The King of American Coins: An 1804 Silver Draped Bust Dollar Sells for $1,000,000 by Stack's Bowers
23.5 هزار بار بازدید -
7 سال پیش
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Learn about some of the
Learn about some of the greatest coin collections with legendary numismatist Q. David Bowers. In this episode, we hear Q. David Bowers' thoughts on the 1804 Silver Dollar. The 1804 Dollar has been sold many times by Stack's Bowers over the years; most recently as part of the D Brent Pogue Collection that ended in 2017. To see the 1804 Silver Dollars that Stack's Bowers Galleries has sold, follow our link: https://archive.stacksbowers.com/?q=4...
Here is a transcription of the above video on the 1804 Draped Bust Proof Silver Dollar:
"Let me talk about the 1804 Silver Dollar: Sometimes called the King of American Coins. It’s also…can be called an imposter as said by Eric Newman and Ken Bressett when they wrote a book called “The Fantastic 1804 Dollar.” Therein lies a story: Go back to the year 1804 and at the Philadelphia Mint they made about 19,000 One Dollar coins. In the Mint report they said that we struck 19,000 silver dollars. Okay? Coin collecting became popular a number of years later in America. People looked at Mint reports and said “there are either 18,000 or 19,000 1804 dollars but I have never seen one. I’ve seen a 1794 and so forth” and no one had ever seen one. The reason is because no 1804 dollar dated 1804 were ever made. In 1804 they had some dies earlier like the 1803 that they used but there was no such thing as an 1804 dollar. Okay, but there was such a thing. How was there such a thing? And the story gets a bit complex so you’ll need to follow here. In 1834 the United States government sought to expand its presences in the Far East and IndoChina and Muscat, Oman, Zanzibar and different places on the Indian Ocean what we now call Indonesia. And to expand its diplomatic influence and to become known. So they chartered a battleship within a company ship and went and called upon some of these distant ports giving diplomatic gifts. And one of the diplomatic gifts in addition to maps and silver and crystal was a set of United States coins. And they wanted to make up a set showing one of each denomination that was made so they thought back in 1834: “What are we making now?” We’re making the half cent, we’re making this and this and this. Well what about the two largest denominations: the $10 gold piece and the silver dollar? Well, we haven’t made any of those since 1804. Well, can we find the 1804 dollar and 1804 $10 gold piece? Well they couldn’t. So they took some new dies and made an 1804 dollar die with the 1804 date and also the $10 die and struck some new pieces and put them in the set. And that showed the full panorama of American coinage and it was correct because the last ones made of those two denominations were in 1804. They still didn’t know that there was no such thing as a real 1804 dated dollar. Edmund Roberts from Portsmouth, New Hampshire sailed around the world, dropped some of these off as gifts, including one with the Sultan of Muscat. This particular set remained in the Sultan’s family for many, many years and then was sold in London at auction. And then it was consigned to us, this 1804 dollar, by the time it was part of the Walter Child’s Collection in 1999 and it’s a perfect proof dated 1804. It brought over $4,000,000 and as I say these words it still holds the record for the most valuable silver coin ever auctioned. Okay, but there is more to the story than that. Collectors wanted 1804 dollars and they went to the Mint and the Mint was very friendly to collectors and said “we’d like to give them a chance to buy an 1804. So the Mint decided to make some more and they would strike them and then trade them to collectors. And then rumors spread that there was no such thing as an 1804 dollar and that all 1804 dollars were made up and modern. So the Mint would issue documents signed by the Mint Director and Curator: “This is an official 1804 dollar made in 1804.” Going back to Eric Newman and Ken Bressett in the book I mentioned in 1962, they unraveled all of this about no 1804 dollars were actually made until 1834 and then they made more for collectors. So there is an 1804 dollar but it wasn’t made in 1804. And it is famous because every collector wants one and wanted one. Every important collector. There were only 15 known now, but the 1804 dollar was called the King of American coins by B Max Mehl when he offered one in a catalog because there was so much fame connected with it. The stories like: is it real or isn’t it? Did they ever make any, which was finally settled by Newman and Bressett. So, it became a story item. It became like: “What is your opinion of the 1804?” It gained fame just like outlaws and bandits become famous. Okay, well the 1804 dollar became famous because it was controversial. Today that fame endures and I think everyone would agree that it has the right title of The King of American Coins and there are 15 known and about half of those are in private hands."
Here is a transcription of the above video on the 1804 Draped Bust Proof Silver Dollar:
"Let me talk about the 1804 Silver Dollar: Sometimes called the King of American Coins. It’s also…can be called an imposter as said by Eric Newman and Ken Bressett when they wrote a book called “The Fantastic 1804 Dollar.” Therein lies a story: Go back to the year 1804 and at the Philadelphia Mint they made about 19,000 One Dollar coins. In the Mint report they said that we struck 19,000 silver dollars. Okay? Coin collecting became popular a number of years later in America. People looked at Mint reports and said “there are either 18,000 or 19,000 1804 dollars but I have never seen one. I’ve seen a 1794 and so forth” and no one had ever seen one. The reason is because no 1804 dollar dated 1804 were ever made. In 1804 they had some dies earlier like the 1803 that they used but there was no such thing as an 1804 dollar. Okay, but there was such a thing. How was there such a thing? And the story gets a bit complex so you’ll need to follow here. In 1834 the United States government sought to expand its presences in the Far East and IndoChina and Muscat, Oman, Zanzibar and different places on the Indian Ocean what we now call Indonesia. And to expand its diplomatic influence and to become known. So they chartered a battleship within a company ship and went and called upon some of these distant ports giving diplomatic gifts. And one of the diplomatic gifts in addition to maps and silver and crystal was a set of United States coins. And they wanted to make up a set showing one of each denomination that was made so they thought back in 1834: “What are we making now?” We’re making the half cent, we’re making this and this and this. Well what about the two largest denominations: the $10 gold piece and the silver dollar? Well, we haven’t made any of those since 1804. Well, can we find the 1804 dollar and 1804 $10 gold piece? Well they couldn’t. So they took some new dies and made an 1804 dollar die with the 1804 date and also the $10 die and struck some new pieces and put them in the set. And that showed the full panorama of American coinage and it was correct because the last ones made of those two denominations were in 1804. They still didn’t know that there was no such thing as a real 1804 dated dollar. Edmund Roberts from Portsmouth, New Hampshire sailed around the world, dropped some of these off as gifts, including one with the Sultan of Muscat. This particular set remained in the Sultan’s family for many, many years and then was sold in London at auction. And then it was consigned to us, this 1804 dollar, by the time it was part of the Walter Child’s Collection in 1999 and it’s a perfect proof dated 1804. It brought over $4,000,000 and as I say these words it still holds the record for the most valuable silver coin ever auctioned. Okay, but there is more to the story than that. Collectors wanted 1804 dollars and they went to the Mint and the Mint was very friendly to collectors and said “we’d like to give them a chance to buy an 1804. So the Mint decided to make some more and they would strike them and then trade them to collectors. And then rumors spread that there was no such thing as an 1804 dollar and that all 1804 dollars were made up and modern. So the Mint would issue documents signed by the Mint Director and Curator: “This is an official 1804 dollar made in 1804.” Going back to Eric Newman and Ken Bressett in the book I mentioned in 1962, they unraveled all of this about no 1804 dollars were actually made until 1834 and then they made more for collectors. So there is an 1804 dollar but it wasn’t made in 1804. And it is famous because every collector wants one and wanted one. Every important collector. There were only 15 known now, but the 1804 dollar was called the King of American coins by B Max Mehl when he offered one in a catalog because there was so much fame connected with it. The stories like: is it real or isn’t it? Did they ever make any, which was finally settled by Newman and Bressett. So, it became a story item. It became like: “What is your opinion of the 1804?” It gained fame just like outlaws and bandits become famous. Okay, well the 1804 dollar became famous because it was controversial. Today that fame endures and I think everyone would agree that it has the right title of The King of American Coins and there are 15 known and about half of those are in private hands."
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