1807 DRAPED BUST 10C NGC MS 65

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1807 DRAPED BUST 10C NGC MS 65
Grading Service: NGC
Cert Number: 4627816014
SKU: 128795
Coin History
Although the dime is an essential part of the decimal coinage system, it was one of the last coins issued by the United States Mint when operations first began. By the time it made its debut in 1796, as the Draped Bust/Small Eagle dime, the Mint had already been making copper cents and half cents for three years; silver dollars, half dollars and half dimes for two years; and even two gold coins—the eagle and half eagle—for a year. The only other coins delayed, like the dime, until 1796, were the quarter dollar and quarter eagle.
It’s not as though the dime was an afterthought. Actually, Thomas Jefferson had called for such a coin as far back as 1783 as part of a proposed decimal system. He was joined in his advocacy by Benjamin Franklin, Alexander Hamilton and the man who would become the first mint director, eminent scientist David Rittenhouse. The decimal system was gradually gaining acceptance for use with calculations, but it had not yet been used for any nation’s monetary structure. The founding fathers believed that not only was decimal coinage an efficient, workable method for commerce, but it also symbolized a break from the Old World.
Hamilton, the nation’s first treasury secretary, bolstered this view in 1791 in his formal report to Congress, outlining a plan for a national mint and coinage. He recommended the issuance of coins in six denominations—including a silver piece “which shall be, in weight and value, one tenth part of a silver unit or dollar.” He suggested that the dollar be called the “unit,” with its tenth part being known as simply a “tenth.”
These names never took hold, but the basic Mint Act of April 2, 1792, did include provision for both a silver dollar and a coin one-tenth thereof to be called a “disme.” The term disme—pronounced the same as “dime” and later anglicized to be spelled the same—is French for “decimal.” It first gained wide usage in 1585 when Dutch mathematician Simon Stevin published a pamphlet (later translated into French, and then into English) as Disme: the art of tenths, or, Decimal arithmetic.
The word “disme” never appeared on a regular-issue United States coin. But in 1792, before the start of official federal coinage, about 1,500 half dismes and a handful of dismes were struck bearing the statement of value in this now strange-seeming phraseology. Although these are authorized U.S. issues, they are generally regarded as patterns or provisional pieces. Only three 1792 dismes are known today in silver—with about fifteen others struck in copper.
After that tentative start, four years would pass before the Mint produced the first ten-cent coins intended for circulation. The dime (or disme) remained on the back burner. The dollar, perceived as the most prestigious coin of the new silver issues, was made first. Then, when production problems forced the Mint to stop making dollars, it turned instead to half dollars and half dimes.
Why no dimes? Numismatic researcher R.W. Julian largely attributes the delay to lack of public demand for this small silver coin, whether from merchants and their customers or from bullion depositors. Commercial needs were met adequately by the large numbers of Spanish reales then in circulation: The one-real coin, worth one “bit.” or 12-1/2 cents, provided a convenient and readily available means to pay for small purchases. Meanwhile, depositors who left silver bullion with the Mint seeking silver coinage in return, much preferred large coins—especially silver dollars—to small ones like the dime.
By the time that production of dimes finally began the Mint had already modified the original designs of the other silver coins, so the dime denomination missed an entire cycle. The first regular issue silver coins had featured the so-called Flowing Hair portrait of Miss Liberty, but by 1796 this likeness had given way to a more sedate Draped Bust portrait—and that’s the one that appeared on the very first dimes.
The Draped Bust/Small Eagle design by Mint Chief Engraver Robert Scot features a buxom portrait of Liberty, her flowing hair tied by a ribbon and her neckline covered with drapery, encircled by stars at the sides. The inscription LIBERTY appears above and the date below. The reverse depicts a small, spread-winged eagle perched upon clouds and surrounded by palm and olive branches. Encircling this is the motto UNITED STATES OF AMERICA. The coin carries no statement of value—curiously, the Mint Act of 1792 required that only the copper cent and half-cent be inscribed with denominations.
Pieces dated 1796 have fifteen stars—one for each state in the Union then. In 1797 some dimes were struck with sixteen stars (reflecting Tennessee’s admission as the 16th state) and some with thirteen, symbolizing the thirteen original states. Such dies were prepared after the Mint abandoned the idea of adding an extra star for each new state.
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