2015 July Silver of the Month
On July 26, 1989, the headline on the front page of Coin World read "1804 dollar sets world record – U.S. coin nets $900,000 bid." This headline was in reference to the sale of an 1804 Draped Bust Dollar from SilverTowne’s founder Leon Hendrickson to Hugh Scoyners, acting on behalf of the American Rare Coin Fund. In remembrance of that event, which was certainly the story of the day in the numismatic world 26 years ago this month, we are featuring the 1804 $1 Replica 1oz .999 Silver Medallion as the July 2015 SilverTowne Silver of the Month.
The 1804 Draped Bust Silver Dollar that Leon owned and sold at auction is known as the Dexter Dollar after the first American collector who owned the coin, James Vila Dexter. Including the Dexter Dollar, there are only fifteen known silver dollars dated "1804", which are said to have been minted by the U.S. Mint specifically for use as diplomatic gifts. The rarity and other mysteries surrounding 1804 dollars have earned these coins the moniker "The King of American Coins".
The obverse design of the 1804 $1 replica features a close rendition of the actual 1804 dollar’s design - an image of Liberty with her hair lightly bound and her bust draped (hence the common name for the coin, the draped bust silver dollar). The inscription LIBERTY appears above the image, with 1804 below. There are also a total of 13 stars appearing to the left and right of the design.
The design featured on the reverse of the replica is similar to the actual 1804 dollar as well, however the inscriptions around the outside of the eagle and shield differ, with the replica reading THE KING OF AMERICAN COINS – COPY and 1oz .999 FINE SILVER. Inscribed on the banner in front of the eagle on the replica are DEXTER and HENDRICKSON.
Prior to the auction in July of 1989, most numismatic experts believed the Dexter Dollar would be the first million dollar coin. However, the final bid was $900,000 plus a 10% buyers fee, bringing the total sale price to $990,000 – just $10,000 shy of the million dollar mark! The previous record for the highest price paid for a single coin was $725,000 for a gold Brasher doubloon. The records have been broken many times since Leon’s sale. Even though they didn’t quite reach the one million dollar mark, both Leon and his wife Hamie were happy with the sale and relieved to be free of the stress of owning such a high value coin.
As stated in Leon’s biography, Rare Coins, Rare People by Jan Chalfant, Leon "described the sale of his 1804 dollar as something like having a daughter get married:
You’re glad in some ways and sad in others. It was a fantastic auction. I think its success will help the whole industry. I’m happy to have owned the 1804 dollar; I enjoyed it and am happy to have someone else enjoy it. I’ve been lucky in my profession. When anyone asks for advice, I tell them, 'Find something you love to do and keep doing it.'
Leon had no regrets about parting with his small piece of numismatic history. He said, 'Many people have never had the opportunity to own such a unique coin and hold a world record at the same time. My friend, Ed Milas, wanted his auction to be memorable, and it was.'"
Take advantage of free shipping for the entire month of July to add a memento of history to your collection with the SilverTowne-Minted 1804 $1 Replica 1oz .999 Silver Medallion.
Silver of the Month:
Based on customer feedback, the SilverTowne Silver of the Month allows you to add a variety of designs to your silver stacks with a different featured design offered with free shipping each month. As most investors in precious metals know, an ounce of silver is an ounce of silver – but many people like to have different designs in their silver stacks. After all, if you’re going to hold physical silver, why not make it fun and interesting as well as practical? By offering free shipping on a different featured design each month, we hope you will be able to add exciting new designs to your silver collection!
