An extremely rare 1804 dollar coin has sold for over $3.5 million at auction.
Heritage Auctions of Dallas say that “a frenzy of bidding” pushed the coin up to $3,538,000 in their January 14 – 17 US Coins Signature Auction.
In total the sale, in which Heritage say a number of new records were set, brought in over $54 million for 166 lots.
The star coin’s full name is, an “1804 Class III Draped Bust Dollar PR58 PCGS, BB-306, R.7 from The Presidio Collection” known also as the Adams-Carter specimen.
Todd Imhof, Executive Vice President of Heritage Auctions said in a press statement: “Trophies like the famous 1804 dollars are always coveted by collectors, and the prices Heritage has been delivering for such numismatic treasures continue to surpass expectations.
“This result is a significant jump since its last appearance at Heritage in 2009, when it sold for $2.3 million.”
The 1804 dollar had attracted a bid of well over $1 million well before the auction went live.
It is one of the most famous and coveted US coins. No 1804-dated silver dollars were struck in 1804 (a small number were struck with 1803 dates).
The coin, which is a fake of a sort because of its false date, is in excellent condition and one of a few of its type not in a museum. Image courtesy of Heritage Auctions, ha.com.
When, in 1834, a small number of proof coins were needed as gifts on trade missions, the first 1804 dollars were minted.
These coins are extraordinarily rare. Collectors went after them from their inception, and, small numbers of 1804 coins were subsequently made and sold to collectors.
This example was first known on the market in the 1870s.
Of the four original trade-mission coins, one has been auctioned for $8.5 million and another for $7.7 million.
Other record prices made in the Heritage Sale included $1.464 million for an 1880 Coiled Hair Stella. An 1867 Liberty Double Eagle made a record $793,000. A new top price of $561,200 was achieved by an 1854 1854-S Liberty Quarter Eagle.
The coin market has been performing well at the moment. Mr Imhof said: “While not the most valuable numismatic auction Heritage has ever conducted, this week’s results might reflect the single strongest we have ever seen in terms of higher-than-expected prices across the board — from Colonial issues through every denomination.”
