Rare American Coins and the Draped Bust Silver Dollar Series

The new Draped Bust design silver dollar was introduced in October of 1795 and 42,738 examples were struck before the end of the year. These coins are proportionately less rare than the earlier flowing hair design, but there are 30 or so, MS-64 or MS-65 examples.

rare american coins

1795 Draped Bust

The Draped Bust design continued into 1796. Production was hampered by poor dies, scarcity of silver bullion and lack of public support or even interest in a national mint. The 1796 date coins had a mintage similar to the 1795 coins, but this date is significantly rarer in grades above AU-58.

Striking quality is typically poor, as on the Flowing Hair design, which will be a full grade weaker on the reverse than the obverse.  Planchet quality on the 1796 dollars is inferior to the 1795 version. Most of these coins will show a lot of nicks and scratches.

The problems which plagued the mint in 1796 became even worse in 1797. This year only, they had 16 stars to represent every state in the union at the time. Finding nice examples of 1797 Draped Bust silver dollars is really tough.

The 1797 dollars are also difficult to grade because of their poor quality control. The most accurate way is to determine the detail on the device and note any remaining mint luster. The obverse should be weighted higher than normal in determining the grade, due to the general poor quality of the reverse. These coins are difficult to find in grades above VF-30.

rare american coins

Small Eagle Reverse

The 1798 Bust silver dollars are probably the most misunderstood issue in the Draped Bust series. Both the original Small Eagle and Heraldic Eagle reverse dies were used that year.

Lots of varieties are represented for this year, including 13 and 15 star designs. Around 7,000-8,000 coins survive from the original mintage of 327,536 and only two dozen of them grade in the MS-64 or MS-65 range.

 

rare american coins

Draped Bust Heraldic Reverse

 

1798 Heraldic Eagle dollars are much easier to find than their small Eagle counterparts. Striking quality varies greatly, but is generally slightly better than 1797.

Grading these coins is still difficult, because the poor strike looks like wear unless you know the striking characteristics of this issue. As with so many of the early silver dollars, many have been repaired or restored.

The 1799 Bust dollars are among the most common of the series. 423,515 were struck and as many as 8500-9000 may have survived. These coins are easy to find in EF condition, though AU examples are scarce and MS are rare. The year 1799 has more high-grade specimens than any single year in the Draped Bust series.

rare American coins

1800 Draped Bust

The year 1800 is another relatively common date by the standards of the Draped Bust dollar. 220,920 were struck, and 4500-5000 still survive. Most will be found in low grades typically in About Good to Fine. The strike tends to be better than earlier dates in this series, though often weak at the centers.

The 1801 mintage was 54,454 pieces, but there seems to be a fairly low survival rate. It is really rare in upper grades and probably the rarest date with the Heraldic Eagle reverse. 1801 dollars exhibit the typical weak strike of the Draped Bust series, especially lacking hair detail. As with so many dates in the Draped Bust series, this date also displays significant post striking damage.

rare american coins

1802 Draped Bust

For 1802, the mintage was only 41,650. The date isn’t as scarce as the figure would suggest however, because some coins dated 1802 were actually struck in 1803 and 1804. The 1802 dollars exhibit the typical weak strike of their predecessors, especially on the obverse.

1803 Draped Bust silver dollars had a mintage of 85,364. Of those struck, 19,570 were released in 1804, with some of them dated 1802 as well. These coins aren’t as rare in high grades as the 1801 variety.

Low grade examples are almost common, but pieces above EF are scarce. The 1803 Draped Bust dollars continue to be softly struck. They tend to look flat and mushy.

The production of silver dollars stopped in 1804 and didn’t resume until 1836. Silver dollars were expensive to produce and demand for them wasn’t very strong. They were just too cumbersome to be practical for most people.

The last of the Draped Bust dollar series was the 1804 with the Heraldic Eagle. It is one of the most legendary of American rare coins, and was actually struck in 1834 and again in the 1850’s. I will devote an entire future article on the famous 1804 Draped Bust silver dollar.

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Investment Potential for Common Date MS Morgan Silver Dollars

After the 1918 Pittman Act silver coin meltdown, about 30 million Morgans survive in uncirculated condition. Almost 20% of these have actually been graded. Considering the population of U.S. is now 300 million that leaves only one MS Morgan Silver dollar for every 10 people in the U.S.

Common MS-60 to MS-62 Morgan dollars don’t seem to have as much investment potential as rarer coins. Unlike other numismatic coins however, silver dollars derive some of their value from their bullion content. This has a positive psychological effect on most collectors.

rare american coins

1881-S Morgan

Silver dollars represent an early America which didn’t have all the social, political and economic problems of today. They come from a time of relative economic stability. The Morgan silver dollar is the most marketable coin in the rare American coin industry. It has the widest appeal to collectors because of its age, size and silver content.

Common date MS Silver dollars only loosely follow the bullion market with investors and collectors anticipating a rising price in the silver market. For the market to return to lively activity, several things have to fall into place.

Will former conditions for a bull market repeat themselves? Will many more people become interested in the silver market? Will precious metals become precious again, or will they be viewed as mere relics from the past?

The antique market has certainly dried up. The younger generations now have very little interest in the past and what used to be important for day-to-day activities. Fortunately, silver has industrial consumption that keeps silver from becoming completely extinct.

Silver and gold have been used as money for thousands of years, and used in America until 50 years ago. No fiat currency has ever held up over time. They all erode in value until they’re worthless.

Since the 1980’s the U.S. went from the largest creditor nation in the world to the largest debtor nation. Our economic expansion hasn’t been because of increased productivity as it should be, but government financed debt.

rare american coins

1882-CC Morgan

Amazingly, less than 1% of Americans invested in gold and silver rare coins during the first bull market from 1971-1974 when gold rose from $35 per ounce to almost $200. Then 3% of the public participated in the second bull market from 1976 to 1980, when gold rose from $102 to $850. And silver spiked at $50 per ounce.

Common date, uncirculated Morgan silver dollars could very well be the most undervalued coins on the market today.  Almost everyone can afford them, making for a very liquid market. Should common date MS Morgan silver dollars be referred to as MoreGain silver dollars? Probably not.

Now is a great time to be entering the common date uncirculated silver dollar market, because market expectations are very low. This is part of diversifying your coin portfolio. Then plan to sell some of your holdings when there is a greater public interest in buying rare American gold and silver coins.

Check out other informative articles on this website using the Search, Recent Articles, or Category features on the upper right side of this page.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Mike Maloney Discusses Failing US Monetary Practices in These Three Videos

I believe Mike Maloney videos are very intellectual and fact based. Watch the videos and see what you think. The first video talks about how the Federal manipulation of the economy has resulted in no improvement to the recession of 2008. The US Government is propping up the economy and has been for six years now. The other two videos support the first with charts on the stock market and  currency inflation.

In my opinion, gold and silver values will skyrocket sometime in this decade. That gives you some time to acquire your share, whether it’s in the form of gold or silver bullion or gold and silver coins. Check out GoldSilver.com on the right side of this page.

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Rare American Coins and the Flowing Hair Silver Dollar

Flowing hair silver dollars seem to have little collector interest compared to the later varieties. There are very few experts in this area of coin collecting.

Flowing hair dollars are very scarce compared to Morgan & Peace dollars, and yet they are reasonable priced for their scarcity. They have an attractive design and are far less standardized than Morgan or Peace dollars. They also have the advantage of far less price volatility than Morgan or Peace dollars.

rare american coins

Early 1794 Flowing Hair Design

The Mint Act of 1792 provided for the coinage of silver dollars to be a par with Mexican and Spanish dollars. They were to weigh 416 grains. Eventually the weight was adjusted to 412.5 grains of 90% silver before silver dollars were actually produced in 1794.

A total of 1758, 1794 silver dollars were struck and sent to New England. They appeared to be weakly struck. But the strike wasn’t the biggest problem. After only a few coins were struck, the dies became misaligned. So the dies were no longer parallel to each other.

That means the left side of 1794 dollars is almost always weak. Typical of first year of issue coinage, an abnormally high percentage were saved as keepsakes. Even at that, there are only 180 or so pieces known to exist. The majority of them grade only fair to very good, with only a dozen known MS examples.

1794 dollars are difficult to properly grade. In addition to striking problems, many of the coins show heavy, or more-than-usual adjustment marks. Many existing 1794 pieces have been repaired, by drilling and plugging, or damaged when someone’s initials were engraved in the coin sometime early in its life.

rare american coins

A Later 1794 Flowing Hair Design

These problem coins won’t be graded by grading services and should be avoided altogether by collectors. Another common negative feature exists with these coins. It is the attempted strengthening of hair detail.

Hair strengthening can be detected by looking at the overall quality of the coin. If the coin has generally poor detail, but the hair detail looks strong, it’s a sign of tampering. Hair detail wasn’t strong to begin with, and was the first area to wear in circulation.

The much more obtainable Flowing Hair Liberty Dollar is the 1975 with its mintage of 160,295. They are often weakly struck at the centers and will likely lack detail on the eagle’s breast feathers and wing tops.

rare american coins

A 1795 Variation of the Later 1794 Design

Adjustment file marks are common on these coins as well. By October of 1795, the Draped Bust design had been adopted, with 42,738 examples produced. Like the 1921 silver dollar series, this year is fun to have an example of each of the dollars minted that year.

I must apologize for using a politically incorrect term in this article. I mentioned “problem coins” a couple of times. I really meant to say “challenged coins”. Please forgive my oversight.

 

Check out other informative articles on this website using the Search, Recent Articles, or Category features on the upper right side of this page.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Rare American Coins As an Investment Medium

As late as the early 1970’s, the coin market was dominated by dealers and collectors. Even though the collectors often made money on their coins, they didn’t consider themselves to be investors.

A couple of things combined to get the interest of non-collectors in the rare coin market by the mid 1970’s:

  1. Sale of surplus silver dollars by the U.S. Treasury
  2. Lifting ban on gold ownership in place since the 1930’s.

Both of these actions helped draw public attention to the coin market and many new people started buying them. This helped propel the coin market for the next decade.

Ultra-rare coins were commanding unprecedented prices. There are famous collections that earned phenomenal profits for the owners or their heirs. The Garrett, Norweb and Eliasberg Collections are examples of coin collectors who would accept only the finest, and as a result made huge dividends with their later sale.

rare American coins

The Redfield hoard added some 407,000 Morgan Silver Dollars to the thin rare coin market. Many analysts were concerned that this would create an oversupply, and send the coin market into a depression. After all, the rare silver dollar market was still trying to absorb the Federal Government silver sell-off of the 1960’s.

The exact opposite effect took place. The Redfield hoard led to a dramatic increase in prices by attracting many new collectors into the market. The Redfield coins created a new demand that exceeded the new supply. Marketing and media exposure were the primary driver for this new interest.

Investors arrived into the rare coin market and demanded exceptional quality. Collectors normally place more emphasis on rarity, while investors place a premium on quality.

Third party grading accelerated the preoccupation with high mint state quality coins. Slight differences in MS grades, for example MS-64 and MS-65 will result in great price disparities. As a consequence, accurate grading became imperative.

rare American coins

Beautiful and Rare

The grading revolution of the mid to late 1980’s put coins back on track as investment vehicles. Investors could now have more confidence in their coin purchases. Common date Morgans are the single most traded coins. They exist in large numbers in MS grades and trade within a narrow range, similar to commodities.

The changes in the coin market during the 70’s and 80’s have led to a new breed of buyer, part investor and part collector. These people enjoy the best of both worlds.

They admire the coin’s heritage, at the same time look for coins that will appreciate in value over time. Profit potential and sound business decisions are driving factors in the purchase of their collectible silver coins.

The super grade coins, MS-66 and above have the combination of rarity and quality that make them irresistible to the modern investor/collector. These specimens have increased in value for faster than their more common siblings.

Check out other informative articles on this website using the Search, Recent Articles, or Category features on the upper right side of this page.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Rare American Coins and Lower Grade MS Morgan Dollars

Most silver dollars investors are looking for MS-64 and above for their acquisition. However, the vast majority of US silver dollars fall into the MS-60 to MS-63 grade range.

Morgan dollar collections generally fall into 3 categories: circulated, mixed and uncirculated.   Before the advent of third party grading services, most collectors were interested in the best they could afford. That generally meant uncirculated coins for most dates and AU-58 coins for the more expensive dates.

rare american coins

1893-S Morgan Dollar

With only a few exceptions, large premiums for better quality uncirculated silver dollars were unusual. However, with the advent of graded coins, a much stronger demand started to appear for the higher grade dollars.

Some key date Morgans are all but impossible to find above MS-62. Therefore, they represent some of the best values in the Morgan series. That is, key date MS-62 Morgans are better investments than common date examples in MS-64 to MS-66.

The population reports for MS-60 to MS-62 dollar coins are less accurate than MS-64 to MS-66 perhaps, because of 4 factors:

  1. It often costs too much to have inexpensive, common date silver dollar coins graded unless they appear to be superb
  2. Most investors want MS-63 or higher for material that really isn’t very rare.
  3. A large number of MS-60 to MS-62 dollars are returned to the submitter with a “no grade”, because of cleaning, questionable toning, or damage.
  4. Coins in all grades are broken out of their holders and are resubmitted in hopes of a higher grade. This drastically skews population reports.

Top 10 Key Date Morgans in Order of Their Scarcity.  1895-P has no circulated mintage and therefore isn’t included:

  1. 1893-S very rare in any uncirculated condition
  2. 1892-S also very rare in any uncirculated condition. Underpriced compared to 1893-S
  3. 1895-O rare in uncirculated condition. AU sliders keep the price and perceived scarcity      down
  4. 1894-S rare in uncirculated condition. AU sliders keep price and perceived scarcity down
  5. 1903-S when found in MS condition, will often grade MS-63 and higher
  6. 1889-CC very scarce and very popular
  7. 1894-P very scarce
  8. 1893-O very scarce
  9. 1904-P when found in MS condition, will be in the higher grades
  10. 1901-P very scarce. AU sliders keep price and scarcity perception down
rare american coins

1892-S Morgan Dollar

Value lies in higher grade common date MS Morgan dollars, but key dates in lower MS grades are a bargain compared to the premiums for the very few mid to high grade key date examples available.

Check out other informative articles on this website using the Search, Recent Articles, or Category features on the upper right side of this page.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Silver, Gold & Currencies Revalued Overnight – Mike Maloney

Here’s another well done, short video by Mike Maloney. He carefully explains how currency revaluations happen overnight with no warning to the general public. This is something you should prepare for.

If you’re not familiar with Mike Maloney videos, they are very intellectual and fact based.

In my opinion, American gold coin value and the coin value of silver dollars will skyrocket sometime in this decade. That gives you some time to acquire your share, whether it’s in the form of gold or silver bullion or gold and silver coins. Check out GoldSilver.com on the right side of this page.

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Do You Regularly Get Rare American Coin Hungry?

Warning: This article on coin humor may have some adult content. If you’re offended by mild adult language, please skip those parts and continue reading. My other articles containing coin humor are generally inoffensive. I’m tired of being inoffensive, and it’s time to cut loose!

Maybe I should subtitle this article: The Shocking Truth Revealed: Rare American Coin Horniness Is Perfectly Normal!

rare american coins

Hang Gliding Foreplay

Many years ago, I was hiking near some cliffs, when I met a group of hang gliders. I stopped to talk to a couple of them. They talked of the thrills and sensations of hang gliding. At one point one of them confessed they even get “air horny”, if the activity isn’t pursued regularly.

I of course wondered how they satisfied their state of air horniness. Did they have air-gasms? I think back on the hang gliders occasionally and revere the passion they had for their sport.

Now, I can relate that to my need to acquire more rare American coins. I think it must be the passion for an activity that dictates its regular pursuit. After many years of guilt feelings, I learned this need isn’t some sort of perversion. It is perfectly healthy and indeed normal!

I love gold and silver rare American coins. I really, really love old and new coins. I can’t keep my thoughts off of the lovely, lonely beauties. I find myself regularly lusting after those little babies.

rare american coins

Coin Hunger, with coins for Desert

Like many men, I seek the thrill of the chase. I often zero in on my target and go after it to make it mine. (Liberty seems to be depicted as female). Real women are generally uninterested in me, but not so with a beautiful gold or silver rare American coin. For enough money, I can usually take a new coin home with me the very day I meet it.

Occasionally, the rarer, more expensive American coins have to be courted for a while. Not so much for them, but for me. I have to weigh a bargain price, against the possibility of something better coming along sometime soon.

I also confess that I have an appreciation for coins that are older than me. I treat my coins with the respect they deserve, and they stay with me for a long time. Another great thing about my Lady Liberties is they don’t get jealous of each other.

rare American coins

Love at First Sight

I regularly feel the need to acquire a new silver or gold specimen in fact. This desire is persistent and recurring, so I call it being coin horny.

Acquiring a new coin is only satisfying for a short time however, before another one starts to catch my eye and flirt with me. It’s the anticipation more than the reality that’s satisfying.

Then, I start to get coin horny again and look for another rare American coin. I’m driven to seek more and more amore. I think I have a perfectly healthy coin drive. I’ve never heard of anyone being “over-coined”. Have you?

While the hang gliders experience their “air-gasms” my relationship with rare American coins goes all the way back to their conception! How you conceive a coin you ask?

Are you ready? It goes all the way back to the initial ore-gasm. Oh come on, I really worked hard for that one… OK, I promise to write more educational/informative articles in the near future.

Check out other informative articles on this website using the Search, Recent Articles, or Category features on the upper right side of this page.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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The Many and Different Strikes of Rare American Coins

Some ideas struck me recently concerning the striking of a rare American coin. Strike can be used in so many ways when it comes to our valued coins. So many in fact that I was inspired to examine a few for this article.

I’m stricken by the number of strikes surrounding rare American coins.

It all starts when the prospector strikes the gold or silver. This in turn allows him to strike it rich. That means striking while the iron is still hot, and striking fear into the competition.

rare american coins

This won’t get our coins struck

The next step is the mining of the ore. Let’s hope of course, that the United Mine Workers contract is intact and the miners don’t decide to go out on strike.

The precious metal is processed and shipped to the mint which strikes the coins that are so strikingly beautiful. Most of these coins are released to the public to use to strike a bargain, or worse, strike a match.

A few of these beauties will strike the new owner’s fancy and they will be spared the daily exchange and abuse of the rest of their litter mates. A balance is then struck between the circulated and uncirculated rare American coins.

Silver coins bear a striking resemblance to raw aluminum and gold coins to gold colored anodized aluminum. Don’t be fooled by cheap imitations. This message will strike home, if I can strike a chord with the reader.

I recommend striking up a lasting friendship with your favorite rare American Coins.

rare american coins

Going after strike two or three

Now, when I see terms like “First Strike” on an American Silver Eagle coin slab, I start to wonder, was that coin leading the walkout? Or, did it get the first punch in? Or will it be followed by a Second Strike and a Third Strike?

Maybe the graders could call them “Balls” instead of “Strikes”. Hmm, that almost has a sexual connotation. Of course, when I see “First Release” on other slabs, there’s another sexual connotation.

rare american coins

Stay away from me

Lightning might strike me if I pursue this line of thought. Worse yet, I might get struck off the numismatic association rosters, because this doesn’t strike anyone as funny, which is just as bad as being struck by a rare, non-treatable disease.

It’s time to stop this nonsense before the clock strikes twelve. After all, we have to strike the enemy before dawn.

So, why don’t I choose a synonym for strike? I can’t think of any…

 

 

Check out other informative articles on this website using the Search, Recent Articles, or Category features on the upper right side of this page.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Rare American Coins That Receive a PCGS No Grade

Here is another educational coin grading video from PCGS covering coin problems that prevent grading services from giving a numeric grade to a coin. They will still holder most coins, giving them a details grade. But, a few coins can’t be slabbed at all and will be returned in a body bag.


Check out other informative articles on this website using the Search, Recent Articles, or Category features on the upper right side of this page.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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