The 1798 Draped Bust Dime is a significant coin in the history of U.S. numismatics, offering collectors a glimpse into the earliest days of American coinage. As part of the Draped Bust series, this coin reflects the craftsmanship and design aesthetics of the late 18th century. The “Small 8” variety is one of the notable features of this year’s dimes, distinguishing it from other variations produced during the same period. Its rarity, historical importance, and design elements make it a prized piece for numismatists.
Background
The first U.S. dimes were struck in 1796, following the Coinage Act of 1792, which authorized the creation of a decimal-based monetary system. The Draped Bust design, introduced in 1796, was used on various denominations, including half-dimes, dimes, and dollars. The dimes of this era were struck at the Philadelphia Mint and made from 89.24% silver and 10.76% copper, reflecting the need for durable, high-quality coinage for a growing nation.
Design and Features of the 1798 Draped Bust Dime
The 1798 Draped Bust Dime showcases both artistry and functionality. Its design is elegant yet practical, embodying the craftsmanship of early American coinage.
Obverse
The obverse features a right-facing portrait of Liberty, her hair flowing down her shoulders in graceful waves. She is draped in a classical gown, lending the coin its “Draped Bust” moniker. Above Liberty is the word “LIBERTY,” and the date “1798” is displayed at the bottom of the coin.
Reverse
The reverse features an eagle perched on a cloud, its wings outstretched in a heraldic pose. Surrounding the eagle are 13 stars, representing the original American colonies. Encircling the design is the inscription “UNITED STATES OF AMERICA.” This layout, without the denomination specified, was typical of early U.S. dimes, as their value was understood based on size and silver content.
Mintage and Rarity
The total mintage of the 1798 Draped Bust Dime is estimated at approximately 27,550 coins, a relatively small number compared to modern coinage. Within this mintage, the “Small 8” variety represents only a fraction of the total, contributing to its rarity.
Collectibility and Value
The 1798 Draped Bust Dime: Small 8 is a coveted coin among collectors due to its historical significance and rarity. Prices vary widely based on condition and grade:
- Good (G-4): Coins in this condition show heavy wear, with Liberty’s outline and some details on the reverse still visible. These examples typically sell for $2,000 to $3,000.
- Very Fine (VF-20): Coins in this grade retain more details, including some of Liberty’s hair strands and the eagle’s feathers. Values can range from $5,000 to $8,000.
- Extremely Fine (EF-40): High-grade examples with sharp details and minimal wear are extremely rare and can command $10,000 or more.
- Uncirculated: Specimens in mint condition are exceedingly rare and are valued in excess of $30,000, depending on eye appeal and provenance.
Historical Significance
The 1798 Draped Bust Dime: Small 8 is not just a coin; it is a piece of early American history. Struck during the presidency of John Adams, this dime represents a period when the United States was solidifying its identity as a nation. The challenges of producing consistent and high-quality coinage in the fledgling Mint further add to its intrigue.
Conclusion
The 1798 Draped Bust Dime: Small 8 is a treasure of early American coinage, blending artistic beauty, historical importance, and rarity. Its unique features and limited availability make it a prized possession for any numismatist. Whether you are a seasoned collector or a history enthusiast, this coin offers a fascinating glimpse into the artistry and challenges of the nation’s earliest coinage efforts.
FAQs
1. What is the Small 8 variety of the 1798 Draped Bust Dime?
The Small 8 variety features a noticeably smaller “8” in the date compared to the other numerals, caused by the use of a different punch for the digit.
2. How much is the 1798 Draped Bust Dime: Small 8 worth?
The value ranges from $2,000 for heavily worn examples to over $30,000 for coins in uncirculated condition, depending on rarity and grade.
3. Why is the 1798 Draped Bust Dime: Small 8 significant?
This coin represents early U.S. Mint craftsmanship and is a rare collectible due to its low mintage, unique variety, and historical importance as an 18th-century U.S. coin.