1798 Draped Bust Dollar (Small Eagle, 13 Stars): Silver Democracy in the Early Republic
The Draped Bust Dollar series (1795-1804) represents some of the most historically significant coinage ever produced by the United States Mint. These large silver coins were produced at a moment when the young republic was establishing its monetary identity, and the experience of handling one today connects the owner physically to the very beginning of American numismatics.
The 1798 issue with the Small Eagle reverse and 13 stars is a specific variety within this already complex series, and understanding it requires understanding the broader context of early US dollar production.
The Draped Bust Dollar: Historical Context
The first US silver dollars were the Flowing Hair type of 1794-1795, followed by the Draped Bust design introduced in 1795. The Draped Bust design was by artist Gilbert Stuart (the same artist whose portrait of Washington appears on today's one-dollar bill), featuring Liberty with flowing hair and a draped bust.
The reverse of the Draped Bust Dollar went through two phases: 1. Small Eagle (1795-1798): A heraldic small eagle within a wreath 2. Heraldic Eagle (1798-1804): A larger, more elaborate heraldic eagle replacing the small eagle
The 1798 issue is transitional: most 1798 dollars use the new Heraldic Eagle reverse, but some examples were struck with the older Small Eagle reverse using dies from 1797 or early 1798 production.
The 13 Stars vs. 15 Stars
Early Draped Bust Dollars show variation in the number of stars on the obverse (the stars surrounding Liberty's portrait):
13 stars: Representing the original 13 states, used on early production
15 stars: Representing 15 states after Vermont and Kentucky joined the union
Various star numbers: Production was not perfectly consistent
The 1798 Small Eagle with 13 stars is a specific die variety; it was produced with the 13-star die when the mint still had that die available while transitioning to the new heraldic eagle design.
Variety Classification
Early US coinage varieties are catalogued by the Browning Reference (for early dollars) and later by Bowers's work on early US dollars. The specific die combinations (obverse die + reverse die) are each assigned variety numbers. For the 1798 Small Eagle, multiple varieties exist based on minor differences in die characteristics.
Attribution of specific varieties requires access to specialist references and careful comparison with documented examples.
Condition Grades and Value
| Grade | Approximate Value |
|---|---|
| MS-62 and above | $60,000-150,000+ |
| AU-55/58 | $15,000-40,000 |
| EF-40/45 | $8,000-18,000 |
| VF-30/35 | $4,500-9,000 |
| VF-20/25 | $3,000-6,000 |
| F-12 | $2,000-4,000 |
| VG-8 | $1,500-3,000 |
| G-4/G-6 | $1,000-2,000 |
| AG-3 | $700-1,500 |
Values vary depending on specific variety; some varieties are considerably rarer and command premiums beyond these ranges.
Luster and Eye Appeal
For early dollars in uncirculated or near-uncirculated grades, luster is a critical factor. Original cartwheel luster (the flowing, radiating luster produced by the minting process on freshly struck coins) is rarely preserved on 1798 dollars. Examples with original luster in any significant degree are extremely desirable.
Common Condition Issues
Cleaning: The most common problem with early silver dollars. Generation after generation of owners cleaned them with silver polish, cloths, or chemicals, destroying the original surface texture and luster. Cleaned examples show hairlines under magnification and are "details" coins at PCGS/NGC.
Plugging: Early dollars sometimes had holes (used as buttons or pendants) that were subsequently filled or "plugged." Plugged coins are significantly less valuable.
Environmental damage: Two centuries of existence can produce pitting, corrosion, or encrustation that affects surfaces.
PCGS and NGC Certification
Third-party certification is essential for any early dollar purchase. The combination of high values, sophisticated collector market, and numerous cleaned or problem examples makes professional authentication and grading necessary.
The Historical Connection
Holding a genuine 1798 Draped Bust Dollar is holding an object that existed when John Adams was President, when Congress was debating the Alien and Sedition Acts, and when the United States had been an independent nation for just over twenty years. Few numismatic objects provide such an immediate, tangible connection to the early republic.
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