Pop quiz: when is a dollar not worth a dollar? When it’s worth a million dollars, that’s when! The 1804 Draped Bust Silver Dollar was crafted by the Jackson administration for foreign dignitaries. While that is not so unusual, this particular coin has a significant following and is incredibly unique for a variety of reasons. While the draped bust design was minted on dollar coins from 1795 through 1836, which is the year that the 1804 money was actually struck? This may sound a bit confusing, but such is the world of coins!
Production Year Versus Date
The much-heralded 1804 Draped Bust Silver Dollar is thought to have been minted around 1836, even though the date that was put on the coin was 1804. Only 8 coins are thought to have been struck at this time, which is part of what makes the coin so very dear to collectors. The U.S. Mint was ordered to stop production of silver dollar coins in 1804 by President Thomas Jefferson because of exporters who were profiting from conversion rates with the Spanish 8 Reales in the Caribbean. The silver dollar coins stamped with the date 1804 were utilized to secure trade advantages with Asian rulers.
Variations of the Coin
There were several variations of the original money printed, with the Class 1 coins retaining the greatest worth in today’s standards. With only eight produced, it is estimated that these coins are worth in excess of $2 million, and have a raised rim and a more “beaded” border. There were also Class 2 and Class 3 restrikes which differ from the original coins mostly in the amount of space between the words “States” and “Of” on the reverse of the coin. The subtle design differences between the coins include the edging and the positioning of the clouds on the top half of the dollar coin. Finally, approximately four coins make up the Class 3 series, which were minted around 1860. While nowhere near as valuable as the original strikes of these silver dollar coins, the “newest” version is still worth upwards of $10,000 each.
There is still a fair amount of debate among professionals about exactly how many of these coins were struck and when, but there is widespread agreement that they are incredibly rare and costly. If you are a fan of numismatics or coin collecting, stop by Roswell Gold, Silver and Coins today! We buy and sell all types of coins as well as scrap gold, jewelry of all kinds and even sterling silver plate ware. We have an extensive inventory of gold and silver investment-grade coins from around the world. Contact us today at 770-241-3297 or visit us online to learn more. Maybe you have a treasure hidden in your home!