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12 Nov 2021

1804 Draped Bust Dollars Part 1

Young Numismatists Exchange | user_30405

The 1804 Draped Bust Silver Dollars:

A story for all collectors

Introduction

The 1804 Draped Bust Silver Dollar is truly a coin for all collectors, numismatic or not. Its allure is in its fascinating context, historical significance, extreme rarity, and staggering value. In 1834, the United States was only 58 years old and was deeply divided by sectionalism, as the Civil War was only 27 years away. The country had just experienced the presidential term of John Quincy Adams, which was somewhat tumultuous because of a divided Congress and decried election. In 1834, President Andrew Jackson and his Vice President, Martin Van Buren, were in some critical trade talks, notably with Siam (modern day Thailand) and Muscat, Oman, a key player in the Indian Ocean. Trying to put the best foot forward in these trade discussions, the U.S. created one of the most prestigious and valuable numismatic rarities of all time. The 1804 Draped Bust Silver Dollars minting story is fascinating, the history intriguing, and the rarity and legendary status unequaled.

The Story Begins...

In 1804, the current United States Mint Director got advice to use the existing dies to mint silver dollars for that year because there was a shortage of die steel and congress was planning to stop silver dollar production. From the birth of the United States until 1857, Spanish coinage was legal tender, and the Spanish peso was almost equivalent with the U.S. Dollar. Problematically, the newly minted dollars were being taken to India in trade for commodities, and never returning. Over 19,000 silver dollars were minted in 1804 before production stopped in March, but coins minted in 1804 were dated 1803 or 1802. One interesting nuisance is that a Mint entry in 1805 showed that the Mint processed 321 silver dollars; these were actually just a deposit from a bank, and the easiest way to process it at the time was to run it through the mint. Secretary of State James Madison officially stopped silver dollar production on May 1, 1806, to encourage the Spanish peso to be used internationally and eventually phase out Spanish coinage from North America. However, nearly three decades later on November 11, 1934, Andrew Jackson, advised by ambassador Edmund Roberts, directed Mint Director Samuel Moore was given orders to mint “a complete set of the coins of the United States be sent to the King of Siam, and another to the Sultan of Muscat.” Little did they know that they would create one of the most praised and coveted numismatic rarities of all time.

A QUICK INTRO

I am a YN who enjoys writing school reports and has been really lucky cherry picking. I joined a few months ago. I will be releasing installments every week, please comment with any corrections/advice you might have!

Comments

Mike

Level 7

Welcome . This is the p!ace to be. If you could list your sources we sometimes like to look it up and find more information.

Longstrider

Level 6

Welcome and a well done blog. Thanks.

AC coin$

Level 6

Great interesting blog , Welcom and thank you

thatcoinguy

Level 5

Awesome! And welcome! 😁

AC coin$

Level 6

Interesting infortion and great blog .

Kepi

Level 6

Enjoyed your blog! Great subject! ; )

Golfer

Level 5

Very nice topic. Interesting for sure. Thank you

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