Lot 1056
1797 Draped Bust $1 B-3, BB-71 10X6 Stars. Rarity 2. PCGS graded EF-45. A sleek golden smoky gray example with a luxurious display of smooth surfaces and balanced hues on both sides. Nicely socked by the dies, perhaps not fully so at the central part of Liberty's head, but still well enough that its attraction is enhanced. The 1797 issues have proved popular with collectors since the earliest days. This is partly due to their putative low mintage, and also because they vary a lot in appearance and width of planchet from one variety to the next.
In 1797 the number of stars on the silver dollar was increased to 16. The coinage is said by government reports to be the lowest of any year from 1795 to 1803, although now it is believed that the numbers given are incorrect. I believe that most or all of the mintage of 7,776 coins reported for the calendar year may have been of earlier dates, and that most coins struck from dies dated 1797 were actually made in early 1798.
"It is a virtual certainty that many more than 7,776 silver dollars were struck with the 1797 date," explains Bowers. "I estimate the number to be 60,000…" Many hold the position that the 1797 must have been about on a par with that of 1796, or not significantly different, given the number known today. As the estimated 60,000 1797-dated silver dollars could not have been struck earlier than 1797, and the quantity made is almost certainly far greater than 7,776, the only remaining possibility is that they were struck later, with the calendar year 1798 being the most likely candidate.
In 1797, production problems continued at the Mint. Sporadic coinage runs for silver dollars occurred in February, late May to late June, and in August. The Mint was closed from late August to late November, due to a yellow fever outbreak. Thus, the mintage for the calendar year was very small. Pop 4; 2 finer; 1 in 55; 1 in 58. Only 9 examples graded for the variety at PCGS. (PCGS # 40004) .
Estimated Value $12,000 - 13,000.
Ex; Hesselgesser Collection.
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