The 1799 Draped Bust Dollar is a silver coin struck by the Philadelphia Mint during the early years of the United States. Designed by Robert Scot, it features Lady Liberty with flowing hair and a draped bust on the obverse, and a heraldic eagle on the reverse. With a mintage of 423,515, it was one of the first silver dollars produced by the young nation.
What makes this coin extraordinary isn’t just its age but its rarity in high-grade condition. Most 1799 Bust Dollars have been lost, melted, or heavily circulated, leaving only a handful in pristine condition. One such coin, graded MS-66 by PCGS, sold for $9.3 million at auction, cementing its status as a numismatic legend.
Why Is It So Valuable?
Several factors drive the 1799 Bust Dollar’s jaw-dropping value:
- Rarity: Only a few examples exist in mint state (MS) condition. For instance, just 14 coins are graded MS-61 or higher by NGC.
- Historical Significance: As an early American coin, it represents the dawn of U.S. currency.
- Condition: High-grade coins, like the MS-66 specimen, are nearly flawless, making them coveted by collectors.
- Auction Records: Recent sales, such as the $9.3 million transaction, have set benchmarks that elevate its market value.
Could the 1799 Bust Dollar Really Be in Circulation?
The idea of a $9.3 million coin jingling in your pocket sounds far-fetched, but it’s not impossible. Coins from the late 18th century occasionally surface in unexpected places—estate sales, old collections, or even loose change. In 2024, a Reddit user claimed to find a 1799 Bust Dollar at an estate sale, though it was later deemed a replica.
Why might such a coin still be out there? Back in 1799, coins weren’t always treated as collectibles. Many were spent, hoarded, or forgotten in drawers. While most high-value specimens are in museums or private collections, a circulated example could still emerge.
Real-Life Treasure Hunts
Consider the story of a 1969-S Lincoln Cent that sold for $2.3 million in 2023. It was found in a vending machine’s change slot, proving that rare coins can hide in everyday transactions. Similarly, a 1799 Bust Dollar in lower grades (like Very Fine or Fine) could be mistaken for a common old coin by someone unfamiliar with its value.
Numismatist Jack Young, an expert in early American coins, notes that counterfeits are common, but genuine 1799 Bust Dollars occasionally surface. “You’d be surprised how many old coins are still floating around in family heirlooms,” he says.
How to Identify a 1799 Draped Bust Dollar
Spotting a 1799 Bust Dollar requires a keen eye. Here’s what to look for:
- Obverse: Lady Liberty faces right, with “LIBERTY” above and the date “1799” below. Thirteen stars encircle her.
- Reverse: A heraldic eagle holds arrows and an olive branch, with “UNITED STATES OF AMERICA” around it.
- Edge: The edge should have the inscription “HUNDRED CENTS ONE DOLLAR OR UNIT.”
- Weight and Size: It weighs 26.96 grams and measures 39-40 mm in diameter.
Major Varieties to Know
The 1799 Bust Dollar comes in several varieties, each with unique features:
| Variety | Description | Estimated Value (Average Condition) |
|---|---|---|
| 1799/8 Overdate | The last “9” is struck over an “8,” visible near the date. | $1,502 – $26,776 |
| Irregular Date | The second “9” is lower and tilted clockwise. | $1,502 – $26,776 |
| Normal Date (7×6 Stars) | Seven stars on the left, six on the right, with or without berries on the reverse branch. | $796 – $22,118 |
| Normal Date (8×5 Stars) | Eight stars on the left, five on the right. | $796 – $22,118 |
Watch Out for Fakes
Counterfeits are a major concern. In 2021, Jack Young identified a fake 1799 Bust Dollar certified by a grading service, highlighting the sophistication of modern replicas. Key signs of a fake include:
- Incorrect weight (genuine coins are 26.96 grams).
- Poor edge lettering or modern-looking edges.
- Inconsistent design details, like misaligned stars or dentils.
If you suspect you’ve found one, consult a professional numismatist or use a Sigma metal analyzer to verify its silver content.
How Much Is a 1799 Bust Dollar Worth?
The value of a 1799 Bust Dollar varies widely based on condition:
- Average Circulated (AC): $796 – $1,502
- Uncirculated (MS+): $22,118 – $9.3 million
- Melt Value: Around $25.81, based on current silver prices ($33.79/oz).
High-grade coins, like the MS-66 specimen, fetch millions at auction, while circulated examples are more affordable but still valuable. For context, a 1799 Bust Dollar graded MS-63 sold for $52,800 in 2022.
What Drives Auction Prices?
Auction prices soar due to:
- Provenance: Coins with a documented history, like those from the Zito Collection, command premiums.
- Grading: Certifications from PCGS or NGC add credibility.
- Market Demand: Collectors and investors drive competition, especially for top-grade coins.
Tips for Finding Rare Coins in Circulation
Want to hunt for a 1799 Bust Dollar? Try these strategies:
- Check Loose Change: Examine old coins from cash transactions or change jars.
- Visit Estate Sales: Look for coin lots at auctions or sales, as seen in the Reddit user’s story.
- Join Coin Clubs: Connect with numismatists who can guide you.
- Learn to Grade: Understand coin grading to spot valuable pieces.
- Consult Experts: Take suspicious coins to a reputable dealer or grading service.
Where to Sell If You Find One
If you strike gold, contact trusted numismatic dealers or auction houses like Stack’s Bowers or Heritage Auctions. They can authenticate and appraise your coin, ensuring you get fair value. Avoid cleaning the coin, as it can reduce its worth.
The Allure of Numismatic Treasures
The 1799 Draped Bust Dollar isn’t just a coin—it’s a piece of America’s story. Its rarity, beauty, and potential to turn pocket change into millions make it a captivating subject for collectors and dreamers alike. While finding one in circulation is a long shot, the possibility keeps the thrill alive.
Next time you’re sifting through your coins, take a closer look. You never know when history might be staring back at you.
FAQ: 1799 Draped Bust Dollar
What makes the 1799 Bust Dollar so valuable?
Its value comes from its rarity, historical significance, and condition. Only a few exist in mint state, with one MS-66 coin selling for $9.3 million.
How can I tell if my 1799 Bust Dollar is real?
Check its weight (26.96 grams), edge lettering, and design details. Consult a numismatist or use a Sigma analyzer to verify authenticity.
Is it possible to find one in circulation?
While unlikely, it’s possible. Coins from the 1799 era can appear in estate sales, old collections, or loose change.
Where can I sell a 1799 Bust Dollar?
Reputable auction houses like Stack’s Bowers or dealers certified by PCGS/NGC are ideal. Avoid cleaning the coin before appraisal.
What’s the melt value of a 1799 Bust Dollar?
Based on current silver prices ($33.79/oz), the melt value is approximately $25.81.