Bust Dollar
Encyclopedia
The Draped Bust dollar is a United States dollar coin minted from 1795 to 1803, and again throughout the 19th century. The design succeeded the Flowing Hair dollar
, which began mintage in 1794 and was the first silver dollar struck by the United States Mint
. The designer is unknown, though the distinction is usually credited to artist Gilbert Stuart
. The model is also unknown, though Ann Willing Bingham
has been suggested.
In October 1795, newly appointed Mint Director
Elias Boudinot
ordered that the legal fineness of .892 (89.2%) silver be used for the dollar rather than the unauthorized fineness of .900 (90%) silver that had been used since the denomination was first minted in 1794. Due largely to a decrease in the amount silver deposited at the Philadelphia Mint, coinage of silver dollars declined throughout the end of the 18th century. In 1804, coinage of silver dollars was halted, and officially ended in 1806 by order of Secretary of State
James Madison
.
In 1834, silver dollar production was temporarily restarted to supply a diplomatic mission to Asia with a special set of proof coins. Officials mistakenly believed that dollars had last been minted with the date 1804, prompting them to use that date rather than the date in which the coins were actually struck. A limited number of 1804 dollars were struck by the Mint in later years, and they remain rare and valuable.
, in 1794 following the construction and staffing of the Philadelphia Mint
. The Coinage Act of 1792 called for the silver coinage to be struck in an alloy
consisting of 89.2% silver and 10.8% copper. However, Mint officials were reluctant to strike coins with the unusual fineness, so it was decided to strike them in an unauthorized alloy of 90% silver instead. This caused depositors of silver to lose money when their metal was coined. During the second year of production of the Flowing Hair dollar, it was decided that the denomination would be redesigned. It is unknown what prompted this change or who suggested it, though numismatic
historian R.W. Julian speculates that Henry William de Saussure
, who was named Director of the Mint
on July 9, 1795, may have suggested it, as he had named a redesign of the American coinage as one of his goals prior to taking office. It is also possible that the Flowing Hair design was discontinued due to much public disapproval.
is widely acknowledged to have been its creator; Mint Director James Ross Snowden
began researching the early history of the United States Mint and its coinage in the 1850s, during which time he interviewed descendants of Stuart who claimed that their ancestor was the designer. It has been suggested that Philadelphia socialite Ann Willing Bingham
posed as the model for the coin. Several sketches were approved both by Mint engraver Robert Scot
and de Saussure and sent to President
George Washington
and Secretary of State
Thomas Jefferson
to gain their approval.
After approval was received, the designs were sent to artist John Eckstein to be rendered into plaster models; during that time, plaster models were used as a guide to cutting the dies, which was done by hand. Eckstein, who was dismissed by Walter Breen as a "local artistic hack" and described by a contemporary artist as a "thorough-going drudge" due to his willingness to carry out most painting or sculptural tasks at the request of clients, was paid thirty dollars for his work preparing models for both the obverse Liberty and reverse eagle and wreath. After the plaster models were created, the engravers of the Philadelphia Mint (including Scot) began creating hubs that would be used to make dies for the new coins.
The person chosen to fill the position was statesman and former congressman Elias Boudinot
. Upon assuming his duties at the Mint on October 28, Boudinot was informed of the silver standard that had been used since the first official silver coins were struck. He immediately ordered that this practice be ceased and that coinage would begin in the 89.2% fineness approved by the Coinage Act of 1792. The total production of 1795 dollars (including both the Flowing Hair and Draped Bust types) totalled 203,033. It is estimated that approximately 42,000 dollars were struck bearing the Draped Bust design. Boudinot soon ordered that production of minor denominations be increased. Later, assayer Albian Cox died suddenly from a stroke in his home on November 27, 1795, leaving the vital post of assayer vacant. This, together with Boudinot's increased focus on smaller denominations, as well as a lull in private bullion deposits (the fledgling Mint's only source of bullion), caused a decrease in silver dollar production in 1796. The total mintage for 1796 was 79,920, which amounts to an approximate 62% reduction from the previous year's total.
Bullion deposits continued to decline, and in 1797, silver dollar production reached the lowest point since 1794 with a mintage of just 7,776 pieces. During this time, silver deposits declined to such an extent that Thomas Jefferson personally deposited 300 Spanish dollar
s in June 1797. In April 1797, an agreement was reached between the Mint and the Bank of the United States
. The Bank agreed to supply the Mint with foreign silver on the condition that the Bank would receive their deposits back in silver dollars. The Mint was closed between August and November 1797 due to the annual yellow fever
epidemic in Philadelphia; that year's epidemic took the life of the Mint's treasurer, Dr. Nicholas Way. In November 1797, the Bank deposited approximately $30,000 worth of French silver. In early 1798, the reverse was changed from the small, perched eagle to a heraldic eagle similar to that depicted on the Great Seal of the United States
. The agreement reached with the Bank of the United States along with other bullion depositors (including Boudinot) led to an increase in the number of silver dollars coined; mintage for both the small and heraldic eagle types totalled 327,536. Mintage numbers for the dollar remained high through 1799, with 423,515 struck that year.
Toward the end of the 18th century, many of the silver dollars produced by the Mint were being shipped to and circulated or melted in China in order to satisfy the great demand for silver bullion in that nation. In 1800, silver deposits once again began to decline, and the total silver dollar output for that year was 220,920. In 1801, following complaints from the public and members of Congress
regarding the lack of small change in circulation, Boudinot began requesting that silver depositors receive smaller denominations rather than the routinely requested silver dollars, in an effort to supply the nation with more small change. Production dropped to 54,454 silver dollars in 1801 and 41,650 in 1802, after Boudinot was able to convince many depositors to accept their silver in the form of small denominations. Though silver bullion deposits at the Mint had increased, Boudinot attempted to end silver dollar production in 1803, favoring half dollars instead. Mintage of the 1803 dollar continued until March 1804, when production of silver dollars ceased entirely. In total, 85,634 dollars dated 1803 were struck. Following a formal request from the Bank of the United States, Secretary of State James Madison
officially suspended silver dollar and gold eagle production in 1806, though minting of both had already ended two years earlier.
filed a request through the Treasury asking president Andrew Jackson
to once again allow the coinage of silver dollars; the request was approved on April 18. In 1834, Edmund Roberts was selected as an American commercial representative to Asia, including the kingdoms of Muscat
and Siam. Roberts recommended that the dignitaries be given a set of proof coins. The State Department ordered two sets of "specimens of each kind[of coins] now in use, whether of gold, silver, or copper". Though the minting of dollars had been approved in 1831, none had been struck since 1804. After consulting with Chief Coiner Adam Eckfeldt
(who had worked at the Mint since its opening in 1792), Moore determined that the last silver dollars struck were dated 1804. Unknown to either of them, the last production in March 1804 was actually dated 1803. Since they believed that the last striking was dated 1804, it was decided to strike the presentation pieces with that date as well. It is unknown why the current date was not used, but R.W. Julian suggests that this was done to prevent coin collectors from being angered over the fact that they would be unable to obtain the newly dated coins.
The first two 1804 dollars (as well as the other coins for the sets) were struck in November 1834. Soon, Roberts' trip was expanded to Indo-China (then known as Annam) and Japan
, so two additional sets were struck. The pieces struck under the auspices of the Mint are known as Class I 1804 dollars, and eight of that type are known to exist today. Roberts left for his trip in April 1835, and he presented one set each to the Sultan of Muscat and the King of Siam. The gift to the Sultan of Muscat was part of an exchange of diplomatic gifts that resulted in the Sultan presenting the Washington Zoo with a full-grown lion and lioness. Roberts fell ill in Bangkok
and was taken to Macao
, where he died in June 1835. Following Roberts' death, the remaining two sets were returned to the Mint without being presented to the dignitaries.
(son of Adam Eckfeldt) and William E. Du Bois published a book entitled A Manual of Gold and Silver Coins of All Nations, Struck Within the Past Century. In the volume, several coins from Mint's coin cabinet, including an 1804 dollar, were reproduced by tracing a pantograph
stylus over an electrotype of the coins. In May 1843, numismatist Matthew A. Stickney was able to obtain an 1804 dollar from the Mint coin cabinet by trading a rare pre-federal United States gold coin. Due to an increase in the demand for rare coins, Mint officials, including Director Snowden, began minting an increasing number of coin restrikes in the 1850s. Several 1804 dollars were struck, and some were sold for personal profit on the part of Mint officials. When he discovered this, Snowden bought back several of the coins. One such coin, which Snowden later added to the Mint cabinet, was struck over an 1857 shooting thaler
and became known as Class II, the only such piece of that type known to exist today. Six pieces with edge lettering applied after striking became known as Class III dollars.
By the end of the 19th century, the 1804 dollar had become the most famous and widely discussed of all American coins. In 1867, one of the original 1804 dollars was sold at auction for $750 ($ today). Seven years later, on November 27, 1874, a specimen sold for $700 ($ today). In the early 20th century, coin dealer B. Max Mehl began marketing the 1804 dollar as the "King of American Coins". The coins continued to gain popularity throughout the 20th century, and the price reached an all-time high in 1999, when an example graded
Proof-68 was sold at auction for $4,140,000.
Flowing Hair Dollar
The Flowing Hair dollar was the first dollar coin issued by the United States federal government. The coin was minted in 1794 and 1795; its size and weight were based on the Spanish dollar, which was popular in trade throughout the Americas....
, which began mintage in 1794 and was the first silver dollar struck by the United States Mint
United States Mint
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...
. The designer is unknown, though the distinction is usually credited to artist Gilbert Stuart
Gilbert Stuart
Gilbert Charles Stuart was an American painter from Rhode Island.Gilbert Stuart is widely considered to be one of America's foremost portraitists...
. The model is also unknown, though Ann Willing Bingham
Ann Willing Bingham
Ann Willing Bingham was an American socialite from Philadelphia, regarded as one of the most beautiful women of her day...
has been suggested.
In October 1795, newly appointed Mint Director
Director of the United States Mint
The Director of the United States Mint is the head of the United States Mint. The position is currently vacant following the resignation of Edmund C. Moy in January 2011....
Elias Boudinot
Elias Boudinot
Elias Boudinot was a lawyer and statesman from Elizabeth, New Jersey who was a delegate to the Continental Congress and a U.S. Congressman for New Jersey...
ordered that the legal fineness of .892 (89.2%) silver be used for the dollar rather than the unauthorized fineness of .900 (90%) silver that had been used since the denomination was first minted in 1794. Due largely to a decrease in the amount silver deposited at the Philadelphia Mint, coinage of silver dollars declined throughout the end of the 18th century. In 1804, coinage of silver dollars was halted, and officially ended in 1806 by order of Secretary of State
United States Secretary of State
The United States Secretary of State is the head of the United States Department of State, concerned with foreign affairs. The Secretary is a member of the Cabinet and the highest-ranking cabinet secretary both in line of succession and order of precedence...
James Madison
James Madison
James Madison, Jr. was an American statesman and political theorist. He was the fourth President of the United States and is hailed as the “Father of the Constitution” for being the primary author of the United States Constitution and at first an opponent of, and then a key author of the United...
.
In 1834, silver dollar production was temporarily restarted to supply a diplomatic mission to Asia with a special set of proof coins. Officials mistakenly believed that dollars had last been minted with the date 1804, prompting them to use that date rather than the date in which the coins were actually struck. A limited number of 1804 dollars were struck by the Mint in later years, and they remain rare and valuable.
Background
Coinage began on the first United States silver dollar, known as the Flowing Hair dollarFlowing Hair Dollar
The Flowing Hair dollar was the first dollar coin issued by the United States federal government. The coin was minted in 1794 and 1795; its size and weight were based on the Spanish dollar, which was popular in trade throughout the Americas....
, in 1794 following the construction and staffing of the Philadelphia Mint
Philadelphia Mint
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...
. The Coinage Act of 1792 called for the silver coinage to be struck in an alloy
Alloy
An alloy is a mixture or metallic solid solution composed of two or more elements. Complete solid solution alloys give single solid phase microstructure, while partial solutions give two or more phases that may or may not be homogeneous in distribution, depending on thermal history...
consisting of 89.2% silver and 10.8% copper. However, Mint officials were reluctant to strike coins with the unusual fineness, so it was decided to strike them in an unauthorized alloy of 90% silver instead. This caused depositors of silver to lose money when their metal was coined. During the second year of production of the Flowing Hair dollar, it was decided that the denomination would be redesigned. It is unknown what prompted this change or who suggested it, though numismatic
Numismatics
Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. While numismatists are often characterized as students or collectors of coins, the discipline also includes the broader study of money and other payment media used to resolve debts and the...
historian R.W. Julian speculates that Henry William de Saussure
Henry William de Saussure
Henry William de Saussure was an American lawyer, state legislator and jurist from South Carolina who became a political leader as a member of the Federalist Party following the Revolutionary War...
, who was named Director of the Mint
Director of the United States Mint
The Director of the United States Mint is the head of the United States Mint. The position is currently vacant following the resignation of Edmund C. Moy in January 2011....
on July 9, 1795, may have suggested it, as he had named a redesign of the American coinage as one of his goals prior to taking office. It is also possible that the Flowing Hair design was discontinued due to much public disapproval.
Design
Though the designer of the coin is unknown, artist Gilbert StuartGilbert Stuart
Gilbert Charles Stuart was an American painter from Rhode Island.Gilbert Stuart is widely considered to be one of America's foremost portraitists...
is widely acknowledged to have been its creator; Mint Director James Ross Snowden
James Ross Snowden
James Ross Snowden was treasurer of the United States Mint from 1847 to 1850, and director of the Mint from 1853 to 1861. A notable numismatist of his day, Snowden contributed to such publications as Bouvier's Law Dictionary as well as publishing several numismatic works of his own.-Published...
began researching the early history of the United States Mint and its coinage in the 1850s, during which time he interviewed descendants of Stuart who claimed that their ancestor was the designer. It has been suggested that Philadelphia socialite Ann Willing Bingham
Ann Willing Bingham
Ann Willing Bingham was an American socialite from Philadelphia, regarded as one of the most beautiful women of her day...
posed as the model for the coin. Several sketches were approved both by Mint engraver Robert Scot
Robert Scot
Robert Scot was the first Chief Engraver of the United States Mint from its inception in 1793 until his death in 1823. He was succeeded by William Kneass.-Early life:...
and de Saussure and sent to President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
George Washington
George Washington
George Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Great Britain in the American Revolutionary War as commander-in-chief of the Continental Army from 1775 to 1783, and presided over the writing of...
and Secretary of State
United States Secretary of State
The United States Secretary of State is the head of the United States Department of State, concerned with foreign affairs. The Secretary is a member of the Cabinet and the highest-ranking cabinet secretary both in line of succession and order of precedence...
Thomas Jefferson
Thomas Jefferson
Thomas Jefferson was the principal author of the United States Declaration of Independence and the Statute of Virginia for Religious Freedom , the third President of the United States and founder of the University of Virginia...
to gain their approval.
After approval was received, the designs were sent to artist John Eckstein to be rendered into plaster models; during that time, plaster models were used as a guide to cutting the dies, which was done by hand. Eckstein, who was dismissed by Walter Breen as a "local artistic hack" and described by a contemporary artist as a "thorough-going drudge" due to his willingness to carry out most painting or sculptural tasks at the request of clients, was paid thirty dollars for his work preparing models for both the obverse Liberty and reverse eagle and wreath. After the plaster models were created, the engravers of the Philadelphia Mint (including Scot) began creating hubs that would be used to make dies for the new coins.
Production
It is unknown exactly when production of the new design began, as precise records relating to design were not kept at that time. R.W. Julian, however, places the beginning of production in either late September or early October 1795, while Taxay asserts that the first new silver dollars were struck in October. In September of 1795, de Saussure wrote his resignation letter to President Washington. In his letter, de Saussure mentioned the unauthorized silver standard and suggested that Congress be urged to make the standard official, but this was not done. In response to de Saussure's letter, Washington expressed his displeasure in the resignation, stating that he had viewed de Saussure's tenure with "entire satisfaction". As de Saussure's resignation would not take effect until October, the president was given time to select a replacement.Elias Boudinot
Elias Boudinot was a lawyer and statesman from Elizabeth, New Jersey who was a delegate to the Continental Congress and a U.S. Congressman for New Jersey...
. Upon assuming his duties at the Mint on October 28, Boudinot was informed of the silver standard that had been used since the first official silver coins were struck. He immediately ordered that this practice be ceased and that coinage would begin in the 89.2% fineness approved by the Coinage Act of 1792. The total production of 1795 dollars (including both the Flowing Hair and Draped Bust types) totalled 203,033. It is estimated that approximately 42,000 dollars were struck bearing the Draped Bust design. Boudinot soon ordered that production of minor denominations be increased. Later, assayer Albian Cox died suddenly from a stroke in his home on November 27, 1795, leaving the vital post of assayer vacant. This, together with Boudinot's increased focus on smaller denominations, as well as a lull in private bullion deposits (the fledgling Mint's only source of bullion), caused a decrease in silver dollar production in 1796. The total mintage for 1796 was 79,920, which amounts to an approximate 62% reduction from the previous year's total.
Bullion deposits continued to decline, and in 1797, silver dollar production reached the lowest point since 1794 with a mintage of just 7,776 pieces. During this time, silver deposits declined to such an extent that Thomas Jefferson personally deposited 300 Spanish dollar
Spanish dollar
The Spanish dollar is a silver coin, of approximately 38 mm diameter, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. Its purpose was to correspond to the German thaler...
s in June 1797. In April 1797, an agreement was reached between the Mint and the Bank of the United States
First Bank of the United States
The First Bank of the United States is a National Historic Landmark located in Philadelphia, Pennsylvania within Independence National Historical Park.-Banking History:...
. The Bank agreed to supply the Mint with foreign silver on the condition that the Bank would receive their deposits back in silver dollars. The Mint was closed between August and November 1797 due to the annual yellow fever
Yellow fever
Yellow fever is an acute viral hemorrhagic disease. The virus is a 40 to 50 nm enveloped RNA virus with positive sense of the Flaviviridae family....
epidemic in Philadelphia; that year's epidemic took the life of the Mint's treasurer, Dr. Nicholas Way. In November 1797, the Bank deposited approximately $30,000 worth of French silver. In early 1798, the reverse was changed from the small, perched eagle to a heraldic eagle similar to that depicted on the Great Seal of the United States
Great Seal of the United States
The Great Seal of the United States is used to authenticate certain documents issued by the United States federal government. The phrase is used both for the physical seal itself , and more generally for the design impressed upon it...
. The agreement reached with the Bank of the United States along with other bullion depositors (including Boudinot) led to an increase in the number of silver dollars coined; mintage for both the small and heraldic eagle types totalled 327,536. Mintage numbers for the dollar remained high through 1799, with 423,515 struck that year.
Toward the end of the 18th century, many of the silver dollars produced by the Mint were being shipped to and circulated or melted in China in order to satisfy the great demand for silver bullion in that nation. In 1800, silver deposits once again began to decline, and the total silver dollar output for that year was 220,920. In 1801, following complaints from the public and members of Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
regarding the lack of small change in circulation, Boudinot began requesting that silver depositors receive smaller denominations rather than the routinely requested silver dollars, in an effort to supply the nation with more small change. Production dropped to 54,454 silver dollars in 1801 and 41,650 in 1802, after Boudinot was able to convince many depositors to accept their silver in the form of small denominations. Though silver bullion deposits at the Mint had increased, Boudinot attempted to end silver dollar production in 1803, favoring half dollars instead. Mintage of the 1803 dollar continued until March 1804, when production of silver dollars ceased entirely. In total, 85,634 dollars dated 1803 were struck. Following a formal request from the Bank of the United States, Secretary of State James Madison
James Madison
James Madison, Jr. was an American statesman and political theorist. He was the fourth President of the United States and is hailed as the “Father of the Constitution” for being the primary author of the United States Constitution and at first an opponent of, and then a key author of the United...
officially suspended silver dollar and gold eagle production in 1806, though minting of both had already ended two years earlier.
1804 dollars
In 1831, Mint Director Samuel MooreSamuel Moore (congressman)
Samuel Moore was a member of the U.S. House of Representatives from Pennsylvania.Samuel Moore was born in Deerfield, New Jersey . He graduated from the University of Pennsylvania at Philadelphia in 1791 then worked as an instructor at the university from 1792 to 1794...
filed a request through the Treasury asking president Andrew Jackson
Andrew Jackson
Andrew Jackson was the seventh President of the United States . Based in frontier Tennessee, Jackson was a politician and army general who defeated the Creek Indians at the Battle of Horseshoe Bend , and the British at the Battle of New Orleans...
to once again allow the coinage of silver dollars; the request was approved on April 18. In 1834, Edmund Roberts was selected as an American commercial representative to Asia, including the kingdoms of Muscat
Muscat, Oman
Muscat is the capital of Oman. It is also the seat of government and largest city in the Governorate of Muscat. As of 2008, the population of the Muscat metropolitan area was 1,090,797. The metropolitan area spans approximately and includes six provinces called wilayats...
and Siam. Roberts recommended that the dignitaries be given a set of proof coins. The State Department ordered two sets of "specimens of each kind
Adam Eckfeldt
Adam Eckfeldt was a worker and official in the early days of the United States Mint. A lifelong Philadelphian, Eckfeldt served as the second chief coiner of the Mint, from 1814 until 1839....
(who had worked at the Mint since its opening in 1792), Moore determined that the last silver dollars struck were dated 1804. Unknown to either of them, the last production in March 1804 was actually dated 1803. Since they believed that the last striking was dated 1804, it was decided to strike the presentation pieces with that date as well. It is unknown why the current date was not used, but R.W. Julian suggests that this was done to prevent coin collectors from being angered over the fact that they would be unable to obtain the newly dated coins.
The first two 1804 dollars (as well as the other coins for the sets) were struck in November 1834. Soon, Roberts' trip was expanded to Indo-China (then known as Annam) and Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, so two additional sets were struck. The pieces struck under the auspices of the Mint are known as Class I 1804 dollars, and eight of that type are known to exist today. Roberts left for his trip in April 1835, and he presented one set each to the Sultan of Muscat and the King of Siam. The gift to the Sultan of Muscat was part of an exchange of diplomatic gifts that resulted in the Sultan presenting the Washington Zoo with a full-grown lion and lioness. Roberts fell ill in Bangkok
Bangkok
Bangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
and was taken to Macao
Mação
Mação is a municipality in Portugal with a total area of 400.0 km² and a total population of 7,763 inhabitants.The municipality is composed of eight parishes, and is located in the Santarém District....
, where he died in June 1835. Following Roberts' death, the remaining two sets were returned to the Mint without being presented to the dignitaries.
Collecting
Most coin collectors became aware of the 1804 dollar in 1842, when Jacob R. EckfeldtJacob R. Eckfeldt
Jacob Reese Eckfeldt was an assayer for the United States Mint in Philadelphia.-Biography:...
(son of Adam Eckfeldt) and William E. Du Bois published a book entitled A Manual of Gold and Silver Coins of All Nations, Struck Within the Past Century. In the volume, several coins from Mint's coin cabinet, including an 1804 dollar, were reproduced by tracing a pantograph
Pantograph
A pantograph is a mechanical linkage connected in a special manner based on parallelograms so that the movement of one pen, in tracing an image, produces identical movements in a second pen...
stylus over an electrotype of the coins. In May 1843, numismatist Matthew A. Stickney was able to obtain an 1804 dollar from the Mint coin cabinet by trading a rare pre-federal United States gold coin. Due to an increase in the demand for rare coins, Mint officials, including Director Snowden, began minting an increasing number of coin restrikes in the 1850s. Several 1804 dollars were struck, and some were sold for personal profit on the part of Mint officials. When he discovered this, Snowden bought back several of the coins. One such coin, which Snowden later added to the Mint cabinet, was struck over an 1857 shooting thaler
Shooting Thaler
Shooting thalers are commemorative coins minted to commemorate the shooting festival or free shoots tournaments that were held in various Cantons within the Swiss Confederation...
and became known as Class II, the only such piece of that type known to exist today. Six pieces with edge lettering applied after striking became known as Class III dollars.
By the end of the 19th century, the 1804 dollar had become the most famous and widely discussed of all American coins. In 1867, one of the original 1804 dollars was sold at auction for $750 ($ today). Seven years later, on November 27, 1874, a specimen sold for $700 ($ today). In the early 20th century, coin dealer B. Max Mehl began marketing the 1804 dollar as the "King of American Coins". The coins continued to gain popularity throughout the 20th century, and the price reached an all-time high in 1999, when an example graded
Coin grading
In coin collecting coin grading is the process of determining the grade or condition of a coin, one of the key factors in determining its value as a collector's item....
Proof-68 was sold at auction for $4,140,000.