1804波浪发半身像银币 PCGS Proof 55
1804 Draped Bust Silver Dollar. Class III Restrike. BB-306. Second Reverse. Proof-55 (PCGS).
We are very pleased to once again offer at auction the Berg-Garrett specimen of the Class III 1804 dollar, a rarity whose fame has only grown in the 40 years since we first had the honor of presenting it in our landmark sale of the Garrett Collection.
The steel gray surfaces exhibit warm lilac and golden-gray highlights throughout. Though some light wear is evident on the highest points, it is unlikely this piece ever made it into circulation, raising the possibility that it was skillfully "worked" to simulate light wear, or perhaps it was a pocket piece for some brief span between 1859 (the probable first year of production of the Class III 1804 dollars) and the late 1870s when it first came to the notice of American numismatists. Whatever the circumstances, the surfaces are remarkably well preserved and appealing. The Berg-Garrett 1804 dollar offered here is the plate coin for the Class III dollars in Q. David Bowers' Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia (1993). The strike is similar to that seen on other Class III 1804 dollars, with much boldness of detail despite the assigned grade. Liberty's tresses and the eagle's feathers are all appropriately presented, and the overall sharpness easily lives up to the grade. The reverse is noticeably double struck with the details plainest at the ribbon, the eagle's beak and adjoining star, and the tops of the eagle's wings. There are also signs of doubling on the shield stripes, both vertical and horizontal, and at the berries and branch in the eagle's claw.
The die variety is B-306. Second Reverse. Obv: The same die as the Class I 1804 dollars, with light cracks showing a later state than seen in the earliest use of the die. Rev: The letter E in STATES is over the junction between two clouds. It is Die State I from Bowers' Encyclopedia, described there as: "With hairline crack beginning to the left of the top of L in LIBERTY, about 60% of the way toward the nearest upper point of star 7, and in line with the top of the L, extending through LIBER, to top of the left upper serif of T, then at a slight angle toward the border, ending above the junction of the upright of T and its left arm; this crack being that seen on Die State III of the Class I 1804 dollars." The Bowers reference goes on to describe a more advanced die state for the Class III issues, but the present specimen appears to be early in the Class III, Die State I pecking order, as the cracks at LIBERTY are somewhat faint overall.
The Story of the 1804 Silver Dollars
There are rarer coins, but in the federal series there are none that challenge the fame, tradition, and glory given to the 1804 silver dollar over a long period of years. In 1941 B. Max Mehl called it "The King of American Coins," and it still commands that numismatic throne.
Over a long period of years it has been our pleasure to have handled most of the 15 1804 dollars in existence. Eight Class I dollars are known, one Class II (in the National Numismatic Collection in the Smithsonian Institution), and six of the Class III, including the presently offered coin. Each of our past offerings has created a sensation. The ownership of an 1804 dollar places the buyer in a Pantheon of numismatic fame.
This is the fourth time we've had the honor and distinct pleasure to present the Berg-Garrett 1804 dollar in one of our catalogs. It first appeared in our (Bowers and Ruddy's) sale of Part II of the Garrett Collection in March 1980, its first appearance in the numismatic marketplace in 97 years! Now this great treasure is offered as part of the magnificent Pogue cabinet, and it will surely find its way into another world class collection.
Among the great and popular rarities that dot the American numismatic landscape, there is a small group that have been written about time and time again, and deservedly so; the 1804 dollar, the "King of American Coins," is one of those coins. Indeed, no offering of an 1804 silver dollar would be complete without a background story, as its history is filled with colorful figures and fascinating stories of the inner workings of the Mint in early to mid-19th century America.
Though Mint records show a silver dollar mintage for 1804 of 19,750 pieces, these were all probably dated 1803. It was common practice at the early United States Mint to record annual mintages, but it was also common to use leftover, previously dated dies into the following calendar year, typically until the die steel gave out. The fact that only 15 Draped Bust 1804 dollars have ever come to light since the first notice of them appeared in print in 1842 -- with certain of the others appearing in collections after 1858 -- gives testimony to the unreliability of the 19,750-piece mintage figure for calendar year 1804. After 1803, no dated circulation strike silver dollars were forthcoming from the Mint until 1,000 Gobrecht dollars were struck in 1836, followed by others of that design in smaller numbers in 1838 and 1839. In 1840 the new Liberty Seated design came to fruition, marking the first year in the denomination since 1803 to be struck in quantities large enough for actual circulation.
The story of the 1804 dollar was the subject of much speculation until 1962 when Eric P. Newman and Kenneth E. Bressett's book The Fascinating 1804 Dollar was issued by Whitman. In 1999 a detailed study by Q. David Bowers The Rare Silver Dollars Dated 1804 added to the information.
We now know that on November 11, 1834, the Department of State made a request for special sets of coinage of the realm to be made for presentation purposes to monarchs on the far side of the world. Detailed histories of two deliveries, one to the King of Siam and the other to the Sultan of Muscat, are given in the above-mentioned books. It was desired to include one of each authorized denomination: the half cent, cent, half dime, dime, quarter, half dollar, silver dollar, quarter eagle, half eagle, and eagle -- which were to be struck in Proof finish for inclusion in the specially made boxed sets. Most of these denominations were being made currently, and thus it was a simple matter to add 1834-dated Proofs. A search of mintage records revealed that silver dollars and eagles had last been minted in 1804. In order to make the sets accurately reflect history, new dies dated 1804 were made for these two coins. Although eagles minted in 1804 were actually dated 1804, in 1834 it was not realized that the dollars minted that year had an earlier date. Thus, in 1834 the first 1804-dated dollars made their debut.
Two of the gift sets, one boxed in red leather, the other in yellow leather, were delivered by Edmund Roberts, special envoy of President Andrew Jackson on a voyage that took place from 1835 to 1837 (although Roberts became sick and died in June 1836, before the expedition was completed). One set was presented to the Sultan of Muscat in October 1835. That now known as the King of Siam set, which we (Bowers and Merena) offered in October 1987, was presented by Roberts in April 1836. The above mentioned 1999 book by Q. David Bowers, gives fascinating details of Roberts' memorable voyage. These two pieces plus six others make up the entire known population of 1804 Class I silver dollars. Named specimens include the Mint Cabinet specimen; Stickney specimen; King of Siam specimen; Sultan of Muscat specimen; Dexter specimen; Parmelee specimen; Mickley specimen; and the Cohen specimen. Several of the Class I 1804 dollars are permanently impounded in or on loan to museum collections.
The 1804 dollar was recognized as a prime rarity after Matthew A. Stickney obtained one in trade with the Mint Cabinet in 1843. The reputation and fame spread, creating demand that could not be filled unless an owner decided to part with one, which did not happen often.
Enter Mint Director James Ross Snowden, in office since 1853 and an ardent numismatist. In 1859 he was busy collecting tokens and medals of George Washington to add to the Mint Cabinet, specifically for display in the Washington Cabinet that was to be unveiled on February 22, 1860, the president's birthday. To gain desired pieces and also as an unofficial avenue for private profit, Director Snowden restruck many earlier coins, made new rarities in the pattern series, and, important to the present narrative, created at least seven more 1804-dated dollars, an activity that is thought to have commenced in the spring of 1859. The same obverse die used in 1834 to strike the presentation coins was dusted off and used in combination with a reverse of the same design as used earlier, but with slightly different details. One was struck over an 1857-dated Swiss shooting thaler, with traces of the undertype still visible. That piece is the unique Class II in the Smithsonian. At least six others were struck using regular blank planchets.
Rather than offer them as Proof coins suitable for a cabinet, in the manner of such restrikes as half cents from the 1840s and silver dollars of 1851 and 1852, Snowden and his allies sought to present these as rare surviving examples of 1804-dated dollars actually struck in 1804. No numismatic research up to that time suggested that such originals were not made. Accordingly, the Class III pieces, as they are now designated, were mixed with other coins or in some manner jostled to give them the appearance of having been lightly circulated -- coins used in commerce since 1804. Most if not all of these were marketed by two Philadelphia dealers with close private connections to the Mint -- William Idler and Capt. John W. Haseltine.
In time these found their way to leading numismatists, including the presently offered example to T. Harrison Garrett, who in the late 19th century had the largest coin collection in private hands in America.
Roster of the Class III 1804 Dollars
Sources: Adapted from The Encyclopedia of United States Silver Dollars 1794-1804 (2013, Stack's Bowers Galleries) by Q. David Bowers, with slight additions and amendments presented by Heritage in their June 2018 Long Beach Signature Auction catalog.
1 - Proof-63. The Linderman Specimen. 1859-1872: Believed to have been struck at the Philadelphia Mint during this time period. Ex Mint Director Henry R. Linderman, 1870s, who may have been present at this coin's striking; Linderman died on January 27, 1879, after which the coin became part of his estate, 1879-1888; Lyman H. Low's sale of the Linderman Collection, June 28, 1887, lot 40, unsold, as the entire collection was withdrawn due to a pending federal inquiry as to the legality of certain coins within; J.W. Scott's sale of the Linderman Collection, February 28, 1888, lot 40, virtually the same catalog produced earlier by Low, who by 1888 was a Scott employee, although a few items had been withdrawn; James Ten Eyck, 1888-1910; James Ten Eyck estate, 1910-1922; B. Max Mehl's sale of the Ten Eyck Collection, May 2, 1922, lot 394; Lammot DuPont, 1922-1952; Willis H. DuPont, 1952-1994, although for half of this period the coin was not in DuPont's possession, having been stolen in an armed robbery at the DuPont home in Florida, October 5, 1967; recovered March 16, 1982; loaned to the American Numismatic Association Museum, Colorado Springs, 1994; donated to the Smithsonian Institution, 1994. 413.52 grains. Blundered edge lettering. As might be expected given that Mint Director Linderman was this coin's first owner, this specimen was not artificially worn. It was kept with its original Proof surface (as was just one other, under somewhat similar circumstances; see the Idler specimen below).
2 - Proof-60. The Idler Specimen. 1859-1872: Believed to have been struck at the Philadelphia Mint during this time period. Ex William K. Idler, 1870s; Captain John W. Haseltine, 1870s-1907; Capt. John W. Haseltine and his protege and partner, Stephen K. Nagy, 1907-1908; H.O. Granberg, 1908-?, displayed at the American Numismatic Society, 1914, and illustrated on Plate 17 of the catalog titled Exhibition of United States and Colonial Coins, January 17 to February 18, 1914; William Cutler Atwater, ?-1940; William Cutler Atwater estate, 1940-1946; B. Max Mehl's sale of the William Cutler Atwater Collection, June 11, 1946, lot 214; Will W. Neil, 1946-1947; B. Max Mehl's sale of the Will W. Neil Collection, June 17, 1947, lot 31; Edwin Hydeman, 1947-1972; Abe Kosoff's sale of the Edwin Hydeman Collection, March 3-4, 1961, lot 994, bought in; on consignment to or owned by Abe Kosoff, 1961-1972; included in Illustrated History of U.S. Coinage, 1962, fixed price list, lot 45b; advertised by Kosoff in The Numismatist, January 1972; 1972: World-Wide Coin Investments, Ltd. (John Hamrick and Warren Tucker), 1972, sold by private treaty to the following; Bowers and Ruddy Galleries, Inc., 1972-1974, first offered for sale in Rare Coin Review No. 19; Continental Coin Galleries (Kent M. Froseth and Chuck Parrish), 1974; Mark Blackburn, 1974-1979; subsequently offered for sale by Continental Coin Galleries, which had owned it earlier; Larry Demerer, 1979; Superior Galleries, agent for Dr. Jerry Buss, Los Angeles sports team owner, February 1979; Dr. Jerry Buss, 1979-1985; Superior's sale of the Dr. Jerry Buss Collection, January 1985, lot 1337; Aubrey and Adeline Bebee, 1985-1991; on loan to the American Numismatic Association, 1985-1991, subsequently donated by Mr. and Mrs. Bebee; American Numismatic Association Museum, 1991-date. 411 grains. Rust on eagle's head. Weakly struck at centers. Sharpest edge lettering of any 1804 dollar (per Newman-Bressett).
3 - PCGS Proof-58. The Adams Specimen. 1859-1872: Believed to have been struck at the Philadelphia Mint during this time period. Ex Captain John W. Haseltine; 1875-1876; J.W. Haseltine's "Centennial Coin and Curiosity Sale" I, March 30, 1876, lot 194, Haseltine himself seems to have been the buyer (bidding on his own coin); Phineas Adams, 1876-circa 1880; Henry Ahlborn, circa 1880; John P. Lyman, 1880-1913; S.H. Chapman's sale of the Lyman Collection, November 7, 1913, lot 16; Waldo C. Newcomer, 1913-1932, displayed at the American Numismatic Society, 1914, and illustrated on Plate 17 of the catalog titled Exhibition of United States and Colonial Coins, January 17 to February 18, 1914; B. Max Mehl, 1932, on consignment from Newcomer; "Colonel" E.H.R. Green, 1932-1936; "Colonel" Green estate, 1936-circa 1943; A.J. Allen, circa 1943-1946; F.C.C. Boyd, 1946; Numismatic Gallery (Abe Kosoff and Abner Kreisberg), 1946, on consignment from Boyd; Percy A. Smith, 1946-1949; B. Max Mehl, 1949-1950, who had it in his inventory by October 1949; B. Max Mehl's Golden Jubilee Sale (Jerome Kern and other collections), May 23, 1950, lot 804; Amon Gamaliel Carter, Sr., 1950s; Amon G. Carter, Jr., 1950s-1982; Amon G. Carter, Jr. family, 1982-1984; our (Stack's) sale of the Amon G. Carter, Jr. Family Collection, January 1984, lot 241; John Nelson Rowe III, 1984, agent for the following; L.R. French, Jr., 1984-1989; our (Stack's) sale of the L.R. French, Jr. Family Collection, January 1989, lot 15; Rarities Group, Inc. (Martin B. Paul), 1989; National Gold Exchange (Mark Yaffe), 1989; Heritage Rare Coin Galleries, 1989; Indianapolis collection, 1989-November 1993; unknown private collection, November 1993-1998; David Liljestrand, 1998; unknown Midwest collection, 1998: David Liljestrand, 1998; National Gold Exchange and Kenneth Goldman, 1998; Legend Numismatics, Inc. (Laura Sperber), 1998; Phillip Flanagan, 1998-2001; our (Bowers and Merena's) sale of the Phillip Flanagan Collection, May 2001, lot 4303; Donald H. Kagin; our (Bowers and Merena's) Baltimore ANA Auction of August 2003, lot 2026; West Coast collector, via Kevin Lipton; Heritage Rare Coin Galleries; East Coast collector, March 2006; Heritage's CSNS Signature Sale of April 2009, lot 2567; John Albanese. 416.25 grains. Edge lettering fairly sharp. 0 in date aligned with the second T in STATES.
4 - PCGS Proof-55. The Berg Specimen. 1859-1872: Believed to have been struck at the Philadelphia Mint during this time period. Ex Captain John W. Haseltine, 1875-1876, who displayed the coin at Edward Cogan's Jewett Sale, January 1876; O.H. Berg, 1876-circa 1883; J.W. Haseltine's sale of the Berg Collection, May 23-24, 1883, lot 568; George W. Cogan, agent for Thomas Harrison Garrett, 1883; T. Harrison Garrett, 1883-1888; Robert and John Work Garrett, by descent, 1888; Robert Garrett interest to John Work Garrett, 1919, transfer completed 1921; John Work Garrett, 1919-1942; The Johns Hopkins University, 1942-1980; our (Bowers and Ruddy's) sale of the Garrett Collection for the Johns Hopkins University, Part II, March 1980, lot 698; Pullen & Hanks (William Pullen and Larry Hanks), later in combination with Santa ("Sam") Colavita; Sam Colavita, 1980-1982, who purchased the interest of Pullen & Hanks on April 17, 1980; offered for sale through Texas dealer Ed Hipps; Pullen & Hanks' Long Beach Collector Series I Sale, February 1982, lot 1076, unsold; Sam Colavita, 1982, but continued on consignment with Pullen & Hanks, who in the same year transmitted it by private treaty to the following; Mike Levinson, acquired in trade for eight acres of land in El Paso, Texas, 1982-1984; Pennsylvania private collection, 1984-1986; our (Bowers and Merena's) Harry Einstein Collection sale, June 1986, lot 1736; Rarities Group, Inc. (Martin B. Paul), 1986; American Coin Portfolios (Dan Drykerman), November 1986, agent for the following; Mrs. Laura Sommer; private Southern California collector; our Chicago ANA Auction of August 2014, lot 13146; D. Brent Pogue. 402.8 grains. Edge lettering blundered and doubled in areas. Double struck on reverse. Reverse slightly rotated (0 in date is aligned with the second T in STATES). The present example.
5 - Proof-40. The Davis Specimen. 1859-1872: Believed to have been struck at the Philadelphia Mint during this time period. Ex J.W. Haseltine, as custodian (conjectured), 1870s; William E. Dubois, curator of the Mint Cabinet, sold through J.W. Haseltine, October 23, 1877; 1877-1883: R. Coulton Davis, 1877-1883; J.W. Haseltine, 1883; George M. Klein, 1883-1888; W. Elliot Woodward's 95th Sale, May 21-25, 1888, lot 1940; J. Colvin Randall, 1888, agent for R. Coulton Davis (who had owned the coin earlier); R. Coulton Davis, 1888; R. Coulton Davis estate, 1888-1890; J.W. Haseltine, 1890; John M. Hale, 1890-1897; John M. Hale family, 1897-1950; R.H. Mull, 1950; Parke-Bernet Galleries' George Singer Collection sale, May 11, 1950, lot 221; Mrs. Fullerton, 1950, agent for her father, Henry P. Graves; Henry P. Graves, 1950-1952; Henry P. Graves estate, 1952-1954; our (Stack's) Davis-Graves Sale, Part I, April 8-10, 1954, lot 1333; Ben H. Koenig, 1954-1960; our (Stack's) Fairbanks Collection sale, December 10, 1960, lot 576; Samuel Wolfson, 1960-1963; our (Stack's) sale of the Samuel Wolfson Collection, Part II, May 1963, lot 1394; Norton Simon, 1963-1971; sold by private treaty via Stack's to the following; James H.T. McConnell, Jr., November 21, 1971-date. 415.9 grains. Edge lettering doubled and blundered in places. 0 in date aligned with the second T in STATES.
6 - Proof-40. The Driefus-Rosenthal Specimen. 1859-1872: Believed to have been struck at the Philadelphia Mint during this time period. Ex location unknown, 1870s-1893; W. Julius Driefus, 1893; Isaac Rosenthal, 1893-1894; Philadelphia Mint Superintendent Oliver C. Bosbyshell, February 15, 1894, agent for the following; Col. James W. Ellsworth, 1894-1923, displayed at the American Numismatic Society, 1914, and illustrated on Plate 17 of the catalog titled Exhibition of United States and Colonial Coins, January 17 to February 18, 1914; Wayte Raymond, 1923-1924, via Knoedler & Co.; Guttag Brothers, 1924, agent for the following; Farran Zerbe, 1924-1928; Chase National Bank Collection, 1928-1978, which became known as the Chase Bank Money Museum, in later times as the Chase Manhattan Bank Money Museum; American Numismatic Society, 1978-date. Weight 415.48 grains. Edge lettering blundered and doubled in places. 0 in date aligned with the second T in STATES.
Concluding Remarks
The present offering of the "King of American Coins" is an event that will create great excitement among those who attend the sale in person, and the thrill will no doubt extend to all who follow the action on the StacksBowers.com website. In our experience, sometimes the excitement at an auction gathering is so palpable it can nearly be felt, and we expect that will be the case in the auction room when the Berg-Garrett 1804 dollar comes up for sale. There are just a handful of collectors who have the ability to purchase an 1804 dollar, and there are no doubt also a handful of dealers who will show an interest in owning the present rarity. Once sold, this coin will likely reside for another generation or so with its next numismatic steward, where it will remain a focal point, a piece of great rarity with a legendary story to tell, and a prize that will forever be cherished as a piece of numismatic history. Its owner will have earned a place in numismatic history and tradition as well.
Estimate: $1,200,000 - $1,500,000.
Provenance: Ex Captain John W. Haseltine, 1875-1876, who displayed the coin at Edward Cogan's Jewett Sale, January 1876; O.H. Berg, 1876-circa 1883; J.W. Haseltine's sale of the Berg Collection, May 23-24, 1883, lot 568; George W. Cogan, agent for Thomas Harrison Garrett, 1883; T. Harrison Garrett, 1883-1888; Robert and John Work Garrett, by descent, 1888; Robert Garrett interest to John Work Garrett, 1919, transfer completed 1921; John Work Garrett, 1919-1942; The Johns Hopkins University, 1942-1980; our (Bowers and Ruddy's) sale of the Garrett Collection for the Johns Hopkins University, Part II, March 1980, lot 698; Pullen & Hanks (William Pullen and Larry Hanks), later in combination with Santa ("Sam") Colavita; Sam Colavita, 1980-1982, who purchased the interest of Pullen & Hanks on April 17, 1980; offered for sale through Texas dealer Ed Hipps; Pullen & Hanks' Long Beach Collector Series I Sale, February 1982, lot 1076, unsold; Sam Colavita, 1982, but continued on consignment with Pullen & Hanks, who in the same year transmitted it by private treaty to the following; Mike Levinson, acquired in trade for eight acres of land in El Paso, Texas, 1982-1984; Pennsylvania private collection, 1984-1986; our (Bowers and Merena's) Harry Einstein Collection sale, June 1986, lot 1736; Rarities Group, Inc. (Martin B. Paul), 1986; American Coin Portfolios (Dan Drykerman), November 1986, agent for the following; Mrs. Laura Sommer; private Southern California collector; our Chicago ANA Auction of August 2014, lot 13146.
