High Grade Bust Dollar Variety Found

NSDR Journal

Vol. XIV No. 2

May 1997

High Grade Bust Dollar Variety Found

By Tom Pilitowski

Reprinted with permission of this author and Numismatic News

            The 1797 Small Letter dollar reported on in the Feb. 4 issue (Variety B2, BB-72) is the best known variety of the Draped Bust Small Eagle dollar.

The fifth use of an old worn reverse die allowed specimens of this variety to wear quickly in circulation, especially on the reverse. As a result, most known survivors are in low grades and display reverses appearing one full grade weaker than their obverses. When only a single grade is given, such as by the grading services, generally only the obverse is considered.

The 1797 Small Letters dollar is truly rare in high grade:

1. 200 to 300 specimens of this variety are estimated to exist in all grades, with VF and lower being the most commonly seen.
2. In their reports, PCGS and NGC list a combined population of 29 specimens in all grades (including any duplicates from possible crossovers and re-grades), with 24 or these graded as VFs and lower.
3. The 1992 Bowers-Borckardt survey of 701 auctions located only 68 specimens in total, with 52 in VF and lower grades.
4. Those same PCGS and NGC population reports reflect only three EF specimens and the Bowers-Borckardt auction survey located only 15 EF specimens. Some of them may be weak for their grades, as grading has often been very liberal for this rare variety.
5. The only AU specimen to cross the auction block was the Amon Carter specimen, auctioned by Stack’s in 1984, which was described as an AU with frosty luster but typical weak reverse. That specimen was later graded as AU-55 by NGC.

The present specimen has been overly conservatively graded:

1. The present specimen has been graded by PCGS as AU-50, but a comparison to the Amon Carter specimen shows this one to be at least its equal. The present specimen displays the same frosty luster of the Carter piece, including impressive luster glowing within the feathers of the eagle and the leaves of the wreath.

The coin displays light adjustment marks on the reverse, showing that the reverse strike was not strong enough to erase the adjustment. Yet the reverse details are as clear as those on the obverse – in sharp contrast to the Carter piece – which must mean that the coin must have seen very little if any actual circulation.

1. The present specimen shows obverse details equally matching the Norweb Specimen of the 1797 Large Letters dollar (B-1, BB73), which has been graded AU-58 by PCGS – virtually Mint State. Thus the present Small Letters dollar must have seen no more circulation that the Norweb Large Letters specimen.

This coin now resides in what I call the Cardinal collection. Anyone who wants to contact me may do so at (800) 524-6321.