United States early one dollar coins hold some of the record highs for prices realized for any collected obsolete coins in the world. The United States 1804 Draped Bust Silver Dollar in particular has long been known as the king of the coins to collect within the United States numismatic issues.
New stars have emerged and varieties surfaced to make the series that much more of an interesting area within the coin collecting community. In a class all of their own. These early Silver Majestic pieces of numismatic history dazzle all that hold one. A very elite club it is, for the cost of these coins now can outreach most people's lifetime income. It's fun to dream though and we'll take a look at some of the more popular issues as well as some one of a kind rarities within the early dollars of the US.
Starting from the beginning, Congress authorized the production of one dollar coins on April 2nd 1792. The first coins were minted in 1794. All United States silver dollars struck from this point through 1804 had a lettered edge.
The weight for the first issues came in at 416 grains and the purity was set to be 892.4 fine silver. The country was happy to finally have it's own circulating one dollar coin. This first year of production however saw only 1,758 examples struck and a cool 10,000 is about the cheapest one can be obtained for now in the lowest grades. In the highest grade known which is the picture above, the last sale for this SP 66 designated silver dollar was $7,850,000 a new record for the sale of any one coin was established with this sale.
There are suspected to be 150 known examples of the first United States silver dollars dated 1794 to exist today. A far cry from the mints numbers so who knows the king of these coins could still be out there.
1795 saw 160,295 coins struck for this denomination and these coins can be had for a measly seven or eight hundred dollars a piece in worn out condition. This is assuming you can find one at all. A lot more common then it's 1794 counterpart but still a three hundred and something year old coin. Quite a rarity on the market today.
In late 1795 the obverse design of the dollar was refined to show a draped bust version of Liberty as apposed to the unkempt flowing hair style that graced the first edition. This coin quickly gained the approval of the public and was continued until 1804 when striking dollars would be suspended until the year 1836 and then resumed with a much different coin.
Early United States silver dollars have been collected since the day they were minted. The folks who believed a dollar saved is a dollar earned have earned far more then a dollar. They have gained a rare look into the past of the United States of America as well as a nice windfall in value realized.
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