Q. David Bowers
Mintage
110,000 (author's estimate)
Coinage Context
New portrait: Conventional numismatic wisdom has it that the new Draped Bust obverse was the pride and joy of Henry William DeSaussure, Mint director since June 1795, who upon taking office stated that he wanted to do two things: circulate gold coins and improve the design of all denominations, particularly silver. Portrait artist Gilbert Stuart (best known today for his depiction of George Washington, unfinished at the bottom familiarly displayed in schoolrooms) was hired, and is said to have prepared a drawing of Mrs. William Bingham, the former Ann Willing. John Eckstein, a Providence, Rhode Island artist of uncertain ability (per Breen), translated the sketches into plaster (probably) models, which may have been Liberty head and eagle device punches, for Mint Engraver Robert Scot. (R.W.Julian, letter to the author, December 7,1992). The record shows that on September 9, 1795, Eckstein was paid $30 for "two models for dollars."
Vattemare's suggestion: Alexandre Vattemare (November 8, 1796-April 7, 1864), born in Paris, was a showman, impersonator, ventriloquist, numismatist, and sleight-of-hand artist. The Frenchman traveled in the United States in 1838 (appearing in New York City at the Park Theatre beginning October 28, 1839)-1841 and again 1847-1850. He devised an international monetary system in 1838, and proposed it to the United States Congress in 1840 and again in 1847, and was a founder of the Boston Public Library.
He visited the Mint and various numismatists, and wrote Collection de Monnaies et Medailles del'Amerique du Nord de 1652 a 1858, published in 1861-a wonderfully detailed account of United States coins and, especially, medals, including those of the colonial period. At the Mint he was presented with Proof sets which he later donated to the Bibliotheque Nationale in Paris. Apparently, Vattemare was viewed by some as being somewhat of a crafty scoundrel. In 1867, Matthew A. Stickney, owner of an 1804 dollar, wrote that he had to be alert when Vattemare visited him in Massachusetts, lest his guest steal the precious coin! (Stickney's commentary is given under Additional Information, 1804 silver dollar, narrative of Matthew A. Stickney, 1867.)
In the aforementioned Collection de Monnaies Vattemare suggested that the second silver dollar design of 1795 featured "the head of Liberty with the traits of Mme. [Martha] Washington." Probably, this was his own observation, and was not based upon any specific information he obtained from Mint officials.
A masterpiece: Whatever the inspiration for the portrait, and whatever the design process may have been, the obverse and reverse punches for the 1795 Draped Bust dollar far exceeded in quality anything created earlier. If Eckstein did the Draped Bust and Small Eagle device punches, he is certainly deserving of a niche in the Pantheon of numismatic notables, for the Draped Bust motif went on to be used for many years, not only in the silver dollar series, but with other denominations from the half cent to the half dollar. The Small Eagle reverse, too, is a masterpiece of intricate engraving.
The Draped Bust punch, unchanged in detail, was employed through the end of the circulating dollar coinage (which bore the date 1803).
Deliveries: Walter H. Breen suggests' that the mintage of 1795 Draped Bust dollars amounted to 42,738 pieces, such being taken by correlating specific deliveries in 1795 to varieties and types known today. The assumption was made that dollars of this design were struck during the last two weeks of October 1795. This figure is based on the further assumption that design and die changes were made to correspond with deliveries, whereas in actuality a die could have been replaced in the press in the midst of a day's work, and the change of type cannot be ascertained from delivery records.
On October 27, 1795, DeSaussure resigned his directorship due to illness and disaffection with his position. Elias Boudinot was his successor and took office the next day.
In his historical overview of early dollars in the present book, R.W. Julian suggests that the most likely time for the inception of Draped Bust coinage would have been October 1, 1795,. If this conjecture equates' with reality, and if no dollars except the Draped Bust type were minted from that point through the end of the year, and if no 1795-dated Draped Bust coinage was accomplished in later year(s), this would mean that 78,238 Draped Bust dollars Were struck in the remaining days of 1795. However, as R.W. Julian points out, this is pure supposition, and it may be the case that Draped Bust coinage commenced earlier or later, that the balance of dollars coined during calendar year 1795 also included some Flowing Half coins, and that some 1795-dated coins were made in later years as well.
My estimate, based upon ratios derived from surviving coins, is that 110,000 (within 10%) were coined. If, indeed, the production of 1795-dated Draped Bust dollars was somewhere in this range, specimens must have been struck later than calendar year 1795, for coinage would have had to have begun before autumn if it had all been accomplished in the year appearing on the coins.
With all of these "ifs," one person's guess is as good as another. However, an. exposition of this kind points out the imprecise nature of mintage figures correlated to designs or dies of the period.
1795 Draped Bust dollars-as a type are about two and one-half times scarcer than those of the Flowing Hair design (based upon several factors, including certification service and auction appearance data), so the mintage figures given here; if not provable as precisely correct, are probably at least proportionately accurate. It is unquestioned that the Draped Bust dollars constituted just a small fraction of the total production of 1795-dated silver dollars.