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Thursday, April 06, 2006

US Silver Dollar Coin

The US silver dollar coin is probably the most collected silver coin in the world. Usually this would be the Silver Dollar Eagle a 99.99 percent pure silver coin

Probably the most famous US silver dollar coin is the 1804 United States, Draped Bust, Heraldic Eagle.

This is so rare that not long ago one was sold at auction for over 4 million US dollars. That is a lot of money for one coin!

There are a few 1804 silver dollars but none were actually minted in 1804. They were actually minted in 1834 and in the 1850s also. They were not meant for circulation. This was because the value of silver rise so much that the silver dollars in circulation were being melted down and being moved out of the country. The US government acted on this by ceasing production of silver coins by 1803.

However several presentation sets were required as diplomatic gifts and a silver dollar dated 1804 was included in those sets. These were referred to as ‘original’ 1804 silver dollars and they were a severely minted mintage. It is thought by some that the King of Siam (Thailand) had ten sets but now only 8 of these coins are considered to exist.

The condition of these coins, never having been in circulating was considered extra fine to choice uncirculated. If you find one congratulate yourself because they are worth millions today. However, due to the rarity of these coins there are fakes around so one has to be careful. Paying millions for a fake 1804 coin is no fun!

It is an interesting story and the history of the US silver dollar coin is really a piece of American history!



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