Q. David Bowers
Business Strikes:
Enabling legislation: Act of April 2, 1792
Designer of obverse: Robert Scot (after Stuart), model by John Eckstein
Designer of reverse (Small Eagle): Robert Scot, model by John Eckstein
Designer of reverse (Heraldic Eagle): Robert Scot (from the Great Seal)
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 (Draped Bust obverse, Small Eagle reverse): Obverse: At least 2; Reverse: At least 2 (1 left over from 1795)
Dies prepared (Draped Bust obverse, Heraldic Eagle reverse): Obverse: At least 17; Reverse: At least 19.
Business strike mintage, calendar year: 327,536 (for all 1798 varieties combined, not including pieces reserved for the Assay Commission; these are given in parentheses); Delivery figures by day: January 5: 30,372 (+3); January 18: 8,770 (+3); January 27: 4,694 (+3); February 16: 25,500 (+3); March 23: 22,000 (+3); April 4: 35,500 (+3); April 14: 3,000 (+3); May 4: 39,000 (+3); May 24: 19,000 (+3); June 11: 37,000 (+3); June 22: 15,000 (+3); June 30: 7,370 (+3);July 23: 3,000 (+1); August 15: 32,720 (+3); December 31: 44,610 (+3).
Estimated business strike mintage of 1798-dated dollars (author's estimate): 235,000 (rounded).
Estimated quantity melted: Normal melting and export.
DRAPED BUST OBVERSE; SMALL EAGLE REVERSE
(BB-81 and BB-82)
Approximate population MS-65 or better: 0 (URS-0)
Approximate population MS-64: 1 or 2 (URS-1)
Approximate population MS-63: 0 (URS-0)
Approximate population MS-60 to 62: 2 to 4 (URS-2)
Approximate population AU-50 to 58: 8 to 16 (URS-4)
Approximate population VF-20 to EF-45: 850 to 1,500 (URS-11)
Approximate population G-4 to F-15: 350 to 600 (URS-10)
Approximate population for all grades combined: 1,200 to 2,500 (URS-12)
• CONDITION CENSUS: 64-60-60-55-55-55
• AVERAGE AUCTION APPEARANCE GRADE for both varieties combined: VF-26.
Characteristics of striking: Varies. BB-81 always has the reverse weakly struck, due to the die characteristics.
Known hoards of Mint State coins: None
DRAPED BUST OBVERSE; HERALDIC EAGLE REVERSE
(BB-91 through BB-125)
Approximate population MS-65 or better: 1 or 2 (URS-1)
Approximate population MS-64: 2 or 3 (URS-2)
Approximate population MS-63: 8 to 12 (URS-4)
Approximate population MS-60 to 62: 30 to 65 (URS-6)
Approximate population AU-50 to 58: 175 to 350 (URS-9)
Approximate population VF-20 to EF-45: 5,000 to 9,000 (URS-14)
Approximate population G-4 to F-15: 2,000 to 4,000 (URS-13)
Approximate population for all grades combined: 7,000 to 14,000 (URS-14)
• CONDITION CENSUS: 65-64-64-63 (multiples)
• AVERAGE AUCTION APPEARANCE GRADE for all varieties combined: VF-25.
Characteristics of striking: Depends upon the variety. If weakly struck, this is often observed at the center of the obverse and among the stars above the eagle on the reverse.
Known hoards of Mint State coins: None
Proofs:
None
Commentary
1798 silver dollars exist with two major reverse types, Small Eagle and Heraldic Eagle; of which the former is much the scarcer.