The first specimen identified as Sultan of Muscat-Watters-Brand-Childs-Pogue 1804 dollar class I is really fabulous. It was sold for $ 4.1 million including premium by Bowers and Merena in August 1999, the highest recorded price for any coin at that time. It is for sale by Stack's Bowers, successor to Bowers and Merena, in cooperation with Sotheby's on May 24 in New York, lot 4020.
The Sultan of Oman is an important Arabian monarch who controls the trade in the Horn of Africa which is a major passage to the Orient. His capital is Muscat. An American dealer named Edmund Roberts manages to meet the Sultan in Zanzibar in 1827, opening the possibility to create an American influence in Asia.
Roberts is naturally designated in 1832 by the government of President Jackson to finalize the trade agreement with Muscat. The tradition is to support the negotiations in the East with gifts. Americans are not familiar with this practice: there will be no investment for this operation which, if successful, will however bring huge sources of revenues for the United States.
Roberts does not wish being commissioned to offer a ridiculous gift to the Sultan. He imagines a morocco box containing a sample of each legal coins of the United States. The order is sent to the Philadelphia Mint to run this special operation.
The silver dollar is a legal coin but President Jefferson suspended its production in 1804. Its face value is the symbol of the American currency and this piece should be the focus of the gift. New dies are created from the punches that began to rust after three decades of storage. The date 1804 is selected because it is the latest that is credible.
The first class I 1804 dollar is struck in November or December 1834 with great care so that this brand new piece of silver shall dazzle the Sultan of Muscat when he opens the box. The government is enthusiastic about the idea of Roberts and a similar gift is simultaneously prepared for the King of Siam. Six other class I coins will be struck including at least two before Roberts left for the East.
Roberts presented the box to the Sultan on October 1, 1835, the day following the signing of the treaty of friendship between both countries. This exceptional coin has been kept in mint condition. It is graded Proof 68 by PCGS. The image below has been downloaded a few years ago from Wikimedia.
The prestige of this piece with coin collectors is further increased by the fact that it is the first silver dollar on the date of 1804. At the time of Jefferson's decision the dollars produced earlier in that year were still using the dies dated from the previous year.