The 1804 Draped Bust Dollar stands as one of the most coveted and valuable coins in American numismatic history. Often referred to as the “King of American Coins,” this silver dollar’s allure stems from its rarity, historical significance, and the intriguing circumstances surrounding its creation.
In August 2021, a specimen of this coin fetched an astounding $7.68 million at auction, underscoring its esteemed status among collectors and investors.
Origins and Historical Significance
Contrary to what its date suggests, the 1804 Draped Bust Dollar was not minted in 1804. In fact, no silver dollars were struck that year. The coins bearing the 1804 date were produced in the 1830s, intended as diplomatic gifts for foreign dignitaries.
This misdating adds to the coin’s mystique and desirability among collectors.
Design Features Of 1804 Draped Bust Dollar
The coin showcases the Draped Bust design, a classic representation of Liberty. Key design elements include:
- Obverse: Features Lady Liberty with flowing hair, draped in a gown, encircled by stars representing the original states.
- Reverse: Depicts a heraldic eagle with a shield on its chest, clutching arrows and an olive branch, symbolizing war and peace.
Classification and Rarity
The 1804 Draped Bust Dollars are categorized into three classes:
- Class I: Struck in the 1830s as diplomatic gifts. Eight specimens are known to exist.
- Class II: A unique specimen struck over an 1857 Swiss Shooting Thaler, currently housed in the Smithsonian Institution.
- Class III: Believed to have been minted clandestinely between 1858 and 1860 for collectors. Six specimens are known.
The extreme rarity of these coins, especially the Class I specimens, significantly contributes to their high market value.
Notable Sales and Provenance
The 1804 Draped Bust Dollar has a rich auction history, with several specimens achieving record-breaking prices:
- The Sultan of Muscat-Watters-Brand-Childs-Pogue Specimen: This coin, graded PR-68, sold for $7.68 million in August 2021. Its illustrious provenance includes ownership by the Sultan of Muscat and prominent collectors such as Virgil Brand and D. Brent Pogue.
- The Mickley-Hawn-Queller Specimen: Graded PR-62, this coin fetched $3,877,500 at auction in August 2013.
- The Adams-Carter Specimen: Sold for $2,300,000 in April 2009.
These sales highlight the coin’s enduring appeal and its status as a pinnacle of numismatic collecting.
Notable 1804 Draped Bust Dollar Sales
| Specimen Name | Grade | Sale Price | Date of Sale | Notable Owners |
|---|---|---|---|---|
| Sultan of Muscat-Watters-Brand-Childs-Pogue | PR-68 | $7,680,000 | August 2021 | Sultan of Muscat, Virgil Brand, D. Brent Pogue |
| Mickley-Hawn-Queller | PR-62 | $3,877,500 | August 2013 | Joseph J. Mickley, Amon Carter |
| Adams-Carter | — | $2,300,000 | April 2009 | Virgil Brand, Amon Carter |
Factors Contributing to Its Value
Several factors elevate the 1804 Draped Bust Dollar’s value:
- Rarity: With only fifteen known specimens across all classes, its scarcity is paramount.
- Historical Context: Minted as diplomatic gifts, these coins hold a unique place in U.S. history.
- Provenance: Ownership by notable figures and collectors adds to its prestige.
- Condition: Coins in higher grades, such as PR-68, command premium prices.
FAQs
Q1: Why is the 1804 Draped Bust Dollar called the “King of American Coins”?
A1: Its title stems from its extreme rarity, historical significance, and the high esteem in which it’s held by collectors.
Q2: Were any 1804 dollars actually minted in 1804?
A2: No, all known 1804 dollars were minted in the 1830s or later, despite bearing the 1804 date.
Q3: How many 1804 Draped Bust Dollars exist today?
A3: Fifteen specimens are known: eight Class I, one Class II, and six Class III.
Q4: What is the significance of the different classes of the 1804 dollar?
A4: The classes denote different minting periods and purposes: Class I for diplomatic gifts, Class II as a unique restrike, and Class III for collector demand.
Q5: How can I verify the authenticity of an 1804 Draped Bust Dollar?
A5: Due to their rarity and value, it’s essential to consult reputable numismatic experts or organizations for authentication.
Conclusion
The 1804 Draped Bust Dollar remains a symbol of numismatic excellence and American history. Its journey from a diplomatic gift to a multi-million-dollar treasure exemplifies the enduring allure of rare coins.
For collectors and enthusiasts, the 1804 dollar represents the pinnacle of coin collecting—a tangible link to the past and a testament to the artistry and history of the United States.
