1796 Silver Dollar Coin Value: How Much Is It Worth Today?

Are you interested in collecting 1796 silver dollars and are curious how much this coin could be worth? Maybe you were lucky enough to come across this historic coin and want to know what it’s worth. Whether you are looking to buy or sell, this guide will help you understand the 1796 silver dollar value.

With its low mintage, rich history, and silver content, the 1796 Draped Bust dollar can be a prized addition to your collection. This article will walk you through the coin’s fascinating history, unique features, and minting errors to watch for. You will also discover tips for grading your silver dollar so you can know how much to expect from your coin.

So, without further ado, let’s jump in and find out: how much is a 1796 silver dollar worth?

1796 Silver Dollar Value Chart
Mint Mark	Good	Fine	Extremely Fine	Uncirculated
1794-No Mint Mark Silver  Dollar Value	$1,700	$4,000	$10,250	$1,475,000

 

History of the 1796 Silver Dollar

The 1796 silver dollar is part of the Draped Bust silver dollar series minted from 1795 to the 1850s. It replaced the Flowing Hair dollar, America’s first silver dollar, minted from 1794 to 1795.

In the second year of the production, the newly appointed Director of the Mint, Henry William de Saussure, led the redesign efforts of the Flowing Hair silver dollar. Public disapproval also contributed to the decision to change the coin’s design.

The renowned artist, Gilbert Stuart, is believed to be the creator of the Draped Bust design using Ann Willing Bingham, a socialite from Philadelphia as the model. After several sketches, President George Washington and Secretary of State Thomas Jefferson approved the final design, which was later cast into plaster to create hubs for coin production.

Mint records are unclear on the exact production start date, but experts estimate that the Mint began production of the Draped Bust silver dollar in late 1795. Although the Coinage Act of 1792 authorized silver coins to be struck in 89.2% silver and 10.8% copper, in 1795, Mint official overrode this requirement and instead struck the new silver dollars in 90% silver.

After de Saussure resigned, former congressman, Elias Boudinot, became the Director of the Mint. He immediately ordered that the Mint adhere to the requirements of the Coinage Act of 1792 requiring silver coins be minted in 89.2% fineness.  He also asked the Mint to prioritize production of smaller denominations. When the Mint’s assayer, Albian Cox, passed away and at the same time the Mint increased production of smaller denominations, there was a noticeable decrease the supply of silver bullion. These events led to a drastic reduction in the mintage of 1796 Draped Bust silver dollars.

In 1796, the Mint produced only 79, 920 Draped Bust silver dollars, a 62% drop from the previous year’s mintage. Production of silver dollars steadily dropped in the following years, and the series ended in the 1850s.

With its limited mintage, the 1796 silver dollar is a sought-after collectible. In the following sections, we’ll learn more about how much a 1796 silver dollar is worth.

Also read: 12 Most Valuable One-Dollar Coin Worth Money

 

Features of the 1796 Silver Dollar

Let’s look at the defining features of the 1796 silver dollar. Familiarizing yourself with these features will help you identify Draped Bust silver dollars worth money.

Obverse of the 1796 Silver Dollar

The obverse shows Liberty’s right-facing profile with flowing hair adorned with a ribbon. She is clothed in a draped gown, giving the coin the name, “Draped Silver Dollar.”

Fifteen stars representing the number of states in the Union at the time, encircle Liberty’s portrait. The word “LIBERTY” appears above her head with the date positioned below the portrait.

Reverse of the 1796 Silver Dollar

On the back of the coin there is a small eagle perched on a cloud, flanked by olive and palm branches, symbolizing victory and peace.

The words “UNITED STATES OF AMERICA” appear along the rim and surround the eagle.

Other Features of the 1796 Silver Dollar

Additional features of the 1796 silver dollar are:

• Diameter: 39-40 millimeters
• Weight: 26.96g
• Metal composition: 89.2% silver, 10.8% copper
• Edge: Lettered: HUNDRED CENTS ONE DOLLAR OR UNIT
• Fineness: 0.892
• ASW: 0.7731oz

Also read: 14 Most Valuable Coins In Circulation

 

1796 Silver Dollar Value Guides

Like all early U.S. coinage, the 1796 Draped Bust silver dollar was struck at the first U.S. Mint in Philadelphia. The Mint struck a total of 79, 920 no-mintmark silver dollars dated 1796, making it a rare find for collectors.  

The low mintage and the fact that there are only surviving examples makes the 1796 silver dollar highly collectible. Uncirculated examples are difficult to come by and gem-quality specimens rarely exist.

Here’s a breakdown of what to expect when it comes to the 1794 silver dollar value:

Circulated examples: These are genuinely scarce and most will show signs of extensive wear and damage. Still, a circulated 1796 silver dollar is very valuable even in lower grades. An example graded Good (G) will fetch as much as $1700 while an Extremely Fine (XF) will bring in up to $10,250. You can expect as much as $39,500 for a rare silver dollar graded About Uncirculated (AU58).

Uncirculated examples: These are rare especially in higher grades. From M60 to MS63, you expect between $80,000 and $240,000. Fewer than a dozen MS64 and even fewer MS65 or finer are known to exist. At MS64, a 1796 Draped Bust silver dollar will sell for as much $445,000 while an MS65 will bring in up to $1, 475,000.

Auction record: According to the Professional Coin Grading Service, a 1796 $1 Large Date, Small Letters graded MS62 was auctioned at a Legend Rare Coins Auction in 2021 for $123, 275. A 1796 $1 Small Date, Large Letters graded MS63+ was auctioned by Heritage Auctions in 2013 for $352, 500. Another auction record was set in 2013 when Stack’s Merena sold a Small Date, Small Letters graded Extremely Fine (XF) for $46,000.

Also read: Top 10 Most Valuable Morgan Silver Dollar Worth Money

 

1796 Silver Dollar Grading

Grading a 1796 silver dollar can be challenging, especially for beginners, due to the coin’s age and wear patterns. You should pay attention to high contact points, such as Liberty’s hair and face, and the eagle’s breast and wings. Here is a simplified guide to help you quickly grade your silver dollar based on its condition:

• Good (G4-G6): The outline on the designs is still visible. But, Liberty’s hair and facial features, and the eagle’s features are mostly smooth. The date and inscriptions are readable but faint in some areas.
• Fine (F12-F15): The coin shows moderate wear. Liberty’s hair strands are somewhat defined and the eagle’s wing feathers show a basic outline. The inscriptions and stars are visible but light.
• Extremely Fine: (XF40-XF45): Major details, including the eagle’s breast and Liberty’s hair, are still sharp but the coin displays light wear. Slight luster is still visible on non-high contact spots on the coin.
• Uncirculated (MS60-MS70): The coin has excellent eye appeal with a full mint luster. Flaws, such as bag marks, are minimal and all details are sharp and fully intact with no signs of wear.

 

Rare 1796 Silver Dollar Errors List

Let’s now look at the most sought-after, rare 1796 silver dollar die varieties that are often worth a premium.  Numismatists David Bowers and Mark Borckardt cataloged the die varieties for Draped Bust dollars, and their cataloging system is aptly referred to as BB.

The letters BB are usually followed by a number identifying the specific obverse and reverse die pairing that was used during minting. Different die pairings result in slight design variations sought after by collectors for their rarity.

 There are six known die pairing for the 1796 silver dollar but only four are considered rare and valuable. Let’s learn more about the four 1796 silver dollar die varieties worth money.

1. 1796 Silver Dollar BB-63 Variety

BB-63 is quite rare and can be worth a premium in higher grades. This die variety is identifiable by a lightly curved 1796 date, in which the “6” is slightly higher than the rest of the number. There are 8 stars on each side of Liberty’s portrait.

On the reverse, the BB-63 variety features a small eagle flanked by a wreath. The eagle has a distinct posture while the words UNITED STATS OF AMERICA have unique spacing that’s unique to this variety.

A 1796 silver dollar, BB-63 variety graded MS65 fetched $1,057,500 in April 2013, according to the Heritage Auctions.

2. 1796 Silver Dollar BB-62 Variety

 The BB-62 variety is scarce and is identifiable by various key features.  On the obverse the “6” is placed slightly higher than the “9” while Liberty’ portrait displays sharp details, a sign that it was struck from a fresh obverse die.

On the reverse, the eagle’s image is distinctly small with its wings facing downward. The wreath displays a weak strike and is thinner and more delicate. There is more space between the word AMERICA.

 A 1796 silver dollar BB-63 variety graded MS65 was auctioned in April 2013 for $1, 057, 500.

3. 1796 Silver Dollar BB-64 Variety

The BB-64 is moderately scarce. The obverse die shows signs of a wear compounded by die cracks. In addition to eight stars appearing on each side of Liberty’s portrait, the “6” is more upright compared to the other varieties.

The reverse shows a small eagle with a thicker and more dominant wreath compared to the BB-62 variety. The eagle is positioned slightly off-center, one of the most identifiable features of this variety. The latter spacing between the word “AMERICA’ is slightly different.

Prices of the 1796 silver dollar BB-63 variety range from $595 in lower grades to $7,650 in lightly circulated examples, and up to $51,000 in Mint State coins.

4. 1796 Silver Dollar BB-66 Variety

The BB-66 variety is rare and is highly sought-after in higher grades. On the obverse, there is the usual eight stars on both sides of Liberty’s portrait but unlike the other varieties, the 6 is notably lower than the 9, making the date appear dipped. Like the BB-64 variety, the BB-66’s obverse shows significant wear.

The reverse shows a small eagle with a rounder body. Parts of the wreath display a weak strike while the letters in UNITED STATES OF AMERICA are closely spaced, differentiating this variety from the BB-64 and BB-62 variety.

In September 2011 a 1796 silver dollar BB-66 graded About Uncirculated (AU58) was auctioned for $63,250. The most expensive BB-66 die variety was graded MS64 and was sold for $456,000.

 

Where to Sell Your 1796 Early Silver Dollar?

Now that you know the value of your coins, do you know where to sell those coins online easily? Don’t worry, I’ve compiled a list of these sites, including their introduction, pros, and cons. 

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

FAQs

How much is a 1796 silver dollar coin worth?

The value of a 1796 silver dollar varies depending on the condition and die variety. Prices range from $3,000 in lower grades to more than $200,000 in higher grades or Mint State.

How rare is the 1796 silver dollar?

With a mintage of just 79, 920, the 1796 Draped Bust dollar is considered rare. Many have not survived, making these coins harder to find.

How can I tell if my 1796 dollar is genuine?

It is recommended to have a professional authenticate your 1796 silver dollar. But, you can start by checking the coin’s diameter (39-40mm) and weight (26.9 grams) for an initial assessment. Inspect the details including the inscriptions and images for any oddities.