The 1804 Silver Dollar Sold at $7.68 Million: Known as King of American Coins

Nicknamed “The King of American Coins,” the 1804 Silver Dollar is one of the most famous, mysterious, and valuable coins in U.S. history. In 2021, the “Sultan of Muscat” coin, graded Proof-68 by PCGS, sold for $7.68 million at a Stack’s Bowers auction, setting a record for an 1804 Silver Dollar.

Despite being dated 1804, none of these coins were minted that year! Instead, they were created decades later under very special circumstances. These are the most valuable. Other Class I coins have sold for $2 million to $4 million in recent decades, depending on condition.

The Surprising History

The 1804 Silver Dollar’s date is misleading. In 1804, the U.S. Mint produced 19,570 silver dollars, but records suggest these were dated 1803 or earlier. The Mint often reused old dies (the metal stamps used to make coins) to save money, so coins made in 1804 likely carried older dates.

The Mint also stopped making silver dollars for circulation after 1804, not resuming until 1836, due to low demand and the high cost of silver. The coins we now call 1804 Silver Dollars were struck starting in 1834, about 30 years later.

Presidential Gifts

These coins were minted under the orders of President Andrew Jackson, as part of diplomatic gifts for kings and emperors, including the King of Siam (modern-day Thailand) and the Sultan of Muscat.

Types of 1804 Silver Dollars

There are only 15 known authentic 1804 silver dollars, and they are categorized into three classes:

Class I (Originals) – Struck in 1834

• 8 coins exist
• Minted for diplomatic presentation sets
• Proof strike with sharp features
• The most famous and valuable type

Class II – Unauthorized Restrikes

• Only 1 known (Smithsonian Institution)
• Created around 1858 with different edge lettering
• Not made for presentation, but rather as an experiment

Class III – Later Strikes for Collectors

• 6 coins exist
• Struck around 1858–1860 using leftover dies
• Made unofficially by Mint employees for sale to collectors

Current Value of the 1804 Silver Dollar in 2025

Auction Prices and Estimates

As of 2025, the value of an 1804 Silver Dollar depends on its class, condition, and sale history:

Class	Number Known	Estimated Value (2025)
Class I	8	$4.5 million – $12 million+
Class II	1	Not for sale (held by Smithsonian)
Class III	6	$1.5 million – $4 million

Highest Sale Price on Record

• In 2017, a Class I 1804 Silver Dollar (known as the Dexter Specimen) sold for $3.29 million.
• Another specimen (the “Watters-Childs Specimen”) sold in 2021 for $7.68 million.
• In 2025, experts estimate that if the finest known 1804 dollar goes to auction again, it could bring in $10 million or more.

How Rare Is It?

Here’s why the 1804 silver dollar is one of the rarest:

• Only 15 authenticated examples are known to exist.
• Of those, just 8 are “originals” made for diplomatic use.
• Most are locked away in museums or elite private collections.
• No new authentic specimens have surfaced in decades.

Where Are the Known Coins Now?

Here are some of the locations where real 1804 dollars are currently held:

• Smithsonian Institution (Washington D.C.)
• ANA Museum (Colorado Springs)
• Private Collections (U.S. and Europe)
• American Numismatic Society
• Famous collectors like Pogue, Norweb, Dexter, and Bass have owned them

Quick Summary:

Attribute	Details
Coin Name	1804 Silver Dollar
Nickname	“The King of American Coins”
Date on Coin	1804
Actual Production Date	1834 (and later)
Total Authentic Examples	15
Classes	I (Original), II (Experimental), III (Later)
Value in 2025	$1.5 million – $12 million+
Still Exists in 2025?	Yes
Most Recent Sale (Major)	$7.68 million (2021, Watters-Childs Specimen)
Auction Potential Today	$10–12 million or more

Final Thoughts

The 1804 Silver Dollar isn’t just a coin — it’s a legend. With only 15 known pieces, a long diplomatic history, and unmatched collector demand, it remains the crown jewel of U.S. numismatics. As of 2025, every genuine piece still exists, carefully guarded, admired, and worth millions.