According to the records of the US mint, 19,750 silver dollars were minted in 1804. Yet all of these were struck using the dies from the previous year, are dated 1803, and are not distinguishable from dollars minted in 1803. Like all dollars of this series, the obverse showing a bust of lady liberty in profile and the reverse bearing the Great Seal of the United States, these coins are highly collectible and very valuable, particularly if they are in excellent condition.

Bear in mind that many of these dollars would have been cut into eight pieces, like the Spanish milled dollar before them. Each piece, or bit, was worth 12½ cents. Thus was born the outdated expression ’pieces of eight,’ and the still extant phrase ’two bits’ to describe a quarter.

The dollars released in 1804 ended the series, but the dies were not destroyed or discarded.

Diplomatic Gifts Spawn a Legend

In 1834, presentation sets of United States silver dollars were coferred as gifts to eight foreign rulers. Since the series had extended through 1804, inclusion of a dollar bearing that date was deemed necessary to complete the set, so eight uncirculated proofs dated 1804 were created. The sets were presented to such contemporary luminaries as the Sultan of Muscat and the King of Siam. The latter was King Rama IV, who gifted his set to Anna Leonowers; the story of these two was written up as “Anna and the King of Siam,” and later as the musical “The King and I.”

The dollar set remained in Anna’s family for generations, then was ensconced in the Smithsonian Institute in 1983. In 2001, the entire King of Siam collection was purchased for a sum in excess of $4 million. Like many serious collectors, the purchaser remains anonymous.

This Would Have Ended the Story, but for Theodore Eckfeldt

Eckfeldt worked at the mint, and saw an opportunity to make money from the existing 1804 dies. In 1857, he struck an unknown quantity of dollars, selling them to collectors through a store in Philadelphia. The mint quickly seized the coins, destroying all but one, which remains in the Smithsonian national coin collection. Eckfeldt was not implicated in the scheme, and continued to work at the mint.

Then, at some time between 1858 and 1860, Eckfeldt produced another batch of six 1804 dollars. These can be distinguished from the authorized proofs of 1834 by variances in their reverse designs and a rust pit just to the left of the top leaf of the olive branch on the reverse. This time mint director James Snowden could not retrieve the unauthorized coins, which were in the hands of collectors, but he did have the dies destroyed.

One might suspect that these six coins, not authorized by the government, would not be worth much money. That would be wrong, because they were produced by the United States mint. Though a few were improperly cleaned, substantially reducing their value, one example is being auctioned this week, and will undoubtedly bring in a price in excess of $2 million.

Thousands Register for Auction Just to Lay Eyes on the Piece

The Adams-Carter dollar (named for two prior owners), one of the last six illegally struck, sold for better than $2 million in 2007, and is expected to bring in even more in auction at the Central States Numismatic Society Convention in Cincinnati, Ohio, on April 30, 2009. Coin Values magazine rates the piece as the seventh most valuable coin in the world. As of this writing, preliminary internet bidding has reached $1.7 million. The seller is keeping his identity a secret, but is known to be a private, east coast collector.

Beware of Fakes

If you happen to have a million or two lying around and are considering the purchase of an early American silver dollar, be aware that there are plenty of phony ones on the market. Some are produced from scratch. Others are real, but are etched to improve their grade, which can dramatically improve value. But don’t search your attic for an 1804 silver dollar- they’re all accounted for.