1804 Draped Bust Silver Dollar. Class III Restrike. BB-306. Second Reverse. Proof-55 (PCGS)
photo: stacks bowers
At auction the Berg-Garrett specimen of the Class III 1804 dollar, a rarity whose fame has only grown in the 40 years since we first had the honor of presenting it in our landmark sale of the Garrett Collection.
The steel gray surfaces exhibit warm lilac and golden-gray highlights throughout. Though some light wear is evident on the highest points, it is unlikely this piece ever made it into circulation, raising the possibility that it was skillfully "worked" to simulate light wear, or perhaps it was a pocket piece for some brief span between 1859 (the probable first year of production of the Class III 1804 dollars) and the late 1870s when it first came to the notice of American numismatists. Whatever the circumstances, the surfaces are remarkably well preserved and appealing. The Berg-Garrett 1804 dollar offered here is the plate coin for the Class III dollars in Q. David Bowers' Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia (1993). The strike is similar to that seen on other Class III 1804 dollars, with much boldness of detail despite the assigned grade. Liberty's tresses and the eagle's feathers are all appropriately presented, and the overall sharpness easily lives up to the grade. The reverse is noticeably double struck with the details plainest at the ribbon, the eagle's beak and adjoining star, and the tops of the eagle's wings. There are also signs of doubling on the shield stripes, both vertical and horizontal, and at the berries and branch in the eagle's claw.
The die variety is B-306. Second Reverse. Obv: The same die as the Class I 1804 dollars, with light cracks showing a later state than seen in the earliest use of the die. Rev: The letter E in STATES is over the junction between two clouds. It is Die State I from Bowers' Encyclopedia, described there as: "With hairline crack beginning to the left of the top of L in LIBERTY, about 60% of the way toward the nearest upper point of star 7, and in line with the top of the L, extending through LIBER, to top of the left upper serif of T, then at a slight angle toward the border, ending above the junction of the upright of T and its left arm; this crack being that seen on Die State III of the Class I 1804 dollars." The Bowers reference goes on to describe a more advanced die state for the Class III issues, but the present specimen appears to be early in the Class III, Die State I pecking order, as the cracks at LIBERTY are somewhat faint overall.
photo: stacks bowers
The Story of the 1804 Silver Dollars
There are rarer coins, but in the federal series there are none that challenge the fame, tradition, and glory given to the 1804 silver dollar over a long period of years. In 1941 B. Max Mehl called it "The King of American Coins," and it still commands that numismatic throne.
Over a long period of years it has been our pleasure to have handled most of the 15 1804 dollars in existence. Eight Class I dollars are known, one Class II (in the National Numismatic Collection in the Smithsonian Institution), and six of the Class III, including the presently offered coin. Each of our past offerings has created a sensation. The ownership of an 1804 dollar places the buyer in a Pantheon of numismatic fame.
This is the fourth time we've had the honor and distinct pleasure to present the Berg-Garrett 1804 dollar in one of our catalogs. It first appeared in our (Bowers and Ruddy's) sale of Part II of the Garrett Collection in March 1980, its first appearance in the numismatic marketplace in 97 years! Now this great treasure is offered as part of the magnificent Pogue cabinet, and it will surely find its way into another world class collection.
Among the great and popular rarities that dot the American numismatic landscape, there is a small group that have been written about time and time again, and deservedly so; the 1804 dollar, the "King of American Coins," is one of those coins. Indeed, no offering of an 1804 silver dollar would be complete without a background story, as its history is filled with colorful figures and fascinating stories of the inner workings of the Mint in early to mid-19th century America.
photo: stacks bowers
Though Mint records show a silver dollar mintage for 1804 of 19,750 pieces, these were all probably dated 1803. It was common practice at the early United States Mint to record annual mintages, but it was also common to use leftover, previously dated dies into the following calendar year, typically until the die steel gave out. The fact that only 15 Draped Bust 1804 dollars have ever come to light since the first notice of them appeared in print in 1842 -- with certain of the others appearing in collections after 1858 -- gives testimony to the unreliability of the 19,750-piece mintage figure for calendar year 1804. After 1803, no dated circulation strike silver dollars were forthcoming from the Mint until 1,000 Gobrecht dollars were struck in 1836, followed by others of that design in smaller numbers in 1838 and 1839. In 1840 the new Liberty Seated design came to fruition, marking the first year in the denomination since 1803 to be struck in quantities large enough for actual circulation.
The story of the 1804 dollar was the subject of much speculation until 1962 when Eric P. Newman and Kenneth E. Bressett's book The Fascinating 1804 Dollar was issued by Whitman. In 1999 a detailed study by Q. David Bowers The Rare Silver Dollars Dated 1804 added to the information.
We now know that on November 11, 1834, the Department of State made a request for special sets of coinage of the realm to be made for presentation purposes to monarchs on the far side of the world. Detailed histories of two deliveries, one to the King of Siam and the other to the Sultan of Muscat, are given in the above-mentioned books. It was desired to include one of each authorized denomination: the half cent, cent, half dime, dime, quarter, half dollar, silver dollar, quarter eagle, half eagle, and eagle -- which were to be struck in Proof finish for inclusion in the specially made boxed sets. Most of these denominations were being made currently, and thus it was a simple matter to add 1834-dated Proofs. A search of mintage records revealed that silver dollars and eagles had last been minted in 1804. In order to make the sets accurately reflect history, new dies dated 1804 were made for these two coins. Although eagles minted in 1804 were actually dated 1804, in 1834 it was not realized that the dollars minted that year had an earlier date. Thus, in 1834 the first 1804-dated dollars made their debut.
photo: stacks bowers
Two of the gift sets, one boxed in red leather, the other in yellow leather, were delivered by Edmund Roberts, special envoy of President Andrew Jackson on a voyage that took place from 1835 to 1837 (although Roberts became sick and died in June 1836, before the expedition was completed). One set was presented to the Sultan of Muscat in October 1835. That now known as the King of Siam set, which we (Bowers and Merena) offered in October 1987, was presented by Roberts in April 1836. The above mentioned 1999 book by Q. David Bowers, gives fascinating details of Roberts' memorable voyage. These two pieces plus six others make up the entire known population of 1804 Class I silver dollars. Named specimens include the Mint Cabinet specimen; Stickney specimen; King of Siam specimen; Sultan of Muscat specimen; Dexter specimen; Parmelee specimen; Mickley specimen; and the Cohen specimen. Several of the Class I 1804 dollars are permanently impounded in or on loan to museum collections.
The 1804 dollar was recognized as a prime rarity after Matthew A. Stickney obtained one in trade with the Mint Cabinet in 1843. The reputation and fame spread, creating demand that could not be filled unless an owner decided to part with one, which did not happen often.
Enter Mint Director James Ross Snowden, in office since 1853 and an ardent numismatist. In 1859 he was busy collecting tokens and medals of George Washington to add to the Mint Cabinet, specifically for display in the Washington Cabinet that was to be unveiled on February 22, 1860, the president's birthday. To gain desired pieces and also as an unofficial avenue for private profit, Director Snowden restruck many earlier coins, made new rarities in the pattern series, and, important to the present narrative, created at least seven more 1804-dated dollars, an activity that is thought to have commenced in the spring of 1859. The same obverse die used in 1834 to strike the presentation coins was dusted off and used in combination with a reverse of the same design as used earlier, but with slightly different details. One was struck over an 1857-dated Swiss shooting thaler, with traces of the undertype still visible. That piece is the unique Class II in the Smithsonian. At least six others were struck using regular blank planchets.
Rather than offer them as Proof coins suitable for a cabinet, in the manner of such restrikes as half cents from the 1840s and silver dollars of 1851 and 1852, Snowden and his allies sought to present these as rare surviving examples of 1804-dated dollars actually struck in 1804. No numismatic research up to that time suggested that such originals were not made. Accordingly, the Class III pieces, as they are now designated, were mixed with other coins or in some manner jostled to give them the appearance of having been lightly circulated -- coins used in commerce since 1804. Most if not all of these were marketed by two Philadelphia dealers with close private connections to the Mint -- William Idler and Capt. John W. Haseltine.
In time these found their way to leading numismatists, including the presently offered example to T. Harrison Garrett, who in the late 19th century had the largest coin collection in private hands in America.
