Ron Guth: The 1795 Off-Center Bust Silver Dollar resulted when the engraver punched the bust of Liberty too far left into the die. Because of the high cost of die steel, the engraver completed the die in spite of the mis-placement of the bust, then coins were struck in normal production.
The Off-Center Bust is at least twice as rare as the Centered Bust, according to the PCGS Population Report. In Mint State the difference is even greater. Of the 8 Mint State Off-Center Bust Dollars certified by PCGS, the typical grade is MS-63 to MS-64. The finest example certified by PCGS is a single MS-66 (illustrated above).