Q. David Bowers
Early silver dollars exist in varying degrees of rarity. The pricing of a given early dollar is affected by several factors. Among those are the following:
1. Rarity as a date: If a coin is basically rare as a date-and dollars dated 1794 and 1804 are prime examples-pieces will bring strong prices as there is a great demand from date collectors.
2. Major varieties: In addition to collecting dollars by dates, many numismatists also aspire to own major varieties. Thus, for the 1795 coins they desire to own two examples, one of the Flowing Hair design and one of the Draped Bust type. They are not particularly concerned with subdivisions within those varieties, or whether a 1795 Flowing Hair is, for example, a BB-15 or a BB-21. All they want is a Flowing Hair coin. Such collectors often employ the Guide Book of United States Coins to formulate a want list as to what major varieties to acquire. Accordingly, any variety listed in the Guide Book draws a larger following than one that is not.
An excellent example of this is provided by the year 1797. In this instance there are three varieties known, BB-71, BB-72 and BB-73. Coincidentally, the Guide Book also lists three varieties as being major. These match up with the three Bolender varieties. Accordingly, all three varieties of the 1797 date are in strong demand.
On the other hand, just two varieties are listed of 1795 Flowing Hair dollars, the style with two leaves beneath each wing of the eagle and the style with three leaves. Further subdivisions are not considered, even though 17 different die varieties of 1795 Flowing Hair dollars are known.
3. Die varieties: The dedicated specialist in early silver dollars seeks to acquire one of each Bolender die variety. This mayor may not include individual die state subdivisions within a variety, but certainly includes one of each Bolender number. Accordingly, a variety which is unique or of which just a few are known, say up to a dozen or so, will bring a strong price based upon the demand by variety collectors.
Fortunately for specialists today, the number of numismatists seeking die varieties of 1794-1803 dollars is relatively small, just a fraction of the number of adherents who hope to acquire early American large cents of the same period. While the number of truly dedicated early dollar die variety collectors is not known with certainty, it is probably fewer than two dozen.
The smallness of this group makes it possible to acquire coins of medium rarity without paying much more than "type" prices for them. For example, if only two or three specimens of a coin are known, it may bring several thousand dollars even in well-worn condition, as there are up to a couple dozen people seeking it. However, if 50 to 100 pieces are known, while the variety is still rare in absolute terms, in the early dollar series it would not bring much of a premium, as there are more than enough coins to satisfy the demand of the two dozen or so enthusiasts desiring them.
Should demand for die varieties of early silver dollars grow, prices will increase. This is especially so for rare varieties of which the population ranges from, say, 25 to 100 pieces.
4. Other considerations: Notoriety enters the pricing structure of several early silver dollar varieties. In addition to being rare as a date, 1794 dollars are of the first year of issue. Over the years the 1794 dollar has received much publicity, thereby enhancing its desirability. Indeed, as the present book goes to press, Jack Collins is completing his book-length study, 1794: The History and Genealogy of the First United States Dollar.
The 1795 Draped Bust dollar with small eagle Reverse has a special demand attached to it as it is the first of its design type, a motif continued through early 1798. Similarly, the 1798 Draped Bust obverse with Heraldic Eagle reverse is more popular than would otherwise be the case as it is the first of its design type. The 1800 AMERICAI variety, with the extra "I" being caused by a stray mark from a punch, has always been in exceptional demand as it seems to be curious and interesting to many observers. The 1801-2-3 "restrikes" (actually novodels) have drawn an enthusiastic but limited following, and have brought high prices, because they represent an unusual opportunity to acquire an early-dated dollar with a high-grade Proof finish.
The 1804 dollar is in a category all by itself. Fame has propelled it to the front rank of American rarities. More words, paragraphs, columns, and pages of print have been expended on the 1804 silver dollar than on any other United States coin rarity in any series. Indeed, an entire book was written about this coin! Over the years, numerous collectors and dealers who do not specialize in early dollars by dates or die varieties have sought to acquire an example of the prize 1804 just to have it for enjoyment and display. As an example of this, Texas collector Reed Hawn acquired an 1804 dollar and has exhibited it over the years. In 1993, the American Numismatic Association announced that at its Early Spring Convention there would be not one, not two, but three 1804 dollars on exhibit-two from the ANA Museum and the third on loan from Reed Hawn. Chapters 5 and 6 discuss the 1804 dollar and its cousins, the Proof dollars of 1801, 1802, and 1803.
Today in the early 1990s, interest in collecting 1794-1803 dollars by die varieties is minimal. As noted, probably no more than two dozen collectors are seriously pursuing the completion of a set. Of such situations, opportunities are made.
What will affect prices in the future? The main answer is one word: popularity. If early dollar die varieties become more popular with collectors, prices will rise. If demand lessens, prices will fall.
I see a number of factors that may lead to in" creased prices in the future. It is not the objective of this book to predict prices, for no one has ever been able to do this with accuracy. Nevertheless, some observations are worth making:
1. By default, early dollars are cheap. A silver dollar dated in the 1790s, of a die variety of which just five coins. are known, will sell for a tiny fraction of the price a similarly dated large cent of comparable rarity will bring. Eventually, bargain prices attract new buyers.
2. Early dollars are interesting. The large surfaces make die varieties easy to study. Most coins exist in grades such as Fine, VF, and EF, in which die characteristics are readily visible.
3. Dissemination of this book will introduce a new group of readers to the series. Perhaps, some will become specialists.
4. The John Reich Collectors Society ORCS) is devoted to the study of early silver coins, including dollars. As this relatively young organization grows, it will help engender interest in 1794-1803 dollar varieties. The Silver Dollar Collectors Club (SDCC) may also lend interest; at present this organization is primarily devoted to Morgan and Peace dollars.
5. In the marketplace most early dollars are not yet attributed. The strong possibility exists for paying a "common coin price" for a major rarity. It has happened many times.
6. There are many discoveries waiting to be made concerning die states (in particular), Condition Census data, and other numismatic and market aspects.