1802 Draped Bust Dime: A Rare Early U.S. Silver Coin
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The 1802 Draped Bust dime is one of the rarest early American silver coins in existence – a 10-cent piece struck at the Philadelphia Mint with a mintage of roughly 10,000 to 17,000 pieces, most of which never survived two centuries of circulation, loss, and wear. For collectors of early U.S. coinage, it sits at the top of the want list. For investors who think beyond bullion, it represents something gold and silver bars simply cannot offer: a direct, tangible link to the first decades of the American Republic.
This article covers everything a serious collector or curious newcomer needs to know – the coin’s history, design, die varieties, grading realities, current market values, and how to buy smart. Unlike our other content on selling gold jewelry or finding local buyers, this piece is entirely focused on numismatic education: understanding what makes the 1802 dime a trophy coin and how to pursue one responsibly.
The Birth of the Draped Bust Design
The Draped Bust series ran from 1796 to 1807 across several denominations. The design replaced the earlier Flowing Hair type and was engraved by Robert Scot, the first Chief Engraver of the U.S. Mint. The obverse shows Liberty facing right, hair tied back with a ribbon, the word LIBERTY arching above, and 13 stars arranged around the portrait. Those 13 stars were standardized after early issues experimented with 15 or 16 – adding a star for every new state quickly became impractical.
The reverse carries a heraldic eagle: wings spread, a shield on its chest, an olive branch in one talon and arrows in the other. The motto E PLURIBUS UNUM appears on a banner above the eagle, with UNITED STATES OF AMERICA encircling the design. No mintmark appears because all Draped Bust dimes came from Philadelphia, the only operating U.S. Mint at the time.
The coin measures 18.5mm in diameter and weighs 2.70 grams. Its composition is 89.25% silver and 10.75% copper – what the Mint called .8925 fine silver. That translates to roughly 0.0723 troy ounces of pure silver per coin. At today’s silver spot price of about $83 per ounce, the raw metal content is worth under $6. The numismatic premium, as you will see, is thousands of times higher.
For deeper context on how this design fits into the broader sweep of American coinage, the 1795 Flowing Hair Half Dime article traces the predecessor series that immediately preceded the Draped Bust era.
Why the 1802 Draped Bust Dime Is a Key Date
Not every year in the Draped Bust dime series is equal. The 1802 is what collectors call a key date – a year so scarce that it stops most collectors from completing a full set.
Production that year dropped sharply. Only around 10,000 to 17,000 dimes were struck, compared to far larger outputs for half dollars and dollars in the same period. No quarters were minted in 1802 at all. Small-change needs were largely filled by Spanish half reales circulating freely in early America, which reduced demand for domestically struck small silver. The result was a tiny dime mintage that has haunted collectors ever since.
Most of those coins circulated heavily. They passed through hands, sat in drawers, got lost, melted, or simply worn smooth. Estimates of surviving examples range from a few dozen in recognizable grades to perhaps slightly more in heavily worn condition. Coins grading AU-50 or better are genuinely rare – fewer than ten examples are believed to exist at that level.
Design Details and the Single Known Variety
The 1802 Draped Bust dime has only one confirmed die marriage, catalogued as Logan-McCloskey 1 (LM-1). Unlike busier years in the series – some of which have multiple obverse and reverse die pairings – 1802 offers no variety-hunting rabbit hole. There is one variety, and it is rare.
Diagnostic markers for LM-1:
- Obverse stars on the left side (7 to 10 o’clock) tend to appear flat or weakly struck
- Denticles around the rim show uneven depth, a product of worn dies
- The reverse banner curling around the eagle’s wings has a distinctive curl pattern
- Fine die lines may appear under magnification near the eagle’s body
No overdates exist for this date. No star-count variants. What you see is what you get – one pairing, one chance, and extraordinary rarity.
Coin Specifications at a Glance
| Specification | Detail |
|---|---|
| Composition | 89.25% silver, 10.75% copper |
| Weight | 2.70 grams |
| Diameter | 18.5 mm |
| Edge | Reeded |
| Designer | Robert Scot |
| Mint | Philadelphia (no mintmark) |
| Series | Draped Bust Dime (1796-1807) |
| Mintage | ~10,000-17,000 |
| Known Die Variety | LM-1 (Logan-McCloskey 1) |
1802 Draped Bust Dime Value: What Drives the Premium
Melt value is irrelevant here. At $83 per ounce for silver, the metal in this coin is worth about $6. The price collectors pay has nothing to do with the underlying metal and everything to do with rarity, historical significance, and condition.
| Grade | 1802 Dime Value Range | Common Date Dime (e.g., 1800) |
|---|---|---|
| G-4 (Good) | $1,600 – $2,200 | $200 – $400 |
| F-12 (Fine) | $3,200 – $5,500 | $400 – $800 |
| VF-20 (Very Fine) | $10,000+ (est.) | $800 – $1,500 |
| AU-50 (About Unc.) | $38,000 – $50,000+ | $5,000 – $10,000 |
| MS-60+ | None known | $20,000+ |
A few points worth emphasizing. First, no Mint State examples of the 1802 dime are known to exist. Every survivor circulated. Second, even damaged or problem coins – those with cleaning, holes, or environmental damage – still command significant premiums because the coin is simply that rare. A details-grade example with cleaning can still sell for several thousand dollars at auction.
Values have risen 20 to 50 percent over the past five years, driven by auction demand and a growing collector base for early American silver. Compare that to silver spot, which fluctuates with industrial and investment demand. The 1802 dime has historically moved on its own schedule, tied to numismatic interest rather than commodity markets.
How the 1802 Dime Fits Into Early American Coinage History
The 1802 dime does not exist in isolation. It sits in a lineage of early U.S. silver that stretches back to the very first coins struck at the Philadelphia Mint. Understanding that lineage puts the 1802 in proper perspective.
The 1792 Half Dism is considered America’s first silver coin – a pattern piece struck before the Mint Act even formally launched production. The Flowing Hair series followed, then the Draped Bust design took over in 1796. After the Draped Bust era ended, the Capped Bust design replaced it, followed eventually by the Seated Liberty dime – a coin well represented by the 1853 Seated Liberty Dime, another pre-Civil War rarity with its own fascinating story.
PCGS & NGC Coin Verification – Accurate Precious Metals Refineries
The Mercury dime era (1916-1945) came much later and is far more accessible to collectors. If you want to explore that chapter of dime history, our guides on the complete Mercury Dime collection offer a thorough starting point.
The 1802 Draped Bust dime predates all of those series. It was struck when the United States was 26 years old, when the Mint was still working out production challenges, and when most Americans used foreign coins for daily transactions. That context is part of what makes it extraordinary.
America’s first silver coin, a pattern piece
Robert Scot’s design replaces Flowing Hair
Low mintage of ~10,000-17,000 pieces
Capped Bust design takes over
New design era for U.S. dimes
Winged Liberty Head by Adolph Weinman
Still in production today
Grading the 1802 Draped Bust Dime: What to Know
Grading early U.S. coins is not the same as grading modern issues. Dies were hand-cut, strikes were inconsistent, and planchets varied in quality. A coin graded VF-20 today might show weakness in the centers that has nothing to do with wear – it left the Mint that way.
For the 1802 dime specifically:
- G-4 (Good): Major design elements visible but flat. Date clear. Stars present but merged with rim. Most survivors fall here or below.
- F-12 (Fine): Some hair detail visible on Liberty. Eagle feathers partially defined. Legends sharp.
- VF-20 (Very Fine): Moderate wear on high points. Hair above ear shows some separation. Eagle feathers clearer. Rare at this level.
- EF-40 (Extremely Fine): Light wear on highest points only. Sharp overall. Very few known.
- AU-50 (About Uncirculated): Slight friction on cheek and eagle breast. Near full detail. Fewer than ten believed to exist.
PCGS and NGC population reports are your best resource for tracking exactly how many examples exist at each grade level. Always buy slabbed examples – coins professionally graded and encapsulated by PCGS or NGC. Raw coins carry real risk of cleaning or alteration that destroys value. A coin with hairlines from improper cleaning can lose 40 to 60 percent of its potential value compared to an original-surface example in the same grade.
Study LM-1 diagnostics before bidding. Know what the coin should look like.
Decide your grade target. G-4 runs $1,600-$2,200. AU examples exceed $38,000.
Heritage Auctions and Stack’s Bowers are the primary venues. Budget 15-20% for buyer’s premium.
PCGS or NGC encapsulation is non-negotiable for a coin at this price point.
Auction records and prior ownership history add confidence and future resale value.
Air-Tite holders in a cool, dark environment. Silver tarnishes – avoid PVC flips entirely.
Investing in the 1802 Draped Bust Dime vs. Bullion
Collectors sometimes ask whether a coin like this makes sense as an investment. The honest answer is: it depends on your goals.
Bullion – silver bars, silver rounds, modern government-issued coins – gives you direct exposure to the silver price. At $83 per ounce today, a one-ounce silver round costs roughly that plus a small premium. It is liquid, straightforward, and tracks the commodity market.
The 1802 dime operates differently. Its value is driven by collector demand, population rarity, and the appeal of early American history. It has historically appreciated at a rate that outpaces silver spot over long periods, but it is not liquid in the same way. You cannot sell it quickly without accepting auction timelines or dealer negotiations.
Think of it this way: bullion is a commodity position. The 1802 dime is a collectible asset with a numismatic premium roughly 1,000 times its melt value. Both have a place in a diversified portfolio of tangible assets – they just serve different functions.
If you are newer to precious metals and want to build a foundation before pursuing rarities, starting with physical silver or gold in bullion form is a sensible path. Accurate Precious Metals carries a wide range of silver and gold bullion products with competitive pricing tied to live spot prices.
Authenticity and Avoiding Fakes
Outright counterfeits of the 1802 dime are rare – the coin is obscure enough that mass-market fakers typically target more popular issues. But altered dates and cleaned coins are real concerns.
A genuine 1802 dime weighs 2.70 grams and measures 18.5mm. Any significant deviation from those specs is a red flag. Under magnification, look for tooling marks around the date digits that might indicate an altered date from a more common year. The reeded edge should be crisp and consistent.
The most reliable protection is a PCGS or NGC slab. Both services have examined thousands of early U.S. coins and their graders know the LM-1 variety intimately. For a coin worth thousands of dollars, the grading fee is a trivial cost of doing business.
Where Accurate Precious Metals Fits In
Accurate Precious Metals has spent more than 12 years building a reputation as a trusted precious metals dealer, backed by over 1,000 five-star customer reviews. Based in Salem, Oregon, the team handles everything from modern bullion to numismatic coins – and as an NGC Authorized Dealer, they can assist with professional coin grading services.
If you are building a collection that includes early American silver like the 1802 Draped Bust dime, or if you are just starting out with bullion and want expert guidance, Accurate Precious Metals is equipped to help. Their inventory spans gold, silver, platinum, and palladium in coin, bar, and round formats – with pricing updated to reflect live spot prices.
For customers in the Pacific Northwest, the Salem location offers in-person service where you can discuss coins, view inventory, and get questions answered face to face. Visit the Salem location for hours and directions.
If you are anywhere else in the United States, the mail-in service makes it easy to sell precious metals or get coins evaluated without leaving home. The mail-in program includes free insured shipping and fast payment – a straightforward process whether you are selling a modern silver round or a rare early dime.
Accurate Precious Metals also offers Gold and Silver IRA services for investors who want to hold physical metals inside a tax-advantaged retirement account. Learn more about IRA rollovers if that is relevant to your situation.
This is not a pawn shop. It is a specialized dealer with the expertise and infrastructure to serve serious collectors and first-time buyers alike.
Frequently Asked Questions
How many 1802 Draped Bust dimes exist today?
Precise survivor counts are difficult to establish, but estimates suggest a few dozen examples in recognizable grades. Coins grading AU-50 or better are believed to number fewer than ten. The 1802 is considered one of the rarest dates in the Draped Bust dime series.
What is the 1802 Draped Bust dime worth?
Values depend heavily on grade. A Good-4 example typically ranges from $1,600 to $2,200. Fine-12 coins fall between $3,200 and $5,500. About Uncirculated examples have sold for $38,000 to over $50,000. No Mint State examples are known.
Is the 1802 dime the same as the 1802 half dime?
No. They are different denominations. The 1802 half dime had a mintage of roughly 3,060 pieces and is even rarer, with an estimated 25 to 30 survivors. The dime and half dime share a similar design but are distinct coins with separate values.
Should I buy a raw or slabbed 1802 dime?
Always buy slabbed. A coin graded and encapsulated by PCGS or NGC eliminates the risk of purchasing a cleaned, altered, or misrepresented example. For a coin at this price point, professional grading is essential.
Does the silver content affect the value of the 1802 dime?
Minimally. The coin contains about 0.0723 troy ounces of silver, worth roughly $6 at current spot prices. The numismatic premium – driven by rarity, history, and collector demand – accounts for virtually all of its market value.
Where is the best place to buy or sell early American silver coins?
Major auction houses like Heritage and Stack's Bowers handle the rarest examples. For a broader range of early U.S. silver and bullion, Accurate Precious Metals in Salem, Oregon offers in-person and nationwide mail-in services. Visit AccuratePMR.com or call (503) 400-5608.
How does the 1802 dime compare to other early U.S. dimes?
It is one of the three most valuable dates in the Draped Bust dime series, alongside 1801 and 1804. Common dates from the same series – like 1800 or 1805 – trade for a fraction of the price in equivalent grades.
