Early U.S. Dimes — Draped Bust & Capped Bust Values, Key Dates & History
1796–1837 • Draped Bust • Capped Bust • The Rare 1804
Early Dime Value Guide
Draped Bust & Capped Bust — Key Dates and Typical Values
| Date / Type | Mintage | Good (G-4) | Fine (F-12) | VF-20 | AU-50+ |
|---|---|---|---|---|---|
| 1796 Draped Bust (Small Eagle) | 22,135 | $2,000+ | $4,000+ | $8,000+ | $20,000+ |
| 1797 Draped Bust (Small Eagle) | 25,261 | $2,000+ | $4,500+ | $9,000+ | $25,000+ |
| 1798–1803 Heraldic Eagle (semi-keys) | Varies | $800 | $3,050 | $8,000+ | $30,000+ |
| 1804 — Great Rarity | 8,265 | $5,000+ | $15,000+ | $40,000+ | $100,000 – $800,000+ |
| 1805 & 1807 (common dates) | Varies | $426 | $700 | $1,500 | $4,000+ |
| 1809–1837 Capped Bust (common) | Varies | $60 | $150 | $350 | $2,000+ |
| 1822 Capped Bust — Key Date | 50,000 | $400+ | $900+ | $2,500+ | $15,000+ |
Origins of the Early U.S. Dime
The dime traces its origin to the "disme," authorized under the Coinage Act of 1792 as one-tenth of the new decimal dollar. A small number of 1792 disme patterns were struck in copper, but never entered circulation. The first dime actually struck for circulation came in 1796, using Robert Scot's Draped Bust design — a modest first run of just 22,135 pieces, priced at roughly $2.00 in today's purchasing power, meaning these early dimes circulated heavily and most surviving examples show genuine wear from decades of use.
Like the quarter and other early denominations, dime production in this era was genuinely sporadic. No dimes were struck in 1799 or 1806, years when the Mint's deposit-driven production system simply didn't receive enough silver bullion earmarked for the denomination to justify a striking run. The entire Draped Bust series (1796–1807) totaled just 422,010 pieces across eight actual production years — with the final two dates, 1805 and 1807, alone accounting for more than 65% of that total.
The Draped Bust Dime (1796–1807)
Robert Scot's Draped Bust design paired Liberty's flowing-drapery portrait with two distinct reverse types across the series' run. The original Small Eagle reverse (1796–1797) depicted a small, spindly perched eagle enclosed in a wreath — used for only the first two years before being replaced. Starting in 1798, a new Heraldic Eagle reverse, adapted from the Great Seal of the United States, ran through the series' conclusion in 1807. This heraldic design — a shield-bearing eagle with an olive branch and arrows, and a ribbon reading "E PLURIBUS UNUM" in its beak — was shared with several other denominations of the era.
Within the Heraldic Eagle sub-type, 1798 through 1803 are generally considered semi-key dates, genuinely scarce though not quite reaching the rarity of the series' true key. The 1804, with its dramatically lower mintage of just 8,265, stands apart as the unquestioned key date of the entire Draped Bust series — and the lowest dime mintage of any date until the 1860s. It exists in two major die varieties, distinguished by the number of stars on the reverse (13 versus 14), with the 14-star variety created by an actual Mint engraver's error and considerably scarcer than its 13-star counterpart.
The Capped Bust Dime (1809–1837)
After a two-year gap following the Draped Bust series' end in 1807, the dime returned in 1809 with an entirely new design by John Reich: Liberty wearing a soft cap inscribed "LIBERTY," a style Reich had already introduced across several other denominations. The Capped Bust dime ran for 28 years, with a significant technical change partway through: in 1828, the Mint introduced the closed collar striking method, which restrained the metal flow during striking and produced a more uniform diameter with a distinctly finer, thinner rim — collectors distinguish "Large Dentils" (pre-1828) from "Small Dentils" (1828 onward) sub-varieties as a result.
The undisputed key date of the Capped Bust series is the 1822, with just 50,000 struck and only an estimated 250 to 300 examples known to survive today across all grades. The 1809 and the 1811/9 overdate — where an 1811-dated die was created by re-punching over an earlier, unused 1809 or 1810 die — are the series' notable semi-keys, offering genuine but more attainable rarity for collectors not yet ready for the 1822's price tag.
Key Dates and Major Rarities
1804 Draped Bust
1796 & 1797 — First Year Types
1822 Capped Bust
1798–1803 Semi-Keys
1811/9 Overdate
1828 Closed Collar — Transitional Year
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Frequently Asked Questions
Why wasn't the dime struck every year in the early 1800s?
The early U.S. Mint operated on a deposit-driven system rather than a fixed annual production schedule — coins were struck largely in response to silver bullion deposited by individuals and institutions, not according to a guaranteed yearly quota. No dimes were struck in 1799 or 1806 within the Draped Bust series, and 1808 was skipped entirely between the end of the Draped Bust run and the start of the Capped Bust series in 1809, all reflecting this deposit-driven reality rather than any deliberate policy decision.
What is the rarest early dime?
The 1804 Draped Bust Dime is the undisputed rarest — with just 8,265 struck, it holds the lowest dime mintage of any date until the 1860s. It exists in two die varieties (13-star and 14-star reverse), with the 14-star variety, created by an actual Mint engraver's error, being considerably scarcer with only about 20 examples known. The coin also benefits from a "halo effect" tied to its association with the legendary 1804 Draped Bust Dollar, known as "The King of American Coins."
What is the difference between Draped Bust and Capped Bust dimes?
Draped Bust dimes (1796–1807) feature Robert Scot's design of Liberty with flowing drapery, paired first with a small eagle reverse (1796–1797 only) and later a heraldic eagle reverse (1798–1807). Capped Bust dimes (1809–1837) feature an entirely different design by John Reich — Liberty wearing a soft cap inscribed "LIBERTY" — introduced after a two-year production gap. A significant technical change also occurs within the Capped Bust series: the 1828 introduction of closed-collar striking, creating "Large Dentils" and "Small Dentils" sub-varieties.
What is the key date of the Capped Bust dime series?
The 1822 is the undisputed key date of the Capped Bust series — only 50,000 were struck, with an estimated 250 to 300 examples surviving today across all grades. The 1809 and the 1811/9 overdate variety are the series' notable semi-keys, offering genuine rarity at a more attainable price point than the 1822.
Should I buy raw or certified early dimes?
For any early dime above a few hundred dollars — and certainly for the 1804 or 1822 — PCGS or NGC certification is strongly recommended. Given the extreme values involved with the 1804 in particular, counterfeiting and date/variety misattribution are genuine risks. Certification provides both authentication and a standardized grade that protects buyers and preserves resale value on any significant purchase.
What is a good entry point for collecting early dimes?
The 1831–1837 Capped Bust dimes (post-closed-collar) offer the most accessible entry point — common dates in Good to Fine condition can be found for $60–$150, providing genuine early American silver at a manageable price. From there, collectors typically work backward toward the earlier Capped Bust dates (1809–1828) before eventually pursuing the Draped Bust series and its major rarities, the 1804 chief among them.
From the earliest 1792 Half Disme to the modern Roosevelt and Semiquincentennial issues, this book explores the evolution of the dime in remarkable detail.
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