A newly discovered 1804 silver dollar – nicknamed the “King of American Coins” – is set to be auctioned on December 9th and could fetch between $3 and $5 million. This discovery increases the known total of these coins to 16, making it one of the rarest and most valuable pieces of American currency ever sold.
The Unusual History of an Impossible Coin
The story behind this coin is a historical quirk. In 1834, President Andrew Jackson’s administration requested a set of silver dollars to present as diplomatic gifts to foreign leaders. The U.S. Mint hadn’t produced silver dollars in over 30 years, so officials authorized a small, unofficial run of coins dated 1804.
The problem? The Mint mistakenly created coins with the year “1804” when no official 1804 dollars had ever been minted. The original “1804 dollars” were struck using the previous year’s die, meaning they bore the date “1803”. This oversight resulted in the diplomatic gifts being the only true 1804-dated silver dollars ever produced.
From Diplomacy to Collectibles
Following the initial diplomatic distribution, the U.S. government struck additional 1804 dollars to meet collector demand. Attempts to reclaim the original gifts from recipients, including the King of Siam and the Sultan of Muscat, were unsuccessful. The coin quickly became a numismatic legend.
Since 1867, the 1804 dollar has consistently commanded top prices at auction. In 2021, one example, formerly owned by the Sultan of Muscat, sold for $7.68 million. The value stems from its scarcity, historical context, and unique origin story.
A Long-Lost Heirloom
The 16th known example remained hidden in the collection of James Stack, a New York collector who passed away in 1951. His heirs kept the coin’s existence quiet until recently. Stack’s Bowers Galleries, which handled the 2021 auction, will now bring the coin to market. While the coin’s increased availability may slightly lower its price compared to the 2021 sale, it is still expected to command a multi-million dollar bid.
The 1804 dollar’s story is a fascinating blend of bureaucratic mishap, diplomatic intrigue, and collector obsession. Its continued value proves that some historical anomalies are worth more than their weight in silver.
