[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. [74] At the time of the sale, this was the highest price paid for any coin. [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]. 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 … Woodward described the 1804 dollar as "the king of coins", a moniker which it maintains today. The coins produced for the diplomatic mission, those struck surreptitiously without edge lettering and those with lettering are known collectively as "Class I", "Class II" and "Class III" dollars, respectively. Auction prices reached $1,000 by 1885, and in the mid-twentieth century, the coins realized over $30,000. 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. [36] Although coin restrikes were created openly at the Philadelphia Mint from the 1830s, the practice became clandestine by the end of the 1850s. [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]. Two additional sets were ordered for government officials in Japan and Cochinchina, but Roberts died in Macau before they could be delivered. In response to numismatic demand, several examples were surreptitiously produced by Mint officials. The 15 known 1804 silver dollars include eight examples of Class I, one of Class II, and six of Class III. [58], The fact that no 1804 dollars were struck in 1804 was not widely accepted by numismatists until the early twentieth century. 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. A. [77] Nineteenth-century stage actor John T. Raymond purchased a specimen of the coin, which was later revealed to be a forgery, for $300. This page addresses counterfeit dollars between 1798 and 1804. 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. From 1803 or 1804 to 1834, no silver do… With regards to the 1804 silver dollar… (3) The dates that the metal composition changed for each U.S. coin denomination throughout the years. Weren’t there thousands of silver dollars made in 1804? Although the dollars struck in 1804 bore the date 1803, the eagles struck in that year were not antedated. [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. 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. [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. [29] Roberts died in Macau on June 12, 1836, before he could initiate contact with any other nations. Why are they rare? [63] In 1905, he recanted his earlier assertions, stating that "no one now believes that they were coined in 1804. [45] Six specimens of the Class III dollar are known today. In the early days of the Mint, dies were saved and reused as an economic measure. For there are few coins in the American catalogue that have … By most estimates, 1804 dollars, on the rare occasions they do appear at auction, are worth somewhere in the neighborhood of $2 million to $7 million depending on the individual specimen and the ever-changing conditions of the marketplace. [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. They were first created for use in special proof coin sets used as diplomatic gifts during Edmund Roberts' trips to Siam and Muscat. Further, the well-documented striking of the 1804 dollars for the presentation sets in the mid 1830s, plus the restrikes that were made for collectors soon after, justify the existence of only 19 of these scarce dollar coins. [65] Additionally, many 1804 dollars were struck in proof finish, a technique which was first employed at the Mint in 1817. [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 1804 class I or “original” draped bust silver dollars are widely known as the “King of American Coins”, and with good reason. "[15] Though none had been struck for over two years, Secretary of State James Madison officially suspended silver dollar coinage on May 1, 1806, addressing a letter to Patterson: Sir: In Consequence of a representation from the director of the Bank of the United States that considerable purchases have been made of dollars coined at the mint for the purpose of exporting them, and as it is probable further purchases and exportations will be made the President directs that all the silver to be coined at the mint shall be of small denominations, so that the value of the largest pieces shall not exceed half a dollar.[16]. 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. 2020 (P) American Silver Eagles: A New Modern Rarity. **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. Another issue, the 1933 double eagle, with an auction record in … [47] However, numismatist S. Hudson Chapman believed that some Class III dollars were struck as late as 1876. Note - only 15 genuine examples of the famous 1804 dollar are thought to exist. 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". 1804 Second Reverse, Class III – 6 minted. Rama III, the King of Siam, received the second set of coins distributed by Roberts. In total, only 15 specimens are known to exist. [43] Coins with added lettering are known as "Class III" 1804 dollars. The pieces measure 38.1 millimeters in diameter and weighed 26.73 grams. [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. .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. [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. If you already have a Morgan Silver Dollar … The silver dollar and gold eagle, which had been previously minted in 1804, were struck once again for the presentation set. For this reason, it takes a trained eye to determine the authenticity. [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. The controversy prompted William E. DuBois, Mint Assayer, to try, in 1860, to recall the examples of the 1804 dollar in private hands. It should be noted that the mintage figures above are based on all known specimens, and it is by no means impossible that there are other 1804 dollars floating around. From their discovery by numismatists, 1804 dollars have commanded high prices. [27] All dollars struck for inclusion in the diplomatic gift sets were likely dated 1804. 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. [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. Though dated 1804, none were struck in that year; all were minted in the 1830s or later. There are six 1804 silver dollars in museums and nine in private hands. A collector subsequently acquired one example from the Mint in 1843. Class I dollars were made around 1834. The first US dollar coin with a $1 (USD) face value was the 1804 silver dollar. [76] Although Bolen added his name to the edge of the coin, other forgers created altered date coins with the intent to deceive. [68][69] In 1903, an example sold for $1,800, and the same coin reportedly sold for $4,250 in 1941. [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. Most of them are fakes, because genuine coins are so valuable. 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. Draped Bust silver dollars are early American coins made from 1795 through 1803. In this article you will find (1) A complete list of U.S. coins made of silver by denomination. [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. It will save you money next time you decide to sell or buy silver dollars. [59] Before such time, the actual year in which they were struck remained contentious among numismatists. While you may happen to be one of the few private owners of the 1804 dollar, it’s much more likely you in fact own one of the countless 1804 replica coins. [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. [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. [27] The proof sets meant for Cochin-China and Japan were likely included in the shipment of returned presents. [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. For example, many fake Trade Dollars are struck from silver and are the correct weight. (2) A list of the most valuable silver coins by denomination. [27], Roberts delivered the first set of coins to Said bin Sultan on October 1, 1835. 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. [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. Chapman. There are three major US silver dollar coins … [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. Though dated 1804, none were struck in that year; all were minted in the 1830s or later. [19] Roberts was given items which were to be presented as gifts to the officials with whom he was negotiating, but described them as being of "very mean quality, and of inconsiderable value". Q. Mint records from 1804 show there were 19,570 silver dollars made that year – that’s more than the 19 listed above. In many cases, they less than half the weight of a true Morgan Silver Dollar. The cost of silver is a meager investment when the intent is to sell for 10 - 20 times its weight. [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. [54] All fifteen extant specimens are acknowledged and studied by numismatists. [21], He also directed Moore to have two Morocco leather boxes made to house the coins. [25] The dollars included the sets bore the Draped Bust design, depicting an allegorical representation of Liberty on the obverse and a heraldic eagle on the reverse. Early on, collectors assumed that the 1804 dollars were struck in 1804, and their rarity was explained by various theories. [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. There is 1 "class II" specimen, struck over a … If any silver dollars were minted during the year 1804, those probably would have been dated 1803. All the rest are counterfeits, and counterfeits are worth zero. Silver Dollar Specimens There are 15 known specimens of the 1804 Silver Dollar in circulation. In 1999, a Class I example sold for $4.14 million, then the highest price paid for any coin. [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. 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. [c] The moratorium on silver dollar coinage had been lifted in 1831, but none had been coined since those issued in March 1804. As many numismatists know, there isn’t “a” single type of silver dollar, but in fact many types. It featured a right-profile bust of Liberty on the obverse. The United States Mint government authorized the production of a handful of 1804 dollars for use in special presentation proof sets that were given as diplomatic gifts overseas. [20] After the treaties were ratified in the United States, Roberts had to return to Siam and Muscat to receive approval from the representatives of those nations. [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. [66], From the time numismatists became aware of 1804 dollars, they have commanded high prices, both in relation to their face value and the numismatic value of other silver dollars. A. [51] Interest in coin collecting and the 1804 dollars began increasing, and by 1860, the dollars saw extensive coverage by numismatists. Many American numismatic pieces, patterns and regular issues, are rarer than the 1804 silver dollar, with its population of 15 known specimens. 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 … Haseltine. [5] The purity and weight standards outlined in the Act were based on the mean of several assays conducted on Spanish milled dollars. Instead of being worth millions of dollars these coins … In a November 11, 1834, letter sent to Mint Director Samuel Moore, Secretary of State John Forsyth approved Roberts' suggestion, writing: The President [Andrew Jackson] has directed that a complete set of the coins of the United States be sent to the King of Siam, and another to the Sultan of Muscat. [21] Later, in a letter dated December 2, 1834, Forsyth directed Moore to include "national emblems" (including an eagle and stars) on the exterior of the cases. [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. Numismatic historian. 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. 1803, the Eagles struck in that year were not antedated eight specimens of this type are known.! Next time you decide to sell or buy silver dollars them are fakes, because genuine coins are so.!, before He could initiate contact with any other nations few rare Bust... 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