A RARE 1796 Draped Bust dime has collectors buzzing as its unique characteristics made it worth a staggering $372,000.
This particular dime is one of the finest surviving examples from the first year the coin’s denomination was issued.
Additionally, its historical significance and preservation made it a highly coveted piece.
The JR-4 variety of this 1796 dime is identified by distinct characteristics, according to Heritage Auctions.
One such detail is the positioning of star 1, which is distant from the lowest hair curl, and the leaf tip, which sits below the right base of the letter “A” in “STATES” on the reverse side.
Even more intriguing are the faint cracks on the coin’s surface, which are actually considered valuable by collectors.
These “cracks” include a faint one that runs from the rim to star 1 on the obverse, continuing through several stars and into the hair curl.
The reverse side has a similarly faint crack extending from a leaf below the letter “O” towards the final “S” in “STATES.”
While wear and cracks might typically diminish the value of a coin, in this case, the historical significance of these imperfections makes it all the more valuable.
HISTORICAL SIGNIFICANCE
The 1796 Draped Bust dime was part of the first year of minting for this denomination, alongside quarter dollars, which were also introduced that year.
With a reported 22,135 dimes struck from seven different die varieties, only around 800 to 1,200 examples of these coins remain today, with most having seen extensive circulation.
This particular coin, graded MS66+ by the Professional Coin Grading Service (PCGS), is considered the finest example of the JR-4 variety.
The coin’s preservation is near perfect, showing only slight softness in the design and minuscule blemishes that require magnification to spot.
Its proof-like reflective fields and frosty devices create a stunning appearance, making it a standout piece in the collector’s world.
HIGH-PROFILE TOKEN
The coin’s auction history is as impressive as its physical characteristics.
It has been part of several high-profile collections, including the Joseph C. Thomas Collection, the Ed Price Collection, and the Bruce Morelan Collection, per the auction site.
Over the years, it has fetched increasingly higher prices at auction, Heritage Auctions reported.
How coins are graded
Coins are graded on a scale of one to 70, with one being the poorest grade, and 70 being the most pristine example.
Numbers 60 to 70 are generally the most sought-after by collectors and are known as Mint State coins.
Pieces that fetch thousands at auction are commonly found in MS67, MS68, and MS69 conditions.
An MS-70 is near-impossible to find among older coins.
Most recently, it sold for $288,000 at a 2021 Heritage auction, and its value is expected to climb higher, possibly reaching $372,000 in the current market.
Collectors and historians alike are drawn to this dime not just for its rarity, but for the story it tells through its design and imperfections.
WHY THE CRACKS MATTER
One might assume that the cracks on the coin’s surface would detract from its value, but some actually boost it.
These imperfections are a result of the minting process from over two centuries ago, making them valuable traits rather than flaws.
Collectors treasure these details, which connect the coin to the primitive minting technology of the time.
There are plenty of other collectable coins that are both rare and valuable.
One coin has an error that can make it worth $840,000.
Another coin that was meant to be worth a small amount is actually valued at $352,500 thanks to a small detail.
