Numismatics is a world brimming with curiosities, attracting those with a profound passion for collecting. An extremely rare 1804 silver dollar, known as the Arched Liberty Dollar, fetched an astonishing price at auction this month. This unique situation presents us with a dollar composed of 90% silver and 10% copper, bearing the year 1804 on the obverse, even though it was actually minted three decades later. This particular coin sold for $6 million at auction.
1804 was the last year in which a series of dollar coins were minted
The fact is that 30 years had to pass before the United States Mint decided to release another series of coins, but these were to be a limited edition, not for circulation, but as a gift for a private collection. On December 9, Stack’s Bowers Galleries auctioned a newly identified example of the famous 1804 silver dollar, known as the King of American Coins. This piece is the sixteenth known example. The fact is that 1804 was the last year in which a series of dollar coins were minted, but the last ones (despite being minted in 1804) did not bear that year inscription, but rather 1803. Therefore, there are many peculiarities surrounding this coin.
The story goes that in 1834, the then-President of the United States, Andrew Jackson, wanted to send a gift to the King of Siam (present-day Thailand), taking advantage of the trip his international ambassador, Edmund Roberts, was about to make to the Far East. As mentioned above, this coin from centuries past is surrounded by curiosities. Continuing with the story, Jackson was well aware that the Asian monarch was a numismatist, so they decided that the ideal gift would be a case containing a collection of every one-dollar coin minted in the history of the United States.
One heir discreetly preserved his share, keeping several valuable pieces out of public view for decades
All this, without knowing that it would eventually be worth millions. The coin originated from the legacy of New York collector James A. Stack, whose extensive collection was amassed during the 1930s and 1940s. After his death, the estate was divided among his three children. While much of the collection was sold between 1975 and 1995, one heir discreetly preserved his share, keeping several valuable pieces out of public view for decades. This is what has led many people to learn the story of this coin, which has now reached an almost incalculable value.
Let’s continue exploring the story behind the coin. The fact that the coin minted in 1804 bore the year 1803 puzzled President Jackson, so he ordered a special minting of the same coin with the year 1804 on the obverse. We could say that the coin’s value lies in a whim of the President of the United States. Its rediscovery in 2024 caused great surprise, as it was a coin of enormous historical importance that had remained hidden for generations.
The current find is now considered one of the most remarkable numismatic discoveries of the 21st century
The story of the coin doesn’t end there, as the ambassador who was to deliver the coin to the monarch died in 1836 without completing the diplomatic mission and without delivering all the new coins to the Asian leaders. Therefore, the current find is now considered one of the most remarkable numismatic discoveries of the 21st century. In any case, eight original examples and seven later restrikes are currently known; the latter are believed to have been produced for collectors during the 19th century.
Finally, it’s important to understand that three types or collections of the 1804 dollars were minted, divided into ‘Class I’, ‘Class II’, and ‘Class III’, each with a different current value. Obviously, all of them are worth millions today, although the Class I coins are the most highly valued. As we can see, a small decision by one person can change the course of history and, centuries later, make someone else a millionaire. Life has these unexpected twists.