We have traveled almost halfway through our journey following along with Whitman Publishing’s fourth edition of the 100 Greatest United States Coins publication. Jeff Garrett, along with Ron Guth, have helped guide us along in this blog series. However, if you think you are going to have to wait until the very end to see what the #1 pick is, you are most definitely mistaken. You might have already had a sense of what it could be considering there are just a few, we mean a few, coins that could clearly be in the running for the top spot. Without further ado, let us not waste any more time.
#1 – 1804 Draped Bust Silver Dollar
Receiving more press and publicity regardless of its value, the 1804 silver dollar is without question the number one pick for this series. For several years it was the most valuable United States coin until it was knocked off the top in 2002 when a 1933 double eagle sold for over $7.5 million. In addition, a 1794 silver dollar sold for more than $10 million after that.
When the State Department ordered special sets of coins to present as diplomatic gifts during Andrew Jackson’s administration in 1834, the United States Mint interpreted the order as one of each legal denomination being struck. However, the silver dollar and gold eagle had not been struck since 1804 requiring the Mint to produce new dies for each and mint a small number of coins to include in those special sets. Those coins are known as the original, or Class I, 1804 silver dollars. Just eight have been traced of the originals.
First restrike coins, or Class II 1804 silver dollars, were struck around 1858 using different reverse dies and lighter planchets. One of them was struck over an 1857 Swiss shooting thaler. Their edges were plain, creating a problem for collectors when they first saw them. They wanted no part of these restrikes and called for their demise. The only one of the Class II 1804 silver dollars known to have survived was the one that was struck over the 1857 Swiss coin. That coin is now in the National Numismatic Collection at the Smithsonian Institution.
Going for the restrike of the dollars once more, minters learned from their previous mistakes and used planchets that were roughly the same weight and added the proper lettering to the edges of the coins. Those coins were met with less resistance and are known as the 1804 “second restrike”, or Class III silver dollars. Only six of them are known to exist today.
The Smithsonian Institution is the only place to have possession of examples of all three classes of the 1804 dollar. Those that are out there are most likely in private hands and institutional collections with plans to remain there. It is the ultimate trophy coin.
In 1960, the historic market value for the 1804 silver dollar in a Choice Proof condition was $30,000. By this fourth edition (2015), that value has risen to $6 million.
