Rare silver dollar nets $3.8 million at auction
ILLINOIS (Aug 11) A rare U.S. silver dollar known among collectors as "The King of Coins" sold for more than $3.8 million at an auction Friday.
The coin, which is dated 1804 and still in mint condition, was actually made in 1834 or 1835, said Greg Rohan, president of Heritage Auctions of Dallas, which conducted the auction in the Chicago suburb of Rosemont (ILLINOIS). It was made on behalf of President Andrew Jackson and intended to be given as a diplomatic gift during trade missions to Asia and the Middle East.
"It's one of only eight known of its kind and would be a prized possession for any collector of American history," Rohan said in an emailed statement.
He said the seller of the coin wished to remain anonymous, and Heritage Auctions did not disclose the name of the buyer.
The U.S. Mint began preparing coins to be given as diplomatic gifts in 1834, Rohan said. At the time, Mint records showed the last U.S. silver dollars were made in 1804. None could be found with that date, so the Mint made some.
The coin shows Miss Liberty, the word "Liberty" and the date 1804 on its front. The back depicts an eagle, the words "United States of America" and the motto "E Pluribus Unum." Both sides also have 13 stars representing the 13 original colonies.
Rohan said the coin's previous owners included the Massachusetts Historical Society and Adam Eckfeldt, who was chief coiner at the U.S. Mint from 1814 to 1839.
The coin was valued at $3 million prior to Friday's auction.
