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1804 Class III Dollar Sold By Heritage For
$2,475,000 (Dallas, TX) - An
East Coast collector has purchased a Class III 1804 U.S. dollar for $2,475,000
in a private treaty sale announced by Heritage Auction Galleries of Dallas,
Texas (www.HeritageAuctions.com). The same coin traded hands in 1950 for
$3,250. |
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(Dallas, TX) - An East Coast collector has purchased a
Class III 1804 U.S. dollar for $2,475,000 in a private treaty sale announced by
Heritage Auction Galleries of Dallas, Texas (www.HeritageAuctions.com). The
same coin traded hands in 1950 for $3,250.
The
Adams-Lyman-Carter-Flannagan Specimen is one of only six known Class III 1804
Draped Bust type silver dollars. Graded PCGS Proof-58, it is the finest of the
three available to collectors and not part of museum collections.
The
anonymous collector who purchased the coin was represented by Heritage. Dealer
Kevin Lipton of Beverly Hills, California represented the seller, described
only as "a West Coast collector."
"The fabled 1804 dollars are widely
known as 'the King of Coins.' It's always exciting when one changes hands, and
this certainly has been electrifying for the happy new owner and the Heritage
team," said Greg Rohan, President of Heritage who handled the transaction for
the firm.
"Less-famous coins are selling for a million dollars or more,
and the King of Siam proof set containing an 1804 dollar recently sold for $8.5
million. The other 1804 dollars are either also in the strong hands of
collectors who want to keep them or are impounded in museums. So the new owner
of this coin is thrilled about adding it to what is becoming one of the finest
collections in existence," Rohan said.
This is the second time this
particular coin has set a record price for a Class III 1804 dollar. It first
established the record when it was purchased at an auction in July 2003 for
$1,207,500. Two years earlier it sold for $874,000 when Ohio business executive
Phillip Flannagan consigned the coin to a November 2001 auction to raise money
for construction of a Christian school near Cincinnati. Amon G. Carter, Sr.,
the late publisher of the Fort Worth Star-Telegram newspaper and a founder of
American Airlines, paid $3,250 for the same coin in 1950.
Describing
1804 dollars in his 1941 sale of the Dunham Collection, dealer B. Max Mehl
stated: "While there may be coins of greater rarity (based upon the number of
specimens known), none are so famous as the dollar of 1804!"
"Mehl's
comments are still correct and appropriate today," said Rohan. "1804 dollars
are the best-known and most sought-after rare coins in the world."
Although there are 15 known "1804" U.S. silver dollars, no one-dollar
denomination coins dated 1804 were actually made that year. There are eight
surviving examples of 1804-dated dollars made at the Philadelphia Mint in the
mid 1830's to be given as gifts on behalf of President Andrew Jackson by a
State Department envoy on a diplomatic mission to the Far East. These are known
as Class I type.
A unique 1804-dated dollar with a slightly different
design on the reverse and struck apparently in 1858 on a Swiss coin is the lone
Class II type. It is part of the Smithsonian's collection. Six other specimens
are known with the same modified reverse design, and also believed struck in
1858 to satisfy the requests of collectors at the time, are designated as Class
III.
Three of six Class III coins are in museums. The Linderman
Specimen, graded Proof-63, is in the Smithsonian Institution in Washington, DC;
the Idler Specimen, Proof-62, is at the American Numismatic Association Money
Museum in Colorado Springs, Colorado; and the Driefus-Rosenthal Specimen,
EX-40, is in the holdings of the American Numismatic Society in New York City.
The two other remaining Class III examples in collectors' hands, the
Berg-Garrett Specimen and the Davis Specimen, are graded EX-40.
For
additional information, contact Heritage Auction Galleries, 3500 Maple Ave.,
17th Floor, Dallas, Texas 75219. Phone: (800) 872-6467. Online:
www.HeritageAuctions.com.
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Media Contact:
Cathy
Hadd Heritage Auction Galleries www.HeritageAuctions.com
The
World's Largest Collectibles Auctioneer
3500 Maple Avenue, 17th Floor
Dallas, TX 75219
1-800-872-6467 x 216
Cathy@HeritageAuctions.com |
| Publication Date: 04/04/2006 |
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