The 1804 Draped Bust Silver Dollar is one of the most sought-after coins in American numismatics, earning the title of the “King of American Coins.”
Although it bears the date 1804, these coins were actually struck in the 1830s or later, which adds to their intrigue and desirability among collectors.
Over the years, their value has skyrocketed, with one specimen selling for $7.68 million at auction, making it the second most valuable U.S. coin ever sold.
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The History and Design of the 1804 Draped Bust Dollar
The 1804 Draped Bust Dollar is famous for its refined design and the fascinating circumstances surrounding its production.
The obverse depicts a right-facing bust of Lady Liberty, encircled by the word “LIBERTY” and the date “1804.” The reverse features a heraldic eagle with a shield on its chest, clutching arrows and an olive branch, while the motto “E PLURIBUS UNUM” is displayed on a flowing ribbon.
Three Classes of 1804 Draped Bust Dollars
There are three distinct types of 1804 dollars, each with unique attributes:
- Class I (Original): Struck in the 1830s as diplomatic gifts, these coins have lettered edges and no rust pit on the reverse.
- Class II (Restrike): Minted after 1857, these coins feature plain edges and were struck over older coins, leading to a rust pit on the reverse.
- Class III (Restrike): Also produced post-1857, these have lettered edges and a rust pit on the reverse, differentiating them from Class I dollars.
Record-Breaking Auction Sale
In August 2021, a Class I 1804 Draped Bust Dollar, known as the Sultan of Muscat’s specimen, sold for $7.68 million at a Stack’s Bowers Galleries auction. This landmark sale reaffirmed the coin’s rarity and immense appeal in the numismatic world.
Factors Affecting Value
Several critical factors determine the worth of an 1804 Draped Bust Dollar:
- Condition: Higher-graded coins, such as Proof-68, command the highest prices.
- Provenance: A well-documented ownership history, particularly with famous collectors or historical figures, adds value.
- Rarity: With only 15 known examples in existence, their extreme scarcity significantly enhances their market price.
Investment Appeal
Owning a rare coin like the 1804 Draped Bust Dollar can be a lucrative venture. However, prospective buyers should consult numismatic experts, monitor market trends, verify authenticity, and ensure proper storage to protect their investment.
Notable Auction Sales of 1804 Draped Bust Dollars
| Year | Grade | Sale Price | Auction House |
|---|---|---|---|
| 1999 | Proof-68 | $4,140,000 | Bowers and Merena |
| 2008 | PR-62 | $3,737,500 | Heritage Auctions |
| 2013 | PR-58 | $3,877,500 | Heritage Auctions |
| 2021 | PR-68 | $7,680,000 | Stack’s Bowers |
The 1804 Draped Bust Dollar remains a legendary piece of early American coinage, continuing to captivate collectors and investors alike with its storied past and exceptional rarity.
FAQs
Why were no 1804-dated silver dollars minted in 1804?
A bookkeeping error at the U.S. Mint led officials to believe that silver dollars had last been struck in 1804, prompting the production of coins with that date in the 1830s for diplomatic gifts.
How many 1804 Draped Bust Dollars exist today?
Only 15 known specimens survive, categorized into three distinct classes based on their characteristics and minting history.
What are the differences between Class I, Class II, and Class III dollars?
- Class I: Struck in the 1830s for diplomatic purposes, featuring lettered edges and no rust pit on the reverse.
- Class II: Restrikes made after 1857 with plain edges and struck over earlier coins, leading to a rust pit on the reverse.
- Class III: Also restruck post-1857, with lettered edges and a rust pit on the reverse.
What determines the value of an 1804 Draped Bust Dollar?
Key factors include the coin’s condition, provenance, rarity, and historical significance.
