry level
Draped Bust dollar with a severe impairment, such as a hole, sets a
baseline at around $500. Second, they often have problems like
cleaning or tooling, and these are often deceptive.
for the patient, Flowing Hair and Draped Bust silver dollars represent
an impressive challenge with a limited range of years, an impressive
number of varieties, and solid reference books to help guide
Here is one of three early dollars that sold
at the recent Ira & Larry Goldberg pre-Long Beach Auction,
Aug. 31 to Sept. 1:
The coin: Mint State 64 1795
Draped Bust dollar
The price: $223,250
The story: 1795 saw two obverse types of silver dollar:
the Flowing Hair and the Draped Bust. These were each paired with a
Small Eagle reverse.
This example graded Numismatic Guaranty
Corp. MS-64 Prooflike with an NGC ★ brought $223,250. It is the
variety Bowers-Borckardt 51, as recorded in Q. David Bowers and Mark
Borckardt’s book Silver Dollars & Trade Dollars of the United
States, A Complete Encyclopedia, the well-respected reference
book in the field.
This variety represents the first
appearance of the new Draped Bust obverse design and the book notes
that the obverse and reverse punches for the 1795 Draped Bust dollar
“far exceeded in quality anything created earlier,” calling it a
“masterpiece of intricate engraving.”
The present example
was described in the catalog as having “marvelous light golden
iridescence” on both sides with “phenomenal Prooflike surfaces.” The
firm added that it had the appearance of a Specimen striking and that
the visual appeal was superb.
The lot description
concluded, “Certainly among the handpicked ambassadors of its Bust
Dollar design, this example earns its place in the collection of a
numismatist who recognizes the value of aesthetic beauty as well as rarity.”
Read the rest of Steve Roach's Sept. 22 Market Analysis:
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