Q. David Bowers
Summary
The auction record shows that collecting early silver dollars has been a popular numismatic pastime since the middle of the last century. Most offerings have been by dates and major varieties. Relatively few sales have featured comprehensive runs by Haseltine, later Bolender, numbers. Unlike the situation with later silver dollar series, even the finer collections were apt to have many VG, Fine, and VF coins. Higher grade pieces such as AU and Uncirculated have always been few and far between.
Descriptions of Varieties
In the following sections, each variety is illustrated with an actual specimen of the particular variety (or, when noted, a composite made by taking the obverse of one variety and the reverse of another). For each variety, the following information is given:
• ATTRIBUTION NUMBER: A typical variety is listed as follows:
1795 Draped Bust. BB-51 (B-14. H-14)
The large-type designation gives the year on the coin, the major type (if there is more than one type that year), such as Draped Bust, and the Bowers-Borckardt (BB) variety number, such as BB-51. For cross-reference purposes, the Bolender and Haseltine numbers (B-14. H-14.) are given.
• OBVERSE: Under this designation is a description of the characteristics of the obverse die used to strike BB-51. Each obverse die has been given an identification number, i.e. Obverse 7. Then follows a notation as to which other varieties, if any, utilize the same obverse die.
• REVERSE: Under this designation is a description of the characteristics of the reverse die used to strike BB-51. Each reverse die has been given an identification letter, i.e. Reverse C. When a reverse die has been used with obverse dies of different years, the identification letter may be changed from one year to another. Then follows a notation as to which other varieties, if any, utilize the same reverse die.
• DIE STATES: Different progressions of die breaks, die damage, relapping, etc., are described as die states, as Die State I, Die State II, etc.
• AUCTION POPULATION SURVEY: Under this heading is given the number of coins of the variety found in different grades during Mark Borckardt's survey of auction listings. It is to be remembered that many of these listings represent duplicate offerings of the same coin, and also that many coins change hands privately and do not appear in auction catalogues. However, the information is very useful in a relative sense. For example, consider two coins, each with these auction records:
Coin A: Good: 1 coin; Fine: 2 coins; VF: 4 coins; and EF: 1 coin.
Coin B: Good: 8 coins; VG: 20 coins; Fine: 31 coins; VF: 56 coins; EF: 19 coins; AU: 10 coins; and Mint State:' 6 coins.
With this information, it becomes obvious that Coin A is a rarity, and that should an EF come on the market, it would represent a great prize. An AU coin would be even more important. On the other hand, for Coin B, an EF coin, while desirable, is not in the same rarity league as Coin A.
In addition, the average grade is given in parentheses, such as (Average grade: VF-26). This is made by totaling the coins using the lowest category for each adjectival grade (G-4, F-12, VF-20, EF40, etc.) and dividing by the number of coins. This technique was first used by David W. Akers in his illustrious series of studies on American gold coins published serially beginning in 1975. This figure is quite useful as it indicates whether, on average, specimens of a given variety are apt to be quite worn, in higher grades, or whatever. For example, among 1798 silver dollars average grades range from a low of VG-10 (for 1798 BB-103) to a high of VF-37 (for 1798 BB-113).As interest in early dollars increases (assuming that it will), and more and better data become available, the average grade concept may suggest clues as to how a particular variety was distributed. Biases in the average calculation include these: 1. Use of the lowest number within the grade category, such as VF-20 for all VF listings. 2. The somewhat erratic space distribution of the adjectival-numerical system, under which, for example, VG goes from VG-8 to VG-11 (just below F-12), for just four numbers, while VF goes from VF-20 to VF-39, for a total of 20 numbers (grading scales can be debated forever, it seems). 3. Higher grade coins tend to appear in auctions more frequently than lower grade specimens; this is especially true of commoner varieties.
• COLLECTING NOTES: Under this heading will be found information about the availability of coins on the market today, including an estimate of the total population, a commentary on the distribution of grades, and various numismatic details.
• NOTABLE SPECIMENS: This category comprises from a few (in the case of great rarities) to a half dozen or more high-grade, interesting, or important coins that have appeared in auction catalogues, especially in sales of recent decades. It is not a Condition Census, nor are all high-grade pieces listed. Rather, it is a representative listing of significant specimens of the variety. It may well be the case that the same coin appears in more than One listing, as it is not always possible to identify duplicate offerings of the same specimen over a period of years, unless the cataloguer gives the pedigree or clearly illustrates it. The title or name assigned to the specimen is generally that of the first, or most important, private owner of record.