1804 dollar
The 1804 dollar or Bowed Liberty Dollar was a dollar coin struck by the Mint of the United States. Though dated 1804, none were struck in that year; all were minted in the 1830s or later. First created for use in special proof coin sets used as diplomatic gifts during Edmund Roberts’ trips to Siam and Muscat. Auction prices reached USD 1,000 by 1885, and in the mid-twentieth century, the coins realized over USD 30,000.
About 1804 dollar in brief
The 1804 dollar or Bowed Liberty Dollar was a dollar coin struck by the Mint of the United States. Though dated 1804, none were struck in that year; all were minted in the 1830s or later. They were first created for use in special proof coin sets used as diplomatic gifts during Edmund Roberts’ trips to Siam and Muscat. Auction prices reached USD 1,000 by 1885, and in the mid-twentieth century, the coins realized over USD 30,000. In 1999, a Class I example sold for USD 4. 14 million, then the highest price paid for any coin. Their high value has caused 1804 dollars to be a frequent target of counterfeiting and other methods of deception. The Coinage Act of 1792 authorized coinage of multiple denominations of gold, silver and copper coins. In 1793, President George Washington signed into law a bill which declared Spanish milled dollars legal tender, provided that they weighed no less than 415 grains. At that time, silver bullion was supplied to the Mint exclusively by private depositors, who had the right to have their bullion coined free of charge. The first dollar coins, known as Flowing Hair dollars, were issued by the mint beginning in 1794. By 1800, a majority of depositors requested their silver dollars be struck as silver dollars, which were then utilizing the Draped Bust design. As a result, the public became increasingly critical of the Mint, and as a result the Mint began encouraging depositors to accept the fraction of the coins in relation to the smaller coins.
Dollar coin production ceased in March 1803, although those pieces bore the date of 1803. In 1805, Director Robert Patterson stated that he bore the view of furnishing a small supply of small coins to prevent the exportation of small change, with a view to prevent a decrease in the supply of the small coins. The coins are now known collectively as “Class I”, “Class II” and “Class III” dollars, respectively. The coins produced for the diplomatic mission, those struck surreptitiously without edge lettering and those with lettering are known collectively as “Class I’s” and “ class “III’” The coins were mandated by Spanish law to contain 90. 2 percent silver, and most of the unworn examples in circulation in the U.S. at the time contained approximately 1. 75 grains more than the silver dollars authorized by the Act. The lighter Spanish dollars were largely forced out of circulation in accordance with Gresham’s law; the lighter pieces would be turned in to the Philadelphia Mint to be recoined into United States coinage to take advantage of the discrepancy in weight. In 1843, a collector subsequently acquired one example from the Mint in 1843. Unlike the original coins, these later restrikes lacked the correct edgelettering, although later examples released from the mint bore the correct lettering.
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This page is based on the article 1804 dollar published in Wikipedia (as of Oct. 31, 2020) and was automatically summarized using artificial intelligence.
