There are rare coins, and then there is the 1804 Silver Dollar. Considered the rarest coin in the world, this popular dollar has a mysterious history. Capturing the attention of numismatic enthusiasts as far back as the late 1800s, the 1804 silver dollar has intrigued coin collectors for centuries. Why? There are several reasons why so many want to learn more.
It Wasn’t Struck In 1804
Everyone knows that the date inscribed on every coin is the date it was either struck by the U.S. Mint or released into circulation. Not so when it comes to the 1804 Silver Dollar. By all accounts, this rare coin was first struck in 1834, with restrikes in 1857 and after. But how do we know for sure? According to numismatic researchers, the fact that the original Class I coins feature obliterated lettering along the edge — which is indicative of a steel collar press not used by the U.S. Mint until 1833 — proves it.
So why does the coin feature the 1804 date? No one knows for sure. Even after years of investigating, the answer is likely to remain a mystery.
The Coins Were Never Meant for Circulation
Most coins struck by the U.S. Mint are meant for circulation. This was not the case for the 1804 Silver Dollar, which was originally cast as diplomatic gifts to be distributed by the State Department. Records show that the first two sets were actually given to the Sultan of Muscat and Oman and the Phra Khlang of Siam after negotiating important trade deals of the time.
Over time, these gifts seemed to have been either given away or stolen, making it into to the collections of some of the world’s most renowned numismatics.
Many 1804 Silver Dollars are Illegal
If you are one of the lucky people who own one of the 15 remaining 1804 Silver coins known in the world, watch out because you can be arrested by the United States government! What many people don’t know is that the Class I and Class III strikes were done illegally, and that means that anyone in possession of these coins is breaking the law.
It appears that a mint employee by the name of Eckfeldt used the cast to restrike the coin for sale to private collectors. Once discovered, the cast was destroyed and the coins were recalled. While it was believed that all but one had been recovered, it was later learned that others existed. Today there are 15 versions of the 1804 coins known with eight from the initial Class I run, one from the Class II run (it is housed in the Smithsonian Institute) and six from the Class III run.
The Dollar That is Worth Millions
Not only the most popular, most mysterious, and most demanded coin of all time, the 1804 Silver Dollar is also the most profitable. The Child’s specimen, an original Class I specimen sold in 1999 for $4.14 million dollars — which is the highest selling coin of all time! Other versions have sold for $1-$3 million at auction.
Want to learn more about the infamous 1804 Silver Dollar, or other rare coins? Stop in at Roswell Gold, Silver and Coins to begin your search into the world’s rarest coins and to start your coin collection today.