Lot 1051
1796 Draped Bust $1 B-5, BB-65 Large date, small letters. Rarity 4. PCGS graded AU-55. A bright and light silvery colored specimen whose smooth surface luster seems poised to draw in numerous bids from appreciative bidders, plus we find a touch of slightly deeper toning on the highest wear points, especially on the reverse. The coin clearly did not circulate for long. Well struck on the obverse; adequately struck on the reverse, which is typical, with still outstanding details on both sides. Definitely worth considering. Note also the very low census: Pop 3; none finer at PCGS for the variety. (PCGS # 40002) .
The estimated mintage of 75,000 1796-dated dollars (of various die varieties combined, each of the Draped Bust type) is less than that of the estimated mintage of 110,000 Draped Bust dollars coined with the date 1795. As some numismatic scholars have observed, it may have been the case, indeed likely, that many if not most 1796-dated pieces were struck later, in 1798. "Much of the calendar year mintage of 75,212 dollars struck in 1796 were probably dated 1795," explains the Bowers encyclopedia. "I believe that mintage during the first part of calendar year 1798 consisted in large part of dollars dated 1795, 1796, and 1797."
The Mint experienced various difficulties in 1796, including a yellow fever epidemic. On June 1, 1796, Tennessee was admitted to the Union as the 16th state. While other denominations reflected this, 16 stars were not used on silver dollars until 1797, which suggests that obverse dies for 1796-dated dollars were made prior to June of that year. The number of dies employed to create 1796-dated dollars is as follows: 1796 obverses, 4; 1796 reverses, 4 (includes one left over from 1795).
Estimated Value $25,000 - 30,000.
Ex; Hesselgesser Collection.
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