It will save you money next time you decide to sell or buy silver dollars. On the surface, the 1802 would appear to be the rarest Heraldic Eagle Reverse dollar with a reported mintage of just … Instead of being worth millions of dollars these coins … They were first created for use in special proof coin sets used as diplomatic gifts during Edmund Roberts' trips to Siam and Muscat. A Genuine 1804 Dollar; A Counterfeit 1804 Dollar; With the many email inquiries we receive regarding the 1804 Dollar we thought it would be helpful to show a real one against a fake. There are fifteen known specimens of the 1804 Draped Bust silver dollar … Note - only 15 genuine examples of the famous 1804 dollar are thought to exist. Two additional sets were ordered for government officials in Japan and Cochinchina, but Roberts died in Macau before they could be delivered. [65] Additionally, many 1804 dollars were struck in proof finish, a technique which was first employed at the Mint in 1817. The 15 known 1804 silver dollars include eight examples of Class I, one of Class II, and six of Class III. What’s up? [58], The fact that no 1804 dollars were struck in 1804 was not widely accepted by numismatists until the early twentieth century. "[15] Though none had been struck for over two years, Secretary of State James Madison officially suspended silver dollar coinage on May 1, 1806, addressing a letter to Patterson: Sir: In Consequence of a representation from the director of the Bank of the United States that considerable purchases have been made of dollars coined at the mint for the purpose of exporting them, and as it is probable further purchases and exportations will be made the President directs that all the silver to be coined at the mint shall be of small denominations, so that the value of the largest pieces shall not exceed half a dollar.[16]. The first US dollar coin with a $1 (USD) face value was the 1804 silver dollar. They were first created for use in special proof coin sets used as diplomatic gifts during Edmund Roberts' trips to Siam and Muscat. [71] A Class I specimen brought $77,500 at a 1970 Stack's auction, and during a 1980 rise in coin prices, a Class III example sold for $400,000 by Bowers and Ruddy Galleries. The finest example of the 1804 Class I silver dollar appeared at auction in 2016 and garnered a bid of more than $10 million but did not meet reserve and thus did not sell. Unfortunately, if you have one of these coins you should assume it is a counterfeit.. By tradition, all are categorized as “Proofs.” They are certainly not business strikes. The coins produced for the diplomatic mission, those struck surreptitiously without edge lettering and those with lettering are known collectively as "Class I", "Class II" and "Class III" dollars, respectively. [59] Before such time, the actual year in which they were struck remained contentious among numismatists. [19] In addition to several other items, he requested a set of coins as an appropriate offering to Said bin Sultan: I am rather at a loss to know what articles will be most acceptable to the Sultan, but I suppose a complete set of new gold & silver & copper coins of the U.S. neatly arranged in a morocco case & then to have an outward covering would be proper to send not only to the sultan, but to other Asiatics.[21]. These are very common and are usually worth only the value of the metal used to make the coins. [22] As his initial correspondence indicated that the sets were to include coins of every type then in use, Mint officials included both the silver dollar and gold eagle. Q. I’ve got an 1804 silver dollar – where do I sell it? There are only 15 genuine 1804 dollar coins known to exist. In response to numismatic demand, several examples were surreptitiously produced by Mint officials. In many cases, they less than half the weight of a true Morgan dollar. 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