The Original and the Forgery: Silver Dollar with Draped Bust of 1804

The 1804 Draped Bust Dollar is the most interesting and desirable of all American coins, with many mysteries and underworld stories surrounding it. Known as the “King of Coins”, it is one of the most famous and valuable coins in the world.

No silver dollars dated 1804 were minted that year. These coins show evidence of technology that was not available in 1804, but 30 years later.

Official Mint records show that 19,570 Draped Bust silver dollars were produced, but all dollars minted in 1804 are believed to date from 1803 or earlier. This was a practice at the time to save the expense of creating new dies each year. The silver dollars actually minted in 1804 are indistinguishable from their 1803 predecessors.

There are currently 15 known specimens of the 1804 Draped Bust Dollar, and all 15 are accounted for. They are classified in Class I, II and III. There are 8 Class I examples struck in 1834. 1 Class II and 6 Class III coins were unofficially struck by mint employees between 1857 and 1870.

All Class I 1804 silver dollars will weigh 416 grains, the pre-1837 standard. The Class I and Class III 1804 dollars have a lettered edge of the style used from 1794 to 1803, while the Class II dollar has a plain edge.

The 1858 Type III refires were done on whatever planks could be found at the time. They did not necessarily weigh the new 412.5 grains dictated by Congress. In addition to their non-uniform weight, Class III coins can be distinguished from Class I by their slightly different reverse design.

It is believed that 15 Class II dollars were originally minted illegally by mint employees, which were later returned to mint officials. The only remaining 1804 Class II dollar has gone to the National Collection at the Smithsonian.

We now know that the 1804 Class I 8 dollars were struck in 1834-1835 for inclusion in presentation proof sets issued to dignitaries by the US government. One is found in the King of Siam proof set, the another was for the Sultan of Muscat.

When the US Mint exhausted its original supply of $1804, an additional 7 pieces, Type III, were made to meet collector demand in 1858 and 1859 and released over the next 20 years to collectors. .

All of these coins are not in circulation, although 4 of the 7 were made to look like they were in circulation. That way, their owners could have an explanation for their acquisition, without directly linking them to the US Mint.

In the late 1960s, thousands of dollars issued in 1803 and 1804, as well as trade dollars, were sold to American soldiers returning from Vietnam. These coins sometimes display a golden I! after the word AMERICA on the reverse. They are cast copies of an 1800 draped bust silver dollar, with the last 0 turned into a 4.

Cast copies often have poor and indistinct features. The fields have a porous texture, which is in keeping with the molded corners. They are also lightweight, weighing in at just 22 to 23 grams. Finally, the 1804 date is very well cut regardless of wear. A coin with date spots is counterfeit.

Alterations of other genuine draped bust silver dollars dates from 1801 to 1803 account for the remainder of the known forgeries. Most date mods will show tool marks around the altered date quite clearly, though some have been done deceptively well.