In a truly astonishing twist of fate, one of the rarest and most iconic American coins-the 1804 Draped Bust Silver Dollar, often dubbed the “King of American Coins”-was unearthed in the most unlikely of places: an old cigar box. This extraordinary discovery has captivated collectors and historians alike, culminating in an eye-popping $3.29 million auction sale that firmly reinforces the coin’s legendary status in both numismatic and historical spheres.
A Hidden Treasure in a Humble Box
The 1804 Silver Dollar, specifically the Dexter/Pogue specimen, was found tucked away in a simple cigar box, bringing to light a coin with immense historical significance. Long considered one of the crown jewels of U.S. coinage, this particular piece reignited global interest in rare coin collecting and shed new light on a fascinating chapter in early American monetary history.
The Remarkable History Behind the 1804 Dollar
Despite bearing the date “1804,” these coins were not struck in that year. In reality, they were minted in the 1830s during the presidency of Andrew Jackson. Intended as special diplomatic gifts, the coins were created to impress foreign leaders during trade missions in Asia and the Middle East. Only 15 authentic specimens of the 1804 Silver Dollar are known to exist today, categorized into three distinct classes:
- Class I: Original strikes from the 1830s for diplomatic purposes.
- Class II: Mid-1850s restrikes with a plain edge.
- Class III: Also restrikes from the 1850s, but with a lettered edge.
The specimen found in the cigar box is a highly coveted Class I example, making it one of the original diplomatic pieces and among the rarest and most valuable.
A Record-Setting Auction at Stack’s Bowers
This iconic coin was sold at a Stack’s Bowers auction in Baltimore on March 31, 2017, as part of the prestigious D. Brent Pogue Collection. After an intense bidding war, the 1804 Draped Bust Silver Dollar-Dexter/Pogue specimen-was sold for an incredible $3.29 million. Acclaimed coin dealers Kevin Lipton and John Albanese were the winning bidders, showcasing the incredible demand for such historic rarities.
In a striking turn, the coin was resold just two days later to renowned collector Bruce Morelan for an undisclosed sum. This swift transaction further emphasized the coin’s desirability and investment value in elite numismatic circles.
What Makes the Dexter/Pogue Dollar So Special?
One standout feature of this coin is a subtle yet intriguing hallmark-a small letter “D” engraved beneath the “O” in “OF” on the reverse. This mark was added by 19th-century collector James V. Dexter, and instead of detracting from its worth, it enhances the coin’s historical narrative and uniqueness, adding to its collector appeal and provenance.
Coin Specifications:
| Feature | Description |
|---|---|
| Diameter | 39.00 mm |
| Weight | 26.96 grams |
| Composition | 89.24% Silver, 10.76% Copper |
| Edge | Lettered |
| Mintage | Only 15 known examples |
| Class | Class I (Original) |
| Grade | PCGS Proof 65 |
| Auction Price | $3.29 million |
A Ripple Through the Collecting World
The sensational sale of the Dexter/Pogue 1804 Silver Dollar sent waves through the numismatic world, sparking renewed interest in the hobby and inspiring collectors to revisit their own collections. It serves as a powerful reminder that incredible historical treasures can still be hiding in plain sight-sometimes in something as ordinary as a cigar box.
Beyond its monetary value, the 1804 Silver Dollar is a symbol of American diplomatic history and numismatic prestige. Its tale bridges the gap between centuries, offering a tangible link to the past that resonates with both collectors and historians today.
A Testament to the Magic of Coin Collecting
This legendary coin’s rediscovery is more than a lucky find-it’s a celebration of numismatics’ enduring allure. Coins like the 1804 Draped Bust Silver Dollar don’t just carry a price tag; they carry stories, legacies, and cultural weight that elevate them to timeless artifacts of American heritage.
As this cigar box discovery proves, history often lies where we least expect it-waiting to astonish, inspire, and remind us of the extraordinary value that rare coins can hold.
FAQs
Why is the 1804 Silver Dollar known as the ‘King of American Coins’?
Because of its extreme rarity, legendary backstory, and high value. Only 15 examples are known, making it one of the most prized coins in the world.
Was the 1804 Silver Dollar really minted in 1804?
No. These coins were struck in the 1830s, not 1804. They were made as presentation pieces for diplomatic missions under President Andrew Jackson.
What makes the Dexter/Pogue specimen unique?
It features a small letter “D” stamped beneath the “O” in “OF” on the reverse-added by collector James V. Dexter in the 1800s. This personalization enhances its provenance.
How much did the 1804 Silver Dollar sell for?
The Dexter/Pogue example sold for $3.29 million at a Stack’s Bowers auction in 2017.
What are the three classes of the 1804 Silver Dollar?
- Class I: Originals from the 1830s
- Class II: Restrikes with plain edges from the 1850s
- Class III: Restrikes with lettered edges from the 1850s
