how many 1804 silver dollars are there

There is a degree of mystery on exactly when these 1804 silver dollars were minted, though by most accounts numismatists believe it was around 1834 or 1835 that these special presentation pieces were struck. [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permitted restrikes, there was a minor scandal which resulted in a Congressional investigation and the destruction of outdated coinage dies. [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. [53] Numismatic historian Q. David Bowers asserts that the 1804 dollar has attracted more attention than any other coin. These are large, heavy, silver coins that run from 1798 to 1804. 15 are known. The 15 known 1804 silver dollars include eight examples of Class I, one of Class II, and six of Class III. For example, many fake Trade Dollars are struck from silver and are the correct weight. [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. Auction prices reached $1,000 by 1885, and in the mid-twentieth century, the coins realized over $30,000. By 1800, a majority of depositors requested their bullion be struck as silver dollars, which were then utilizing the Draped Bust design. The set consisted of a half cent, cent, dime, quarter, half dollar, dollar, quarter eagle, half eagle and eagle. The 1804 silver dollar was called the "King of the U.S. Series" by the Chapman Brothers coin dealers as early as 1885 and to this day is known as "The King of Coins." [48] In 1875, several were sold by Philadelphia coin dealer John W. The silver dollar and gold eagle, which had been previously minted in 1804, were struck once again for the presentation set. [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. 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. Their high value has caused 1804 dollars to be a frequent target of counterfeiting and other methods of deception The controversy prompted William E. DuBois, Mint Assayer, to try, in 1860, to recall the examples of the 1804 dollar in private hands. [81][g] One such coin in the collection of the San Francisco Mint was described by them as genuine from 1887 to 1927. Counterfeits exist of the 1804 Silver Dollar, with some con artists and perpetrators of fraud trying to pass off coins as the real thing. In total, only 15 specimens are known to exist. 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. 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. .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. Officially, Roberts was a "special agent", but he was described in a later State Department document as a "Special Envoy". Moore consulted the Mint records, which indicated that 19,570 dollars were struck in 1804. [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. [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. Most of them are fakes, because genuine coins are so valuable. [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. 1804 Second Reverse, Class II – Unique. [44] The obverse die was defaced in 1869. [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. [43] Coins with added lettering are known as "Class III" 1804 dollars. [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". Edmund Roberts distributed the coins in 1834 and 1835. Why are they rare? [45] Six specimens of the Class III dollar are known today. [36] Although coin restrikes were created openly at the Philadelphia Mint from the 1830s, the practice became clandestine by the end of the 1850s. [30] It is unknown why that date was chosen for the dollars, but numismatic historian R.W. The 1804 class I or “original” draped bust silver dollars are widely known as the “King of American Coins”, and with good reason. [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. [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. The first US dollar coin with a $1 (USD) face value was the 1804 silver dollar. The Coinage Act of 1792, the legislation which provided for the establishment of the Mint of the United States (today the United States Mint), authorized coinage of multiple denominations of gold, silver and copper coins. What’s up? However, those coins, struck from old dies as was common practice at the time, were dated 1803. Instead of being worth millions of dollars these coins … [27] The proof sets meant for Cochin-China and Japan were likely included in the shipment of returned presents. [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. There are six 1804 silver dollars in museums and nine in private hands. [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). (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. [65] The deformation of the edge lettering was caused by pressure pushing the coinage metal against the steel collar containing the coin blank. [21] [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. This page addresses counterfeit dollars between 1798 and 1804. [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. The collection of 1804 Silver Dollars consists of three classes. A. [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. [72], Counterfeits and spurious reproductions of the 1804 dollar have been created since numismatists became aware of the coins' high value. All existing 1804's were actually made after 1834 (in 0.900 silver) and have slightly variant weights. By tradition, all are categorized as “Proofs.” They are certainly not business strikes. [77] Nineteenth-century stage actor John T. Raymond purchased a specimen of the coin, which was later revealed to be a forgery, for $300. (3) The dates that the metal composition changed for each U.S. coin denomination throughout the years. 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. 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. 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. [35], During the nineteenth century, Mint employees produced unauthorized copies of medals and coins, sometimes backdated. [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. Q. Mint records from 1804 show there were 19,570 silver dollars made that year – that’s more than the 19 listed above. 1804 Mint-Made Electrotype of Unique Plain-Edge – 4 minted. 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. Unless you go to the Smithsonian in Washington D.C. … In many cases, they less than half the weight of a true Morgan Silver Dollar. In the early days of the Mint, dies were saved and reused as an economic measure. [74] At the time of the sale, this was the highest price paid for any coin. The numbers come from the United States … The cost of silver is a meager investment when the intent is to sell for 10 - 20 times its weight. (The 1804 Dollar was struck only in proof and not until the mid-1830s.) [68][69] In 1903, an example sold for $1,800, and the same coin reportedly sold for $4,250 in 1941. All the rest are counterfeits, and counterfeits are worth zero. 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. [58], The fact that no 1804 dollars were struck in 1804 was not widely accepted by numismatists until the early twentieth century. On the surface, the 1802 would appear to be the rarest Heraldic Eagle Reverse dollar with a reported mintage of just … **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. 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. In response to numismatic demand, several examples were surreptitiously produced by Mint officials. 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. 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. But what makes these 1804 dollars so special? [27] All dollars struck for inclusion in the diplomatic gift sets were likely dated 1804. [59] Before such time, the actual year in which they were struck remained contentious among numismatists. Here are the common questions we get about the 1804 dollar and the answers that many collectors are looking for…. [61] Numismatists Lyman H. Low and William T. R. Marvin, writing for the American Journal of Numismatics in 1899, stated that "the journal confidently asserts that there is no dollar dated 1804 which was struck in that year by the U.S. A. 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 … [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. [49][50] The first private collector to obtain an example was Matthew A. Stickney, who acquired the coin from the Mint on May 9, 1843, by trading certain rare coins from his collection, including a unique early United States Immune Columbia coin struck in gold. [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]. There are a few rare Draped Bust dollars dated 1804. [52] In 1885, auctioneer W.E. [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. As the auction results … [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. [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. There are fifteen known specimens of the 1804 Draped Bust silver dollar … There are three major US silver dollar coins … 1804 Second Reverse, Class III – 6 minted. Some were brought back by service personnel returning from the Vietnam War. As many numismatists know, there isn’t “a” single type of silver dollar, but in fact many types. [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. For this reason, it takes a trained eye to determine the authenticity. [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. U.S. Mint records, which could be wrong, indicate that thousands of silver dollars were struck in 1804. [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. There are only 15 genuine 1804 dollar coins known to exist. The issue of when dollar coin mintage actually ceased was further confused by a later misreading of Patterson's 1806 annual report to Congress, which erroneously suggested that 321 were coined in 1805. [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. [79][80], In addition to altered dates, electrotypes of the 1804 dollar were created, both for the purposes of study and fraud. [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. Though dated 1804, none were struck in that year; all were minted in the 1830s or later. [13] Dollar coin production ceased in March 1804, although those pieces bore the date of 1803. Two additional sets were ordered for government officials in Japan and Cochinchina, but Roberts died in Macau before they could be delivered. It should be noted that the mintage figures above are … [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. [29] Roberts died in Macau on June 12, 1836, before he could initiate contact with any other nations. [11] This contributed to a shortage of small change in circulation, and as a result, the public became increasingly critical of the Mint. Though dated 1804, none were struck in that year; all were minted in the 1830s or later. Unlike the original coins, these later restrikes lacked the correct edge lettering, although later examples released from the Mint bore the correct lettering. [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. The 15 known 1804 silver dollars include eight examples of Class I, one of Class II, and six of Class III. [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. 1804 United States Silver Dollar The 1804 U.S. dollar is one of the most publicized rarities in the entire series of U.S. coins. . They were sometimes modified to include the current date, but that practice was not universally applied. [21], He also directed Moore to have two Morocco leather boxes made to house the coins. In 1999, a Class I example sold for $4.14 million, then the highest price paid for any coin. "[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]. [41][39] According to DuBois, five coins were known to be privately owned, of which four were recovered. [65] Additionally, many 1804 dollars were struck in proof finish, a technique which was first employed at the Mint in 1817. Rama III, the King of Siam, received the second set of coins distributed by Roberts. 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. There are also a few varieties of these coins and only around 20 of them … 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. This is sometimes known as the "King of Coins". Draped Bust silver dollars are early American coins made from 1795 through 1803. Woodward described the 1804 dollar as "the king of coins", a moniker which it maintains today. "[64], According to Newman and Bressett, the manner in which the 1804 dollars were produced is proof that none were struck in 1804. [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]. [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. A. 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. [54] All fifteen extant specimens are acknowledged and studied by numismatists. They can be sold for bullion value at your nearest coin dealer (about $19.27 at current silver spot price). They were first created for use in special proof coin sets used as diplomatic gifts during Edmund Roberts' trips to Siam and Muscat. [38] Several were struck at the Mint in 1858. Note - only 15 genuine examples of the famous 1804 dollar are thought to exist. [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. They are identified by nicknames based on prominent owners, or the first individuals known to have possessed the coins. [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. Weren’t there thousands of silver dollars made in 1804? 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. 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 … [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. 2020 (P) American Silver Eagles: A New Modern Rarity. Said bin Sultan was the recipient of a coin set containing an 1804 dollar. [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]. [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. [c] The moratorium on silver dollar coinage had been lifted in 1831, but none had been coined since those issued in March 1804. See how many Draped Bust dollar coins were made and what they're … [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. 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. 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