In a remarkable turn of events, a 1804 Draped Bust Dollar has resurfaced in an estate sale, fetching an astounding $900,000.
This discovery has sent ripples through the numismatic community, reaffirming the coin’s status as one of America’s most coveted and valuable relics.
Coin Specifications
| Feature | Details |
|---|---|
| Year Minted | 1804 (struck in 1834) |
| Designer | Robert Scot |
| Composition | 89.2% Silver, 10.8% Copper |
| Weight | Approximately 26.96 grams |
| Diameter | 39–40 mm |
| Edge | Lettered: “HUNDRED CENTS ONE DOLLAR OR UNIT” |
| Mint | Philadelphia Mint |
| Mintage | 8 known Class I specimens |
Historical Context
The 1804 Draped Bust Dollar was not minted in 1804 but in 1834. The U.S. Mint, under the direction of Samuel Moore, struck these coins as part of a diplomatic gift set for the Sultan of Muscat.
The decision to use the 1804 date was based on the erroneous belief that it was the last year of silver dollar production.
These coins were never intended for circulation, making them exceedingly rare.
Auction History and Value
The 1804 Draped Bust Dollar has a storied auction history:
- 1999: A specimen sold for $4.14 million, setting a record at the time.
- 2008: Another example fetched $3.74 million.
- 2017: A different piece realized $3.29 million at auction.
- 2021: The finest known specimen was sold for $7.68 million, setting a new record for the series.
The recent estate sale discovery, while not the finest example, underscores the enduring value and allure of this historic coin.
Design and Features
The 1804 Draped Bust Dollar features a portrait of Liberty on the obverse, designed by Robert Scott. The reverse depicts a heraldic eagle, also crafted by Scott.
The coin’s edge is lettered with the inscription: “HUNDRED CENTS ONE DOLLAR OR UNIT,” a feature that distinguishes it from other coins of the era.
Rarity and Collectability
Only eight Class I 1804 Draped Bust Dollars are known to exist, making them one of the rarest coins in American numismatics.
Their scarcity, combined with their historical significance, has cemented their status as a cornerstone for serious collectors and investors alike.
The $900,000 revelation of the 1804 Draped Bust Dollar in an estate sale highlights the enduring fascination and value of this historic coin.
As one of the rarest and most coveted pieces in American numismatics, it continues to captivate collectors and investors, reaffirming its place as a symbol of America’s rich coinage history.
FAQs
Why are there no 1804-dated coins from that year?
The U.S. Mint ceased silver dollar production in 1803. The 1804-dated coins were struck in 1834 for diplomatic purposes, not for circulation.
How many 1804 Draped Bust Dollars are known to exist?
There are only eight known Class I specimens, making them extremely rare and highly valuable.
What factors contribute to the high value of the 1804 Draped Bust Dollar?
Its rarity, historical significance, and unique status as a non-circulating coin contribute to its immense value.