1798 Draped Bust Dime: A Landmark in Early American Coinage
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The 1798 Draped Bust dime is one of the most compelling survivors of America’s earliest coinage era – a small silver coin that carries enormous historical weight and genuine collector demand. Struck at the Philadelphia Mint during a period of political tension and national ambition, this coin rewards serious study. Whether you are building a type set of early U.S. silver, hunting die varieties, or simply curious about what a 225-year-old dime is worth, this guide covers the design, the varieties, the values, and what to watch out for when buying or selling one.
Unlike other articles on our site that focus on selling gold jewelry or calculating scrap silver value, this piece is squarely about historical numismatics – grading, variety collecting, and the investment case for early American silver. If you want to understand why a dime the size of your thumbnail can sell for $200,000, read on.
The Historical Context Behind the 1798 Draped Bust Dime
America in 1798 was barely a decade old as a constitutional republic. The XYZ Affair had pushed the country to the edge of war with France. The U.S. Navy was just being established. And the young federal government was still working out the basics – including what its money should look like.
The push for a decimal currency came from Thomas Jefferson as early as 1783, when he proposed a base-ten system to replace the chaotic mix of British pounds, shillings, and Spanish dollars circulating in the colonies. Alexander Hamilton supported the idea, and the Coinage Act of 1792 made it law. The dime – one-tenth of a dollar – was born.
Actual dime production did not begin until 1796, delayed by the priority given to dollar coins. Designer Robert Scot created the Draped Bust obverse, drawing on portraiture of the era to depict Liberty as a classical figure. By 1798, the mint had also switched the reverse from a small eagle design to the bolder Heraldic Eagle. The 1798 issues represent that new standard fully realized.
Total mintage for all 1798 varieties combined was 27,550 coins – a number that sounds modest by modern standards and genuinely was modest even then, given the hand-operated presses and manual die work involved. America’s first silver coin, the 1792 Half Disme,predates the dime series and helps put this early mintage context in perspective.
Design Details of the 1798 Draped Bust Dime
The obverse shows Liberty facing right, her hair flowing and tied with a ribbon, draped cloth over her shoulders. “LIBERTY” arcs above her portrait; the date sits below. The number of stars on the obverse varies by variety – either 13 (representing the original colonies) or 16 (reflecting the states at the time of striking). This star count is one of the primary diagnostic tools for identifying which variety you hold.
The reverse features the Heraldic Eagle – a shield on its breast, arrows in one talon, an olive branch in the other. “UNITED STATES OF AMERICA” circles the design, “E PLURIBUS UNUM” appears on a ribbon above the eagle, and “ONE DIME” sits below. This reverse replaced the Small Eagle used on 1796 and 1797 dimes. If you see a Small Eagle reverse on a coin dated 1798, it is not genuine.
The edge is reeded. This was deliberate – reeding made it immediately obvious if someone had shaved silver from the coin’s edge, a common fraud in the era. The coin weighs 2.70 grams of 0.900 fine silver, giving it roughly 0.0723 troy ounces of pure silver. At today’s silver spot price of about $83 per ounce, the melt value is approximately $6. The numismatic value is another matter entirely.
Key Varieties of the 1798 Draped Bust Dime
The 1798 issue is not a single coin. It is a family of die varieties, and knowing the differences separates casual observers from serious collectors. Numismatists use the JR (John Reich) classification system and the Logan-McCloskey reference to identify them.
Fewer than 100 known; MS-63 example sold for $199,750
Overdate visible under magnification; EF-40 range: $2,150-$4,350
Gems (MS-64+) are scarce and command strong premiums
Values climb sharply in AU and above; EF-40 around $2,700
The 1798/7 Overdate with 13 Stars is the headline rarity. A “7” was punched into the die first, then corrected with an “8” – but the underlying digit remains visible under a 10x loupe as a distortion in the lower curve of the 8. Fewer than 100 examples are known across all grades. One MS-63 example sold for $199,750. Even problem coins in Fine Details grade have brought $2,760 at auction. This is one of the scarcest bust dime type coins in existence.
The 1798/7 Overdate with 16 Stars shares the same overdate feature but carries 16 stars on the obverse. It is scarcer in high grades than the 13-star version in some respects, and VF to EF examples have traded in the $2,150 to $4,350 range.
The Large 8 and Small 8 varieties refer to the size of the digit in the date. The Large 8 is the more commonly encountered base type, but “commonly encountered” is relative – this is still a coin with a total mintage under 28,000, over two centuries old. MS-64 and above examples are genuinely difficult to find.
Grading the 1798 Draped Bust Dime
Condition drives value more than almost any other factor for early U.S. coins. A one-grade difference can double or triple the price on a coin like this.
Good (G-4 to G-6): The outline of Liberty and the eagle are visible, but fine details are worn flat. Date and legends readable. Base 1798 types in Good have historically traded around $425 and up.
Very Fine (VF-20 to VF-35): Moderate wear on the high points – Liberty’s hair, the eagle’s breast feathers. Legends sharp. This is where many collectors start building a set. Expect $1,000 to $2,500 for common varieties in this range.
Extremely Fine (EF-40 to EF-45): Light wear only on the highest points. Most detail present. The 1798/7-13 Stars in EF-45 has brought $30,550 at auction. Common varieties in EF trade in the $2,000 to $5,000 range.
About Uncirculated (AU-50 to AU-58): Traces of mint luster remain. Sharp detail throughout. Rare in this grade for any 1798 variety. Expect $10,000 and above for desirable types.
Mint State (MS-60 and above): Essentially unknown for most varieties. The few that exist command five- and six-figure prices. The 1798/7-13 Stars MS-63 at $199,750 illustrates what the top of the market looks like.
Eye appeal matters alongside the technical grade. Strike quality, luster, and color all factor into how a coin presents. A sharply struck MS-62 with original skin can outperform a weakly struck MS-63 in the market.
PCGS & NGC Coin Verification – Accurate Precious Metals Refineries
Value Trends and Investment Perspective
The price history of 1798 Draped Bust dimes shows consistent long-term appreciation. A base example in Good-4 that sold for $23 in 1958 was bringing $425 or more by 2015. Scarce varieties like the 1798/7-16 Stars in VF-20 moved from $340 in 1965 to $2,150 by 2015. Post-2015, inflation and a growing collector base have pushed premiums further.
The investment case rests on scarcity and age. With fewer than 28,000 coins struck and attrition over 225 years, the surviving population is small. High-grade survivors are rarer still – PCGS and NGC together have certified fewer than 50 MS-65 or better examples across all 1798 varieties combined.
Compare this to modern bullion: an ounce of gold runs about $4,888 today, and silver trades around $83. The melt value of a 1798 dime is roughly $6. But a VF example of a common variety brings $1,000 to $2,500 – that is a numismatic premium of 150x to 400x over spot metal content. The rarest overdates in top grades are in a different league entirely.
This is not a liquid market like bullion. Selling a key-date 1798 dime means finding the right auction venue or a specialist dealer. But for collectors who understand the category, early American silver has historically held value and attracted steady demand from type set builders, registry set competitors, and history-focused collectors alike.
Common Misconceptions About the 1798 Draped Bust Dime
Several myths circulate about this coin, and they cost collectors money.
“All 1798 dimes are common.” The base Large 8 type is more available than overdates, but no 1798 dime is common in absolute terms. Overdates and gems are among the top-tier rarities in early American coinage.
“1798 dimes have Small Eagle reverses.” No. The Small Eagle reverse was used only on 1796 and 1797 dimes. Every genuine 1798 dime has the Heraldic Eagle reverse. A coin dated 1798 with a Small Eagle is not authentic.
“Melt it for the silver.” At $83/oz spot, a 1798 dime contains about $6 in silver. Even a heavily worn example with problems is worth multiples of that as a collectible. Melting one would be a significant financial loss.
“More stars means more value.” Star count affects variety identification, but condition and variety type drive price – not star count alone. The 13-star 1798/7 overdate is actually the rarer of the two overdate varieties.
“You can grade these yourself.” Experienced collectors miss overdates and subtle die states on raw coins. For any coin above $500 in value, third-party grading through PCGS or NGC is worth the cost. It protects you on purchase and supports resale.
Practical Tips for Collecting the 1798 Draped Bust Dime
Buy only PCGS or NGC slabbed examples for any coin above entry-level grades. The population data and holder protection are worth the premium.
Study the JR plate references and Logan-McCloskey guide before buying. Know what an overdate looks like under magnification.
A 10x loupe is the minimum. Examine the date, die cracks, and surface carefully on any raw coin you are considering.
In early American coinage, condition is everything. One strong VF is worth more than three Good examples in terms of long-term value and collector appeal.
Heritage Auctions and Stack’s Bowers are the primary venues for key-date early U.S. coins. Review recent realized prices before bidding.
Auction buyer’s premiums typically add 17-20% to the hammer price. Factor this into your maximum bid.
Use Air-Tite holders in a cool, dark environment. Silver tones quickly, and early coins with original surfaces are worth preserving.
Building a complete set of Draped Bust dimes from 1796 to 1807is a recognized collecting goal, and the 1798 varieties – especially the overdates – are among the hardest pieces to complete.
Authenticating and Identifying Genuine Examples
Counterfeits of early U.S. coins exist, though they are less common than fakes of more valuable series. The 1798 dime’s modest dimensions (18mm diameter, 2.70g weight) make it harder to fake convincingly than larger coins, but caution is still warranted.
Check the weight first. A genuine coin should weigh 2.70 grams. Significant deviation is a red flag. The silver content can be evaluated through XRF analysis by a qualified dealer – this non-destructive method assesses metal composition without damaging the coin.
Compare die characteristics against published references. Genuine 1798 dimes show specific die cracks, star positions, and letter spacing that match known die states. Counterfeits often get these details wrong. The overdate varieties in particular have precise diagnostic features – the remnant “7” appears in a specific location within the “8,” and this can be compared against auction photographs of confirmed examples.
When in doubt, submit to a third-party grading service. A genuine 1798 dime in any grade is worth the submission fee many times over.
Where the 1798 Draped Bust Dime Fits in Early American Coinage
The 1798 issue sits within a broader story of early U.S. silver coinage that collectors find deeply rewarding to explore. America’s earliest silver coinage1 began with the 1792 Half Disme, a trial piece that predates the Draped Bust series entirely. The dime series itself runs from the first Draped Bust issues of 1796 through the Capped Bust design that began in 1809.
Within the Draped Bust dime series (1796-1807), the 1798 issues occupy a key position – they are the first year of the Heraldic Eagle reverse, and the overdate varieties are among the most sought-after coins in the entire series. The 1797 dimes are scarcer overall, but the 1798/7-13 Stars rivals them for top-tier rarity in high grades.
For collectors building a type set, one example of the Draped Bust dime with Heraldic Eagle reverse is required. The 1798 is a natural choice – it is the first year of that reverse type. For variety collectors, completing all major 1798 die marriages is a serious long-term project that requires patience, budget, and access to the right auction venues.
Buying or Selling a 1798 Draped Bust Dime with Accurate Precious Metals
Whether you have inherited an early American coin collection, found a potential 1798 dime in an estate lot, or are actively looking to buy one, working with a knowledgeable dealer matters. Accurate Precious Metals, based in Salem, Oregon, has been operating for over 12 years and holds more than 1,000 five-star customer reviews. As an NGC Authorized Dealer, the team can assist with evaluation and grading submissions – coins are inspected by our team and assessed for authenticity before any transaction.
If you are in the Pacific Northwest, you can visit us in person at our Salem location and bring your early American coins for a hands-on evaluation. If you are anywhere else in the United States, our mail-in service14 makes it straightforward – request a free insured shipping kit, send your coins, and receive a fast, transparent offer. We buy numismatic coins alongside bullion, jewelry, and precious metals of all kinds, so there is no need to find a specialist-only buyer.
For collectors looking to acquire a 1798 Draped Bust dime, our inventory spans coins, bars, and bullion in gold, silver, platinum, and palladium. Our pricing reflects live spot prices, and our team understands the difference between a bullion coin and a key-date numismatic piece. Reach us at (503) 400-5608 or visit our sell-to-us pageto learn more about how the process works.
Frequently Asked Questions
What is the 1798 Draped Bust dime made of?
It is struck in 0.900 fine silver, weighing 2.70 grams. Pure silver content is approximately 0.0723 troy ounces. At today’s silver spot of about $83 per ounce, the melt value is roughly $6 – far below its numismatic worth.
How many 1798 Draped Bust dimes were minted?
Total mintage across all varieties was 27,550 coins. The rarest variety, the 1798/7 overdate with 13 stars, has fewer than 100 known surviving examples.
What is the 1798/7 overdate?
The 1798/7 overdate occurs when a die engraved with “1797” was re-punched with a new “8” to correct the date to 1798. The underlying “7” remains partially visible within the “8,” identifiable under a 10x loupe as a distortion in the lower loop.
How do I tell if my 1798 dime is genuine?
Check the weight (should be 2.70 grams), confirm the Heraldic Eagle reverse (not Small Eagle), and compare die characteristics against published references. For any coin of significant value, submission to PCGS or NGC is the most reliable path. Metal content can also be evaluated through XRF analysis by a qualified dealer.
What is a 1798 Draped Bust dime worth?
Values range widely by variety and condition. Common varieties in Good grade start around $425. VF to EF examples of standard types run $1,000 to $5,000. The 1798/7-13 Stars overdate in EF-45 has sold for over $30,000, and an MS-63 example brought $199,750. Prices have trended upward since 2015.
Should I clean my 1798 dime before selling it?
No. Cleaning early American coins removes original surfaces and luster, resulting in a “Details” grade from certification services. A cleaned coin trades at a steep discount compared to an original-surface example in the same technical grade.
Where can I sell a 1798 Draped Bust dime?
Major auction houses like Heritage Auctions and Stack’s Bowers handle key-date early American coins. Accurate Precious Metals also buys numismatic coins – visit us in Salem, Oregon, or use our mail-in service from anywhere in the United States.
