Draped Bust Silver Dollar - Could Your Draped Dollar Be A Fake?

The Draped Bust Silver Dollar is so old and so rare that it would cost a fortune to own genuine pieces of these. These antique coins are one of the earliest coins among the official currency of the USA and were minted under the Coinage Act of 1792.

There were two types of these Silver dollar coins produced by the US Mint from 1794 to 1803, each different from the obverse side. The first issue is called the Flowing Hair manufactured for only two years, 1794-1795. The second is the Draped Silver Dollar which came out for a longer period, 1795-1804.

The Draped Silver Dollar also features two varieties in its reverse design. These draped silver coin types are the small eagle which was minted 1795-1798, and the heraldic eagle struck in 1798-1804.

All dates of mintage between 1795 and 1903 have different variety classifications because the dies in those days were done by hand engraving. The varying nuances in the draped bust silver dollar design and its vintage pedigree have created a certain mystique among coin collectors who are willing to spend much to own one.

But because of its popularity and the high price that it could command, antique silver dollar fakes have also proliferated. Auction facilities online are often the outlets for such counterfeit coins as the sellers could easily hide under anonymity.

Fortunately, population auction houses like eBay are doing some efforts to stop the unscrupulous practice by stopping sale of those coins determined to be fake. Still, the auction may proceed if the seller declares that the coins being sold by bidding are replicas. It would only be illegal to own counterfeit coins if the intention of the owner is to pass them off as real.

An authority at the American Numismatic Society advises that those who chose to collect counterfeits or replicas should clearly label them as such to prevent these from being sold inadvertently as genuine coins later. For indeed, there are still many gullible ones who would not check and just think that theyre buying the real rare draped bust silver dollar.