1802 Silver Dollar Coin Value: How Much Is It Worth Today?

Are you building a Draped Bust silver dollars collection? You are probably wondering about the 1802 silver dollar value—is this coin rare? Is it worth collecting? How do you grade it?

The 1802 issue is an important piece for the completion of any Draped Bust collection. Although not considered a key date, it is still historically significant. It boasts a relatively low mintage and today, only a few survivors exist. Even in lower grades, examples often command premium prices. Mint State survivors and Gems are extremely rare, and although prices can be prohibitive, these uncirculated pieces are still collectible.

In this guide, we’ll take you through the coin’s history, its key physical features, and expert tips for authenticating and grading your silver dollar. You will also discover fascinating die varieties and minting errors that could make a difference in the coin’s value.

So, without further ado, let’s jump in and find out: How much is an 1802 silver dollar worth?

1802 Silver Dollar Value Chart
Mint Mark	Good	Fine	Extremely Fine	Uncirculated
1802-No Mint Mark Silver Dollar Value	$1,100	$1,975	$5,450	$265,000

 

History of the 1802 Silver Dollar

The 1802 silver dollar is among the earliest silver coins struck by the United States Mint. It belongs to the Draped Bust coin series, minted between 1795 and 1803, after which subsequent silver dollars dated 1804 were minted until the 1850s.

The Draped Bust silver dollar replaced the Flowing Hair dollar, the first silver dollar minted in the U.S. in 1794. The Flowing Hair dollar was struck only for a year before it was redesigned when Henry William de Saussure became the new Mint Director in July 1795. At the same time, the Flowing Hair design had attracted a lot of public disapproval and this amplified the Mint’s decision to change the design.  

It is speculated that artist Gilbert Stuart designed the Draped Bust dollar, featuring a buxom Lady Liberty who is believed to have been modelled after Ann Willing Bingham, a popular socialite from Philadelphia. Mint Engraver Robert Scot and de Saussure approved some of Stuart’s draft designs and sent them to President George Washington and Secretary of State Thoman Jefferson who also gave their approval.

Production of the new Draped Bust dollars began in late 1795, after which de Saussure resigned. In his resignation he stated the unauthorized silver standards where the Mint used 90% silver instead of the official 89.2% silver and 10.8% copper. When the new Mint Director, Elias Boudinot, came to office, he ordered an immediate stop to the unauthorized silver standards and asked the Mint to revert to using the standards approved by the Coinage Act of 1792.

As silver bullion deposits depleted, the production of Draped Bust silver dollars declined as well. By 1810, the Mint produced only 54, 454 silver dollars and the mintage reduced further in 1802 down to 41,650. Soon afterward, in 1803, the Mint paused the production of silver dollars and only resumed in 1834 with 1804-dated silver dollars.

Due to its historical status and low mintage, the 1802 silver dollar is in high demand among collectors. This coin, like other early dollars is prone to counterfeiting, so it’s important to carefully authenticate any examples you come into contact with.

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

 

Features of the 1802 Silver Dollar

Let’s now look at the physical attributes of the 1802 silver dollar. By familiarizing yourself with these features, you can accurately grade and authenticate your coin, and identify high-value Draped Bust dollars that are worth adding to your collection.

Obverse of the 1802 Silver Dollar

The front side features a busty Lady Liberty in drapey clothing and hair loosely held with a ribbon. The word LIBERTY appears above her portrait while the date, 1802, is inscribed below along the rim.

Thirteen stars encircle Liberty’s portrait, seven on the left and six on the right. These represent the thirteen original states.

Reverse of the 1802 Silver Dollar

The reverse features a heraldic eagle with a shield on its chest, representing national independence and sovereignty.

In its left talon, the eagle holds a bunch of arrows, symbolic of victory and a readiness to defend the nation. In the right talon is an olive branch representing peace. The eagle also clenches in its beak a flag with the Latin phrase, E BLURIBUS UNUM, meaning “Out of Many, One.”

Above the eagle is a constellation of thirteen stars crowned by a billow of clouds. The words UNITED STATES OF AMERICA are etched in an almost full circle around the coin’s rim. Like the obverse, the rim on the reverse is adorned with tiny denticles.

Other Features of the 1802 Silver Dollar

Other noteworthy features of the 1802 silver dollar include:

• Diameter: 40.00 millimeters
• Weight: 27.00 grams
• Edge: Lettered: HUNDRED CENTS ONE DOLLAR OR UNIT
• Metal Composition: 89.2% silver and 10.8% copper
• ASW: 0.7731oz
• Fineness: 0.892

Also read: 14 Most Valuable Coins In Circulation

 

1802 Silver Dollar Value Guides

So, what’s the value of an 1802 silver dollar? The coin’s condition will largely determine its value. The Philadelphia Mint, the only one at the time, struck only 41,650 silver dollars in 1802 and as was the tradition, none of these coins had a mintmark.

When collecting 1802 silver dollars, here’s what to expect in terms of the coin’s value:

• Circulated Examples: Compared to the silver dollars minted in the late 1700s, the 1802-dated silver dollars are not considered a rare issue. That said, survivors are still considerably fewer than for the high mintage years. Most existing examples are graded between Fine and Very Fine, an indication that only few survivors are actually available for collecting. So scarce are 1802 silver dollars that even lower grade examples will command a premium. For example, pieces graded Good (G) will sell for as much as $1,110, a Fine (F) one will command up to $1975 while an Extra Fine (XF) will fetch at least $5,450. Rare examples graded About Uncirculated (AU58) will bring in as much as $17,000.
• Mint State Examples: Existing uncirculated examples are extremely rare; their prices are prohibitive and generally reserved for the deep-pocketed collector. An MS60 will command prices as high as $23,000 while an extremely rare MS63 will self for as much as $84,000. Gems are genuinely in low supply with only a few known survivors. An extremely rare MS65, for example, will sell for at least $265,000.
• Auction Record: In a record-breaking sale, Heritage Auctions sold an MS65+ for a whopping $300,000, making this the most valuable 1802 silver dollar to date.

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

 

1802 Silver Dollar Grading

Grading the 1802 silver dollar can be challenging due to the coin’s age and scarcity. First things first, be sure to authenticate your coin by comparing its key features with high quality images or examples of real 1802 silver dollars.

Pay close attention to high-contact points including Liberty’s hair strands, cheek, and forehead. Lower-grade coins will show extensive wear on these points while high grade silver dollars will have more clarity and show more details. Also, assess the inscriptions, date and stars—the extent of wear will tell you whether the coin is high or low-grade.

Do the same for the reverse, examining the eagle’s details including its wings and tail feathers, shield, and talons. Inspect the star arrangement, which might be different for each die marriage, and the inscriptions for signs of wear. Higher grade coins will show a sharper strike and crisp details, while these details will be more worn out in lower-grade examples.

Check out this video for more tips on grading and authenticating Draped Bust silver dollars.

 

Rare 1802 Silver Dollar Errors list

Early coins, including the 1802 silver dollars, were punched by hand and although this was a more tedious and lengthier process than automated minting, it resulted in fewer errors and more die varieties. For example, there are seven known die varieties of the 1802 silver dollar.

Die varieties mean that existing survivors show some subtle differences in the details on Liberty’s profile, including her hair, forehead, bust and draped clothing.

There are also variations in the spacing between the date numbers and inscriptions. This can be seen in the 1802 silver dollar narrow date and wide date varieties.

On the reverse, the die varieties may show differences in the rendering of the eagle’s features including its wings and tail feathers, the positioning of the talons, and the shield alignment. The spacing between the words UNITED STATES OF AMERICA, and the rendering of the words E PLURIBUS UNUM may also show some variation.

1. 1802 Silver Dollar Wide Vs. Narrow Date Variety

Some hobbyists specialize in collecting 1802 silver dollars with a wide or narrow date spacing. As the name suggests, the wide date variety is one in which there is considerable spacing between the numbers in the date. The narrow date variety is the opposite—the numbers are positioned more closely together.

Although these varieties have gained a lot of popularity among collectors, neither of the two is more valuable than the other. Just having one of them is a sufficient value-addition to any collection.

2. 1802 Silver Dollar Overdate Error

Aside from the seven or more die varieties, other errors do show up in the 1802 silver dollar series. One of them is the overdate error in which the number “2” in 1802 is clearly punched on an underlying number “1.”

At the time, it was common for the Mint to strike coins in advance of the date and this error is a consequence of this practice. So, the Mint likely used coins dated 1801 and punched them with dies dated 1802, resulting in an overdate error.

Overdates are rare minting errors and can be worth a small fortune. Collectors have paid $100-$250 extra for 1802 silver dollars with an overdate error.

3. 1802 Silver Dollar Doubled Die Error

Hand-punched coins are prone to doubled die errors, which result from slight misalignment between the die and planchet. This causes the die to strike the planchet multiple times at slightly different angles, resulting in doubling on the inscriptions and design features such as Lady Liberty’s portrait. The inscriptions LIBERTY on the obverse and UNITED STATES OF AMERICA on the reverse may also show some doubling.

Coins that show strong, clear doubling will usually be worth more than those with subtle doubling. The value of this error ranges from $50 to $200 more than the value of a regular 1802 silver dollar.

 

Where to Sell Your 1802 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 an 1802 silver dollar coin worth?

The value of an 1802 Draped Bust silver dollar depends on the coin’s condition/grade. Prices generally start at about $1,100 for circulated examples to at least $275,000 for Mint State pieces and Gems.

Is an 1802 silver dollar rare today?

Yes. Only a small number of 1802 silver dollars exists today. Not only was this issue a low mintage one but because it was minted a very long time ago, survivors are very few. Mint State examples and Gems are extremely rare and often difficult to collect.

How can I tell if my 1802 silver dollar is real?

Like other early U.S. coins, the 1802 silver dollar is a target for counterfeiting. The best way to authenticate your coin is to have it assessed by a reputable coin-grading company such as the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Company (NGC). Counterfeiters have really perfected their art and it might be difficult for ordinary collectors to quickly tell a counterfeit from a real 1802 silver dollar. That said, check for signs such as a seemingly sharp strike, especially on the edge lettering. Real early silver dollars were struck by hand and will usually not show perfect inscriptions or edge lettering.