Q. David Bowers
Silver dollars from 1794 through 1803 (or 1804) can be collected in at least three different ways:
A set of early dollars by design type consists of just three coins: one each of the 1794-1795 Flowing Hair type, the 1795-1798 type with Draped Bust obverse and Small Eagle reverse, and the 1798-1803 style with Draped Bust obverse and Heraldic Eagle reverse. Such a set is easy to put together, and although it will not afford a great deal of stimulation so far as identifying varieties or becoming deeply involved in the series are concerned, it still can make a nice introduction to the series. Such a trio of dollars can be expanded to form one of the specialized sets described below. Of course, such a set of three can also be acquired as part of an overall type set of United States coins from half cents to double eagles.
A popular pursuit 10 to 30 years ago, less so today (because of the overall higher prices of all early U.S. coins), is the acquisition of one each of the major varieties from 1794 through 1803. Such a listing begins with 1794 and continues with 1795 Flowing Hair, 1795 Draped Bust, etc., through 1803. Often, the varieties listed in the Guide Book of United States Coins are used as a basis for forming a want list. The rarest major variety within the series is the 1797 with stars arranged 9x7, Small Letters reverse, followed by the considerably more expensive and more famous 1794.
Once the cost of a 1794 is absorbed, the rest of the set can be obtained relatively inexpensively, although a budget into low four figures is required to acquire certain of the earlier issues in VF-20 grade. I suggest VF-20 to EF-40 as a goal. Such coins, especially EF-40, are sharp enough to show interesting characteristics, and yet cost much less than AU specimens. For all practical purposes, an MS-60 set cannot be collected, for certain varieties, including the aforementioned 1797 9x7 stars, Small Letters dollar, are not obtainable at that level.
An alternative is to collect the 43 varieties listed in Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins.
The third way is to collect by specific specialized die varieties as listed by Bolender in The United States Early Silver Dollars from 1794 to 1803 and as described in the present book. A number of these varieties have been given names, such as 1800 "Dotted Date," and are listed in the Guide Book of u.s. Coins. Apparently, Richard S. Yeoman, author of that familiar red-covered annual volume, wanted to expand the listing of early silver dollars and used the Bolender book as a guide. As a result, more technical die varieties are listed for early silver dollars than are, for example, early half dollars of the same era. However, the Guide Book lists only a fraction of the over 100 different die varieties known to exist.
VF-20 to EF-40 is a good objective, for the grade permits study of minute die differences. Probably, no set will ever consist of evenly matched grades. Typically, commoner varieties are more readily available in higher grades than are rarer ones.
A few words about die progressions are in order. Bolender observed the die states of dollars that passed through his hands, and noted bulges, cracks, and other defects, which typically grew more severe as the die remained in use over time. The earliest "die state," as it is called, was given a basic number such as B-5. A later die state would be designated as B-5a, and a still later one as B-5b. Since Bolender's studies, which ended in the late 1940s, many new die states have been discovered. Some are earlier than the earliest state known to Bolender. This has caused a problem if our hypothetical variety B-5 was described as having a die crack, and now one is known with the same crack but in an earlier and smaller form, or with no die crack. What to call it? Some collectors have opted for B-5c, but that implies that it not only has a die crack, but the crack is of a later state and more extensive than that on B-5b-obviously a confusing situation if the coin has no die crack at all! The method I use in this book to list die states is more logical and easier to understand, in my opinion.
In general, under the Bowers-Borckardt numbers, various states are listed as Die State I, Die State II, etc. If there is a reasonable chance that a perfect dies specimen may have been struck, it is listed as Die State 1. If no example has been seen, the notation "May not exist" is given. If at a later date a specimen comes to light, there will be a listing to accommodate it; no need to rearrange numbers or use them out of sequence.
Much more study remains to be done in the field of die states and also of die progressions, the latter referring to the sequence in which different dies were used. Research styles and procedures have been highly refined in the early large cent series 1793-1814, and the methodology can just as easily be extended to dollars. As collecting early dollars by die varieties has been relatively overlooked in recent decades, often, in fact, usually, rare die varieties can be obtained for scarcely more than common ones. I have more to say on the subject of die states and progressions later.