Long touted as the “King of American Coins,” there have been many wealthy collectors who felt that their collection was not complete without a specimen of the 1804 dollar. Yet there are only 15 known, including seven restrikes, and several of these are permanently impounded in museums. When offered at public auction, only the wealthiest of bidders have any chance of owning this justly fabled coin.
The coinage of silver dollars in the United States began in October 1794 when 1,758 coins were delivered by Chief Coiner Henry Voight. Because no more were struck in that year, even the 1794 date is famous among collectors, there being perhaps 125 known specimens. However, in 1795, the coinage of dollars was much stronger, with approximately 200,000 being made; a specimen from this year is, of course, much easier to obtain.
At the end of September 1795, the Flowing Hair obverse for the silver dollar was discarded and replaced by the famous Draped Bust head of Liberty. It is traditional to credit the change to famed artist Gilbert Stuart. The attribution to Stuart is relatively certain and was published as early as 1860.
From 1795 to 1798, the dollar carried the “small eagle” reverse but early in 1798, Mint Director Elias Boudinot ordered Chief Engraver Robert Scot to prepare reverse dollar dies carrying the heraldic eagle from the Great Seal of the United States. This
