One of the countries rarest coins is A little rarer than even experienced coin collectors believed. Following the unexpected discovery of the long-lost 1804 dollar (also known as the “King of American Coins“), the total known number of rarities now stands at 16. Regardless of its rating, the silver coin is expected to sell for significantly more than its original value when it hits auction on December 9th.
This $1804 famous not only for its rarity, but also for its history. According to auctioneers Stack's Bowers GalleriesThe story begins with former President Andrew Jackson. In 1834, his administration requested sets of these dollar coins for gifts to various heads of state around the world. But since it had been about 30 years since the U.S. Mint began producing new silver dollars, the Treasury simply die-cast another small series of coins, dated 1804.
However, there was one problem. Officials at the time were unaware that the 1804 coins technically did not exist. Instead, the original “1804 dollars” were actually made using the previous year's casting. This meant that all coins minted in 1804 still had the 1803 number on the obverse. Thanks to oversight, diplomatic gifts technically became the only silver dollars ever issued with the 1804 designation. Numismatists (or coin experts) soon scrambled to obtain originals from recipients including the King of Siam in modern-day Thailand, as well as the Sultan of Muscat in what is now Oman. No one ultimately succeeded in convincing world leaders.
To fulfill collectors' requests, the US government subsequently released an additional small set of unofficial coins valued at $1,804 for direct sale. Due to a confusing mint error, various historical inaccuracies have arisen. several books since then have been devoted exclusively to the history of the coin. Until recently, experts were aware of only eight examples minted around 1834, along with another seven that likely date from the 1860s or 1870s. Since the first resale of the 1804 dollar in 1867, the coin has consistently ranked as the most valuable currency ever sold at auction. The aforementioned Sultan of Muscat coin will be released in 2021. ultimately offered a price of $7.68 million..
So where did example 16 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 some reason, information about its existence remained hidden until recently. Stack's Bowers, who oversaw the latest auction for $1,804, will put the historic coin up for auction next week. Given that this reduces the coin's overall rarity somewhat, it will likely sell for less than the 2021 example – somewhere between $3 million and $5 million.
