In an astonishing discovery that has captivated numismatists and collectors worldwide, an 1804 Draped Bust Silver Dollar—often referred to as the “King of American Coins”—was found concealed within an old cigar box.
This rare coin recently fetched a staggering $3.29 million at auction, underscoring its immense historical and monetary value.
The Discovery: A Hidden Gem
The coin in question, known as the Dexter/Pogue specimen, was unearthed from an unassuming cigar box, bringing to light a piece of American history that had remained hidden for decades.
Its discovery has reignited interest in rare coin collecting and the stories these artifacts carry.
Historical Significance of the 1804 Silver Dollar
Despite bearing the date 1804, these silver dollars were actually minted in the 1830s. They were produced as diplomatic gifts under President Andrew Jackson’s administration, intended for foreign dignitaries during trade missions to Asia and the Middle East. Only 15 specimens are known to exist, categorized into three classes:
- Class I: Originals struck in the 1830s for diplomatic purposes.
- Class II: Restrikes made in the 1850s, featuring a plain edge.
- Class III: Restrikes from the 1850s with lettered edges.
The Dexter/Pogue specimen is a Class I coin, making it one of the original and most coveted versions.
Auction Details and Sale
The coin was sold at a Stack’s Bowers auction in Baltimore as part of the renowned D. Brent Pogue Collection. The auction, held on March 31, 2017, saw the coin purchased for $3.29 million by coin dealers Kevin Lipton and John Albanese.
Remarkably, within 48 hours, it was resold to prominent collector Bruce Morelan for an undisclosed amount, highlighting the coin’s desirability and investment potential.
Unique Features of the Dexter/Pogue Specimen
This particular coin is distinguished by a tiny letter “D” stamped into the cloud below the “O” in “OF” on the reverse side—a mark added by a former owner, James V. Dexter, in the 19th century. Rather than detracting from its value, this unique feature adds to its provenance and allure among collectors.
Specifications of the 1804 Draped Bust Silver Dollar
| Feature | Description |
|---|---|
| Diameter | 39.00 mm |
| Weight | 26.96 grams |
| Composition | 89.24% Silver, 10.76% Copper |
| Edge | Lettered |
| Mintage | 15 known specimens |
| Class | I (Original) |
| Grade | PCGS Proof 65 |
| Auction Price | $3.29 million |
Impact on the Numismatic Community
The sale of the Dexter/Pogue 1804 Silver Dollar has sent ripples through the numismatic world, reaffirming the high demand and value of rare coins. It serves as a reminder of the hidden treasures that may still be tucked away in attics and basements, waiting to be discovered.
The discovery and subsequent sale of the 1804 Draped Bust Silver Dollar from an old cigar box is a testament to the enduring allure of rare coins. Its rich history, unique features, and substantial auction price underscore the significance of numismatics in preserving and appreciating our past.
FAQs
Why is the 1804 Silver Dollar so valuable?
Its rarity, historical significance as a diplomatic gift, and limited mintage of only 15 known specimens contribute to its high value.
How can I verify the authenticity of a rare coin?
Consult with professional grading services like PCGS or NGC, which can authenticate and grade coins based on established standards.
What should I do if I find an old coin?
Handle it carefully, avoid cleaning it, and seek evaluation from a reputable coin dealer or grading service to determine its value and authenticity.
Are there other coins as valuable as the 1804 Silver Dollar?
Yes, coins like the 1933 Double Eagle and the 1794 Flowing Hair Silver Dollar have also fetched millions at auction due to their rarity and historical importance.