1796 $1 Large Date, Small Letters MS(PCGS#6861)

Summer 2025 Global Showcase Auction U.S. Coins

Auktionator

Stack's Bowers

Losnummer

3099

Erhaltungsgrad

AU58

Preis

66.000

Losbeschreibung

BB Die State II, Salyards Die State f. A handsomely toned example displaying a bold blend of steel and pewter gray patina and vivid undertones of champagne-pink and gold, especially in and around the centers. The strike is superior for a product of the fledgling United States Mint, the impression ideally centered, the borders uniformly denticulated around both sides, and all design elements boldly to sharply rendered. The finish is smooth and softly frosted with hints of reflectivity in the fields.<p>The year of the death of the first mint director, David Rittenhouse, and the year of John Adams' election to the presidency, some 72,920 silver dollars were struck according to mint records in calendar year 1796. Writing in the excellent 2022 reference <em>Eagle Poised on a Bank of Clouds</em>, Harry E. Salyards asserts that the first two deliveries of that year - 4,550 coins on January 30 and 390 coins on February 13 - were from 1795-dated Draped Bust dies. He also asserts that all 7,776 coins delivered during calendar year 1797, as well as the 8,770 pieces delivered on January 18, 1798, were from 1796-dated dies. These calculations result in an estimated mintage for the 1796-dated Draped Bust silver dollar issue of 84,626 coins. This total was achieved using six die pairs with Bowers-Borckardt 65, represented here, one of the more distinctive varieties. Both the obverse and reverse dies saw use exclusively in this marriage. While not immediately obvious, close examination reveals that the digit 6 in the date is clearly repunched. Early on in its use, a chunk of metal in the reverse die between the letters I and C in AMERICA fell out, causing a large lump to form on the coins once struck. This lump expanded significantly as the die continued in use and is an easy diagnostic for identifying the BB-65 variety. Contrary to traditional numismatic wisdom, examples without this lump break do exist, although they are rare.<p>The second most available of 1796 dollars behind only the BB-61 die marriage, most of the estimated 475 to 800 survivors (per Salyards) are found in mid-level circulated grades. At the AU level and above, the word "rare" comes readily to the fore. Bowers (2013) includes just four About Uncirculated coins in his listing of "Notable Specimens," including neither the present example nor any graded AU-58. Clearly this is a coin of immense appeal, and one that is certain to sell for a strong bid to an early dollar enthusiast.