The 1804 Draped Bust Dollar, often hailed as the “King of American Coins,” stands as a testament to the rich history and intrigue of U.S. numismatics. With only 15 known specimens, this coin has captivated collectors and historians alike, fetching astronomical sums at auctions.
A Glimpse into the 1804 Draped Bust Dollar
| Feature | Details |
|---|---|
| Design | Obverse: Lady Liberty’s profileReverse: Heraldic eagle |
| Composition | 89.24% silver, 10.76% copper |
| Weight | 26.96 grams |
| Diameter | 39–40 mm |
| Edge | Lettered |
| Designer | Robert Scot |
| Mintage Year | 1834 (dated 1804) |
| Known Specimens | 15 (8 Class I, 1 Class II, 6 Class III) |
The Enigmatic Origins
Contrary to its 1804 date, these dollars were minted in 1834. President Andrew Jackson commissioned special coin sets as diplomatic gifts to foreign dignitaries. The U.S. Mint, aiming to include a silver dollar, mistakenly believed the last production was in 1804 and struck new coins bearing that date.
Classification of the 1804 Dollars
The 15 known specimens are categorized into three classes:
- Class I (Originals): Eight coins minted in 1834 for diplomatic purposes.
- Class II (Restrikes): A single coin struck over an 1857 Swiss Shooting Thaler, now housed in the Smithsonian Institution.
- Class III (Restrikes): Six coins produced between 1858 and 1860, likely for collectors.
Record-Breaking Auction Sales
The allure of the 1804 Draped Bust Dollar has led to record-breaking auction results:
- 1999: A Class I specimen sold for $4.14 million.
- 2008: Another Class I coin fetched $3.73 million.
- 2016: The “Watters-Childs” specimen achieved $10.02 million.
These figures underscore the coin’s status as one of the most valuable in the world.
The $85 Million Valuation: Myth or Reality?
While the 1804 Draped Bust Dollar is undeniably valuable, claims of an $85 million valuation are unsubstantiated. The highest recorded sale is $10.02 million in 2016. Such exaggerated figures often stem from speculative sources and should be approached with skepticism.
Identifying Authentic 1804 Draped Bust Dollars
Given the coin’s rarity and value, numerous counterfeits exist. Key identifiers of authentic specimens include:
- Die Characteristics: Specific die markers unique to each class.
- Provenance: Documented ownership history tracing back to the 19th century.
- Certification: Grading by reputable organizations like PCGS or NGC.
Conclusion
The 1804 Draped Bust Dollar remains a symbol of numismatic excellence and historical intrigue. While its value is immense, it’s essential to rely on verified information and reputable sources when assessing its worth.
FAQs
Why is the 1804 Draped Bust Dollar so valuable?
Its rarity, historical significance, and the mystique surrounding its creation contribute to its high value.
How many 1804 Draped Bust Dollars exist?
Fifteen specimens are known: eight Class I, one Class II, and six Class III.
Were any 1804 dollars minted in 1804?
No, all known 1804 dollars were minted in 1834 or later.
How can I verify the authenticity of an 1804 Draped Bust Dollar?
Consult reputable grading services like PCGS or NGC and review the coin’s provenance.
What is the highest price ever paid for an 1804 Draped Bust Dollar?
In 2016, a specimen sold for $10.02 million.
