Today we’re going to talk about one of the rarest and most sought-after coins in the history of America- The 1804 Draped Bust Silver Dollar. As the name suggests the coins date back to 1804 but in reality the coins were struck decades later. This is why they hold so much mystery and intrigue in the American numismatic community.
Till now there are only 15 known specimens of these 1804 coins in existence and they are sold for millions in official coin auctions. One of the most famous examples of the record is the sale of $7.68 million for a single coin in 2021. But today in this article we’ll talk about what makes these coins so valuable. Especially the $4 Million Draped Bust Dollar. We’ll discuss the history of 1804 draped bust coins, why they are unique, and why collectors around the world are willing to pay millions for these mystery coins of America. So let’s know why the $4 Million Draped Bust Dollar is so valuable.
$4 Million Draped Bust Dollar: Why Is This Coin So Famous?
To this day the 1804 Draped Bust Dollar coin still remains one of the most famous pieces of currency in the history of America. The coin commands a fascinating history of origin, extreme rarity, and a huge demand from coin collectors around the world who are willing to pay any amount for it. It doesn’t matter if you are a collector or just a fan of rare coins. 1804 dollar is something you should know about as the 1804 coin shows us the history of America and its craftsmanship.
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$4 Million Draped Bust Dollar
Aspect | Details |
Minting Year | Although dated 1804, these coins were actually minted in 1834 as diplomatic gifts. |
Known Specimens | Only 15 authenticated examples are known today, categorized into three different classes. |
Record Auction Price | The highest recorded sale was $7.68 million in August 2021. |
Design Features | Obverse: Draped Bust of Liberty; Reverse: Heraldic Eagle with a shield, arrows, and olive branch. |
Composition | 90% silver, 10% copper; weight: 27.00 grams; diameter: 40.00 mm. |
Current Owners | Some coins are privately held, while others are displayed in museums like the Smithsonian Institution. |
Official Resource | Learn more at the American Numismatic Association. |
The History Of The 1804 Draped Bust Dollar: The Origin Of the 1804 Dollar
Now, one thing you should understand is that these 1804 silver coins were made for general currency circulation but as a diplomatic gift for foreign dignitaries. Furthermore, even though the name suggests that these coins were minted in 1804, the coins were actually made decades after that in 1834, they are just dated back to 1804 to make them special. Officially the last silver coins were minted in 1803 in America after which the production was stopped.
The goal of these rare coins of America was to showcase the sophistication of the American coin minting to the leaders around the world. Especially to the leaders of the countries such as Siam (Thailand) and Muscat (Oman). Now, owing to its unique backstory and limited products, the 1804 silver dollar commands a status of legend amongst rare coin collectors in America and around the world.
Why Is The 1804 Draped Bust Dollar So Valuable? The Unique 1804 Silver Coin.
There are lots of factors that led to the increase in 1804 Draped Silver Dollar value. Let’s have a look at why people are ready to spend so much on the 1804 Silver Dollar Sale:
- Extreme Rarity
The very first reason behind the High demand and value of the 1804 silver dollar is that there are only 15 known specimens around the world and it’s this scarcity that drives up the price of the 1804 Draped Bust Dollar. The coin is hard to find even for high-value and experienced coin collectors around the world.
- Historical Significance
The next factor that contributes to the high value of the 1804 silver coin is its historical significance. The coin was never made in circulation and it was associated with diplomatic missions to the US which gives it unique historical content attracting high-value collectors.
- Classifications and Provenance
Unlike the normal coins, every single 1804 Draped Bust Dollar has a well-documented history which makes it more valuable. It has passed through famous collectors around the world such as King Farouk of Egypt and the U.S. State Department, making it a great addition to the coin collection.
4. Exquisite Craftsmanship
The 1804 Silver Dollar is the proof coins and exhibits the unique craftsmanship of that time. They showcase higher relief and finer details when compared to the regular circulated coins which increases their overall appeal.
5. Demand Among Collectors
The 1804 silver dollar commands great demand and prestige in the coin collector community. Owing to its features and history it’s in high demand among wealthy collectors and institutions.
Different Classes Of The 1804 Dollar – Types Of 1804 Silver Dollar Coin
So there were three different types of classes of the 1804 Draped Bust Dollar and every single of them had different characteristics that make them different. So let’s have a look at it.
- Class I (“Originals”) – 8 Known Specimens
The class one of 1804 Coins also known as original 1804 Draped Bust Dollar were minted in 1834-1935 as diplomatic gifts from America. These coins are the most valuable ones and they have the correct edge lettering. One of the most famous examples of original 1804 silver coins is the Dexter Specimen which was sold for $4.14 million.
- Class II – 1 Known Specimen
The next is Class 2 which has only 1 known specimen around the world. The Class 2 1804 Coins were made in the 1850s but they lacked the edge lettering. Currently, the coin is held by the Smithsonian Institution.
- Class III – 6 Known Specimens
The last type of 1804 silver dollar is class 3 there are 6 known specimens of this coin around the world. The coins were minted in 1850 and in order to imitate the class 1 coins edge lettering was added. These coins are privately owned but have resurfaced in recent auctions.
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Design Features Of The 1804 Draped Bust Dollar
The design of the 1804 Draped Bust Dollar is also one of the factors of its high value. The 1804 silver coin has a Draped Bust of Liberty on the obverse and a Heraldic Eagle on the reverse. Both of these elements reflect the classic American design elements. Let’s have an in-depth look at them.
Obverse Design:
- The lady in the centre of the coin is the Lady Liberty who is facing right and has flowing hair Draped over her shoulders. This is why the coin is sometimes also known as the 1804 Liberty Coin.
- The Lady Liberty is circled by 13 stars that represent the original 13 American colonies.
- At the top, the word Liberty is written with 1804 written at the bottom.
Reverse Design:
- The back side or the reverse of the 1804 Coin shows a Heraldic Eagle that holds an arrow in one talon and an olive branch in the other.
- There’s also a banner above Eagle that reads “E Pluribus Unum.”
- Lastly, as shield covers the chest of the eagle symbolizes the protection of the union.
Notable Sales And Provenance Of 1804 Silver Dollar
Owing to its popularity the 1804 Draped Bust Dollar has appeared in several high-profile auctions around the world and every time the coin has set the record price. So let’s have a look at it.
- In 2021 a 1804 Liberty Coin Class 1 specimen was sold in a Stack Bowers auction for $7.68 million.
- In 1999 the Dexter Specimen was auctioned for $4.14 million.
- In 1989 A coin was sold for $990,000
How To Identify An Authentic $4 Million Draped Bust Dollar?
There are lots of fake 1804 dollars in circulation around the world. These coins owing to their value are highly counterfeited. So here’s to different real 1804 Silver Dollars from fake 1804 Silver Dollars.
- You can use professional grading services such as PCGS or NGC in order to determine whether your 1804 Silver Dollar is real or not.
- Look for edging letters: original 1804 dollars have edge lettering with distinct spacing and font.
- You can also research ownership records as they have a well-documented history.
- Genuine 1804 Silver Dollar weighs 27.00 grams and consists of 90% silver and 10% copper.
So this was everything you need to know about the 1804 Draped Bust Dollar that is commanding huge prices and popularity around the world owing to its uniqueness and limited availability. If you’re looking to buy one we hope that all this information will be quite useful for you.