Unveiling the $99 Million Auction Shocker: What Makes the 1796 Draped Bust Dime So Valuable?

The 1796 Draped Bust Dime is a special coin in American history, known as the first dime ever made by the United States Mint. Its unique design and rarity make it highly sought after by collectors. Over the years, the value of this dime has grown dramatically, with some specimens fetching millions at auction.

This article explores the significance of the 1796 Draped Bust Dime, its designs, and why it is so valuable in today’s market.

Historical Significance of the 1796 Draped Bust Dime

The 1796 Draped Bust Dime is more than just a coin; it represents the beginning of U.S. coinage. Minted in 1796, it was part of the first series of dimes ever produced by the U.S. Mint. At the time, only about 22,135 of these coins were made, making them incredibly rare today.

The obverse side of the coin features the “Draped Bust” of Liberty, designed by artist Gilbert Stuart. This image of Liberty is surrounded by 13 stars, which represent the original 13 states. On the reverse, the coin shows a small eagle perched on a cloud, a design that was used only in the 1796 and 1797 dimes.

Design and Varieties of the 1796 Draped Bust Dime

The 1796 Draped Bust Dime is known for its detailed and unique design. Here’s a closer look at its features:

• Obverse: The coin features a portrait of Liberty with flowing hair and a draped bust. This design is encircled by stars representing the original 13 states.
• Reverse: The reverse side shows a small eagle perched on a cloud within a wreath. This design was used exclusively on dimes from 1796 and 1797.

The 1796 Draped Bust Dime also has six different varieties, based on slight differences in star placement and other details. These are known as JR-1 through JR-6. Some of these varieties are rarer and more valuable than others.

Modern Value and Auction Records

The value of a 1796 Draped Bust Dime can vary greatly depending on its condition and rarity. In general, coins in better condition are worth more. For example, a coin in mint state (MS) condition can fetch much higher prices than one in a lower grade.

One of the most notable sales occurred in 2014 when a 1796 Draped Bust Dime graded PCGS MS68 sold for $881,250. This particular coin is considered the finest example of its kind. In 2023, another 1796 Draped Bust Dime, graded MS66+, was sold for $372,000 at auction. These sales demonstrate the coin’s continued popularity and value among collectors.

Factors Influencing the Value of the 1796 Draped Bust Dime

Several factors contribute to the value of the 1796 Draped Bust Dime. Here are the main factors that determine its worth:

1. Condition (Grade): Coins are graded on a scale from 1 to 70. The higher the grade, the better the condition, which typically increases the coin’s value.
2. Rarity of Die Variety: Some die varieties of the 1796 Draped Bust Dime are rarer than others. For example, the JR-4 variety is highly sought after by collectors.
3. Historical Significance: As the first U.S. dime, the historical importance of the 1796 Draped Bust Dime adds to its value.
4. Market Demand: The demand for early American coins and the interest from collectors affect how much these coins can sell for at auctions.

Notable Auction Sales of the 1796 Draped Bust Dime

Here are some of the most significant auction sales for the 1796 Draped Bust Dime:

Year	Grade	Auction Price	Notes
2014	MS68	$881,250	Finest known example, sold by Heritage Auctions.
2023	MS66+	$372,000	JR-4 variety, notable for faint die cracks enhancing its historical value.
2024	FR-02	$2,199.95	JR-6 variety, lower grade but still significant due to rarity.

These sales show how much collectors are willing to pay for this coin, depending on its condition, variety, and other factors.

Collecting the 1796 Draped Bust Dime

If you’re interested in collecting a 1796 Draped Bust Dime, there are a few important things to keep in mind:

• Authentication: It’s essential to make sure the coin is genuine. Reputable grading services like PCGS or NGC can authenticate the coin.
• Condition: Even small differences in condition can affect the value of the coin. A higher-grade coin can be much more valuable.
• Provenance: The history of who has owned the coin can add value. Coins with a well-documented ownership history are often worth more.
• Market Research: Keeping track of recent auction results and market trends can help you make informed decisions when purchasing a 1796 Draped Bust Dime.

Conclusion

The 1796 Draped Bust Dime is a treasure of American numismatic history. Its rarity, design, and historical importance have made it one of the most valuable and desirable coins for collectors. As evidenced by auction sales and the factors influencing its value, the 1796 Draped Bust Dime is not just a coin; it’s a piece of American heritage that continues to captivate coin enthusiasts worldwide.

Whether you’re a seasoned collector or a beginner looking to learn more, understanding the significance and value of the 1796 Draped Bust Dime is a fascinating journey into the world of rare coins and American history.

Guilderland Historical Society

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