Q. David Bowers
(all varieties combined)
1796: Summary of Characteristics
Business Strikes:
Enabling legislation: Act of April 2, 1792 Designer of obverse: Robert Scot (after Stuart), model by John Eckstein
Designer of reverse: Robert Scot, model by John Eckstein .
Statutory weight: 416 grains; .8924 silver, balance copper
Melting value (silver bullion value) in year minted; Considered by Mint officials to be on a par with the Spanish dollar, and worth about $1.00 intrinsically (see discussion under Summary of Characteristics, 1794).
Dies prepared: At least 4 obverse; at least 4 reverse dies, including one left over from 1795.
Business strike mintage, calendar year: 72,920 (for all varieties of 1796 combined; not-including' pieces reserved for the Assay Commission; these are given in parentheses); Delivery figures by day: January 30: 4,550 (+2); February 13:390 (+1); March 30: 2,777 (0); April 9:2,222 (+1); May 9: 6,354 (+3); May 27: 378 (+ 1); June 14: 10,509 (+1); June 28: 941 (+1); July 21: 8,750 (+3); July 29: 1,720 (+3); August 27: 11,485 (+3); September 1: 1,580 (+3); September 14: 8,391 (+3); October 17: 8,103 (+3); December 22: 4,770 (+3).
Estimated business strike mintage of 1796-dated dollars (author's estimate): 75,000 (rounded).
Estimated quantity melted: Normal quantities by export or in the normal course of Mint redemption.
Approximate population MS-65 or better: 0, (URS-0)
Approximate population MS-64: 0 (URS-0)
Approximate population MS-63: 1 or 2 (URS-1)
Approximate population MS-60 to 62: 10 to 18 (URS-5).
Approximate population AU-50 to 58: 30 to 60 (URS-6)
Approximate population VF-20 to EF-45:1,500 to 2,600 (URS-12)
Approximate population G-4 to F-15: 750 to 1,400 (URS-11)
Approximate population-for all grades combined: 2,300 to 4,100 (URS-13)
• CONDITION CENSUS: 63-60 (multiples)
• AVERAGE AUCTION APPEARANCE GRADE for all varieties combined: VF-24.
Characteristics of striking: Varies from, variety to variety. Those with the Small Letters reverse, lapped die, are always weaker on the obverse than the reverse.
Known hoards of Mint State coins: None
Proofs:
None, although a few have prooflike surfaces.
Commentary
When seen today; most 1796 dollars show ample evidence of circulation.
Additional Information
Dickeson on 1796 Dollars (1859)
The following appeared in Dr. Montroville W. Dickeson's 1859 book, An American Numismatical Manual:
"The number coined in this year was 72,920; they are not considered rare, and may be found in good order."
Trading a 1796 Dollar (1892)
From The Numismatist, Volume 4, August 1892, pp. 20-21: "Echoes from a Coin Dealer's Sanctum: Mr. Henry Ahlborn, one of the oldest coin dealers in Boston, is about as keen a man for a bargain as one can find. He tells how one summer day, trade being unusually dull in his store, he started on a pick-up trip along the North Shore .. Going through the old towns of Salem, Marblehead, Hamilton, and Essex, he stopped in all the country stores, and talked with many an old farmer, always with a view of finding some rare old coin. He, at last, heard of an old lady who had in her possession a number of fine old cents and silver coins.