In an extraordinary turn of events, an 1804 Draped Bust Silver Dollar, widely regarded as the “King of American Coins,” was found tucked away in an old cigar box, captivating the numismatic world and collectors alike. This elusive coin recently fetched an astounding $3.29 million at auction, solidifying its prestigious status in both historical and financial contexts.
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The momentous discovery of the 1804 Silver Dollar occurred in an unexpected manner – concealed within the confines of a modest cigar box. This find has illuminated a significant chapter of American history that had, for years, remained veiled in obscurity. The coin, known as the Dexter/Pogue specimen, has reignited enthusiasm within the rare coin collecting community, inspiring awe and curiosity about the history behind such a coveted piece.
Historical Significance of the 1804 Silver Dollar
Although the coin bears the date “1804,” these silver dollars were actually minted in the 1830s under the administration of President Andrew Jackson. They were crafted as diplomatic gifts, intended for presentation to foreign dignitaries during trade negotiations in Asia and the Middle East. Remarkably, only 15 examples of this coin are known to exist, and they are classified into three distinct categories:
- Class I: Original coins struck in the 1830s for diplomatic use.
- Class II: Restrikes created in the 1850s, characterized by a plain edge.
- Class III: Restrikes from the 1850s featuring a lettered edge.
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The coin discovered in the cigar box, the Dexter/Pogue specimen, is a Class I example, marking it as one of the original, highly sought-after pieces from this limited series.
Auction Event and the Sale of the Coin
The remarkable coin was auctioned by Stack’s Bowers in Baltimore on March 31, 2017, as part of the illustrious D. Brent Pogue Collection. The bidding competition culminated in the sale of the Dexter/Pogue 1804 Silver Dollar for a phenomenal $3.29 million. The winning bidders, coin dealers Kevin Lipton and John Albanese, demonstrated the high demand and intrinsic value of such a rare artifact.
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In a swift turn of events, within just two days, the coin was resold to the prominent collector Bruce Morelan for an undisclosed amount. This rapid resale further underscores the coin’s exceptional desirability and its strong appeal as a collectible investment.
Notable Features of the Dexter/Pogue Coin
What sets the Dexter/Pogue specimen apart from others is a subtle yet intriguing mark—a small “D” stamped beneath the “O” in “OF” on the coin’s reverse side. This mark was added by a previous owner, James V. Dexter, during the 19th century. Far from diminishing the coin’s value, this unique feature has only enhanced its provenance, adding to its mystique and allure among collectors.
Specifications of 1804 Draped Bust Silver Dollar
| Feature | Description |
|---|---|
| Diameter | 39.00 mm |
| Weight | 26.96 grams |
| Composition | 89.24% Silver, 10.76% Copper |
| Edge | Lettered |
| Mintage | Only 15 known specimens |
| Class | Class I (Original) |
| Grade | PCGS Proof 65 |
| Auction Price | $3.29 million |
Effect in the Numismatic World
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The sale of the Dexter/Pogue 1804 Silver Dollar has created a wave of excitement throughout the numismatic community. It serves as a reminder of the enduring value of rare coins and the hidden treasures that may still lie dormant in everyday places, waiting to be rediscovered. This discovery underscores the continuing allure of numismatics, showing how coins can encapsulate rich history and carry significant financial worth.
In essence, the story of the 1804 Draped Bust Silver Dollar found within an old cigar box is not just a tale of unexpected fortune; it is a testament to the enduring power of rare coins. Their ability to bridge past and present, to capture historical narratives, and to serve as markers of cultural heritage continues to make them invaluable to collectors, investors, and historians alike.
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The remarkable discovery of this silver dollar demonstrates that sometimes, the most precious artifacts are those that have been quietly tucked away, waiting for the right moment to resurface. This coin’s sale not only exemplifies the excitement of numismatic collecting but also highlights the ongoing significance of these timeless relics in the broader context of American history.
FAQs
Why is the 1804 Silver Dollar called the ‘King of American Coins’?
The 1804 Silver Dollar is revered as the ‘King of American Coins’ due to its extreme rarity, historical mystique, and the fact that only 15 known specimens exist, making it one of the most prized possessions in numismatics.
Was the 1804 Silver Dollar actually minted in 1804?
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No, despite the 1804 date, these coins were struck in the 1830s under President Andrew Jackson’s administration, primarily to be used as diplomatic gifts for foreign dignitaries.
What makes the Dexter/Pogue specimen unique?
The Dexter/Pogue specimen features a small letter ‘D’ etched into the cloud beneath the ‘O’ in ‘OF’ on the reverse side—a personalization by a 19th-century owner, James V. Dexter, which enhances its provenance rather than diminishing its value.
How much did the 1804 Silver Dollar sell for at auction?
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It sold for $3.29 million at a Stack’s Bowers auction in 2017, making it one of the most expensive coins ever sold.
How many classes of 1804 Silver Dollars exist?
There are three known classes: Class I (originals from the 1830s), Class II (plain edge restrikes from the 1850s), and Class III (lettered edge restrikes also from the 1850s).
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