Nevertheless, 1797s command a higher market value. Only 934 “small eagle” Draped Bust Half-Dollars were minted in 1796, while 3,000 were produced the following year. As a result, collectors must have either a 1796 or 1797 “small eagle” to complete a type set, and this keeps these coins in high demand. Very few of these coins were ever minted, and the Mint scrapped the “small eagle” design in 1798. The “Draped Bust” is what they came up with.ĭraped Bust Half-Dollars minted in 17 feature what’s known as the “small eagle” design. Americans didn’t like the original “Flowing Hair” design of their currency, so in 1796 Congress commissioned a new design. 1797 Draped Bust Half-Dollar: $1,527,500īack in the 1790s, Congress was still responsive to the people’s demands. This auction price more than doubled the previous record for a coin of $4.1 million, making the 1794 Flowing Hair Dollar the most valuable coin ever sold. Instead, the coins are highly prized for their rarity and historical significance, and one sold for more than $10 million in 2013. government was engaging in debasement.īut 1794 Flowing Hair Dollars aren’t valued for their metal content, which at July 2018 silver prices would only make them worth about 12 bucks apiece. They traded at par with Spanish dollars, which were 93% fine and had 0.8831 ounces of silver content. dollars were 90% silver with 0.7735 troy ounces of silver content.

Thus, the U.S.’s first official currency was based on the Spanish silver dollars that were already circulating in the states.

Prior to the nation’s first Coinage Act, Americans had already declared the Spanish “dollar” their money of choice.

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