One of the rarest coins in the country is slightly rarer than even expert coin collectors believed. Following the surprise discovery of a long-lost 1804 dollar (aka the “King of American Coins”), the total known number of this rarity now stands at 16. Regardless of its grade, the silver coin is expected to fetch far more than its original value when it goes up for auction on December 9.
This 1804 dollar is not only famous for its rarity, but also for its history. According to auctioneers at Stack’s Bowers Galleries, the story begins with former President Andrew Jackson. In 1834, his administration requested sets of these dollar coins to give as gifts to various heads of state around the world. But since it had been about 30 years since the United States Mint produced new silver dollars, the Treasury Department simply made a new die-cast for another small run of coins dated 1804.
However, there was a problem. Authorities at the time did not know that the 1804 coins did not technically exist. Instead, the original “$1,804” was made from the previous year’s diecast. This meant that all coins minted in 1804 still had 1803 on their obverse side. Thanks to this oversight, diplomatic gifts technically became the only silver dollars ever made to bear the year 1804. Numismatists (or currency experts) quickly did their best to obtain originals from recipients including the King of Siam in what is now Thailand, as well as the Sultan of Muscat in what is now Oman. In the end, no one was able to convince world leaders.
To meet collectors’ demands, the U.S. government then minted an additional small series of $1,804 off-books for direct sales. Various historical inaccuracies arise from the confusing coinage error and several books have since been devoted solely to the history of the coin. Until recently, experts knew of only eight examples minted around 1834, along with seven others likely dating from the 1860s or 1870s. Since the first resale of an 1804 dollar in 1867, the coin has consistently been ranked as the most valuable coin ever sold at auction. In 2021, the aforementioned Sultan of Muscat coin finally made a bid for $7.68 million.
So where does the 16th example come from? After a New York collector named James Stack died in 1951 (no relation to the auction company), his pieces passed into the hands of his heirs. For some reason, knowledge of its existence remained hidden until recently. Stack’s Bowers, who oversaw the last auction of $1,804, will present the historic piece at auction next week. Since this lowers the overall rarity of the coin somewhat, it will likely sell for less than in 2021, between $3 million and $5 million.
