Ron Guth: "Centered Bust" on the 1795 Draped Bust, Small Eagle Dollar refers to the positioning of the bust of Liberty within the field of the die. The alternative is the "Off-Center Bust", on which the bust of Liberty is shifted toward the left. The difference between the two can be seen best on the position of the bow behind Liberty's head. On the Centered Bust, the bow is well away from the stars; on the Off-Center Bust, the bow comes close to the fifth star (but does not touch it).
Among the 39 major varieties of the Draped Bust type, the Centered Bust is one of the least rare (ranking 36th), but it is nowhere near as common as the 1798 Large Eagle, 1799 Normal Date, and the 1800 Normal Date. In Mint State, this variety is very scarce, with only 21 examples certified by PCGS (as of June 2011). The Condition Census is amazingly high for an early Silver Dollar, ranging from a low of MS-64 to a high of a unique MS-66.
Heritage 1/2007:1027, $373,750 - Bob R. Simpson Collection
Bowers & Merena 11/1998:259 - Flannagan Collection (Bowers and Merena 11/2001:4218, $140,875 - Cardinal Collection - American Numismatic Rarities 6/2005:16, $322,000 - Joseph C. Thomas Collection - Heritage 4/2009:2536, $253,000