One of the country’s rarest coins is slightly rarer than even expert coin collectors believed. After the surprise discovery of a long-lost 1804 dollar (aka the “King of American Coins”), the rarity’s total known count now stands at 16. Regardless of its ranking, the silver coin is expected to fetch significantly more than its original worth when it hits the auction block on December 9.
This 1804 dollar isn’t only famous for its rarity, but its history. According to auctioneers at Stack’s Bowers Galleries, the story begins with former President Andrew Jackson. In 1834, his administration solicited sets of these dollar coins to give as gifts to various heads of state around the world. But since it had been around 30 years since the United States Mint produced any new silver dollars, the Department of Treasury simply made a new die cast for another small run of coins dated 1804.
However, there was one problem. Officials at the time weren’t aware that 1804 coins didn’t technically exist. Instead, the original “1804 dollars” were actually made using the prior year’s die cast. This meant that any coins minted in 1804 still featured 1803 on their front side. Thanks to the oversight, the diplomatic gifts technically became the only silver dollars ever made to feature the year of 1804. Numismatists (or coin experts) soon tried their best to obtain the originals from recipients including the King of Siam in present-day Thailand, as well as the Sultan of Muscat in what is now Oman. No one ultimately managed to convince the world leaders.
To fulfill the collectors’ requests, the US government subsequently struck an additional, small set of off-the-books 1804 dollars for direct sale. Various historical inaccuracies spun out of the confusing mint mistake and multiple books have since been dedicated solely to the coin’s story. Until recently, experts knew of only eight examples minted around 1834, as well as another seven that likely date to the 1860s or 1870s. Since the first resale of an 1804 dollar in 1867, the coin has routinely ranked as the most valuable currency ever sold at auction. In 2021, the aforementioned Sultan of Muscat coin ultimately bid for $7.68 million.
So, where did the 16th example come from? After the death of a New York collector named James Stack in 1951 (no relation to the auction firm), his coins passed into the hands of his heirs. For whatever reason, knowledge of its existence has remained hidden until only recently. Stack’s Bowers, who oversaw the last 1804 dollar auction, will bring the historical piece to bid next week.Given that it somewhat lessens the coin’s overall rarity, it’s likely to sell for less than the 2021 example–somewhere between $3 and $5 million.
