Silver Coins
See also : Coin World coins Antique coins Russia 1700-1900 Early US coins US dollars Birth of USA Bird
Chronology : 600 BCE-CE 1770-1779 1790-1799 1820-1829 1830-1839 1850-1859
Chronology : 600 BCE-CE 1770-1779 1790-1799 1820-1829 1830-1839 1850-1859
-409 Just before the Fall of Agrigento
2012 SOLD 2.3 MCHF before fees
Akragas, now Agrigento, on the south coast of Sicily, was one of the most prosperous cities of the Greek world, and one of the first to issue silver coins.
About 2423 years ago (409BC in our calendar), this coinage reached its artistic zenith with a beautiful silver decadrachm. The detail of the carving is superb, so much that experts are still wondering if this coin was actually intended to circulate. However, we must also consider that even at this distant time the officials were certainly wary of fakes.
We see on one side a quadriga in full motion. More original, the other side shows a remarkably realistic flying eagle carrying a rabbit.
An almost perfect example of this decadrachm was sold $ 570K by Sotheby's on June 19, 1990, an exceptional price for that time. It comes back at auction on October 17 by Numismatica Ars Classica in Zurich, with an estimate of CHF 1.75 M. The image of the quadriga side is shared by Artdaily. Here is the link to the catalog on the specialized online platform Sixbid.
This model is extremely rare for a good reason: as early as 406BC, Akragas was destroyed by the Carthaginians. I told very recently in this group that this terrible defeat, coupled with the installation of anarchy in Athens in 404BC, would pave the way for the highly effective tyranny of Dionysius in Syracuse.
POST SALE COMMENT
The pieces which are exceptional in their category have no price limit! This coin was sold CHF 2.3 million before fees.
About 2423 years ago (409BC in our calendar), this coinage reached its artistic zenith with a beautiful silver decadrachm. The detail of the carving is superb, so much that experts are still wondering if this coin was actually intended to circulate. However, we must also consider that even at this distant time the officials were certainly wary of fakes.
We see on one side a quadriga in full motion. More original, the other side shows a remarkably realistic flying eagle carrying a rabbit.
An almost perfect example of this decadrachm was sold $ 570K by Sotheby's on June 19, 1990, an exceptional price for that time. It comes back at auction on October 17 by Numismatica Ars Classica in Zurich, with an estimate of CHF 1.75 M. The image of the quadriga side is shared by Artdaily. Here is the link to the catalog on the specialized online platform Sixbid.
This model is extremely rare for a good reason: as early as 406BC, Akragas was destroyed by the Carthaginians. I told very recently in this group that this terrible defeat, coupled with the installation of anarchy in Athens in 404BC, would pave the way for the highly effective tyranny of Dionysius in Syracuse.
POST SALE COMMENT
The pieces which are exceptional in their category have no price limit! This coin was sold CHF 2.3 million before fees.
1740 silver pattern coin for Ivan VI
2012 SOLD 3.6 MCHF before fees by Sincona
Shared post sale by Coin World.
1776 Silver, Brass and Pewter
2015 SOLD for $ 1.53M including premium
At the time of the independence of the United States in 1776, the Congress attempted to get the financial independence by circulating paper money in a new unit, the dollar. This system was difficult to use for small amounts, and first tests were made for a one dollar coin.
This early US metal coinage remained confidential and was limited to the year 1776, but a significant quantity has been achieved, probably to test the capability of mass production. Heritage estimate that about 1,000 of them survive.
Some variations exist, because the dies were made by craft and wore out quickly, but also because a few engravers were involved. The operators also had to correct misspellings. Three metals were used: silver, brass and pewter. The majority of them are in pewter, abundant in North America at that time. This surprising diversity is certainly due to the still experimental nature of the project.
The earliest variant, described under code 1-A by Newman, was soon abandoned because its dotted rings were too difficult to perform repeatedly.
The sale by Heritage in Orlando on January 7 and 8 includes no less than fifteen of these Continental Dollars. Two are in silver, three in brass and the other ten in pewter.
The Newman 1-A brass coin is graded MS63 by NGC (lot 5834, January 8). It is the best from three 1-A known in brass. The Newman 1-A in pewter is the only known specimen of the original sub-variant in this material, identified by Heritage during the preparation of the auction (lot 4004, January 7).
The two silver coins are a Newman 1-C graded XF40 by NGC, the best from two known silver 1-C (lot 5838, January 8) and a Newman 3-D graded MS62 by NGC (lot 5842, January 8). Only one other silver 3-D is known. Graded MS63 by NGC, it was sold for $ 1.4 million including premium by Heritage on May 16, 2014.
RESULTS INCLUDING PREMIUM :
Both silver dollars : $ 1.53M each
Brass dollar : $ 376K
Pewter dollar : $ 118K
This early US metal coinage remained confidential and was limited to the year 1776, but a significant quantity has been achieved, probably to test the capability of mass production. Heritage estimate that about 1,000 of them survive.
Some variations exist, because the dies were made by craft and wore out quickly, but also because a few engravers were involved. The operators also had to correct misspellings. Three metals were used: silver, brass and pewter. The majority of them are in pewter, abundant in North America at that time. This surprising diversity is certainly due to the still experimental nature of the project.
The earliest variant, described under code 1-A by Newman, was soon abandoned because its dotted rings were too difficult to perform repeatedly.
The sale by Heritage in Orlando on January 7 and 8 includes no less than fifteen of these Continental Dollars. Two are in silver, three in brass and the other ten in pewter.
The Newman 1-A brass coin is graded MS63 by NGC (lot 5834, January 8). It is the best from three 1-A known in brass. The Newman 1-A in pewter is the only known specimen of the original sub-variant in this material, identified by Heritage during the preparation of the auction (lot 4004, January 7).
The two silver coins are a Newman 1-C graded XF40 by NGC, the best from two known silver 1-C (lot 5838, January 8) and a Newman 3-D graded MS62 by NGC (lot 5842, January 8). Only one other silver 3-D is known. Graded MS63 by NGC, it was sold for $ 1.4 million including premium by Heritage on May 16, 2014.
RESULTS INCLUDING PREMIUM :
Both silver dollars : $ 1.53M each
Brass dollar : $ 376K
Pewter dollar : $ 118K
1794 The Very First Silver Dollar
2013 SOLD 10 M$ including premium
On October 15, 1794, a little more than two years after the Coinage Act, the Federal Mint struck the first silver dollars. 1758 dollars dated 1794 will pass the checks and be authorized for circulation.
This 'one dollar' was not the first issued federal value, but Americans love their dollars and this production has an immeasurable prestige.
One of these coins is in wonderful state, graded Specimen-66 by PCGS. Experts are convinced that it is the earliest among about 150 remaining pieces and that it was perhaps the first dollar ever struck, why not.
Its excellent condition is due to the fact that it would have been retained at the plant during some years and did not leave thereafter great collections, including Green's and Contursi's.
In May 2010, this almost perfect dollar became the most expensive federal coin in history when it entered the Cardinal collection for $ 7.85 M through a private sale. It is illustrated in the article shared by NBC News at that time. It is now offered at auction by Stack's Bowers in New York on January 24.
I have already discussed this outstanding piece in August 2010. Its move into Cardinal's had released from that collection another copy in mint condition, certified MS-64, which was sold for $ 1.2 million including premium by Bowers and Merena.
POST SALE COMMENT
The high prestige of this coin was obvious. The result, $ 10M including premium, exceeds by more than 20% the price reported for the private transaction of 2010.
I invite you to play the post sale video shared on YouTube by CoinWeek :
This 'one dollar' was not the first issued federal value, but Americans love their dollars and this production has an immeasurable prestige.
One of these coins is in wonderful state, graded Specimen-66 by PCGS. Experts are convinced that it is the earliest among about 150 remaining pieces and that it was perhaps the first dollar ever struck, why not.
Its excellent condition is due to the fact that it would have been retained at the plant during some years and did not leave thereafter great collections, including Green's and Contursi's.
In May 2010, this almost perfect dollar became the most expensive federal coin in history when it entered the Cardinal collection for $ 7.85 M through a private sale. It is illustrated in the article shared by NBC News at that time. It is now offered at auction by Stack's Bowers in New York on January 24.
I have already discussed this outstanding piece in August 2010. Its move into Cardinal's had released from that collection another copy in mint condition, certified MS-64, which was sold for $ 1.2 million including premium by Bowers and Merena.
POST SALE COMMENT
The high prestige of this coin was obvious. The result, $ 10M including premium, exceeds by more than 20% the price reported for the private transaction of 2010.
I invite you to play the post sale video shared on YouTube by CoinWeek :
1794 The Silver Dollar of Lord St. Oswald
2015 SOLD for $ 5M including premium
The first federal silver coinage in 1792 was symbolic and political. The entire production did not exceed 100 dollars in half dismes and indeed did not allow to consider a circulation.
Two years later, the Philadelphia plant tries the first production of the silver dollar. The technical difficulties concerned the officials to the point that the preparation is confidential and not documented. The issue is to achieve a perfect strike with the exact weight and purity required by the Congress.
Ingots are bought to cover $ 2,000 in the new coinage. The production is done in one day, 15 October 1794. 1758 pieces are released.
This yield below the target is due to a drift of the strike during the operation, in part because that coin was too large to enable a repetitive adjustment of the weight. Manufacturing is suspended. There will be no further 1794 $ 1 coin.
The first coins are admirable. Only one survivor is ranked as a specimen. Its mint preservation is because it was originally stored in the factory's archives. This coin graded MS66 by PCGS was sold for $ 10M including premium by Stack's Bowers on January 24, 2013.
On September 30 in New York, Stack's Bowers in association with Sotheby's sells the best silver dollar of 1794, graded MS66+ by PCGS, winner 30 years ago of a friendly confrontation by direct inspection with the only other example in the same grade. It is estimated beyond $ 3M, lot 2041.
It is not a works specimen. Its provenance explains its exemplary preservation.
An Englishman named William Strickland visited the United States from 20 September 1794 to 29 July 1795. He acquired coins in mint state at a time when production was not yet sufficient to really start a circulation. The box containing the treasure was stored in a Chippendale coin cabinet in England and fell into oblivion.
The box surfaces in 1964 when the cabinet is opened for the auction by Christie, Manson and Woods of the collection of Lord St. Oswald. The dates of the coins stored in the box correspond with the time spent by Strickland in the USA.
Two years later, the Philadelphia plant tries the first production of the silver dollar. The technical difficulties concerned the officials to the point that the preparation is confidential and not documented. The issue is to achieve a perfect strike with the exact weight and purity required by the Congress.
Ingots are bought to cover $ 2,000 in the new coinage. The production is done in one day, 15 October 1794. 1758 pieces are released.
This yield below the target is due to a drift of the strike during the operation, in part because that coin was too large to enable a repetitive adjustment of the weight. Manufacturing is suspended. There will be no further 1794 $ 1 coin.
The first coins are admirable. Only one survivor is ranked as a specimen. Its mint preservation is because it was originally stored in the factory's archives. This coin graded MS66 by PCGS was sold for $ 10M including premium by Stack's Bowers on January 24, 2013.
On September 30 in New York, Stack's Bowers in association with Sotheby's sells the best silver dollar of 1794, graded MS66+ by PCGS, winner 30 years ago of a friendly confrontation by direct inspection with the only other example in the same grade. It is estimated beyond $ 3M, lot 2041.
It is not a works specimen. Its provenance explains its exemplary preservation.
An Englishman named William Strickland visited the United States from 20 September 1794 to 29 July 1795. He acquired coins in mint state at a time when production was not yet sufficient to really start a circulation. The box containing the treasure was stored in a Chippendale coin cabinet in England and fell into oblivion.
The box surfaces in 1964 when the cabinet is opened for the auction by Christie, Manson and Woods of the collection of Lord St. Oswald. The dates of the coins stored in the box correspond with the time spent by Strickland in the USA.
The 1794 silver dollar is one of the greatest American classics. #Pogue #RareCoins #history http://t.co/tK9EmCtACk pic.twitter.com/j1z5cEhyB8
— Stack's Bowers (@StacksBowers) June 19, 20151794 The Dollars of the English Lords
2017 SOLD for $ 2.8M including premium
The achievement of the strike of the very first silver dollar, on October 15, 1794, is disappointing. The first units are perfect but the press is not stabilized and the end of the series is not usable. 1,758 pieces are accepted from an expectance of 2,000.
The best survivors of today had therefore also been among the first struck. There is no doubt about the Cardinal specimen. Benefiting from an exceptional silver polishing and a perfect striking that was probably individually made, this prestige dollar was sold for $ 10M including premium by Stack's Bowers on January 24, 2013.
The war with the former colonial power has been over since November 1783. English visitors are welcomed. A gentleman farmer named William Strickland later 6th Baron of Boynton arrived on September 20, 1794. This economist who comes to study prices and wages in the American agriculture is introduced in the best circles.
Strickland left back for England in July 1795 with a small collection including 35 federal coins that were most likely obtained by him directly at the US Mint. The group surfaced in 1964 in an inventory for a sale from the property of the 4th Baron St Oswald, descendant of Strickland's son-in-law.
Forgotten inside a Chippendale cabinet since the early 19th century, the Strickland collection remained in its original state without any addition. His two 1794 flowing hair dollars are among the most spectacular of that type. One of them graded Mint State 66+ by PCGS is the best behind the Cardinal specimen. It was sold for $ 5M including premium by Stack's Bowers on September 30, 2015. A coin from another provenance got the same PCGS grade.
The other dollar from the collection of the Lords comes immediately behind at position 4 in the condition census. Graded MS-64 by PCGS, it will be sold by Stack's Bowers in Denver on August 3, lot 2113.
This first US dollar is extremely rare in mint state. In addition to the four units discussed above, only two are classified as mint by PCGS, in slightly lower grades : MS-63 + and MS-62 +.
Please watch the video shared by Stack's Bowers from a post sale interview with Coin World.
The best survivors of today had therefore also been among the first struck. There is no doubt about the Cardinal specimen. Benefiting from an exceptional silver polishing and a perfect striking that was probably individually made, this prestige dollar was sold for $ 10M including premium by Stack's Bowers on January 24, 2013.
The war with the former colonial power has been over since November 1783. English visitors are welcomed. A gentleman farmer named William Strickland later 6th Baron of Boynton arrived on September 20, 1794. This economist who comes to study prices and wages in the American agriculture is introduced in the best circles.
Strickland left back for England in July 1795 with a small collection including 35 federal coins that were most likely obtained by him directly at the US Mint. The group surfaced in 1964 in an inventory for a sale from the property of the 4th Baron St Oswald, descendant of Strickland's son-in-law.
Forgotten inside a Chippendale cabinet since the early 19th century, the Strickland collection remained in its original state without any addition. His two 1794 flowing hair dollars are among the most spectacular of that type. One of them graded Mint State 66+ by PCGS is the best behind the Cardinal specimen. It was sold for $ 5M including premium by Stack's Bowers on September 30, 2015. A coin from another provenance got the same PCGS grade.
The other dollar from the collection of the Lords comes immediately behind at position 4 in the condition census. Graded MS-64 by PCGS, it will be sold by Stack's Bowers in Denver on August 3, lot 2113.
This first US dollar is extremely rare in mint state. In addition to the four units discussed above, only two are classified as mint by PCGS, in slightly lower grades : MS-63 + and MS-62 +.
Please watch the video shared by Stack's Bowers from a post sale interview with Coin World.
Incredible MS-64 PCGS Lord St. Oswald-Norweb 1794 Flowing Hair S$1 to be offered in our August 2017 ANA Auction https://t.co/IsQNtwS4sI pic.twitter.com/A3YQhTnvjK
— Stack's Bowers (@StacksBowers) May 4, 2017
1796-1797 Early Silver Fractions of the Dollar
2015 SOLD for $ 1.53M including premium
The 1792 Coinage act defined the silver dollar along with four fractions in the same metal: half dollar, quarter dollar, disme and half disme.
The half disme is the value used for the first experimental production and then comes back in 1794. The half dollar begins in 1794. These first two small silver denominations are produced in 1794 and 1795 in the flowing hair variant of Miss Liberty.
The design changes in 1796 for the new obverse variant with the draped bust. The disme and the quarter dollar appear for the first time on that year. The half dollar is interrupted from 1798 to 1800 inclusive and the quarter from 1797 to 1803 inclusive. Their reverse variant is the small eagle as opposed to the heraldic eagle that will supersede it when the production of these values will restart.
The exceptional Pogue collection includes three of the best examples of these ancient draped bust fractions of the dollar. They will be sold without reserve at the first session by Stack's Bowers in New York on May 19 in association with Sotheby's.
The first quarter dollars had not been successful, which explains the early shutdown of their production. The lot 1051, estimated $ 750K, graded MS66 by PCGS, is one of the best specimens of this rare variant limited to 1796.
The 1797 half dollar at lot 1103 is also graded MS66 by PCGS. With its stunning visual appeal, it is the most desirable part in its class, estimated $ 1.2 million.
Throughout the history of its provenance, it has almost never been separated from a half dollar of the same grade from the only other year of this variant, 1796, which is estimated $ 775K at lot 1102. The ephemeral feature of this 1796 coin modified to sixteen stars for welcoming Tennessee in the Union is highly rare.
RESULTS including premium :
1796 half dollar : $ 820K
1796 quarter dollar : $ 1.53M
1797 half dollar : $ 1.53M
The half disme is the value used for the first experimental production and then comes back in 1794. The half dollar begins in 1794. These first two small silver denominations are produced in 1794 and 1795 in the flowing hair variant of Miss Liberty.
The design changes in 1796 for the new obverse variant with the draped bust. The disme and the quarter dollar appear for the first time on that year. The half dollar is interrupted from 1798 to 1800 inclusive and the quarter from 1797 to 1803 inclusive. Their reverse variant is the small eagle as opposed to the heraldic eagle that will supersede it when the production of these values will restart.
The exceptional Pogue collection includes three of the best examples of these ancient draped bust fractions of the dollar. They will be sold without reserve at the first session by Stack's Bowers in New York on May 19 in association with Sotheby's.
The first quarter dollars had not been successful, which explains the early shutdown of their production. The lot 1051, estimated $ 750K, graded MS66 by PCGS, is one of the best specimens of this rare variant limited to 1796.
The 1797 half dollar at lot 1103 is also graded MS66 by PCGS. With its stunning visual appeal, it is the most desirable part in its class, estimated $ 1.2 million.
Throughout the history of its provenance, it has almost never been separated from a half dollar of the same grade from the only other year of this variant, 1796, which is estimated $ 775K at lot 1102. The ephemeral feature of this 1796 coin modified to sixteen stars for welcoming Tennessee in the Union is highly rare.
RESULTS including premium :
1796 half dollar : $ 820K
1796 quarter dollar : $ 1.53M
1797 half dollar : $ 1.53M
#AuctionUpdate from the Pogue Collection of rare US coins: this superb 1796 Quarter Dollar reaches $1.5m pic.twitter.com/lYX5r2YX25
— Sotheby's (@Sothebys) May 20, 2015#AuctionUpdate The most valuable US half dollar in existence: the 1797 Half Dollar sets a new auction record at $1.5m pic.twitter.com/Q2JC4ZOttB
— Sotheby's (@Sothebys) May 20, 20151827 pattern rouble of Nicholas I
2013 SOLD 2.05 MCHF before fees by Sincona
1834 The Dollar of the Kings
1999 SOLD 4.1 M$ including premium by Bowers and Merena
2016 UNSOLD
PRE 2016 SALE DISCUSSION
The dollar dated 1804 is an extraordinary coinage whose story is worthy of an oriental tale.
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.
The dollar dated 1804 is an extraordinary coinage whose story is worthy of an oriental tale.
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.
1835 The Presentation Dollar
2013 SOLD 3.9 M$ including premium
2018 SOLD for $ 2.64M including premium
PRE 2018 SALE DISCUSSION
The dollar struck at the date of 1804 is the most desirable regular coin issue. Although the number of specimens made in the first issue also known as Class I is not recorded, it is probable that it did not exceed the eight units currently known.
They were prepared in three strikes : two presentation coins in 1834 for the diplomatic travel of Edmund Roberts in Asia, two additional coins in early 1835 for an an extension of the same trip and a final set of four in 1835 for the archives of the Philadelphia Mint.
The reason for the later Class II and Class III restrikes made between 1857 and 1860 is not clear.
The sixth specimen in the Class I roster is graded PR62 by PCGS. It was twice sold by Heritage, for $ 3.7M including premium on April 17, 2008 and for $ 3.9M including premium on August 9, 2013. It is now listed as lot 4003 by Heritage in Long Beach on June 14.
I summarized the reason for its rarity as follows before the 2013 sale.
The dollar is a symbol of money and the East is a dream of wealth. During the presidency of Jackson, Edmund Roberts became ambassador at large of the United States to the East.
In 1834 Roberts was responsible for presenting the richest monarchs with a complete series of the then legal US coinage from its current or last year.
When this decision was made nobody appreciated that this special set was to include for its credibility a coin that had never existed : the 1804 silver dollar. Its production had stopped after that date and all the coins from that ultimate year had been made with 1803 dies.
The 1804 dollars prepared for Roberts's diplomatic mission were for these reasons the first to use that face date, with a delay of thirty years.
Please watch the video shared by Heritage. The image below has been downloaded a few years ago from Wikimedia.
The dollar struck at the date of 1804 is the most desirable regular coin issue. Although the number of specimens made in the first issue also known as Class I is not recorded, it is probable that it did not exceed the eight units currently known.
They were prepared in three strikes : two presentation coins in 1834 for the diplomatic travel of Edmund Roberts in Asia, two additional coins in early 1835 for an an extension of the same trip and a final set of four in 1835 for the archives of the Philadelphia Mint.
The reason for the later Class II and Class III restrikes made between 1857 and 1860 is not clear.
The sixth specimen in the Class I roster is graded PR62 by PCGS. It was twice sold by Heritage, for $ 3.7M including premium on April 17, 2008 and for $ 3.9M including premium on August 9, 2013. It is now listed as lot 4003 by Heritage in Long Beach on June 14.
I summarized the reason for its rarity as follows before the 2013 sale.
The dollar is a symbol of money and the East is a dream of wealth. During the presidency of Jackson, Edmund Roberts became ambassador at large of the United States to the East.
In 1834 Roberts was responsible for presenting the richest monarchs with a complete series of the then legal US coinage from its current or last year.
When this decision was made nobody appreciated that this special set was to include for its credibility a coin that had never existed : the 1804 silver dollar. Its production had stopped after that date and all the coins from that ultimate year had been made with 1803 dies.
The 1804 dollars prepared for Roberts's diplomatic mission were for these reasons the first to use that face date, with a delay of thirty years.
Please watch the video shared by Heritage. The image below has been downloaded a few years ago from Wikimedia.
1835 The Voyage of Four Coins
2017 SOLD for $ 3.3M including premium
Diplomat and traveler, Edmund Roberts had imagined returning to the East with gifts altogether prestigious and cheap for the king of Siam and the sultan of Muscat. The Secretary of State accepted in November 1834 his idea of constituting for each of these powerful monarchs a case containing a set of all the coins in circulation in the United States including the silver dollar whose production had been suspended since 1804.
While preparing the execution of that federal order, the US Mint found that all the dollars regularly produced in 1804 had used the dies of the previous year and thus carried the date of 1803. To avoid entering into lengthy debates, the factory decides to modify old dies and to make two coins dated 1804, which are struck in December 1834. They will at least have the advantage of being brand new.
The Secretary of State decides that Roberts must extend his mission up to Cochin China and Japan. Two additional sets are assembled in April 1835 just in time before his departure. A third strike is made before 1837, certainly for the use of the archives of the US Mint : four of these coins survive.
The eight coins referred above are together designated as the 1804 Class I dollar. They are a flagship of American numismatics by the quality of their execution scheduled for a prestigious operation. The wear of the reference image of Liberty, designed in 1795, is not a numismatic defect.
The king and the sultan have received their gift but it is not known what happened to the two other sets after the death of Roberts in Macau in June 1836. It is probable that a member of the crew caught them discreetly.
The monarchs did not handle their gifts, of course. The Siam specimen remaining in its presentation case is graded Proof-67 by PCGS. The Muscat specimen graded Proof-68 by PCGS was sold for $ 4.1M including premium by Bowers and Merena in August 1999. It passed at the fourth Pogue sale on May 24, 2016.
Pogue owned another 1804 Class I dollar, graded Proof-65 by PCGS. It is estimated $ 3M in the fifth sale of his collection to be held in Baltimore on March 31 by Stack's Bowers, lot 5045.
This coin had surfaced in Germany in 1884 with no identified history and was at that time the subject of a dispute of authenticity closed by an official statement in its favor issued by the US Mint. Moreover the hues of its patina and the perfect condition of its reverse suggest that this coin has long been preserved in a case identical to those offered to the two sovereigns. It is therefore probably one of the last two silver dollars of Roberts' voyage.
A Class I coin graded Proof-62 by PCGS was sold for $ 3.9M including premium by Heritage on August 9, 2013.
While preparing the execution of that federal order, the US Mint found that all the dollars regularly produced in 1804 had used the dies of the previous year and thus carried the date of 1803. To avoid entering into lengthy debates, the factory decides to modify old dies and to make two coins dated 1804, which are struck in December 1834. They will at least have the advantage of being brand new.
The Secretary of State decides that Roberts must extend his mission up to Cochin China and Japan. Two additional sets are assembled in April 1835 just in time before his departure. A third strike is made before 1837, certainly for the use of the archives of the US Mint : four of these coins survive.
The eight coins referred above are together designated as the 1804 Class I dollar. They are a flagship of American numismatics by the quality of their execution scheduled for a prestigious operation. The wear of the reference image of Liberty, designed in 1795, is not a numismatic defect.
The king and the sultan have received their gift but it is not known what happened to the two other sets after the death of Roberts in Macau in June 1836. It is probable that a member of the crew caught them discreetly.
The monarchs did not handle their gifts, of course. The Siam specimen remaining in its presentation case is graded Proof-67 by PCGS. The Muscat specimen graded Proof-68 by PCGS was sold for $ 4.1M including premium by Bowers and Merena in August 1999. It passed at the fourth Pogue sale on May 24, 2016.
Pogue owned another 1804 Class I dollar, graded Proof-65 by PCGS. It is estimated $ 3M in the fifth sale of his collection to be held in Baltimore on March 31 by Stack's Bowers, lot 5045.
This coin had surfaced in Germany in 1884 with no identified history and was at that time the subject of a dispute of authenticity closed by an official statement in its favor issued by the US Mint. Moreover the hues of its patina and the perfect condition of its reverse suggest that this coin has long been preserved in a case identical to those offered to the two sovereigns. It is therefore probably one of the last two silver dollars of Roberts' voyage.
A Class I coin graded Proof-62 by PCGS was sold for $ 3.9M including premium by Heritage on August 9, 2013.
Get ready! Get set! For the Dexter Specimen of the 1804 Dollar “The King of American Coins” https://t.co/KFyEoIdaQB pic.twitter.com/dIoziNQmem
— Stack's Bowers (@StacksBowers) February 3, 2017
1857-1860 The Class III Restrike of the 1804 Silver Dollar
2014 SOLD 1.88 M$ including premium
1804 was the last year of the early silver dollar. The production of this coinage, along with the $ 10 gold eagle, was interrupted for several decades.
The records of the Philadelphia Mint indicate a production of 19,750 $ 1 coins during the year 1804. The tools from previous years were not worn. All these coins were marked with a previous year.
In 1834, the U.S. government is preparing a prestigious gift for the King of Siam and for the Sultan of Muscat and Oman: a copy in perfect condition of all the official coins of the United States.
To overcome the lack of $ 1 marked 1804 they reused the old dies for a new strike. Additional copies were retained by the factory and its managers. This edition is identified as the 1804 silver dollar Class I.
The 1804 silver dollars Class II and III, partially using the old tools, are much more mysterious.
A single copy of the Class II survives. It was struck over a Swiss thaler dated 1857 and is the only U.S. $ 1 dated 1804 with a plain edge.
Six specimens of Class III are known. The assumption that their production was stopped in 1860 to end an illegal lucrative activity involving some employees of the factory seems to become obsolete. Indeed, the ownership until 1887 by a director of the Mint of one of the currently remaining coins is not matching the logics of a covert operation.
A Class III coin graded PR58 by PCGS was sold for $ 2.3 million including premium by Heritage on 30 April 2009. Another Class III coin, graded PR55 by NGC, is for sale on August 6 in Chicago by Stack's Bowers, lot 13146.
Made at an unidentified date between 1859 and 1872, the first Class III coins appeared for the first time in 1876 at the same time as novodels of same type dated 1801, 1802 and 1803.
All these coins have undoubtedly been struck at a time when the American numismatics was beginning to attract collectors and experts. We may indeed imagine, although I have not read such an assumption, that the other Class II were destroyed because their quality was poor.
POST SALE COMMENT
This mysterious restrike coin in very good condition was sold for $ 1.6M before fees.
The records of the Philadelphia Mint indicate a production of 19,750 $ 1 coins during the year 1804. The tools from previous years were not worn. All these coins were marked with a previous year.
In 1834, the U.S. government is preparing a prestigious gift for the King of Siam and for the Sultan of Muscat and Oman: a copy in perfect condition of all the official coins of the United States.
To overcome the lack of $ 1 marked 1804 they reused the old dies for a new strike. Additional copies were retained by the factory and its managers. This edition is identified as the 1804 silver dollar Class I.
The 1804 silver dollars Class II and III, partially using the old tools, are much more mysterious.
A single copy of the Class II survives. It was struck over a Swiss thaler dated 1857 and is the only U.S. $ 1 dated 1804 with a plain edge.
Six specimens of Class III are known. The assumption that their production was stopped in 1860 to end an illegal lucrative activity involving some employees of the factory seems to become obsolete. Indeed, the ownership until 1887 by a director of the Mint of one of the currently remaining coins is not matching the logics of a covert operation.
A Class III coin graded PR58 by PCGS was sold for $ 2.3 million including premium by Heritage on 30 April 2009. Another Class III coin, graded PR55 by NGC, is for sale on August 6 in Chicago by Stack's Bowers, lot 13146.
Made at an unidentified date between 1859 and 1872, the first Class III coins appeared for the first time in 1876 at the same time as novodels of same type dated 1801, 1802 and 1803.
All these coins have undoubtedly been struck at a time when the American numismatics was beginning to attract collectors and experts. We may indeed imagine, although I have not read such an assumption, that the other Class II were destroyed because their quality was poor.
POST SALE COMMENT
This mysterious restrike coin in very good condition was sold for $ 1.6M before fees.
1894 The Legend of a Barber Dime
2016 SOLD for $ 2M including premium
The craze for coin collection created a legend. The book published in 1893 by Augustus Heaton, A Treatise on Coinage of the United States Branch Mints, generates an immediate excitement. Collectors now take consideration of the production plant to gather consistent sets including previously unsuspected rarities.
No less than fifty collectors contact the San Francisco branch in 1894 for acquiring specimens of all denominations in mint state. Regarding the silver dime worth ten cents, only one response is made: San Francisco does not produce that value in 1894.
However, the plant's records indicate that a minuscule amount of 24 dimes was delivered on June 9, 1894. This information goes unnoticed at first glance. The 1894-S dies with a Barber-type figure had been prepared but the decision for a mass production has not been taken.
On the next year, an official says that he had to close the fiscal accounts of the silver stock and that the very small remaining volume could only be used for dimes.
The 24 units manufactured with the new tools have not benefited from the perfect setting usually applied when beginning an actual series but they may nevertheless be considered as proofs. 5 coins have undergone destructive assays. The other 19 were probably mixed in a bag with dimes of previous years for their release into circulation.
The hunt for this scarcity is launched in 1900 when Heaton reveals the existence of the 24 coins in a specialized magazine. It later became legendary when collectors told fancies on the fate of these coins of which only eight or nine units have surfaced.
One of the two 1894-S dimes that had belonged to Eliasberg is the best example, graded PR66 by PCGS. It will be sold by Heritage in Tampa FL on January 7, lot 5317. It had been sold for $ 1.32M including premium by David Lawrence in March 2005. Another coin graded PR64+ by PCGS was sold for $ 1.55M including premium by Stack's in October 2007. The price of each of these two units was later considerably increased in private sales.
I invite you to watch the short video shared by Heritage :
No less than fifty collectors contact the San Francisco branch in 1894 for acquiring specimens of all denominations in mint state. Regarding the silver dime worth ten cents, only one response is made: San Francisco does not produce that value in 1894.
However, the plant's records indicate that a minuscule amount of 24 dimes was delivered on June 9, 1894. This information goes unnoticed at first glance. The 1894-S dies with a Barber-type figure had been prepared but the decision for a mass production has not been taken.
On the next year, an official says that he had to close the fiscal accounts of the silver stock and that the very small remaining volume could only be used for dimes.
The 24 units manufactured with the new tools have not benefited from the perfect setting usually applied when beginning an actual series but they may nevertheless be considered as proofs. 5 coins have undergone destructive assays. The other 19 were probably mixed in a bag with dimes of previous years for their release into circulation.
The hunt for this scarcity is launched in 1900 when Heaton reveals the existence of the 24 coins in a specialized magazine. It later became legendary when collectors told fancies on the fate of these coins of which only eight or nine units have surfaced.
One of the two 1894-S dimes that had belonged to Eliasberg is the best example, graded PR66 by PCGS. It will be sold by Heritage in Tampa FL on January 7, lot 5317. It had been sold for $ 1.32M including premium by David Lawrence in March 2005. Another coin graded PR64+ by PCGS was sold for $ 1.55M including premium by Stack's in October 2007. The price of each of these two units was later considerably increased in private sales.
I invite you to watch the short video shared by Heritage :
