Draped Bust Dime

Though relatively few Draped Bust Dimes were struck, the ones that were did indeed circulate. The dime, from its beginnings in 1796, was a “workhorse” coin.

Specifications

 * Designer: Obverse by Robert Scot, reverse by John Eckstein
 * Obverse Design: Miss Liberty with flowing hair, a ribbon behind her head, with drapery covering her plunging neckline
 * Reverse Design: Small Eagle Reverse (1796-1797), Heraldic Eagle Reverse (1798-1807)
 * Edge: Reeded
 * Weight: 2.7 grams
 * Diameter: 19.8 millimeters
 * Composition:   Silver (89.2%), Other (10.8%)
 * Dates Minted: 1796-1807

Background
In the late 1700’s through the early 1800’s, the state of U.S. coinage was much different than it is today—in many many ways. But it is odd to think that in the early years of the U.S. Mint, there was a heavy emphasis on producing half dollar and dollar coins, while the five-cent, ten-cent, and twenty-five cent coins were almost an afterthought. That situation is completely reversed today! In 2006, our cashier trays are filled with nickels, dimes and quarters, while the people who work them are shocked when a half dollar or dollar coin comes their way! So while the dime is a small-change staple of our economy today, it actually began life very quietly. That first dime is known as the Draped Bust dime. It was struck from 1796 through 1807, with two major reverse types.

You may be wondering where the term “dime” comes from. It’s actually derived from the Latin term, “decima” meaning “tenth part.” Our dime is the “tenth part” of a dollar, as our nation’s coinage is based on the decimal system. Interestingly, provisions were made for the new U.S. Mint to strike the dime as far back as 1792, though at that time, it was referred to as the “disme.”

History
In 1793, the U.S. Mint began striking half cents and cents. In 1794, half dimes, half dollars and dollar coins were introduced. In 1795, the U.S Mint began to strike $5 and $10 gold coins. But the U.S. ten-cent coin or “dime” did not appear until 1796! That’s why there is no such thing as a Flowing Hair dime, because by 1796, that design had been retired. Clearly, the dime was not considered a high priority coin by the U.S. Mint. Mintage figures bear this out, for in its first seven years of production, yearly output never exceeded 34,640 pieces!

One reason for this, surely, was the large numbers of Spanish-Colonial silver 1 reale coins circulating in the early United States. The citizenry of America had been using the Spanish-Colonial 1 reale since the 1730’s, and they were quite content to use these “bit” coins of good silver. Incidentally, the Spanish-Colonial 1 reale was worth the equivalent of 12 and ½ cents in U.S. money, another reason for its popularity, as opposed to a U.S. ten-cent coin.

By 1796, the citizens of the United States, at least the ones in metropolitan areas who got their hands on coins, were used to new U.S. coins being introduced on a consistent basis. Indeed, by 1796, no less than FOUR different types of U.S. one-cent coins alone had filtered out from the U.S. Mint in three years! So there was little fanfare when a new U.S. coin type (though not a new design) appeared in the marketplace. It was probably not seen often, but a few folks probably noticed and said, “Hmmmmm, it looks like a half-dime but it’s bigger!” And that’s the other tricky thing about early U.S. coins – and something that probably confused the American public: our earliest coins did not indicate the denomination on the face of them. Our nation’s first dime was no exception.

Types
There are two major types of Draped Bust dimes, and it’s the reverse design that differentiates them. The first, is the Small Eagle reverse, struck 1796 and 1797. Both dates are quite scarce, with the 1796 having a mintage of 22,135 and the 1797 at only slightly more with 25,261. Being our earliest dime dates AND our earliest dime type AND being 1790’s U.S. Mint issues, it’s quite easy to see why demand is strong for the Draped Bust, Small Eagle type dime. Both dates will cost you around $1,500 in Good and around $2,500 in Fine.

Far more common are the Draped Bust, Heraldic Eagle reverse dimes of 1798 through 1807. But only the relatively high mintages of 1805 and 1807 makes this type of Draped Bust dime available to most collectors. The dates of 1798 through 1804 are all low-mintage dates, with production numbers ranging from around 8,000 to 34,000. By comparison, some 120,000 1805 dimes were struck, followed by around 165,000 in 1807. It is these last two dates of 1805 and 1807, that most collectors will encounter when hunting down an example of a Draped Bust dime. The dates of 1805 and 1807 will cost around $450 in Good, $800 in Fine.

Collecting
The dime, from its beginnings in 1796, was a “workhorse” coin. Though relatively few Draped Bust dimes were struck, the ones that were did indeed circulate. During its years of existence, 1796-1807, all small-denomination silver coins were welcome in the marketplace, as the United States was still a fairly coin-poor nation. Consequently, that survive today are either VERY worn or damaged—oftentimes both. A Draped Bust dime that has not been holed, cleaned, bent or sustained rim damage, is a highly-desirable piece, perhaps worth MORE than the stated values.

Mints

 * Philadelphia Mint (no mintmark)