Lot 2899
1801 Draped Bust Dollar. PCGS graded AU-55. BB-212. Lightly toned with reflective surfaces and choice light to medium gray surfaces. A devices well struck and the rims are very choice as well, being free from marks. Most silver dollars of 1801, 1802, and 1803 saw strictly limited circulation. This was because their high silver content made it profitable to ship newly coined dollars overseas. Once overseas they would be melted and sent back to the Philadelphia Mint for re-coinage -- in an endless circle -- with a small, but useful, profit left after two-way shipping and melting costs! As this practice became more and more flagrant, mint officials decided to halt coinage rather than debase the silver content of the dollar which would have stopped the practice. Thus, many early bust dollars such as this attractive 1801 circulated but a short while before shipment overseas. Pop 11; 22 finer. (PCGS # 6893) .
Estimated Value $10,000 - 12,000.
Ex: Cardinal Collection.
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