Draped Bust Dollar - Production

Production

It is unknown exactly when production of the new design began, as precise records relating to design were not kept at that time. R.W. Julian, however, places the beginning of production in either late September or early October 1795, while Taxay asserts that the first new silver dollars were struck in October. In September 1795, de Saussure wrote his resignation letter to President Washington. In his letter, de Saussure mentioned the unauthorized silver standard and suggested that Congress be urged to make the standard official, but this was not done. In response to de Saussure's letter, Washington expressed his displeasure in the resignation, stating that he had viewed de Saussure's tenure with "entire satisfaction". As de Saussure's resignation would not take effect until October, the president was given time to select a replacement.

The person chosen to fill the position was statesman and former congressman Elias Boudinot. Upon assuming his duties at the Mint on October 28, Boudinot was informed of the silver standard that had been used since the first official silver coins were struck. He immediately ordered that this practice be ceased and that coinage would begin in the 89.2% fineness approved by the Coinage Act of 1792. The total production of 1795 dollars (including both the Flowing Hair and Draped Bust types) totalled 203,033. It is estimated that approximately 42,000 dollars were struck bearing the Draped Bust design. Boudinot soon ordered that production of minor denominations be increased. Later, assayer Albian Cox died suddenly from a stroke in his home on November 27, 1795, leaving the vital post of assayer vacant. This, together with Boudinot's increased focus on smaller denominations, as well as a lull in private bullion deposits (the fledgling Mint's only source of bullion), caused a decrease in silver dollar production in 1796. The total mintage for 1796 was 79,920, which amounts to an approximate 62% reduction from the previous year's total.

Bullion deposits continued to decline, and in 1797, silver dollar production reached the lowest point since 1794 with a mintage of just 7,776 pieces. During this time, silver deposits declined to such an extent that Thomas Jefferson personally deposited 300 Spanish dollars in June 1797. In April 1797, an agreement was reached between the Mint and the Bank of the United States. The Bank agreed to supply the Mint with foreign silver on the condition that the Bank would receive their deposits back in silver dollars. The Mint was closed between August and November 1797 due to the annual yellow fever epidemic in Philadelphia; that year's epidemic took the life of the Mint's treasurer, Dr. Nicholas Way. In November 1797, the Bank deposited approximately $30,000 worth of French silver. In early 1798, the reverse was changed from the small, perched eagle to a heraldic eagle similar to that depicted on the Great Seal of the United States. The agreement reached with the Bank of the United States along with other bullion depositors (including Boudinot) led to an increase in the number of silver dollars coined; mintage for both the small and heraldic eagle types totalled 327,536. Mintage numbers for the dollar remained high through 1799, with 423,515 struck that year.

Toward the end of the 18th century, many of the silver dollars produced by the Mint were shipped to and circulated or melted in China in order to satisfy the great demand for silver bullion in that nation. In 1800, silver deposits once again began to decline, and the total silver dollar output for that year was 220,920. In 1801, following complaints from the public and members of Congress regarding the lack of small change in circulation, Boudinot began requesting that silver depositors receive smaller denominations rather than the routinely requested silver dollars, in an effort to supply the nation with more small change. Production dropped to 54,454 silver dollars in 1801 and 41,650 in 1802, after Boudinot was able to convince many depositors to accept their silver in the form of small denominations. Although silver bullion deposits at the Mint had increased, Boudinot attempted to end silver dollar production in 1803, favoring half dollars instead. Mintage of the 1803 dollar continued until March 1804, when production of silver dollars ceased entirely. In total, 85,634 dollars dated 1803 were struck. Following a formal request from the Bank of the United States, Secretary of State James Madison officially suspended silver dollar and gold eagle production in 1806, although minting of both had ended two years earlier.