1804 Second Reverse, Class III – 6 minted. 8 of which are the "Class I" specimens which were struck in 1834 as gifts to diplomats, these are known as the "original" 1804 silver dollars. Are you concerned the precious metals train has left the station without you? [34] In total, eight specimens of this type are known today. Silver dollars, and the $1 denomination, were sparsely minted between 1804 and 1836, with the Gobrecht dollar minted at times during this 32-year period. [37] In the decades after the first 1804 dollars were produced, collectors became aware of their existence and desired to obtain them. On June 30, Edmund P. Kennedy, commodore of the diplomatic fleet, wrote to the State Department that he had "directed that the presents [which remained ungifted due to Roberts’ death] be forwarded to the United States". Unless you are very wealthy or you purchased one of the known specimens from a reliable source, your 1804 dated dollar … [43] Coins with added lettering are known as "Class III" 1804 dollars. A collector subsequently acquired one example from the Mint in 1843. [58], The fact that no 1804 dollars were struck in 1804 was not widely accepted by numismatists until the early twentieth century. Why are they rare? [67] Some early examples were maintained in the Mint's coin cabinet for use in trades, and in 1859, dealers began offering Class II dollars priced at $75, while Theodore Eckfeldt reportedly offered a Philadelphia coin dealer three coins for $70 each. [77] Nineteenth-century stage actor John T. Raymond purchased a specimen of the coin, which was later revealed to be a forgery, for $300. (The 1804 Dollar was struck only in proof and not until the mid-1830s.) [6] However, the dollars were mandated by Spanish law to contain 90.2 percent silver, and most of the unworn examples in circulation in the United States at the time contained approximately 1.75 grains (0.113 g) more than the silver dollars authorized by the Act. Though dated 1804, none were struck in that year; all were minted in the 1830s or later. A. [70] In 1960, a Class III dollar fetched $28,000 at an auction conducted by Stack's, a coin firm, and the same coin reached $36,000 at another Stack's sale in 1963. Woodward described the 1804 dollar as "the king of coins", a moniker which it maintains today. This is sometimes known as the "King of Coins". As the auction results … [47] However, numismatist S. Hudson Chapman believed that some Class III dollars were struck as late as 1876. A. "[62] In 1891, numismatist John A. Nexsen wrote that the Class I 1804 dollars were "without doubt coined in 1804". Besides those 1804 dollars produced for inclusion in the diplomatic sets, the Mint struck some examples which were used to trade with collectors for pieces desired for the Mint's coin cabinet. [11] This contributed to a shortage of small change in circulation, and as a result, the public became increasingly critical of the Mint. [21], He also directed Moore to have two Morocco leather boxes made to house the coins. Unlike the original coins, these later restrikes lacked the correct edge lettering, although later examples released from the Mint bore the correct lettering. The 15 known 1804 silver dollars include eight examples of Class I, one of Class II, and six of Class III. These are very common and are usually worth only the value of the metal used to make the coins. There is 1 "class II" specimen, struck over a … Two additional sets were ordered for government officials in Japan and Cochinchina, but Roberts died in Macau before they could be delivered. Instead of being worth millions of dollars these coins … [21] [56] According to Spink, the set was offered to him by two women whom he believed were descendants of Anna Leonowens, tutor of the children of Rama IV (half-brother and heir of Rama III) and fictionalized protagonist of the Rodgers and Hammerstein musical The King and I. In 1832, commercial shipper Edmund Roberts began acting as an envoy to Asia on behalf of the United States government, with the intent of negotiating trade deals in the region. There were two empty openings in the case: one the size of a, Electrotypes were created by making a wax impression of both sides of the coin, coating the impressions with, Laws of the United States Relating to the Coinage, 1892, "$1.8 Million Silver Dollar No 'Saigon Copy, https://en.wikipedia.org/w/index.php?title=1804_dollar&oldid=997983179, Pages containing links to subscription-only content, Creative Commons Attribution-ShareAlike License, Heraldic representation of an eagle holding a scroll reading ", King of Siam Presentation Specimen/Siam Specimen, Sultan of Muscat Presentation Specimen/Watters Specimen, Driefus–Rosenthal Specimen/Rosenthal Specimen, This page was last edited on 3 January 2021, at 05:12. [44] The obverse coinage die used to strike the Class II and Class III 1804 dollars was deposited in safekeeping in 1860, and the reverse die was destroyed in that year. [29] Roberts died in Macau on June 12, 1836, before he could initiate contact with any other nations. US Silver Dollars are popular among coin collectors and investors, and one of the rarest and most popular of them all is the 1804 Silver Draped Bust Dollar. [75] In 2008, a Class I example was sold by Heritage Auctions for $3,737,500, and a Class III was sold by the same firm for $2,300,000 in 2009. Early on, collectors assumed that the 1804 dollars were struck in 1804, and their rarity was explained by various theories. Auction prices reached $1,000 by 1885, and in the mid-twentieth century, the coins realized over $30,000. [45], Class III dollars are identical to the Class II dollar, except lettering similar to that on the Class I dollars was applied to the edge of the coins. [19] In a letter to the Department of State dated October 8, 1834, Roberts decried the gifts of his previous journey as inadequate and insulting to his hosts in the Orient. It will save you money next time you decide to sell or buy silver dollars. Rama III, the King of Siam, received the second set of coins distributed by Roberts. Mint records indicate a total of 19,570 silver dollars were struck in 1804; however, researchers believe that all those coins were actually dated either 1802 or 1803 because leftover coin … [40] After the public became aware that Mint officials had permitted restrikes, there was a minor scandal which resulted in a Congressional investigation and the destruction of outdated coinage dies. [76] James A. Bolen, a medallist and coin collector who created copies of valuable coins between 1862 and 1869, fabricated an 1804 dollar by altering the last digit in the date of a genuine 1803 example. There are only 15 genuine 1804 dollar coins known to exist. Mint. [12] Mint Director Elias Boudinot began encouraging depositors to accept fractional coins, and the production of dollars began to decrease in relation to the smaller coins. [79][80], In addition to altered dates, electrotypes of the 1804 dollar were created, both for the purposes of study and fraud. [56] The coin was housed in a yellow leather case embossed with an eagle and other ornamentation, conforming to the description of that made for the King of Siam. U.S. Mint records, which could be wrong, indicate that thousands of silver dollars were struck in 1804. [13] Dollar coin production ceased in March 1804, although those pieces bore the date of 1803. [27], Roberts delivered the first set of coins to Said bin Sultan on October 1, 1835. [48] In 1875, several were sold by Philadelphia coin dealer John W. Here are the common questions we get about the 1804 dollar and the answers that many collectors are looking for…. All existing 1804's were actually made after 1834 (in 0.900 silver) and have slightly variant weights. Q. Mint records from 1804 show there were 19,570 silver dollars made that year – that’s more than the 19 listed above. These are large, heavy, silver coins that run from 1798 to 1804. [56][f] As all of the coins in the set were dated 1834 with the exception of the dollar and eagle, it provided the first definitive proof that an 1804 dollar was included in the diplomatic presentation sets. 2020 (P) American Silver Eagles: A New Modern Rarity. [39] In 1859, James Ross Snowden unsuccessfully requested permission from the Treasury Secretary to create patterns and restrikes of rare coins for sale to collectors, and in that year, dealers began offering plain edge 1804 dollars to the public. There exist eight Class I 1804 dollars (“originals”), one Class II 1804 Dollar, and six Class III 1804 dollars (“restrikes”). [84], More modern replicas, known as "Saigon copies", were commonly offered as original at low prices to American soldiers during the Vietnam War. [42] The coin, which is the sole known Class II specimen in existence, was struck over an 1857 Swiss shooting thaler minted for the federal shooting festival held in Bern. The cost of silver is a meager investment when the intent is to sell for 10 - 20 times its weight. [54] All fifteen extant specimens are acknowledged and studied by numismatists. Class I dollars were made around 1834. The first US dollar coin with a $1 (USD) face value was the 1804 silver dollar. [4] The act went on to state that the coin would be struck in an alloy consisting of 89.2 percent silver and 10.8 percent copper. In response to numismatic demand, several examples were surreptitiously produced by Mint officials. In the early days of the Mint, dies were saved and reused as an economic measure. .mw-parser-output .tmulti .thumbinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}, In their book The Fantastic 1804 Dollar, numismatic historians Eric P. Newman and Kenneth E. Bressett assert that a problem arose at the Mint as to how to interpret Forsyth's order. For this reason, it takes a trained eye to determine the authenticity. Edmund Roberts distributed the coins in 1834 and 1835. [9] At that time, silver bullion was supplied to the Mint exclusively by private depositors, who, according to the Coinage Act of 1792, had the right to have their bullion coined free of charge. [65] They note that the Castaing machine's edging dies utilized an 'H' that was undersized in relation to the other letters, the same as those used on Draped Bust dollars throughout the regular production of those coins. However, those coins, struck from old dies as was common practice at the time, were dated 1803. They were sometimes modified to include the current date, but that practice was not universally applied. [44] The obverse die was defaced in 1869. [45] Six specimens of the Class III dollar are known today. [71] A Class I specimen brought $77,500 at a 1970 Stack's auction, and during a 1980 rise in coin prices, a Class III example sold for $400,000 by Bowers and Ruddy Galleries. Numismatists first became aware of the 1804 dollar in 1842, when an illustration of one example appeared in a publication authored by two Mint employees. They are identified by nicknames based on prominent owners, or the first individuals known to have possessed the coins. This, however, is extremely unlikely as 1804 dollars are among the most studied coins around and after some two centuries there is every reason to believe all pieces in any active ownership would have come to light. Many American numismatic pieces, patterns and regular issues, are rarer than the 1804 silver dollar, with its population of 15 known specimens. [55], At the 1962 American Numismatic Association convention, British numismatist David B. Spink announced that he was in possession of a theretofore unknown 1804 dollar specimen. From 1803 or 1804 to 1834, no silver do… For example, many fake Trade Dollars are struck from silver and are the correct weight. The numbers come from the United States … In 1999, a Class I example sold for $4.14 million, then the highest price paid for any coin. [c] The moratorium on silver dollar coinage had been lifted in 1831, but none had been coined since those issued in March 1804. . Their high value has caused 1804 dollars to be a frequent target of counterfeiting and other methods of deception The silver dollar and gold eagle, which had been previously minted in 1804, were struck once again for the presentation set. [52] In 1885, auctioneer W.E. [68][69] In 1903, an example sold for $1,800, and the same coin reportedly sold for $4,250 in 1941. [8][9] As a result, the United States silver dollars and unworn Spanish dollars were largely forced out of circulation in accordance with Gresham's law; the lighter Spanish dollars were shipped in quantity for circulation in the United States, while the heavier pieces would be turned in to the Philadelphia Mint to be recoined into United States coinage to take advantage of the discrepancy in weight. [36] The fifth coin, alluded to by DuBois, is not currently accounted for, although its edge may have been lettered after its recovery in an attempt to pass it as an original. The 15 known 1804 silver dollars include eight examples of Class I, one of Class II, and six of Class III. The bulk of the mintage was variously rumored to have been paid to Barbary pirates as ransom, lost at sea en route to China, and melted before leaving the Philadelphia Mint. Chapman. Weren’t there thousands of silver dollars made in 1804? [7] In 1793, President George Washington signed into law a bill which declared Spanish milled dollars legal tender, provided that they weighed no less than 415 grains (26.9 g), which meant that at the lowest weight allowed by law, the Spanish dollars would contain approximately 0.5 percent less silver than the United States dollar coins. Moore consulted the Mint records, which indicated that 19,570 dollars were struck in 1804. [22] As his initial correspondence indicated that the sets were to include coins of every type then in use, Mint officials included both the silver dollar and gold eagle. If you already have a Morgan Silver Dollar … 1804 Mint-Made Electrotype of Unique Plain-Edge – 4 minted. [72], Counterfeits and spurious reproductions of the 1804 dollar have been created since numismatists became aware of the coins' high value. Various private mints have produced replicas of the 1804 dollar … [63] In 1905, he recanted his earlier assertions, stating that "no one now believes that they were coined in 1804. [76] Although Bolen added his name to the edge of the coin, other forgers created altered date coins with the intent to deceive. Silver Dollar Specimens There are 15 known specimens of the 1804 Silver Dollar in circulation. Draped Bust silver dollars are early American coins made from 1795 through 1803. The 1804 dollar or Bowed Liberty Dollar was a dollar coin struck by the Mint of the United States, of which fifteen specimens are currently known to exist. [81][g] One such coin in the collection of the San Francisco Mint was described by them as genuine from 1887 to 1927. This probably sounds illogical to the uninitiated, but there's really a rather simple explanation: Although they are dated 1804, all 15 of these rare silver dollars actually were minted decades later. [46] Newman and Bressett assert that they were struck at approximately the same time as the Class II dollars, and that the edges were lettered and the coins concealed by Mint employees until 1869, when one was offered to a coin collector, who rejected it as a restrike. [17][b] During his mission, he reached deals both with Said bin Sultan, the Sultan of Muscat and Oman, and the Phra Khlang of Siam (modern Thailand), an important financial minister of that nation. Unfortunately, if you have one of these coins you should assume it is a counterfeit.. [38] Several were struck at the Mint in 1858. A. [26] A list of diplomatic gifts was also proposed for missions to Japan and Cochin-China (today part of Vietnam), which included two additional sets of coins. [19] In addition to several other items, he requested a set of coins as an appropriate offering to Said bin Sultan: I am rather at a loss to know what articles will be most acceptable to the Sultan, but I suppose a complete set of new gold & silver & copper coins of the U.S. neatly arranged in a morocco case & then to have an outward covering would be proper to send not only to the sultan, but to other Asiatics.[21]. [39] He stated that three were destroyed in his presence, and one was added to the Mint's coin cabinet (of which he was curator, and which is today the National Numismatic Collection), where it remains today. [28] He delivered the next set to King Rama III of Siam the following year, on April 6. **When we say that 19,750,000, of these coins were produced or minted in 1804 this number doesn't always match the actual circulation count for this coin. [35], During the nineteenth century, Mint employees produced unauthorized copies of medals and coins, sometimes backdated. Most of them are fakes, because genuine coins are so valuable. On the surface, the 1802 would appear to be the rarest Heraldic Eagle Reverse dollar with a reported mintage of just … They can be sold for bullion value at your nearest coin dealer (about $19.27 at current silver spot price). But what makes these 1804 dollars so special? A. The 1804 dollar or Bowed Liberty Dollar was a dollar coin struck by the Mint of the United States, of which fifteen specimens are currently known to exist. In Saigon and other South Vietnamese cities, as well in nearby Thailand, military personnel were offered the copies by vendors who sometimes claimed that they were family heirlooms. There are six 1804 silver dollars in museums and nine in private hands. [72], The price reached an all-time high in 1999, when the finest known specimen, graded Proof-68 by the Professional Coin Grading Service, which is believed to have been the example presented to Said bin Sultan, was auctioned by Bowers and Merena for $4,140,000. Lately, we have experienced a sharp rise in calls from people who want to know how much their 1804 silver dollar is worth. The collection of 1804 Silver Dollars consists of three classes. (2) A list of the most valuable silver coins by denomination. He stated that one should be yellow in color, and the other crimson, and that funds could be drawn from the Treasury for the value of the boxes and coins. [31][d][e] The dollars minted for the diplomatic gift sets, as well as other examples struck with the same dies, are collectively known as "Class I" 1804 dollars. [35], Collectors first became aware of the existence of the 1804 dollar in 1842, when a pantograph reproduction of one specimen was featured in A Manual of Gold and Silver Coins of All Nations, a work authored by Mint employees Jacob R. Eckfeldt and William DuBois. In this article you will find (1) A complete list of U.S. coins made of silver by denomination. [85][86] In 2012, Professional Coin Grading Service founder David Hall stated that counterfeit 1804 dollars had been available in Hong Kong for decades.[87]. There are three major US silver dollar coins … [65] The deformation of the edge lettering was caused by pressure pushing the coinage metal against the steel collar containing the coin blank. [27] The proof sets meant for Cochin-China and Japan were likely included in the shipment of returned presents. [39] At least three were offered for sale by various dealers in 1859, and coin dealer Ebenezer Locke Mason claimed that he was offered three by Theodore Eckfeldt, a Mint employee and nephew of Adam Eckfeldt (who had died in 1852). [10][5] As large silver coins were a preferred method of commerce throughout the world, especially China, a considerable number of the United States dollars requested by silver depositors were exported to satisfy that demand.[9]. The first dollar coins, known as Flowing Hair dollars, were issued by the Mint beginning in 1794. [72][73] A Class I example reached $990,000 at a Superior Galleries auction in 1990, and an example once owned by coin collector Louis Eliasberg became the first 1804 dollar to surpass $1 million at auction, selling for $1,815,000 at a sale conducted by Bowers and Merena, Inc., in 1997. [12][a] In his 1805 report, Mint Director Robert Patterson stated that "[t]he striking of small coins is a measure which has been adopted to accommodate the banks and other depositors, and at their particular request, both with a view of furnishing a supply of small change, and to prevent the exportation of the specie of the United States to foreign countries. Counterfeits exist of the 1804 Silver Dollar, with some con artists and perpetrators of fraud trying to pass off coins as the real thing. [53] Numismatic historian Q. David Bowers asserts that the 1804 dollar has attracted more attention than any other coin. Some were brought back by service personnel returning from the Vietnam War. In total, only 15 specimens are known to exist. [40] In 1883, a Class III dollar was reportedly purchased in Vienna for $740, and a Class I specimen was auctioned for $1,000 in 1885 by Henry and Samuel H. [24] Two sets of coins, minted in proof finish, were completed and delivered along with their boxes to Roberts shortly prior to his departure on the USS Peacock on April 27, 1835. By 1800, a majority of depositors requested their bullion be struck as silver dollars, which were then utilizing the Draped Bust design. [59] Before such time, the actual year in which they were struck remained contentious among numismatists. With regards to the 1804 silver dollar… [83] Electrotypes were also created by Mint employees, and one was used as the basis for the pantograph reproductions which appeared in Eckfeldt and DuBois' 1842 A Manual of Gold and Silver Coins of All Nations. [60] In 1867, numismatist W. Elliot Woodward acknowledged that 1804 dollars were struck as diplomatic gifts in 1834, but he also believed that others were struck in 1804. While there is a degree of mystery behind much of what happened at the United States Mint during its first decades of operations, there is substantial evidence to suggest that all dollars recorded in the 1804 mint report were dated 1803. [78] All silver dollars dated between 1800 and 1803 were subject to alteration to 1804 dollars, but 1801 was the date most commonly used for that purpose. Here’s a rundown on the various major types of silver dollars that have been struck since the United States Mint began making them in 1794: Flowing Hair Dollar … Previous counterfeit Morgan Silver Dollars have been identified with improper weights. [36] Although coin restrikes were created openly at the Philadelphia Mint from the 1830s, the practice became clandestine by the end of the 1850s. From their discovery by numismatists, 1804 dollars have commanded high prices. Numismatic historian. Q. I’ve got an 1804 silver dollar – where do I sell it? [39] Those coins, which became known as "Class II" 1804 dollars, had plain, unlettered edges, as opposed to standard issue Draped Bust dollars and those struck as diplomatic gifts, all of which had edge lettering applied by the Castaing machine. 15 are known. Though dated 1804, none were struck in that year; all were minted in the 1830s or later. Officially, Roberts was a "special agent", but he was described in a later State Department document as a "Special Envoy". All the rest are counterfeits, and counterfeits are worth zero. The finest example of the 1804 Class I silver dollar appeared at auction in 2016 and garnered a bid of more than $10 million but did not meet reserve and thus did not sell. Julian suggests that it could have been done to prevent angering collectors who would not have been able to acquire the 1834-dated coin for their collections; Chief Coiner Adam Eckfeldt, after consulting with Moore, mistakenly determined that 19,570 dollars bearing the date 1804 were struck in that year. You are requested, therefore, to forward to the Department for that purpose, duplicate specimens of each kind now in use, whether of gold, silver, or copper. See how many Draped Bust dollar coins were made and what they're … Widely noted as the King of American coins, 1804 Draped Bust dollars are the poster child of United States rare coins and represent the holy grail of collecting for many hobbyists. [74] At the time of the sale, this was the highest price paid for any coin. Although the dollars struck in 1804 bore the date 1803, the eagles struck in that year were not antedated. It should be noted that the mintage figures above are … [34] Based on the slightly concave appearance of the Class III dollars, it is likely that all were given edge lettering at some point after striking; as the Castaing machine was meant to be used prior to striking, its improper use resulted in a deformation of the coin surface. A. There are a few rare Draped Bust dollars dated 1804. A complete historical record is provided in Dave Bowers' book The Rare Silver Dollars Dated 1804 … Note - only 15 genuine examples of the famous 1804 dollar are thought to exist. (3) The dates that the metal composition changed for each U.S. coin denomination throughout the years. [30] It is unknown why that date was chosen for the dollars, but numismatic historian R.W. [65] However, the edge lettering on all Class I 1804 dollars is deformed and partially obliterated, meaning that they were not struck in an open-collared coinage press as was used in 1804, but one which used a steel collar that was not introduced to the Mint until 1833. There are four known types of 1804 dollars, including the following: 1804 Second Reverse, Class III – 6 minted, 1804 Mint-Made Electrotype of Unique Plain-Edge – 4 minted. The pieces measure 38.1 millimeters in diameter and weighed 26.73 grams. [4] According to the act, the dollar, or "unit", was to "be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver". It’s important to note here that numismatic researchers have … A Genuine 1804 Dollar; A Counterfeit 1804 Dollar; With the many email inquiries we receive regarding the 1804 Dollar we thought it would be helpful to show a real one against a fake.

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