When you hear the word ?Dollar?, you probably imagine a green piece of paper with a printed image of George Washington. However, it's important to know that the first ever Dollar actually came in the form of a coin ? a Silver Dollar Coin.
A silver dollar has a value of $1. However, what sets these coins apart from your usual cents or pennies is that despite their $1 value, these dollars are 99% pure silver.
Collectors purchase silver dollar coins to add to their collection.
1804 U.S. Silver Coin
Among other existing silver coins, one of the most famous coins to exist is the 1804 U.S. Silver Coin.
In fact, it is so famous and unique that at an auction, it was sold for almost $4 million. This is more than what any silver coin has ever been sold for in the entire world.
The rarity of this coin can be judged by the fact that no other coin was minted back in 1804. Other coins that have the ?1804? stamp on them were not minted until 1850 due to the halting of silver production by the government itself.
This was done in light of the soaring prices of silver. This took a toll on the production of silver dollars as it required melted silver to reach the required silver content.
These circumstances led to silver production being halted in 1803. This is what makes the 1804 Silver Dollar Coin so special.
How was the 1804 U.S. Silver Coin Minted?
The minting of 1804 Silver Coins became essential in 1834 when sets of silver coins were presented as diplomatic gifts. These sets would have stood incomplete without the 1804 Silver Coin.
This resulted in the decision to release a few 1804 Silver Dollars. These are ultra rare and are categorized as Class 1 1804 Dollars.
It is also worth noting that there are only 8 of these class 1 Dollars in the world. Despite the fact that 10 diplomatic presentation kits were handed over to both the king of Thailand and Muscat.
Current Condition of the 1804 Silver Dollar
As mentioned before, a number of ?1804? Silver Dollars were minted back in the 1850s. These coins belong to Class II and III and were minted specifically for coin collectors. Only seven of these are believed to exist.
If you are looking to purchase silver dollar coins, then there are a few key pointers to keep in mind.
Grade Quality
The 1804 Silver Dollars that exist today range from ?extra fine? to ?Choice Uncirculated?. The latter is lower in grade and not much in demand.
Imposter Silver Dollars
As expected, the rarity of Silver Dollars has led to the production of many replicas of the coin. This is why it is important that you only purchase from a reliable source.