Numismatic Treasures #3: 1804 Silver Dollar
LeeG
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Who would not love to own one of these! 
I hope you enjoy this journey as much as I did:
Finest Known 1804 Silver Dollar Graded PR68 By PCGS
Press Release - July 8, 1999
The famous Childs specimen of the 1804 Silver Dollar has been graded PR68 by Professional Coin Grading Service (PCGS). The coin will be auctioned by Bowers and Merena when the entire Childs collection is sold at a public auction in New York City August 29-30, 1999. The last time an 1804 silver dollar sold at auction was when Bowers and Merena auctioned the Eliasberg Specimen (graded PR65 by PCGS) for $1,815,000 in April, 1997.
The Childs coin was originally presented to the Sultan of Muscat on October 1, 1835 by a special agent of President Andrew Jackson. Later it was owned by Virgil Brand and the Walter H. Childs family. The Childs Collection is one of the most incredible, most interesting, most important collections of United States coins ever assembled. Begun in the 1870s, before mintmarks became popular, the Childs Collection emphasizes dates. The collection is nearly complete by date from 1793 to the mid-20th Century, in denominations ranging from the half cent through $5 gold.
"The Childs 1804 dollar is a magnificent example of the world's most famous coin rarity," said PCGS President Richard S. Montgomery. "PCGS was thrilled to be chosen to certify this glorious, historic numismatic treasure." "This 1804 dollar is an amazing specimen," said John Dannreuther, a founder of PCGS. "It's a 100% original coin, as perfect an early Proof coin as one could imagine. Although it is a mystery as to how the coin descended from the Sultan of Muscat, obviously the subsequent owners have treated the coin with the distinction befitting its title, 'the King of Coins.'" Collectors Universe Chairman and PCGS founder David Hall believes the Childs 1804 dollar could be the first U.S. coin to sell at auction for more than $2,000,000 and "could bring substantially more than that."
PCGS has also been selected to certify many of the magnificent Proof gold coins and other important numismatic gems from the Childs Collection scheduled to be auctioned August 29-30. All coins graded by PCGS will bear "The Childs Collection" pedigree upon each certificate issued.
Dexter/Dunham example in PCGS PR64
The rare coin auctions in October are nothing short of spectacular. Stack's 65th Anniversary Sale auction (October 17-19, 2000) includes one the most famous and valuable of all United States coins, the Dexter/Dunham example of the 1804 silver dollar. This magnificent coin is one of only eight originals struck in 1834 for presentation to diplomats and foreign dignitaries.
Of the eight original pieces struck, the specimen offered by Stack's is one of five held in private hands. The Professional Coin Grading Service (PCGS) certified it as Proof 64. Other originals that have come on the market in recent years include the Childs specimen (PCGS Proof 68 and sold by Bowers & Merena Galleries for a world record $4.14 million), the King of Siam example (PCGS Proof 65), and the Eliasberg example (also PCGS Proof 65).
The Dexter/Dunham 1804 dollar is surrounded in mystery. The coin was "discovered" in an auction in Berlin, Germany, in 1884. It is believed that the consignors were the Chapman brothers, prominent 19th and early-20th century coin dealers from the eastern United States. The Chapmans then auctioned the coin once again in 1885 and it was purchased for the collection of James Dexter. Many years later the coin was in the famed Dunham collection. Either Dunham or Dexter counterstamped a tiny "D" on the second cloud from the right on the reverse of the coin. Who did it? Some researchers say it had to be Dunham. Others say it was absolutely Dexter. Either way, the "D" is there for numismatic posterity.
Parmelee/Reed Specimen of the 1804 Silver Dollar
The Mickley-Hawn-Queller piece in NGC PR62, sold for $3,737,500 on 04/16/08
Video of 1804 Queller Auction
The 1804 S$1 is currently not the most expensive American coin-merely the most famous. Possessing a long and historic provenance that extends back to noted 19th century collector Joseph J. Mickley, this coin, graded PR62 by NGC, is one of eight Original Class I 1804 silver dollars known today. Of those eight coins, only five are in private collections, with the remainder in institutional holdings.
The Heritage offering marks the first time a Class I Original 1804 dollar has appeared at auction in nearly a decade, since the PR64 Dexter-Dunham example brought $1,840,000 in the year 2000.
The 1804 silver dollar has long been renowned as the "King of American Coins." Well before such latter-day rarities as the 1913 Liberty nickels, the 1894-S Barber dimes, or the 1907 Ultra High Relief double eagles, the 1804 silver dollars were acknowledged as the most famous U.S. coins, yardsticks by which great American numismatic collections were measured.
Acquisition of an 1804 silver dollar-especially an Original or Class I example-bestows immediate numismatic immortality upon its possessor. The Class I Originals were legitimately struck in proof format at the U.S. Mint, apparently intended for presentation to foreign dignitaries. Some, however, soon found their way into commercial and collector channels. Their long and illustrious pedigrees have names tying them to foreign royalty, exotic destinations, captains of industry, and the luminaries of U.S. numismatics: the King of Siam, the Sultan of Muscat, Joseph J. Mickley, Matthew Stickney, Louis Eliasberg, John Work Garrett, Col. E.H.R. Green, Lorin G. Parmelee.
East View of Philadelphia, Pennsylvania, and part of Camden, New Jersey," ca. 1836
The first 1804 silver dollar to reach collectors' hands is also the first-and most famous-numismatic transaction that most American collectors know of: In 1843 collector Matthew Stickney traded the U.S. Mint a unique 1785 Immune Columbia cent overstruck on a 1775 British gold guinea, along with some other pieces, for an 1804 silver dollar. The Guide Book of United States Coins (Red Book) has included the story since its first edition was published in 1947, edifying generations of young U.S. collectors and providing the stuff of dreams.
Class I 1804 silver dollars have regularly set one coin auction record after another over the last century and a half. The present Mickley specimen brought the staggering sum of $750-a record for the entire 1860s-when legendary collector William A. Lilliendahl bought it from the 1867 W.E. Woodward sale. The second-highest auction price of the decade, from the same sale, was "only" $340 for an 1802 half dime, one of the most coveted American coin delicacies.
Class I 1804 dollars appear regularly in the top auction records for the ensuing decades, according to a March 2008 Coin Values compilation by P. Scott Rubin. Three of the top four auction records in the 1870s are for Class I 1804s-the first, second, and fourth spots. After the Class III Restrikes made their appearance around 1876, the Adams Class III Restrike sold by John Haseltine set the third-highest auction price for the decade.
In the 1880s the Chapman Brothers sale of the Dexter specimen marked the first time that a Class I 1804 dollar-and likely any other U.S. coin at auction-crossed the $1,000 threshold.
The trend for 1804 Class I Originals to break auction records continued. In 1890 the Parmelee specimen sold for $570, second for the entire decade only to the $900 that an incredibly rare 1822 half eagle (one of three known) brought. In 1907 the Stickney specimen took top honors for the 1900s, selling for $3,600.
1804 silver dollars marked new auction records all the way through the 1980s as prices rose steadily, first to five digits in the 1960s, then to the upper six-digit range by 1989, when the Dexter Class I Original sold for $990,000.
Poster circulated in Philadelphia in 1839 to discourage the coming of the railroad
More recently the prices for these most regal and renowned U.S. coins show no signs of slowing: In 1999 the fabulous Sultan of Muscat-Brand-Childs 1804 Class I silver dollar, the finest known and graded PR68 by PCGS, realized $4,140,000-a record price for a U.S. coin, one that stood for nearly three years and then exceeded only by the 1933 double eagle that sold in 2002 for $7,590,020.
Today of the top 10 auction price records as listed in the 2008 Guide Book, three are Class I Originals, including the piece just mentioned and the Stickney-Eliasberg and Dexter-Dunham specimens.
The present Heritage offering of the Mickley coin is exciting not only because it will almost certainly rank among the top auction price records, but also because it is the first auction of a Class I Original 1804 silver dollar in nearly a decade. Its long provenance from Joseph J. Mickley forward provides not merely a rich numismatic history, but a real sense of the history of numismatics itself.
The 1804 silver dollar has been the object of intense desire among American collectors for more than 150 years. Before the 1894-S dimes were struck, before the 1913 Liberty nickels appeared, and before President Franklin Roosevelt's gold recall set the stage for the 1933 double eagle to become America's most controversial coin, numismatists coveted the 1804 dollar. As a silver coin, it was a worthy collectible in the eyes of mid-19th century numismatists-an unparalleled challenge among American issues.
1834 Stock Certificate
In his 1999 volume The Rare Silver Dollars Dated 1804 and the Exciting Adventures of Edmund Roberts, Q. David Bowers wrote that soon after numismatics as an organized discipline blossomed in America in the late 1850s, collectors gravitated to certain issues: "By the early 1860s, specialists in the United States series were prepared to give the proverbial eyetooth for a splendid 1793 cent, or 1802 half dime, or 1804 silver dollar. By 1867 the 1804 silver dollar had become America's most famous, most discussed, most talked about rarity."
The Crowning of "The King"-Most Famous and Publicized U.S. Coin
Precisely when America's foremost coin garnered the accolade of "King" is lost to time. Two 1885 auction descriptions, however, set the latest limit. One notes that the usage had been around for at least a few years, suggesting an origin somewhere between the close of the Civil War and 1880.
What is certain is that the "King of American Coins" earned its title well before it had serious challengers. In the years since, the legend of the 1804 dollar has only grown. Even the Guide Book, which gives no special mention to the 1894-S dime and only a slender paragraph to the 1913 Liberty nickel, devotes a full page to what the 2008 edition describes as "one of the most publicized rarities in the entire series of United States coins."
The 1804 dollar is more than highly publicized, though. Rather, it is famous. For every nationwide numismatic advertisement, there have been thousands of casual notices, such as stories old-timers swap at local coin clubs about seeing an 1804 dollar in a museum. The 1804 dollar has attracted more scholarly attention than any other issue. They are the focus of countless articles, presentations, and even entire books, among them the seminal 1962 The Fantastic 1804 Dollar by Eric P. Newman and Kenneth Bressett, and the Bowers reference already cited.
The silver dollars dated 1804 have been displayed at various exhibitions including Las Vegas, Boston, Philadelphia, Colorado Springs, New York City, and Washington, D.C. As prices rose, so did media attention. When 1804 dollars sold in recent years, people worldwide learned of it on their local news. Although numismatists know of only 15 1804 dollars today, their lore has reached tens of thousands of collectors who have entertained dreams of someday seeing (or owning) an example.
Interior of the Hut of a Mandan Chief By Karl Bodmer Published in 1834 in Travel in the Interior of North America 1833-1834
1804 Dollar Owners Famous, Infamous, and Little-Known
Each of those collectors is another reason why the 1804 dollar holds so important a place in American numismatics, as are the fortunate individuals who have had the privilege to possess one. Few coins carry the sense of history the 1804 dollar does. The personalities who have come in contact with the pieces are an endless source of fascination. The Class I Original 1804 dollars, in particular, have long and interesting provenances, including stays in faraway destinations such as Muscat in present-day Oman and Bangkok in what is now Thailand, as well as domestic locales such as Denver and Omaha. Those provenances have also forged unexpected connections across time. The King of Siam specimen, which has perhaps the most varied and fascinating pedigree, links the mid-19th century royals of that Asian nation to numismatic personalities such as David F. Spink, Lester Merkin, and Iraj Sayah. As Bowers notes, some collectors' reputations-H.G. Brown, James Dexter, L.R. French, Jr., R.H. Mull, Percy Smith, and George Weingart-are based almost entirely on ownership of an 1804 dollar.
For many others, however, an 1804 dollar was part and parcel of a widely known, highly publicized collection or numismatic career. It is impossible to think of Virgil Brand, Amon Carter, Walter Childs, Louis Eliasberg, John Work Garrett, Col. E.H.R. Green, Reed Hawn, Joseph Mickley, or Lorin Parmelee without acknowledging the role an 1804 dollar played in making them coin legends.
While B. Max Mehl's frequent offerings of 1804 dollars make him the most prominent dealer involved with them, many other noted numismatists have handled an 1804 dollar as a career highlight. David Akers, Bowers, the Chapman brothers, Thomas Elder, Sol Kaplan, Abe Kosoff, Dwight Manley, Wayte Raymond, Warren Tucker, and Farran Zerbe are among the famous professionals appearing in the provenances of various pieces.
The institutions that own or have owned 1804 dollars have benefited from the generosity of wealthy collectors, and many others have gained from their display. The magnanimous gifts of the Du Pont family added 1804 dollars (and many other pieces) to the Smithsonian and ANA collections. The ANA Museum also exhibits an 1804 dollar donated by the Bebees. The American Numismatic Society received its specimen from the Chase-Manhattan exhibit originated by Farran Zerbe. In Omaha, Nebraska, the Durham Western Heritage Museum exhibits the Byron Reed Collection, willed to that city more than a century ago.
The Massachusetts Historical Society no longer has the 1804 bequeathed from the William Sumner Appleton estate-it deaccessioned it in 1970-but the community greatly benefited from its presence, and the proceeds from the sale of Appleton coins have helped the society record and preserve state history.
"Fort Pierre [South Dakota] and the Adjacent Prairie" by Karl Bodmer. Lithograph from Travels in the Interior of North America, 1832-1834
The Power of Provenance
In the October 1970 catalog in a section titled "J.J. Mickley and His Dollar," Stack's wrote eloquently of the power of provenance, noting that the new owner "will become part of a great line, not only of distinguished numismatists, but outstanding personalities as well." Interestingly, the buyer of the piece is unidentified, purchasing the coin from Stack's and later consigning it to the same firm for private treaty sale. Subsequent purchasers Reed Hawn and David Queller, however, figure prominently in its provenance.
The Stack's section on Mickley concludes, "While it is true that all the 1804 Dollars have an interesting past, it seems to us that this particular specimen has been more closely connected with the history of our national coinage, and the best traditions of collecting in the past, than most. The pedigree of this piece gives it a special personality all its own."
Three collectors later, its provenance seems even more alive with history, and should the next owner desire it, that person can enjoy lasting numismatic fame.
Limited Market Availability of 1804 Silver Dollars
The 1804 dollars possess an unmatched mystique, combining legendary names of the past with absolute rarity. For all the questions surrounding the 1804 dollar in its various incarnations, it remains a numismatic icon. Even though a handful of U.S. coins have smaller mintages or fewer known specimens, each 1804 dollar in the three classes-15 in all-is extremely rare. The Newman-Bressett Class I coins, corresponding to the "originals" in other references, number only eight pieces, while only six Class III examples ("restrikes") are traced today. The Class II, "plain-edged restrike," is known only through history and a single surviving specimen in the Smithsonian, and as such is noncollectible.
Several Class I pieces are similarly inaccessible to eager potential buyers. Among the eight Class I dollars, just five are in private collections, with three in institutions due to the Byron Reed bequest of the Parmelee example to the City of Omaha, the Mint Cabinet-Smithsonian piece, and the Du Pont donation of the Cohen coin to the ANA.
Three of the six known Class III examples are also unobtainable: the Linderman-Smithsonian specimen, the Idler-ANA coin, and the ANS-Ellsworth piece. Such donations allow numismatists to see multiple examples of the famous 1804 dollar, while simultaneously complicating their efforts to own one. Museums have been known to divest themselves of coins-the present Mickley-Hawn-Queller piece was sold on behalf of the Massachusetts Historical Society after 65 years at that institution-but it is highly unlikely that an organization of national importance, such as the Smithsonian or ANA, would sell an 1804 dollar.
Certain U.S. issues are known to have smaller surviving populations today. The mysterious Liberty nickels dated 1913, the 1885 Trade dollar proofs, and the singular 1870-S half dime and three dollar gold are examples. Still, as previously noted, the 1804 dollar was well-recognized as a rarity before any of those coins were struck. Numismatists of the 19th century knew of fewer examples than do contemporary numismatists. The Mint Cabinet, Stickney, and Mickley specimens were at the forefront of collectors' minds in the mid-19th century, but the King of Siam piece was a mid-20th century revelation, one that caught even Eric Newman and Kenneth Bressett by surprise as they wrote The Fantastic 1804 Dollar. The scandalous debut of the Class II pieces led their creators to keep the clandestine Class III coins off the market until at least the early 1870s.
The emergence of new examples did not negatively affect prices or the passion of collectors for the 1804 dollar. While the academic side of numismatics has sometimes harshly criticized the pieces in general, the 1804 dollars have never lacked willing buyers. In the 21st century collector enthusiasm has flourished for these famous, important numismatic delicacies. Heritage's offering of the Mickley-Hawn-Queller Class I Original 1804 silver dollar will give prospective bidders an opportunity to acquire one of the world's most legendary coins.
Deep silver-gray patina covers the surfaces of this attractive coin. Closer examination reveals subtle iridescence and strong undercurrents of golden-tan patina. The left obverse field shows a strong element of bold blue, and areas of dusky pewter-gray appear around the peripheral devices. Minor, scattered contact marks are present on the obverse, though only a few of them would attract attention if this were a circulation strike. They appear in pairs, two on Liberty's cheek and two to the left of the hollow of Liberty's neck.
On the reverse, three reeding marks appear in the field between the shield and the olive branch, and a few smaller points of contact are present elsewhere in the fields. Such minor flaws are consistent with the belief that a teller at the Bank of Pennsylvania, Henry C. Young, found the coin mixed with others in a deposit sometime in the early 1850s. Both sides are luminous beneath the patina with a distinct, glossy sheen. Slight striking softness at the uppermost parts of the design and the star centers is consistent with other examples of Original or Class I 1804 dollars. A thin die crack-one that is present on both Original and Restrike pieces-passes across the tops of stars 5 through 7 and all but the last letter of LIBERTY.
The lettering on the edge is "crushed," the result of a lettered-edge planchet entering a press with a smooth collar. The strike squeezed and distorted the edge design, rendering many letters unreadable-a distinctive diagnostic for the Class I 1804 dollars. The coin's holder precludes viewing of this detail, but Bowers describes it in The Rare Silver Dollars Dated 1804 and the Exciting Adventures of Edmund Roberts, which was published before this piece's encapsulation.
Researchers and catalogers over the past 50 years have graded this coin as PR50 (Bowers, 1999) and "very nearly Uncirculated" (Newman-Bressett, 1962). Stack's, despite selling this specimen twice at auction, opted not to grade the coin. Instead, it reprinted the Newman-Bressett assessment in its catalogs for both the Massachusetts Historical Society Sale (1970) and the Reed Hawn Collection Sale (1993).
The NGC-certified present grade, PR62, does not affect the coin's consensus ranking among the eight Class I or Original 1804 dollars. The Mickley-Hawn-Queller piece, as the pedigree on the NGC holder states, is superior to the Mint Cabinet specimen and the Cohen coin, but does not rate as highly as the Sultan of Muscat, King of Siam, Stickney, Dexter, or Parmelee examples. While this specimen is not the finest known 1804 dollar, the Class I issue is so rare and famous that the relative ranking of a particular survivor diminishes in importance.
Washington DC in 1834
Aside from the two Stack's sales, this specimen's only other auction appearance took place in the 19th century, when W. Elliot Woodward offered it in October 1867 on behalf of Joseph Mickley. The first part of its lot description reads: "This piece is regarded by all American collectors as the gem of Mr. Mickley's collection. It has been in circulation, but it is still in the finest condition, retaining its brilliancy of surface, and being entirely uninjured." Woodward then goes on to recount the coin's (brief) history to that time, including its purported discovery at the Bank of Pennsylvania and its status as one of only two Class I (to use a modern term) 1804 dollars known at that time.
The importance of this opportunity to acquire an 1804 dollar-the first 1804 dollar of any variety to appear at auction since 2003-cannot be overstated. No Class I Original example has sold at auction since 2000. Private transactions are infrequent at best, with only five Originals available to individuals and most tightly held in private collections. At one point this specimen was off the market for more than a century, and since 1970 more than a decade has passed between its auction appearances. A second chance to purchase this historic coin, widely proclaimed as the "King of American Coins," may be years or even generations away.
Ex: Chief Coiner Adam Eckfeldt; unknown intermediaries; Henry C. Young, a teller at the Bank of Pennsylvania (c. 1850); Joseph J. Mickley (c. 1858); Joseph J. Mickley Collection (W. Elliot Woodward, 10/1867), lot 1676, $750; William A. Lilliendahl; Edward Cogan; William Sumner Appleton (c. 1868); Appleton estate; Massachusetts Historical Society (1905); Property of the Massachusetts Historical Society (Stack's, 10/1970), lot 625, $77,500; Chicago collection; Reed Hawn, via Stack's (1974); Reed Hawn Collection (Stack's, 10/1993), lot 735, $475,000; David Queller; Queller Family Collection.
The Dollar of 1804, Printer's Proof Illustrating "Certificates of Genuineness" and other Important Documents
Dexter Adds to 1804 Dollar Legend by Creating Documentary Works of Art to Celebrate His Genuine 1804 Dollar!
Upon settling his suit against S.H. and H. Chapman over the authenticity of his 1804 dollar, James V. Dexter's lawyer, Thomas DeWitt Cuyler, wrote to him on February 15th, 1887:
"Dear Sir:
Dexter vs Chapman.
I beg to say that acting upon your instructions I have discontinued the above suit after taking certificates from Col. Snowden and the Officials of the Mint that the coin is genuine. These certificates are strong and very valuable as to the value of the coin when it is considered that they come from entirely disinterested sources....
...Of course you will still hear adverse criticism of the coin but in such a matter all will never be convinced and my advice to you would be to dismiss the attacks upon the dollar from your mind and insist in view of the examinations made and the certificates that you have a genuine coin beyond question."
Obviously, Dexter took that advice to heart and celebrated his landmark victory in establishing the genuineness of the 1804 Dollar! That same year, 1887, he commissioned artist Charles Stoll to create a documentary work of art exhibiting "The Dollar of 1804." It's an attractive and colorful rendering that very accurately details both sides of the original coin, housed in its colorful display case. The famous "disappearance" story of the 1804 Dollar believed at the time is featured in beautiful hand-lettering below the illustration of the coin.
The 1887 hand drawn copies of the original Certificates of Genuineness obtained from the U.S. Mint by J.V. Dexter appear in the left and right center positions, the copy of the third Certificate appears in the lower center position. The original Certificates passed along with the 1804 Dollar to all owners subsequent to Dexter, until the 1980's when they were misplaced. This is the only original 1887 record of those Certificates known to exist!
The other hand-drawn copies of documents featured include a hand-written letter from J.W. Scott, who represented Dexter at the auction where the 1804 Dollar was purchased. This is located in the upper left and right. In the upper center is a copy of a letter from S.H. & H. Chapman guaranteeing the 1804 Dollar to be "genuine and as described in the catalog." Finally, in the lower left and lower right is a very accurate copy of the four pages of the 1885 Chapman auction catalog describing the 1804 Dollar bought by J.V. Dexter. The seemingly blank page in the lower right is a plate illustrating silver dollars offered in the sale, including the 1804 Dollar, which are illustrated by circles in the reproduction.
Characteristics That Distinguish 1804 Dollars from Silver Dollars of Other Dates
There are Three Varieties of 1804 Dollars Called Classes. ~ Class I, II and III
All three Classes of the 1804 Dollar were coined using the same obverse (front) die. The Class II and Class III dollars were struck using a different reverse die than used for the Class I dollars, but it's the same die used for both of those coins. Thus, there are just two known die combinations (matings).
The same reverse die used in making the Class I 1804 Dollars was also used to coin the proof dollars dated 1801, 1802 and 1803. Proof coins, if you're not familiar with the term, can be thought of as presentation coins. The dies used to make them are highly polished, creating mirror-like surfaces on the coins. The coinage blanks are also cleaned and polished and are given more than one striking which results in extra sharp details. The term "proof" refers to a method of manufacture, not condition, as many people think.
The reverse die used for the Class II and the Class III 1804 Dollars is not known to be used for silver dollars of any other date. The distinguishing charteristic for differentiating these two classes, which were made from the same obverse and reverse dies, is that the only known Class II dollar has a plain smooth edge, whereas all other known 1804 dollars have a lettered edge, reading "HUNDRED CENTS ONE DOLLAR OR UNIT." The words are interspersed with stars and symbols. This edge lettering, which appears on the Class III 1804 Dollars, is believed to have been added several years after the year in which they were believed to have been coined, which is 1858. Today our coins have "reeded" edges. Take a look at your change.
Primary Obverse Details are the Same for all Three Classes
The "4" in the date has no vertical crosslet or serif on its right extension. The "4" has a horizontal base at its bottom. The little "beads" around the edge, called dentils, are raised and rounded, whereas on other silver dollars of that era they are smooth and extend a little further out into the "field" of the coin. The border around the rim is distinctively raised and flat. The back curl of hair near the center top of the head is missing because of a defective punch used to make the die for the coin. There is also a long die break on the obverse of the Class I dollar, evidenced by a slight raised ridge, extending from the top of the left star across the top of the letters "LIBERTY" all the way to the "Y".
The edge lettering on all 1804 Dollars of Class I and III have major defects (the only known Class II 1804 Dollar has a plain smooth edge). Some, and probably all, 1804 Dollars of each Class were manufactured as proofs. Some have been harshly cleaned or have wear on the surfaces making it difficult to distinguish proof characteristics. Proof coins from the U.S. Mint were first produced in 1817 meaning the 1801, 1802, 1803 and 1804 dated proof dollars were coined after that time.
Reverse Characteristics of 1804 Dollars
On the reverse of the Class I dollars, the first "S" in the word "STATES" straddles the first two clouds. On the reverse of the other two Classes that "S" is positioned entirely over the first cloud. The "O" in the word "OF" on the reverse of the Class I dollar is positioned entirely over the second to the last cloud, while on the reverses of the other two classes it straddles the last two clouds. Each Class II and Class III 1804 Dollar has a partially doubled image on the reverse indicating movement of the reverse die when the coins were struck. The Class II and Class III dollars were also struck more sharply than the Class I 1804 dollars. Softness can readily be seen in several details of the Class I dollars. For example, some of the stars on both sides exhibit flattening, as do some of the hair curls, lettering, and eagle feathers.
An interesting curiosity appears on the Dexter specimen of the 1804 Dollar. Take a look at the second cloud from the right on the reverse. Because of the lack of clarity in this illustration, all you may see is a dot, but someone counterstamped the coin with a "D." Presumably it was done by Dexter, however, it could have been done by Dunham, a subsequent owner.
J. V. Dexter
1884 Adolph Weyl Auction Catalog
Dexter Brought Suit Against the Chapmans ~ Settles for "Certificates of Genuineness" from U.S. Mint Officials
James Vila Dexter bought his 1804 Dollar from an auction of The Chapman Collection, May 14th and 15th, 1885 in Philadelphia. S.H. and H. Chapman claim they purchased this rarity for $216 on October 13th, 1884 from an auction by Adolph Weyl in Berlin, Germany. The catalog did offer an 1804 Dollar for sale, as verified by the photo of the coin on its front page and the catalog description inside. But some numismatists question whether it's the same 1804 Dollar the Chapmans sold to Dexter in their auction the following year. The coin is listed as lot 159 in the Weyl catalog.
Even though skeptics doubt it's the same coin Dexter actually bought from the Chapmans, this catalog, which recently surfaced in 1996 and is only one of two known, shows there is a resemblance between the photograph and the "Dexter Dollar". The photograph is of poor quality, but upon careful scrutiny, every detail resembles the Dexter Dollar. Softly struck areas compare identically, and a tell-tale minute nick on the first hair strand by the shoulder appears on both coins. However, in the Weyl photograph, minute rough spots appear around some of the details, such as letters, and a tiny die crack shows as a small raised ridge off the front of the bust. Eric Newman and Ken Bressett, in their book, The Fantastic 1804 Dollar, state they believe the photograph was actually taken of an "electrotype", which is a copy made of the real coin.
Noted authorities Q. David Bowers and Ken Bressett examined this catalog for the very first time at the American Numismatic Association convention in Cleveland, Ohio in March, 1997. They both concluded that the photograph of the 1804 Dollar in the Weyl catalog was actually of a plaster cast of the coin.
A short description (in German) in the Weyl catalog states that the coin shown in the photo is an exact replication of Lot No. 535 of the Cohen Collection auctioned in New York in 1875. However, the 1804 dollar known as the Cohen specimen, is much lower in condition than the mint state Dexter specimen. The Cohen coin is quite worn, grading Very Fine. Today the Cohen 1804 dollar is on exhibit at the American Numismatic Association Museum in Colorado Springs, Colorado.
With that background in mind, on July 29th, 1885 Ed Frossard, a prominent coin dealer from Irvington-on-Hudson, New York wrote to J.V. Dexter:
"In reply to your favor of this day, making some inquiries concerning the 1804 dollar bought by you through Mr. Scott at Chapman Bros. Phila. sale, I beg say: That although I knew that Mr. Weyl, Berlin, Prussia would not at the time of his sale guarantee the 1804 dollar he sold & which Chapman Bros. claim to have bought there, I was, in my own mind, convinced, until the moment I saw the dollar at Phila. that it must be a rare find from Europe etc (see article March Numisma herewith sent)"
"As soon as I saw the piece I decided in my mind that it must be a restrike and that opinion I now entertain. On the day succeeding the sale of the Chapman's 1804 Dollar I had personal interviews with the director of the U.S. Mint & two well trusted coin dealers & from what all said, though they did not agree on every point, I have not the slightest doubt now & have not had since my visit at Phila. that the 1804 dollar in question was struck by parties who borrowed the old 1804 dies at the Mint and restruck a number of dollars of which this is unquestionably one using old U.S. silver dollars with lettered edge as planchets, so as to preserve the lettered edge, characteristic of the early issues."
"From a well-known dealer, a man of the highest integrity of character (who would never touch or buy one) the fact was elicited that from 25 to 100 had been struck, and that as many as 4 were offered to him at one time, I think he said @ $25.- but as stated above, he would not buy. I will further state that the names of the parties who struck these dollars are known & that the fact of their having been struck must in my opinion have been known to the Chapman Bros."...
..."Excuse haste of this, but I hope that I have made myself understood as condemning the 1804 dollar as bought by you, as far as being an issue of 1804. It is a restrike from (probably) recut dies made in 1868 or 1869 & could easily be proved to be such in a Court of Justice."
J.V. Dexter took Frossard's advice and brought suit against the Chapmans the following year to force them to back up their guarantee that the coin is genuine. He hired a Philadelphia lawyer, Thomas DeWitt Cuyler, and put up money to cover costs. Both sides assembled witnesses and the trial was scheduled for February 14th, 1887.
Attorney Cuyler wrote Dexter on January 15th, 1887:
"...I have had a talk with Col Snowden and the result has an important bearing on the case. He states he will sware that the dollar is genuine and that the three government experts employed at the Mint for such purposes will also so swear at the trial. Now Col Snowden has been chief coiner of the Mint for twenty years and the others named have been also there for a long period. I cannot help but feel that the practical effect of their testimony would be to give a verdict for the defendent. Our testimony consists chiefly of dealers who are more or less interested and which would have but little weight against such evidence as above mentioned. To be sure a verdict for the defense would establish the genuiness [sic] of the dollar so far as a jury trial can. But would this be the most satisfactory way of so establishing it. Would not any dealer or expert in coins insist in examining the evidence upon which the jury based their verdict and then drawing his own conclusion. On the other hand would not a certificate from such an authority as Snowden and the other experts be of much more value than any verdict...I am not satisfied of the wisdom of trying such a case before a jury."
An interesting comment regarding the importance of this case is found in a February 4th, 1887 letter to Dexter from Mr. Bromley of Attorney Cuyler's office:
"The case however is now generally known as pending throughout the Numismatic world and while the result will depend upon the finding of a jury, whatever the result may be, there can be no question but that the coin will be made famous."
As the trial date approached, Dexter and his attorney had to decide whether to accept Certificates of Genuineness from officials of the Philadelphia Mint or to proceed with the trial. The following telegraph sent just days before the scheduled trial shows they were still undecided.
On February 15th, 1887, the day after the scheduled trial, Cuyler wrote Dexter regarding settlement of the case:
"I beg to say that acting upon your instructions I have discontinued the above suit after taking certificates from Col Snowden and the Officials of the Mint that the coin in genuine. These certificates are strong and very valuable as to the value of the coin...I believe you have arrived at a very wise solution of the matter."
Three certificates were obtained from four Philadelphia Mint officials:
Col. A. Loudon Snowden, Register, Chief Coiner and Superintentent of the U.S. Mint from May 7, 1857 through July 1, 1885. His certificate signed February 10th, 1887.
Jacob B. Eckfeldt, Curator and Assayer of the Mint, and R.A. McClure, Curator of the U.S. Mint collection. They signed the same certificate, dated February 11th, 1887.
Patterson DuBois, Assistant Assayer of the Mint. He signed his certificate February 14th, 1887.
All three "Certificates of Genuineness" used similar language. They stated that Mr. Dexter's 1804 Dollar resembles in all details the 1804 Dollar in the Mint collection which has always been considered genuine. Snowden went one step further than the others stating that these dollars were coined in the year 1804, even though he must have known the truth! It's curious to note that he also stated in his 1887 certificate that the 1804 Dollar in the Mint collection has been held by the Mint for more than forty five years. That means at least since 1842!
King of Siam Proof Set
Only the silver dollar, center, and the ten dollar gold piece, upper right are dated "1804." Each of the other coins are dated "1834," the date of authorization of this diplomatic gift set of U.S. coins. The coin collecting public first learned of the existence of this set in 1962, at the American Numismatic Association convention. When found, the set was missing the half dime and the five dollar gold piece.
Producing Coin Blanks or Planchets from Cutting Machine
1804 Dollar Mystery Solved!..., Why and When Were These Coins Minted? What Happened to the 19,570 Silver Dollars Officially Minted in 1804?
The U.S. Mint was established in 1792 in Philadelphia. It began producing regular issue coinage the following year, but not silver dollars. They were first coined in 1794. Although 1794 silver dollars are rare, these early dollars dated "1794" through "1803" can readily be found in the marketplace today. No silver dollars were minted for general circulation from 1805 through 1835.
Why then do coin collectors know of only fifteen examples of 1804 silver dollars while U.S. Mint records report that 19,570 silver dollars were coined in that year?
One explanation is portrayed in a documentary work of art, entitled "The Dollar of 1804," which was created in about 1887 for James V. Dexter, who had recently purchased an 1804 Dollar. It tells of a disappearance story, which is not true, but commonly believed in those days:
"Of this Dollar, according to returns of the United States Mint Records, 19,570 pieces were struck, and, with the exception of a few, were all exported to Africa to pay the Sailors and Soldiers engaged in the War against Tripoli."
The story goes on to describe a shipwreck, captured Americans, and a thousand mile march across a desert, finishing with:
"To pay the expenses of this little army of mounted Arabs and seventy American Seamen these 1804 Dollars were shipped to the Coast of Africa, and only few of them, if any, were brought back by the returned Victors."
Little was known in the 1880's about how and why silver dollars dated "1804" were minted. Today this history can be found in many places. Of course, the most complete explanation is the subject of an entire book, The Fantastic 1804 Dollar, written in 1962 by Eric P. Newman and Kenneth E. Bressett. It's a landmark book on this subject, taking us through the history of the 1804 Dollar in a logical step-by-step progression.
Dies
Silver dollars dated "1804" were struck at the U.S. Mint in Philadelphia, but not in the year 1804. There were 19,570 silver dollars minted during the first three months of 1804, but they were dated "1803" or earlier. It was the practice of the Mint to continue using dies from previous years if their condition was acceptable for producing quality coins. Then, if silver dollars dated "1804" were struck at the U.S. Mint, when and why were they made?
In 1834 the U.S. Department of State wanted diplomatic gifts to present to the King of Siam and the Sultan of Muscat in recognition of trade treaties worked out with those two countries. President Jackson directed that a complete set of coins of the United States be assembled for presentation to each leader. They were to be housed in wooden boxes covered with morocco leather.
Of course the coins were to be attractive and in "mint condition." However, not all denominations of coins struck at the U.S. Mint were in production in 1834. The silver dollar and ten dollar gold coin hadn't been produced for many years. In checking mint records it was found that the last year in which both coins were struck was 1804. New dies were produced bearing those dates, and the Dollar of 1804 was created!
For a look at the beautiful King of Siam proof set housed in its original display case trimmed with morocco leather, check out this Web site's page on the King of Siam Proof Set. This important set of coins was thought to have been just a rumour until it surfaced at the 1962 convention of the American Numismatic Association. The Muscat set of coins was split up, the whereabouts of its display case is unknown today, if it exists at all.
The late 1834 to early 1835 period wasn't the last time silver dollars dated "1804" were struck at the U.S. Mint. Some years later a few Mint employees used old dies to strike unauthorized coins and medals to sell to collectors for personal profit! Among them were several silver dollars dated "1804," which were actually struck in the year 1858. We know this because the only known Class II 1804 Dollar was struck over an 1857 Swiss Shooting Thaler, a silver dollar sized coin, and a few silver dollars dated "1804" got out of the mint in 1858.
Personal profit wasn't the only reason previously issued coins and medals were struck, however. The U.S. Mint was building its own collection of coins it issued. Many of the coins recreated were used to trade for other coins the Mint collection didn't possess.
In conclusion, U.S. silver dollars dated "1804" were minted by the U.S. Mint, however they were not created in the normal course of business. They're fabrications created many years later than dated. But, in spite of its origins, the 1804 Dollar is one of the most desirable U.S. coins, and it continues to set price records when an example comes on the market!
A Listing of Every Known Specimen of the 1804 Dollar
Varieties of 1804 Dollars, Known as Classes
There are three known Classes of 1804 dollars:
Class I: Known as Originals ~ Eight specimens known.
Class II: Known as Restrike ~ Only example one is known, plain edge.
Class III: Known as Restrikes ~ Six specimens known.
Class I:
The U.S. Mint Specimen
This dollar was retained by the U.S. Mint as part of the U.S. Mint Collection of coins. It is now part of the National Coin Collection held by the Smithsonian Institution.
2. The Stickney Specimen
This is the only 1804 Dollar to have left the Mint, as all have with the exception of the above mentioned coin, that is pedigreed right back to the U.S. Mint in Philadelphia. The existence of silver dollars dated "1804" first became known to coin collectors in the book published in 1842, A Manual of Gold and Silver Coins of All Nations, Struck Within the Past Century. On May 9th, 1843, Matthew Adams Stickney, a famous collector from Salem, Massachusetts, visited the Mint and traded a one-of-a-kind gold coin for this dollar.
The Cohen/ANA Specimen
This specimen was reported to have been received over the counter at the exchange office of Edward Cohen in Richmond, Virginia in 1865. It shows circulation wear, grading Very Fine. It was once held in the collection of Willis H. duPont, which was stolen in October, 1967. Recovered in April, 1993, the coin has been donated to the American Numismatic Association, and is currently on display at the ANA Museum in Colorado Springs, Colorado.
The Mickley/Reed/Hawn Specimen
Joseph J. Mickley was an early collector along with Matthew A. Stickney. He reportedly obtained this dollar from the Bank of Pennsylvania, where it was to have been received over the counter at face value by a teller in about 1850.
The Parmelee Specimen
An unknown lady supposedly purchased this specimen from the U.S. Mint for face value during the administration of President James K. Polk, 1845-1849. It was held in the Lorin G. Parmelee collection from 1874-1890. Byron Reed of Omaha, Nebraska purchased in from the Parmelee Collection sale in 1890. It was held in the Omaha Public Library collection from 1891 until the 1980's when it was transferred to the Western Heritage Museum of Omaha.
The Dexter Specimen
The "Dexter Dollar" is named after James Vila Dexter of Denver, Colorado who purchased the coin from the Chapman Collection sale in 1885. This coin's fame stems from a landmark lawsuit filed in 1886 in Philadelphia to prove its authenticity. The suit was settled by U.S. Mint officials giving Dexter "Certificates of Genuineness" stating the coin is a genuine silver dollar made at the U.S. Mint. Dexter's dollar and settlement were celebrated by the creation of a beautiful work of art in 1887.
The Watters Specimen
This coin is named after C.A. Watters of Liverpool, England. It was sold with the collection of the Watters estate in 1917 in England, which included proof coins of 1834. It is believed to be from the Imaum of Muscat 1834 proof set, which is similar to the Siam set mentioned below.
The King of Siam Specimen
This 1804 Dollar is part of a set of 1834 proof coins created as a diplomatic gift for the King of Siam, authorized in 1834. These diplomatic gifts were the reason 1804 dollars were created, 1804 being the last year silver dollars were struck prior to 1834, according to Mint records. Unknown to the minters, those silver dollars struck in 1804 were actually dated 1803, as the old dies were reused early in 1804.
Class II:
The U.S. Mint Specimen
This coin, struck in about 1858 over a Swiss Shooting Thaler dated 1857, is part of the National Coin Collection held by the Smithsonian Institution. It is thought to have been part of the Mint collection from the time of its striking. Five dollars are believed to have been struck, three were melted, leaving one unaccounted for, so this is the only Class II 1804 Dollar known to exist. This coin was made using the same reverse die as used for the Class III dollars, which is a different die than used for the Class I dollars. It differs from the Class III dollars in that no lettering was put on the edge. It has a plain edge.
Class III
10. The Berg Specimen
The Adams/Carter Specimen
12. The Davis Specimen
The Linderman/DuPont Specimen
14. The Rosenthal Specimen
The Idler/Bebee Specimen
Pedigree information is from the book, The Fantastic 1804 Dollar, 1962, by Eric P. Newman and Kenneth E. Bressett, and the book, Silver Dollars and Trade Dollars of the United States A Complete Encyclopedia, 1993, by Q. David Bowers
Sources: PCGS, Heritage, 1804dollar.com, coinresource
I hope you enjoy this journey as much as I did:Finest Known 1804 Silver Dollar Graded PR68 By PCGS
Press Release - July 8, 1999
The famous Childs specimen of the 1804 Silver Dollar has been graded PR68 by Professional Coin Grading Service (PCGS). The coin will be auctioned by Bowers and Merena when the entire Childs collection is sold at a public auction in New York City August 29-30, 1999. The last time an 1804 silver dollar sold at auction was when Bowers and Merena auctioned the Eliasberg Specimen (graded PR65 by PCGS) for $1,815,000 in April, 1997.
The Childs coin was originally presented to the Sultan of Muscat on October 1, 1835 by a special agent of President Andrew Jackson. Later it was owned by Virgil Brand and the Walter H. Childs family. The Childs Collection is one of the most incredible, most interesting, most important collections of United States coins ever assembled. Begun in the 1870s, before mintmarks became popular, the Childs Collection emphasizes dates. The collection is nearly complete by date from 1793 to the mid-20th Century, in denominations ranging from the half cent through $5 gold.
"The Childs 1804 dollar is a magnificent example of the world's most famous coin rarity," said PCGS President Richard S. Montgomery. "PCGS was thrilled to be chosen to certify this glorious, historic numismatic treasure." "This 1804 dollar is an amazing specimen," said John Dannreuther, a founder of PCGS. "It's a 100% original coin, as perfect an early Proof coin as one could imagine. Although it is a mystery as to how the coin descended from the Sultan of Muscat, obviously the subsequent owners have treated the coin with the distinction befitting its title, 'the King of Coins.'" Collectors Universe Chairman and PCGS founder David Hall believes the Childs 1804 dollar could be the first U.S. coin to sell at auction for more than $2,000,000 and "could bring substantially more than that."
PCGS has also been selected to certify many of the magnificent Proof gold coins and other important numismatic gems from the Childs Collection scheduled to be auctioned August 29-30. All coins graded by PCGS will bear "The Childs Collection" pedigree upon each certificate issued.
Dexter/Dunham example in PCGS PR64
The rare coin auctions in October are nothing short of spectacular. Stack's 65th Anniversary Sale auction (October 17-19, 2000) includes one the most famous and valuable of all United States coins, the Dexter/Dunham example of the 1804 silver dollar. This magnificent coin is one of only eight originals struck in 1834 for presentation to diplomats and foreign dignitaries.
Of the eight original pieces struck, the specimen offered by Stack's is one of five held in private hands. The Professional Coin Grading Service (PCGS) certified it as Proof 64. Other originals that have come on the market in recent years include the Childs specimen (PCGS Proof 68 and sold by Bowers & Merena Galleries for a world record $4.14 million), the King of Siam example (PCGS Proof 65), and the Eliasberg example (also PCGS Proof 65).
The Dexter/Dunham 1804 dollar is surrounded in mystery. The coin was "discovered" in an auction in Berlin, Germany, in 1884. It is believed that the consignors were the Chapman brothers, prominent 19th and early-20th century coin dealers from the eastern United States. The Chapmans then auctioned the coin once again in 1885 and it was purchased for the collection of James Dexter. Many years later the coin was in the famed Dunham collection. Either Dunham or Dexter counterstamped a tiny "D" on the second cloud from the right on the reverse of the coin. Who did it? Some researchers say it had to be Dunham. Others say it was absolutely Dexter. Either way, the "D" is there for numismatic posterity.
Parmelee/Reed Specimen of the 1804 Silver Dollar
The Mickley-Hawn-Queller piece in NGC PR62, sold for $3,737,500 on 04/16/08
Video of 1804 Queller Auction
The 1804 S$1 is currently not the most expensive American coin-merely the most famous. Possessing a long and historic provenance that extends back to noted 19th century collector Joseph J. Mickley, this coin, graded PR62 by NGC, is one of eight Original Class I 1804 silver dollars known today. Of those eight coins, only five are in private collections, with the remainder in institutional holdings.
The Heritage offering marks the first time a Class I Original 1804 dollar has appeared at auction in nearly a decade, since the PR64 Dexter-Dunham example brought $1,840,000 in the year 2000.
The 1804 silver dollar has long been renowned as the "King of American Coins." Well before such latter-day rarities as the 1913 Liberty nickels, the 1894-S Barber dimes, or the 1907 Ultra High Relief double eagles, the 1804 silver dollars were acknowledged as the most famous U.S. coins, yardsticks by which great American numismatic collections were measured.
Acquisition of an 1804 silver dollar-especially an Original or Class I example-bestows immediate numismatic immortality upon its possessor. The Class I Originals were legitimately struck in proof format at the U.S. Mint, apparently intended for presentation to foreign dignitaries. Some, however, soon found their way into commercial and collector channels. Their long and illustrious pedigrees have names tying them to foreign royalty, exotic destinations, captains of industry, and the luminaries of U.S. numismatics: the King of Siam, the Sultan of Muscat, Joseph J. Mickley, Matthew Stickney, Louis Eliasberg, John Work Garrett, Col. E.H.R. Green, Lorin G. Parmelee.
East View of Philadelphia, Pennsylvania, and part of Camden, New Jersey," ca. 1836
The first 1804 silver dollar to reach collectors' hands is also the first-and most famous-numismatic transaction that most American collectors know of: In 1843 collector Matthew Stickney traded the U.S. Mint a unique 1785 Immune Columbia cent overstruck on a 1775 British gold guinea, along with some other pieces, for an 1804 silver dollar. The Guide Book of United States Coins (Red Book) has included the story since its first edition was published in 1947, edifying generations of young U.S. collectors and providing the stuff of dreams.
Class I 1804 silver dollars have regularly set one coin auction record after another over the last century and a half. The present Mickley specimen brought the staggering sum of $750-a record for the entire 1860s-when legendary collector William A. Lilliendahl bought it from the 1867 W.E. Woodward sale. The second-highest auction price of the decade, from the same sale, was "only" $340 for an 1802 half dime, one of the most coveted American coin delicacies.
Class I 1804 dollars appear regularly in the top auction records for the ensuing decades, according to a March 2008 Coin Values compilation by P. Scott Rubin. Three of the top four auction records in the 1870s are for Class I 1804s-the first, second, and fourth spots. After the Class III Restrikes made their appearance around 1876, the Adams Class III Restrike sold by John Haseltine set the third-highest auction price for the decade.
In the 1880s the Chapman Brothers sale of the Dexter specimen marked the first time that a Class I 1804 dollar-and likely any other U.S. coin at auction-crossed the $1,000 threshold.
The trend for 1804 Class I Originals to break auction records continued. In 1890 the Parmelee specimen sold for $570, second for the entire decade only to the $900 that an incredibly rare 1822 half eagle (one of three known) brought. In 1907 the Stickney specimen took top honors for the 1900s, selling for $3,600.
1804 silver dollars marked new auction records all the way through the 1980s as prices rose steadily, first to five digits in the 1960s, then to the upper six-digit range by 1989, when the Dexter Class I Original sold for $990,000.
Poster circulated in Philadelphia in 1839 to discourage the coming of the railroad
More recently the prices for these most regal and renowned U.S. coins show no signs of slowing: In 1999 the fabulous Sultan of Muscat-Brand-Childs 1804 Class I silver dollar, the finest known and graded PR68 by PCGS, realized $4,140,000-a record price for a U.S. coin, one that stood for nearly three years and then exceeded only by the 1933 double eagle that sold in 2002 for $7,590,020.
Today of the top 10 auction price records as listed in the 2008 Guide Book, three are Class I Originals, including the piece just mentioned and the Stickney-Eliasberg and Dexter-Dunham specimens.
The present Heritage offering of the Mickley coin is exciting not only because it will almost certainly rank among the top auction price records, but also because it is the first auction of a Class I Original 1804 silver dollar in nearly a decade. Its long provenance from Joseph J. Mickley forward provides not merely a rich numismatic history, but a real sense of the history of numismatics itself.
The 1804 silver dollar has been the object of intense desire among American collectors for more than 150 years. Before the 1894-S dimes were struck, before the 1913 Liberty nickels appeared, and before President Franklin Roosevelt's gold recall set the stage for the 1933 double eagle to become America's most controversial coin, numismatists coveted the 1804 dollar. As a silver coin, it was a worthy collectible in the eyes of mid-19th century numismatists-an unparalleled challenge among American issues.
1834 Stock Certificate
In his 1999 volume The Rare Silver Dollars Dated 1804 and the Exciting Adventures of Edmund Roberts, Q. David Bowers wrote that soon after numismatics as an organized discipline blossomed in America in the late 1850s, collectors gravitated to certain issues: "By the early 1860s, specialists in the United States series were prepared to give the proverbial eyetooth for a splendid 1793 cent, or 1802 half dime, or 1804 silver dollar. By 1867 the 1804 silver dollar had become America's most famous, most discussed, most talked about rarity."
The Crowning of "The King"-Most Famous and Publicized U.S. Coin
Precisely when America's foremost coin garnered the accolade of "King" is lost to time. Two 1885 auction descriptions, however, set the latest limit. One notes that the usage had been around for at least a few years, suggesting an origin somewhere between the close of the Civil War and 1880.
What is certain is that the "King of American Coins" earned its title well before it had serious challengers. In the years since, the legend of the 1804 dollar has only grown. Even the Guide Book, which gives no special mention to the 1894-S dime and only a slender paragraph to the 1913 Liberty nickel, devotes a full page to what the 2008 edition describes as "one of the most publicized rarities in the entire series of United States coins."
The 1804 dollar is more than highly publicized, though. Rather, it is famous. For every nationwide numismatic advertisement, there have been thousands of casual notices, such as stories old-timers swap at local coin clubs about seeing an 1804 dollar in a museum. The 1804 dollar has attracted more scholarly attention than any other issue. They are the focus of countless articles, presentations, and even entire books, among them the seminal 1962 The Fantastic 1804 Dollar by Eric P. Newman and Kenneth Bressett, and the Bowers reference already cited.
The silver dollars dated 1804 have been displayed at various exhibitions including Las Vegas, Boston, Philadelphia, Colorado Springs, New York City, and Washington, D.C. As prices rose, so did media attention. When 1804 dollars sold in recent years, people worldwide learned of it on their local news. Although numismatists know of only 15 1804 dollars today, their lore has reached tens of thousands of collectors who have entertained dreams of someday seeing (or owning) an example.
Interior of the Hut of a Mandan Chief By Karl Bodmer Published in 1834 in Travel in the Interior of North America 1833-1834
1804 Dollar Owners Famous, Infamous, and Little-Known
Each of those collectors is another reason why the 1804 dollar holds so important a place in American numismatics, as are the fortunate individuals who have had the privilege to possess one. Few coins carry the sense of history the 1804 dollar does. The personalities who have come in contact with the pieces are an endless source of fascination. The Class I Original 1804 dollars, in particular, have long and interesting provenances, including stays in faraway destinations such as Muscat in present-day Oman and Bangkok in what is now Thailand, as well as domestic locales such as Denver and Omaha. Those provenances have also forged unexpected connections across time. The King of Siam specimen, which has perhaps the most varied and fascinating pedigree, links the mid-19th century royals of that Asian nation to numismatic personalities such as David F. Spink, Lester Merkin, and Iraj Sayah. As Bowers notes, some collectors' reputations-H.G. Brown, James Dexter, L.R. French, Jr., R.H. Mull, Percy Smith, and George Weingart-are based almost entirely on ownership of an 1804 dollar.
For many others, however, an 1804 dollar was part and parcel of a widely known, highly publicized collection or numismatic career. It is impossible to think of Virgil Brand, Amon Carter, Walter Childs, Louis Eliasberg, John Work Garrett, Col. E.H.R. Green, Reed Hawn, Joseph Mickley, or Lorin Parmelee without acknowledging the role an 1804 dollar played in making them coin legends.
While B. Max Mehl's frequent offerings of 1804 dollars make him the most prominent dealer involved with them, many other noted numismatists have handled an 1804 dollar as a career highlight. David Akers, Bowers, the Chapman brothers, Thomas Elder, Sol Kaplan, Abe Kosoff, Dwight Manley, Wayte Raymond, Warren Tucker, and Farran Zerbe are among the famous professionals appearing in the provenances of various pieces.
The institutions that own or have owned 1804 dollars have benefited from the generosity of wealthy collectors, and many others have gained from their display. The magnanimous gifts of the Du Pont family added 1804 dollars (and many other pieces) to the Smithsonian and ANA collections. The ANA Museum also exhibits an 1804 dollar donated by the Bebees. The American Numismatic Society received its specimen from the Chase-Manhattan exhibit originated by Farran Zerbe. In Omaha, Nebraska, the Durham Western Heritage Museum exhibits the Byron Reed Collection, willed to that city more than a century ago.
The Massachusetts Historical Society no longer has the 1804 bequeathed from the William Sumner Appleton estate-it deaccessioned it in 1970-but the community greatly benefited from its presence, and the proceeds from the sale of Appleton coins have helped the society record and preserve state history.
"Fort Pierre [South Dakota] and the Adjacent Prairie" by Karl Bodmer. Lithograph from Travels in the Interior of North America, 1832-1834
The Power of Provenance
In the October 1970 catalog in a section titled "J.J. Mickley and His Dollar," Stack's wrote eloquently of the power of provenance, noting that the new owner "will become part of a great line, not only of distinguished numismatists, but outstanding personalities as well." Interestingly, the buyer of the piece is unidentified, purchasing the coin from Stack's and later consigning it to the same firm for private treaty sale. Subsequent purchasers Reed Hawn and David Queller, however, figure prominently in its provenance.
The Stack's section on Mickley concludes, "While it is true that all the 1804 Dollars have an interesting past, it seems to us that this particular specimen has been more closely connected with the history of our national coinage, and the best traditions of collecting in the past, than most. The pedigree of this piece gives it a special personality all its own."
Three collectors later, its provenance seems even more alive with history, and should the next owner desire it, that person can enjoy lasting numismatic fame.
Limited Market Availability of 1804 Silver Dollars
The 1804 dollars possess an unmatched mystique, combining legendary names of the past with absolute rarity. For all the questions surrounding the 1804 dollar in its various incarnations, it remains a numismatic icon. Even though a handful of U.S. coins have smaller mintages or fewer known specimens, each 1804 dollar in the three classes-15 in all-is extremely rare. The Newman-Bressett Class I coins, corresponding to the "originals" in other references, number only eight pieces, while only six Class III examples ("restrikes") are traced today. The Class II, "plain-edged restrike," is known only through history and a single surviving specimen in the Smithsonian, and as such is noncollectible.
Several Class I pieces are similarly inaccessible to eager potential buyers. Among the eight Class I dollars, just five are in private collections, with three in institutions due to the Byron Reed bequest of the Parmelee example to the City of Omaha, the Mint Cabinet-Smithsonian piece, and the Du Pont donation of the Cohen coin to the ANA.
Three of the six known Class III examples are also unobtainable: the Linderman-Smithsonian specimen, the Idler-ANA coin, and the ANS-Ellsworth piece. Such donations allow numismatists to see multiple examples of the famous 1804 dollar, while simultaneously complicating their efforts to own one. Museums have been known to divest themselves of coins-the present Mickley-Hawn-Queller piece was sold on behalf of the Massachusetts Historical Society after 65 years at that institution-but it is highly unlikely that an organization of national importance, such as the Smithsonian or ANA, would sell an 1804 dollar.
Certain U.S. issues are known to have smaller surviving populations today. The mysterious Liberty nickels dated 1913, the 1885 Trade dollar proofs, and the singular 1870-S half dime and three dollar gold are examples. Still, as previously noted, the 1804 dollar was well-recognized as a rarity before any of those coins were struck. Numismatists of the 19th century knew of fewer examples than do contemporary numismatists. The Mint Cabinet, Stickney, and Mickley specimens were at the forefront of collectors' minds in the mid-19th century, but the King of Siam piece was a mid-20th century revelation, one that caught even Eric Newman and Kenneth Bressett by surprise as they wrote The Fantastic 1804 Dollar. The scandalous debut of the Class II pieces led their creators to keep the clandestine Class III coins off the market until at least the early 1870s.
The emergence of new examples did not negatively affect prices or the passion of collectors for the 1804 dollar. While the academic side of numismatics has sometimes harshly criticized the pieces in general, the 1804 dollars have never lacked willing buyers. In the 21st century collector enthusiasm has flourished for these famous, important numismatic delicacies. Heritage's offering of the Mickley-Hawn-Queller Class I Original 1804 silver dollar will give prospective bidders an opportunity to acquire one of the world's most legendary coins.
Deep silver-gray patina covers the surfaces of this attractive coin. Closer examination reveals subtle iridescence and strong undercurrents of golden-tan patina. The left obverse field shows a strong element of bold blue, and areas of dusky pewter-gray appear around the peripheral devices. Minor, scattered contact marks are present on the obverse, though only a few of them would attract attention if this were a circulation strike. They appear in pairs, two on Liberty's cheek and two to the left of the hollow of Liberty's neck.
On the reverse, three reeding marks appear in the field between the shield and the olive branch, and a few smaller points of contact are present elsewhere in the fields. Such minor flaws are consistent with the belief that a teller at the Bank of Pennsylvania, Henry C. Young, found the coin mixed with others in a deposit sometime in the early 1850s. Both sides are luminous beneath the patina with a distinct, glossy sheen. Slight striking softness at the uppermost parts of the design and the star centers is consistent with other examples of Original or Class I 1804 dollars. A thin die crack-one that is present on both Original and Restrike pieces-passes across the tops of stars 5 through 7 and all but the last letter of LIBERTY.
The lettering on the edge is "crushed," the result of a lettered-edge planchet entering a press with a smooth collar. The strike squeezed and distorted the edge design, rendering many letters unreadable-a distinctive diagnostic for the Class I 1804 dollars. The coin's holder precludes viewing of this detail, but Bowers describes it in The Rare Silver Dollars Dated 1804 and the Exciting Adventures of Edmund Roberts, which was published before this piece's encapsulation.
Researchers and catalogers over the past 50 years have graded this coin as PR50 (Bowers, 1999) and "very nearly Uncirculated" (Newman-Bressett, 1962). Stack's, despite selling this specimen twice at auction, opted not to grade the coin. Instead, it reprinted the Newman-Bressett assessment in its catalogs for both the Massachusetts Historical Society Sale (1970) and the Reed Hawn Collection Sale (1993).
The NGC-certified present grade, PR62, does not affect the coin's consensus ranking among the eight Class I or Original 1804 dollars. The Mickley-Hawn-Queller piece, as the pedigree on the NGC holder states, is superior to the Mint Cabinet specimen and the Cohen coin, but does not rate as highly as the Sultan of Muscat, King of Siam, Stickney, Dexter, or Parmelee examples. While this specimen is not the finest known 1804 dollar, the Class I issue is so rare and famous that the relative ranking of a particular survivor diminishes in importance.
Washington DC in 1834
Aside from the two Stack's sales, this specimen's only other auction appearance took place in the 19th century, when W. Elliot Woodward offered it in October 1867 on behalf of Joseph Mickley. The first part of its lot description reads: "This piece is regarded by all American collectors as the gem of Mr. Mickley's collection. It has been in circulation, but it is still in the finest condition, retaining its brilliancy of surface, and being entirely uninjured." Woodward then goes on to recount the coin's (brief) history to that time, including its purported discovery at the Bank of Pennsylvania and its status as one of only two Class I (to use a modern term) 1804 dollars known at that time.
The importance of this opportunity to acquire an 1804 dollar-the first 1804 dollar of any variety to appear at auction since 2003-cannot be overstated. No Class I Original example has sold at auction since 2000. Private transactions are infrequent at best, with only five Originals available to individuals and most tightly held in private collections. At one point this specimen was off the market for more than a century, and since 1970 more than a decade has passed between its auction appearances. A second chance to purchase this historic coin, widely proclaimed as the "King of American Coins," may be years or even generations away.
Ex: Chief Coiner Adam Eckfeldt; unknown intermediaries; Henry C. Young, a teller at the Bank of Pennsylvania (c. 1850); Joseph J. Mickley (c. 1858); Joseph J. Mickley Collection (W. Elliot Woodward, 10/1867), lot 1676, $750; William A. Lilliendahl; Edward Cogan; William Sumner Appleton (c. 1868); Appleton estate; Massachusetts Historical Society (1905); Property of the Massachusetts Historical Society (Stack's, 10/1970), lot 625, $77,500; Chicago collection; Reed Hawn, via Stack's (1974); Reed Hawn Collection (Stack's, 10/1993), lot 735, $475,000; David Queller; Queller Family Collection.
The Dollar of 1804, Printer's Proof Illustrating "Certificates of Genuineness" and other Important Documents
Dexter Adds to 1804 Dollar Legend by Creating Documentary Works of Art to Celebrate His Genuine 1804 Dollar!
Upon settling his suit against S.H. and H. Chapman over the authenticity of his 1804 dollar, James V. Dexter's lawyer, Thomas DeWitt Cuyler, wrote to him on February 15th, 1887:
"Dear Sir:
Dexter vs Chapman.
I beg to say that acting upon your instructions I have discontinued the above suit after taking certificates from Col. Snowden and the Officials of the Mint that the coin is genuine. These certificates are strong and very valuable as to the value of the coin when it is considered that they come from entirely disinterested sources....
...Of course you will still hear adverse criticism of the coin but in such a matter all will never be convinced and my advice to you would be to dismiss the attacks upon the dollar from your mind and insist in view of the examinations made and the certificates that you have a genuine coin beyond question."
Obviously, Dexter took that advice to heart and celebrated his landmark victory in establishing the genuineness of the 1804 Dollar! That same year, 1887, he commissioned artist Charles Stoll to create a documentary work of art exhibiting "The Dollar of 1804." It's an attractive and colorful rendering that very accurately details both sides of the original coin, housed in its colorful display case. The famous "disappearance" story of the 1804 Dollar believed at the time is featured in beautiful hand-lettering below the illustration of the coin.
The 1887 hand drawn copies of the original Certificates of Genuineness obtained from the U.S. Mint by J.V. Dexter appear in the left and right center positions, the copy of the third Certificate appears in the lower center position. The original Certificates passed along with the 1804 Dollar to all owners subsequent to Dexter, until the 1980's when they were misplaced. This is the only original 1887 record of those Certificates known to exist!
The other hand-drawn copies of documents featured include a hand-written letter from J.W. Scott, who represented Dexter at the auction where the 1804 Dollar was purchased. This is located in the upper left and right. In the upper center is a copy of a letter from S.H. & H. Chapman guaranteeing the 1804 Dollar to be "genuine and as described in the catalog." Finally, in the lower left and lower right is a very accurate copy of the four pages of the 1885 Chapman auction catalog describing the 1804 Dollar bought by J.V. Dexter. The seemingly blank page in the lower right is a plate illustrating silver dollars offered in the sale, including the 1804 Dollar, which are illustrated by circles in the reproduction.
Characteristics That Distinguish 1804 Dollars from Silver Dollars of Other Dates
There are Three Varieties of 1804 Dollars Called Classes. ~ Class I, II and III
All three Classes of the 1804 Dollar were coined using the same obverse (front) die. The Class II and Class III dollars were struck using a different reverse die than used for the Class I dollars, but it's the same die used for both of those coins. Thus, there are just two known die combinations (matings).
The same reverse die used in making the Class I 1804 Dollars was also used to coin the proof dollars dated 1801, 1802 and 1803. Proof coins, if you're not familiar with the term, can be thought of as presentation coins. The dies used to make them are highly polished, creating mirror-like surfaces on the coins. The coinage blanks are also cleaned and polished and are given more than one striking which results in extra sharp details. The term "proof" refers to a method of manufacture, not condition, as many people think.
The reverse die used for the Class II and the Class III 1804 Dollars is not known to be used for silver dollars of any other date. The distinguishing charteristic for differentiating these two classes, which were made from the same obverse and reverse dies, is that the only known Class II dollar has a plain smooth edge, whereas all other known 1804 dollars have a lettered edge, reading "HUNDRED CENTS ONE DOLLAR OR UNIT." The words are interspersed with stars and symbols. This edge lettering, which appears on the Class III 1804 Dollars, is believed to have been added several years after the year in which they were believed to have been coined, which is 1858. Today our coins have "reeded" edges. Take a look at your change.
Primary Obverse Details are the Same for all Three Classes
The "4" in the date has no vertical crosslet or serif on its right extension. The "4" has a horizontal base at its bottom. The little "beads" around the edge, called dentils, are raised and rounded, whereas on other silver dollars of that era they are smooth and extend a little further out into the "field" of the coin. The border around the rim is distinctively raised and flat. The back curl of hair near the center top of the head is missing because of a defective punch used to make the die for the coin. There is also a long die break on the obverse of the Class I dollar, evidenced by a slight raised ridge, extending from the top of the left star across the top of the letters "LIBERTY" all the way to the "Y".
The edge lettering on all 1804 Dollars of Class I and III have major defects (the only known Class II 1804 Dollar has a plain smooth edge). Some, and probably all, 1804 Dollars of each Class were manufactured as proofs. Some have been harshly cleaned or have wear on the surfaces making it difficult to distinguish proof characteristics. Proof coins from the U.S. Mint were first produced in 1817 meaning the 1801, 1802, 1803 and 1804 dated proof dollars were coined after that time.
Reverse Characteristics of 1804 Dollars
On the reverse of the Class I dollars, the first "S" in the word "STATES" straddles the first two clouds. On the reverse of the other two Classes that "S" is positioned entirely over the first cloud. The "O" in the word "OF" on the reverse of the Class I dollar is positioned entirely over the second to the last cloud, while on the reverses of the other two classes it straddles the last two clouds. Each Class II and Class III 1804 Dollar has a partially doubled image on the reverse indicating movement of the reverse die when the coins were struck. The Class II and Class III dollars were also struck more sharply than the Class I 1804 dollars. Softness can readily be seen in several details of the Class I dollars. For example, some of the stars on both sides exhibit flattening, as do some of the hair curls, lettering, and eagle feathers.
An interesting curiosity appears on the Dexter specimen of the 1804 Dollar. Take a look at the second cloud from the right on the reverse. Because of the lack of clarity in this illustration, all you may see is a dot, but someone counterstamped the coin with a "D." Presumably it was done by Dexter, however, it could have been done by Dunham, a subsequent owner.
J. V. Dexter
1884 Adolph Weyl Auction Catalog
Dexter Brought Suit Against the Chapmans ~ Settles for "Certificates of Genuineness" from U.S. Mint Officials
James Vila Dexter bought his 1804 Dollar from an auction of The Chapman Collection, May 14th and 15th, 1885 in Philadelphia. S.H. and H. Chapman claim they purchased this rarity for $216 on October 13th, 1884 from an auction by Adolph Weyl in Berlin, Germany. The catalog did offer an 1804 Dollar for sale, as verified by the photo of the coin on its front page and the catalog description inside. But some numismatists question whether it's the same 1804 Dollar the Chapmans sold to Dexter in their auction the following year. The coin is listed as lot 159 in the Weyl catalog.
Even though skeptics doubt it's the same coin Dexter actually bought from the Chapmans, this catalog, which recently surfaced in 1996 and is only one of two known, shows there is a resemblance between the photograph and the "Dexter Dollar". The photograph is of poor quality, but upon careful scrutiny, every detail resembles the Dexter Dollar. Softly struck areas compare identically, and a tell-tale minute nick on the first hair strand by the shoulder appears on both coins. However, in the Weyl photograph, minute rough spots appear around some of the details, such as letters, and a tiny die crack shows as a small raised ridge off the front of the bust. Eric Newman and Ken Bressett, in their book, The Fantastic 1804 Dollar, state they believe the photograph was actually taken of an "electrotype", which is a copy made of the real coin.
Noted authorities Q. David Bowers and Ken Bressett examined this catalog for the very first time at the American Numismatic Association convention in Cleveland, Ohio in March, 1997. They both concluded that the photograph of the 1804 Dollar in the Weyl catalog was actually of a plaster cast of the coin.
A short description (in German) in the Weyl catalog states that the coin shown in the photo is an exact replication of Lot No. 535 of the Cohen Collection auctioned in New York in 1875. However, the 1804 dollar known as the Cohen specimen, is much lower in condition than the mint state Dexter specimen. The Cohen coin is quite worn, grading Very Fine. Today the Cohen 1804 dollar is on exhibit at the American Numismatic Association Museum in Colorado Springs, Colorado.
With that background in mind, on July 29th, 1885 Ed Frossard, a prominent coin dealer from Irvington-on-Hudson, New York wrote to J.V. Dexter:
"In reply to your favor of this day, making some inquiries concerning the 1804 dollar bought by you through Mr. Scott at Chapman Bros. Phila. sale, I beg say: That although I knew that Mr. Weyl, Berlin, Prussia would not at the time of his sale guarantee the 1804 dollar he sold & which Chapman Bros. claim to have bought there, I was, in my own mind, convinced, until the moment I saw the dollar at Phila. that it must be a rare find from Europe etc (see article March Numisma herewith sent)"
"As soon as I saw the piece I decided in my mind that it must be a restrike and that opinion I now entertain. On the day succeeding the sale of the Chapman's 1804 Dollar I had personal interviews with the director of the U.S. Mint & two well trusted coin dealers & from what all said, though they did not agree on every point, I have not the slightest doubt now & have not had since my visit at Phila. that the 1804 dollar in question was struck by parties who borrowed the old 1804 dies at the Mint and restruck a number of dollars of which this is unquestionably one using old U.S. silver dollars with lettered edge as planchets, so as to preserve the lettered edge, characteristic of the early issues."
"From a well-known dealer, a man of the highest integrity of character (who would never touch or buy one) the fact was elicited that from 25 to 100 had been struck, and that as many as 4 were offered to him at one time, I think he said @ $25.- but as stated above, he would not buy. I will further state that the names of the parties who struck these dollars are known & that the fact of their having been struck must in my opinion have been known to the Chapman Bros."...
..."Excuse haste of this, but I hope that I have made myself understood as condemning the 1804 dollar as bought by you, as far as being an issue of 1804. It is a restrike from (probably) recut dies made in 1868 or 1869 & could easily be proved to be such in a Court of Justice."
J.V. Dexter took Frossard's advice and brought suit against the Chapmans the following year to force them to back up their guarantee that the coin is genuine. He hired a Philadelphia lawyer, Thomas DeWitt Cuyler, and put up money to cover costs. Both sides assembled witnesses and the trial was scheduled for February 14th, 1887.
Attorney Cuyler wrote Dexter on January 15th, 1887:
"...I have had a talk with Col Snowden and the result has an important bearing on the case. He states he will sware that the dollar is genuine and that the three government experts employed at the Mint for such purposes will also so swear at the trial. Now Col Snowden has been chief coiner of the Mint for twenty years and the others named have been also there for a long period. I cannot help but feel that the practical effect of their testimony would be to give a verdict for the defendent. Our testimony consists chiefly of dealers who are more or less interested and which would have but little weight against such evidence as above mentioned. To be sure a verdict for the defense would establish the genuiness [sic] of the dollar so far as a jury trial can. But would this be the most satisfactory way of so establishing it. Would not any dealer or expert in coins insist in examining the evidence upon which the jury based their verdict and then drawing his own conclusion. On the other hand would not a certificate from such an authority as Snowden and the other experts be of much more value than any verdict...I am not satisfied of the wisdom of trying such a case before a jury."
An interesting comment regarding the importance of this case is found in a February 4th, 1887 letter to Dexter from Mr. Bromley of Attorney Cuyler's office:
"The case however is now generally known as pending throughout the Numismatic world and while the result will depend upon the finding of a jury, whatever the result may be, there can be no question but that the coin will be made famous."
As the trial date approached, Dexter and his attorney had to decide whether to accept Certificates of Genuineness from officials of the Philadelphia Mint or to proceed with the trial. The following telegraph sent just days before the scheduled trial shows they were still undecided.
On February 15th, 1887, the day after the scheduled trial, Cuyler wrote Dexter regarding settlement of the case:
"I beg to say that acting upon your instructions I have discontinued the above suit after taking certificates from Col Snowden and the Officials of the Mint that the coin in genuine. These certificates are strong and very valuable as to the value of the coin...I believe you have arrived at a very wise solution of the matter."
Three certificates were obtained from four Philadelphia Mint officials:
Col. A. Loudon Snowden, Register, Chief Coiner and Superintentent of the U.S. Mint from May 7, 1857 through July 1, 1885. His certificate signed February 10th, 1887.
Jacob B. Eckfeldt, Curator and Assayer of the Mint, and R.A. McClure, Curator of the U.S. Mint collection. They signed the same certificate, dated February 11th, 1887.
Patterson DuBois, Assistant Assayer of the Mint. He signed his certificate February 14th, 1887.
All three "Certificates of Genuineness" used similar language. They stated that Mr. Dexter's 1804 Dollar resembles in all details the 1804 Dollar in the Mint collection which has always been considered genuine. Snowden went one step further than the others stating that these dollars were coined in the year 1804, even though he must have known the truth! It's curious to note that he also stated in his 1887 certificate that the 1804 Dollar in the Mint collection has been held by the Mint for more than forty five years. That means at least since 1842!
King of Siam Proof Set
Only the silver dollar, center, and the ten dollar gold piece, upper right are dated "1804." Each of the other coins are dated "1834," the date of authorization of this diplomatic gift set of U.S. coins. The coin collecting public first learned of the existence of this set in 1962, at the American Numismatic Association convention. When found, the set was missing the half dime and the five dollar gold piece.
Producing Coin Blanks or Planchets from Cutting Machine
1804 Dollar Mystery Solved!..., Why and When Were These Coins Minted? What Happened to the 19,570 Silver Dollars Officially Minted in 1804?
The U.S. Mint was established in 1792 in Philadelphia. It began producing regular issue coinage the following year, but not silver dollars. They were first coined in 1794. Although 1794 silver dollars are rare, these early dollars dated "1794" through "1803" can readily be found in the marketplace today. No silver dollars were minted for general circulation from 1805 through 1835.
Why then do coin collectors know of only fifteen examples of 1804 silver dollars while U.S. Mint records report that 19,570 silver dollars were coined in that year?
One explanation is portrayed in a documentary work of art, entitled "The Dollar of 1804," which was created in about 1887 for James V. Dexter, who had recently purchased an 1804 Dollar. It tells of a disappearance story, which is not true, but commonly believed in those days:
"Of this Dollar, according to returns of the United States Mint Records, 19,570 pieces were struck, and, with the exception of a few, were all exported to Africa to pay the Sailors and Soldiers engaged in the War against Tripoli."
The story goes on to describe a shipwreck, captured Americans, and a thousand mile march across a desert, finishing with:
"To pay the expenses of this little army of mounted Arabs and seventy American Seamen these 1804 Dollars were shipped to the Coast of Africa, and only few of them, if any, were brought back by the returned Victors."
Little was known in the 1880's about how and why silver dollars dated "1804" were minted. Today this history can be found in many places. Of course, the most complete explanation is the subject of an entire book, The Fantastic 1804 Dollar, written in 1962 by Eric P. Newman and Kenneth E. Bressett. It's a landmark book on this subject, taking us through the history of the 1804 Dollar in a logical step-by-step progression.
Dies
Silver dollars dated "1804" were struck at the U.S. Mint in Philadelphia, but not in the year 1804. There were 19,570 silver dollars minted during the first three months of 1804, but they were dated "1803" or earlier. It was the practice of the Mint to continue using dies from previous years if their condition was acceptable for producing quality coins. Then, if silver dollars dated "1804" were struck at the U.S. Mint, when and why were they made?
In 1834 the U.S. Department of State wanted diplomatic gifts to present to the King of Siam and the Sultan of Muscat in recognition of trade treaties worked out with those two countries. President Jackson directed that a complete set of coins of the United States be assembled for presentation to each leader. They were to be housed in wooden boxes covered with morocco leather.
Of course the coins were to be attractive and in "mint condition." However, not all denominations of coins struck at the U.S. Mint were in production in 1834. The silver dollar and ten dollar gold coin hadn't been produced for many years. In checking mint records it was found that the last year in which both coins were struck was 1804. New dies were produced bearing those dates, and the Dollar of 1804 was created!
For a look at the beautiful King of Siam proof set housed in its original display case trimmed with morocco leather, check out this Web site's page on the King of Siam Proof Set. This important set of coins was thought to have been just a rumour until it surfaced at the 1962 convention of the American Numismatic Association. The Muscat set of coins was split up, the whereabouts of its display case is unknown today, if it exists at all.
The late 1834 to early 1835 period wasn't the last time silver dollars dated "1804" were struck at the U.S. Mint. Some years later a few Mint employees used old dies to strike unauthorized coins and medals to sell to collectors for personal profit! Among them were several silver dollars dated "1804," which were actually struck in the year 1858. We know this because the only known Class II 1804 Dollar was struck over an 1857 Swiss Shooting Thaler, a silver dollar sized coin, and a few silver dollars dated "1804" got out of the mint in 1858.
Personal profit wasn't the only reason previously issued coins and medals were struck, however. The U.S. Mint was building its own collection of coins it issued. Many of the coins recreated were used to trade for other coins the Mint collection didn't possess.
In conclusion, U.S. silver dollars dated "1804" were minted by the U.S. Mint, however they were not created in the normal course of business. They're fabrications created many years later than dated. But, in spite of its origins, the 1804 Dollar is one of the most desirable U.S. coins, and it continues to set price records when an example comes on the market!
A Listing of Every Known Specimen of the 1804 Dollar
Varieties of 1804 Dollars, Known as Classes
There are three known Classes of 1804 dollars:
Class I: Known as Originals ~ Eight specimens known.
Class II: Known as Restrike ~ Only example one is known, plain edge.
Class III: Known as Restrikes ~ Six specimens known.
Class I:
The U.S. Mint Specimen
This dollar was retained by the U.S. Mint as part of the U.S. Mint Collection of coins. It is now part of the National Coin Collection held by the Smithsonian Institution.
2. The Stickney Specimen
This is the only 1804 Dollar to have left the Mint, as all have with the exception of the above mentioned coin, that is pedigreed right back to the U.S. Mint in Philadelphia. The existence of silver dollars dated "1804" first became known to coin collectors in the book published in 1842, A Manual of Gold and Silver Coins of All Nations, Struck Within the Past Century. On May 9th, 1843, Matthew Adams Stickney, a famous collector from Salem, Massachusetts, visited the Mint and traded a one-of-a-kind gold coin for this dollar.
The Cohen/ANA Specimen
This specimen was reported to have been received over the counter at the exchange office of Edward Cohen in Richmond, Virginia in 1865. It shows circulation wear, grading Very Fine. It was once held in the collection of Willis H. duPont, which was stolen in October, 1967. Recovered in April, 1993, the coin has been donated to the American Numismatic Association, and is currently on display at the ANA Museum in Colorado Springs, Colorado.
The Mickley/Reed/Hawn Specimen
Joseph J. Mickley was an early collector along with Matthew A. Stickney. He reportedly obtained this dollar from the Bank of Pennsylvania, where it was to have been received over the counter at face value by a teller in about 1850.
The Parmelee Specimen
An unknown lady supposedly purchased this specimen from the U.S. Mint for face value during the administration of President James K. Polk, 1845-1849. It was held in the Lorin G. Parmelee collection from 1874-1890. Byron Reed of Omaha, Nebraska purchased in from the Parmelee Collection sale in 1890. It was held in the Omaha Public Library collection from 1891 until the 1980's when it was transferred to the Western Heritage Museum of Omaha.
The Dexter Specimen
The "Dexter Dollar" is named after James Vila Dexter of Denver, Colorado who purchased the coin from the Chapman Collection sale in 1885. This coin's fame stems from a landmark lawsuit filed in 1886 in Philadelphia to prove its authenticity. The suit was settled by U.S. Mint officials giving Dexter "Certificates of Genuineness" stating the coin is a genuine silver dollar made at the U.S. Mint. Dexter's dollar and settlement were celebrated by the creation of a beautiful work of art in 1887.
The Watters Specimen
This coin is named after C.A. Watters of Liverpool, England. It was sold with the collection of the Watters estate in 1917 in England, which included proof coins of 1834. It is believed to be from the Imaum of Muscat 1834 proof set, which is similar to the Siam set mentioned below.
The King of Siam Specimen
This 1804 Dollar is part of a set of 1834 proof coins created as a diplomatic gift for the King of Siam, authorized in 1834. These diplomatic gifts were the reason 1804 dollars were created, 1804 being the last year silver dollars were struck prior to 1834, according to Mint records. Unknown to the minters, those silver dollars struck in 1804 were actually dated 1803, as the old dies were reused early in 1804.
Class II:
The U.S. Mint Specimen
This coin, struck in about 1858 over a Swiss Shooting Thaler dated 1857, is part of the National Coin Collection held by the Smithsonian Institution. It is thought to have been part of the Mint collection from the time of its striking. Five dollars are believed to have been struck, three were melted, leaving one unaccounted for, so this is the only Class II 1804 Dollar known to exist. This coin was made using the same reverse die as used for the Class III dollars, which is a different die than used for the Class I dollars. It differs from the Class III dollars in that no lettering was put on the edge. It has a plain edge.
Class III
10. The Berg Specimen
The Adams/Carter Specimen
12. The Davis Specimen
The Linderman/DuPont Specimen
14. The Rosenthal Specimen
The Idler/Bebee Specimen
Pedigree information is from the book, The Fantastic 1804 Dollar, 1962, by Eric P. Newman and Kenneth E. Bressett, and the book, Silver Dollars and Trade Dollars of the United States A Complete Encyclopedia, 1993, by Q. David Bowers
Sources: PCGS, Heritage, 1804dollar.com, coinresource
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Comments
In response to what you said at the top:
<< <i>Who would not want to own one of these >>
The answer would be ME. But my mind has had second thoughts after that write-up
<< <i>Who would not love to own one of these! >>
I'd only sell it.
The King of Siam set, on the other hand...
I love seeing those pics of the original presentation case.
<< <i>
<< <i>Who would not love to own one of these! >>
I'd only sell it. >>
This is certainly not my favorite coin...if I owned one, I'd just sell it.
Still...another great, informative write-up Lee!
The last time I viewed the "King of Siam Proof Set" was in Vegas a couple of years ago, it was very impressive.
Woud love to own one, not the 1804, maybe a 1799 in VG8.
Scott
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
If PCGS thinks this is a 67, then I've got A LOT silver dollar crossovers to submit.
IMO, this is maxed at 65, and not very eye-appealing for the grade.
Ray
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Thanks!!
Numismatic Treasures by LeeG
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Numismatic Treasures by LeeG
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LeeG was a treasure to this forum!