Lot 2866
1798 Draped Bust Dollar. Small eagle, 15 stars on obverse. PCGS graded AU-58 Rarity 3, CAC Verified. A hint of light gold toning on the obverse. The reverse shows more golden toning. Light adjustment marks on both sides. Exceptionally choice fields and devices. Most collectors will agree with Dave Bowers when he says in his Encyclopedia of silver dollars that, "Of the two 1798 dollars with Small Eagle reverse (BB-81 and BB-82), BB-81 is the rarer by a slight amount. An estimated 500 to 800 exist. Most examples of BB-81 are seen in lower grades. VF is about par, even in some of the finest collections."
The 15-star count on the obverse makes the 1798 BB-81 variety a collector's favority since this is a major Type and given a separate listing in the Guide Book. Other 1798 obverses use the standard 13 stars. Many 1798 BB-81 silver dollars have light striking at the centers of the topmost obverse stars while the bottom stars are usually sharp. The reverse is always softer struck than the obverse (an identical situation to that of 1797 BB-72), with the result that grading is mainly by the obverse. Just the same, this lustrous specimen, the only example in its PCGS grade, is second to only one other in the PCGS roster: Pop 1; 1 finer in 62 (PCGS # 6868) .
Historic note: The heavy coinage of silver dollars in 1798 and 1799 had an unexpected side effect. It had been normal practice for importers of foreign goods to send Spanish dollars in exchange, but the availability of the American version made it easier to use the domestic product. Many American dollars were now sent to the treaty port of Canton in China to pay for Asian luxury goods. These dollars rarely returned and were thus lost to the nation as coins.
Estimated Value $125,000 - 150,000.
Ex: Garrett Collection.
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