The 1804 Draped Bust Dollar: The King of American Coins Among the most legendary and sought-after coins in American history stands the 1804 Draped Bust Silver Dollar, often crowned the “King of American Coins.” With only a handful known to exist, this rare coin is more than just currency—it’s a symbol of mystery, diplomacy, and extreme value.
Not Really Minted in 1804?
Despite its date, the 1804 Draped Bust Dollar was not actually struck in 1804. The last silver dollars officially produced for circulation were made in 1803. So why does the coin say 1804? In the 1830s, the U.S. Department of State wanted to present gift sets of American coins to diplomats during overseas visits. Since no silver dollars had been minted since 1803, Mint officials decided to strike new coins using the old 1804 date to complete the sets—believing they were simply replacing what should have existed.
Thus, the legendary coin was born decades after its printed date, in very limited numbers.
Three Known Classes
There are 15 known specimens of the 1804 Draped Bust Dollar, and they are divided into three classes:
Class I: Struck in the 1830s for diplomatic gift purposes. These are the most valuable and famous examples.
Class II: Made later using a different reverse die, without edge lettering. These were unauthorized and possibly experimental.
Class III: Similar to Class II but struck with edge lettering added afterward—likely for collectors in the mid-to-late 1800s.
All classes are rare, but Class I coins are considered the true originals and are the most prized by collectors.
Design Details
Obverse (Front): Features Lady Liberty in a draped gown, facing right. The word “LIBERTY” arches above her head, with stars encircling the edge.
Reverse (Back): An eagle with outspread wings, holding arrows and an olive branch, surrounded by “UNITED STATES OF AMERICA” and the denomination.
The coin is celebrated not only for its scarcity but also for the artistry and classic elegance of its early American design.
The 1804 Draped Bust Dollar Value and Auction History
The 1804 Draped Bust Dollar is among the most valuable coins in the world. Depending on the class and condition, these coins have sold for millions of dollars at auction:
A Class I example known as the “Dexter Specimen” sold for over $3.9 million.
Another Class I piece, the “Watters-Childs Specimen,” reached nearly $4.1 million in a public sale.
These sky-high values reflect the coin’s combination of rarity, beauty, and legendary backstory.
Why It’s So Iconic-The 1804 Draped Bust Dollar
The 1804 Dollar is iconic not just for its rarity, but for its mythical status in numismatics. For generations, collectors have dreamed of owning one. It’s been featured in major museums, private collections, and even stolen and recovered under dramatic circumstances.
Its unusual origin story, coupled with its status as one of the rarest American coins, cements its place in coin collecting history.
The 1804 Draped Bust Dollar isn’t just a coin—it’s a legend. Known as the “King of American Coins,” it represents the perfect storm of rarity, intrigue, and historical importance. While most collectors may never own one, its story continues to inspire the passion that drives numismatics around the world.
