The 1804 Draped Bust Dollar: How It Became A $4 Million Icon
The 1804 Draped Bust Dollar is one of the most coveted and legendary coins in American numismatics. Dubbed the “King of Coins,” this extraordinary dollar has reached astonishing auction values, with one example selling for over $4 million.
But what makes this coin such a treasure? Its rarity, historical significance, and mystique have earned it a place at the top of collectors’ wish lists.
This article delves into the rich history of the 1804 Draped Bust Dollar, why it’s so valuable, and how it continues to captivate the numismatic world.
The History of the 1804 Draped Bust Dollar
The 1804 Draped Bust Dollar was not actually minted in 1804. This iconic coin was struck in 1834 as part of a special series of coins intended for diplomatic gifts. Here’s an overview of its creation:
- Original Intention: In 1834, the U.S. Department of State commissioned a set of coins for presentation to foreign dignitaries. These sets included coins of every denomination, and the silver dollar was backdated to 1804.
- Design: The coin features a bust of Liberty on the obverse and an eagle on the reverse. The intricate design was created by Robert Scot, the first Chief Engraver of the U.S. Mint.
- Mintage: Only 15 specimens of the 1804 Draped Bust Dollar were ever produced, making it one of the rarest coins in existence.
Why Is the 1804 Draped Bust Dollar So Valuable?
Several factors contribute to the staggering value of the 1804 Draped Bust Dollar, which can fetch up to $4 million or more at auction.
1. Rarity
With only 15 known specimens, this coin is one of the rarest in the world. Its scarcity drives its value, as collectors are willing to pay a premium for such a unique piece.
2. Historical Significance
The 1804 Draped Bust Dollar was never meant for general circulation. Instead, it was created as part of diplomatic coin sets, giving it a historical backstory tied to international relations.
3. Condition
The few surviving specimens are typically well-preserved, which adds to their value. Coins graded as Proof 65 or higher by the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC) command the highest prices.
4. Mystique
The coin’s backdating to 1804 and its limited production have created a sense of intrigue, making it one of the most iconic coins in U.S. history.
The Three Classes of the 1804 Draped Bust Dollar
The 1804 Draped Bust Dollar is divided into three classes based on when and why they were minted. Here’s a breakdown:
| Class | Description | Number of Coins | Value Range |
|---|---|---|---|
| Class I | Original coins struck in 1834 for diplomatic use | 8 | $4 million+ |
| Class II | Minted in the 1850s, struck over existing coins | 1 | $2 million+ |
| Class III | Created in the late 1850s for collectors | 6 | $1 million+ |
Record-Breaking Sales
One of the most famous Class I 1804 Draped Bust Dollars, known as the Waters Childs specimen, sold for an incredible $4.14 million at auction in 1999. In 2021, another example was auctioned for over $7.68 million, breaking previous records and reaffirming its legendary status.
The 1804 Draped Bust Dollar is more than just a coin; it’s a piece of American history that continues to captivate collectors and investors worldwide.
With its rarity, historical intrigue, and record-breaking auction prices, it remains a true icon in the numismatic world.
Whether you’re a seasoned collector or a casual enthusiast, the story of this legendary coin is a testament to the enduring allure of rare treasures.
FAQs
Why is the 1804 Draped Bust Dollar called the “King of Coins”?
Its rarity, historical significance, and high auction values have earned it this prestigious nickname.
How many 1804 Draped Bust Dollars exist today?
Only 15 examples are known to exist, including Class I, Class II, and Class III coins.
Can the 1804 Draped Bust Dollar still be found in circulation?
No, these coins were never meant for circulation and are held in private collections or museums.
