In the world of coin collecting, few treasures command as much attention as the 1804 Draped Bust Dollar. Often hailed as the “King of American Coins,” this rare piece of history has captured the imagination of collectors, historians, and investors alike.
With only a handful of examples known to exist, the coin’s mystique lies not only in its rarity but also in the unique story of its creation.
Most recently, one of these remarkable coins fetched an astonishing $7.68 million at auction, cementing its place among the most valuable coins ever sold.
1804 Draped Bust Dollar
Although it bears the year 1804, these coins were not actually struck in that year. Instead, they were minted in 1834 as part of special presentation sets designed for diplomatic gifts to foreign rulers.
At the time, Mint officials believed 1804 was the last year silver dollars were struck, leading to the famous misdated pieces.
Over time, three classes of the coin were identified:
- Class I: Original diplomatic presentation strikes.
- Class II: A single experimental strike.
- Class III: Later restrikes made to satisfy growing collector demand.
Why It’s So Rare
The rarity of the 1804 Draped Bust Dollar comes from its very limited production. With only 16 known specimens in existence today, each one is considered a priceless artifact of U.S. minting history.
Its combination of beauty, mystery, and scarcity makes it one of the most coveted coins worldwide.
Auction Records and Values
| Year | Type & Example | Grade | Auction Price | Notable Details |
|---|---|---|---|---|
| 1999 | Childs Specimen, Class I | Proof-68 | $4,140,000 | Set a world record at the time. |
| 2021 | Finest Known Class I | Proof-68 | $7,680,000 | Became one of the most expensive U.S. silver dollars ever sold. |
| 2025 (est.) | Recently Discovered Example | Proof-65 | Up to $5,000,000 | Scheduled for sale, expected to attract global attention. |
These record-breaking figures show just how extraordinary the demand is for this coin.
Key Reasons for Its Value
- Extreme Scarcity – Only 16 examples are known, placing it in a league of its own.
- Historical Significance – Originally intended as diplomatic gifts for foreign leaders, each coin carries international prestige.
- Minting Error – The 1804 date was applied years later, making it one of the most famous minting anomalies.
- Collector Prestige – Ownership is linked to legendary collectors and auctions, further boosting its allure.
- Condition and Grading – Coins graded at Proof-68 are near flawless, significantly increasing their value.
The Story Behind the “King of American Coins”
The 1804 Draped Bust Dollar is more than a collectible—it is a piece of American history. It tells the story of early U.S. diplomacy, mistakes in record-keeping, and the evolution of coin collecting itself.
Its nickname, the “King of American Coins,” is well deserved, symbolizing not only its rarity but also its unmatched place in the numismatic world.
The 1804 Draped Bust Dollar remains the crown jewel of American numismatics. With its captivating backstory, extreme rarity, and record-shattering auction prices, it stands as a symbol of both history and prestige.
Whether admired as a historical artifact or pursued as the ultimate collector’s prize, this coin’s allure is timeless.
Its status as the “King of American Coins” ensures that every auction and every rediscovery continues to make headlines—and millions of dollars.
FAQs
There are only 16 known examples divided into three classes, making it one of the rarest coins in history.
The coins were struck in 1834, but officials mistakenly believed 1804 was the final year of silver dollar production, so that date was used.
Its rarity, fascinating origin, minting error, and near-perfect condition drive its extraordinary value at auctions.