Rare silver dollar sells for $3.8M at Rosemont auction
THE ASSOCIATED PRESS August 10, 2013 10:36AM
This photo provided by Heritage Auctions shows a silver dollar known as "The King of Coins." The coin has sold for more than $3.8 million. Greg Rohan, president of Heritage Auctions of Dallas, says the coin, which is dated 1804, was actually made in 1834 or 1835 and is one of only eight known of its kind. He says it was made on behalf of President Andrew Jackson and intended be given as a diplomatic gift during trade missions to Asia and the Middle East. The coin was valued at $3 million prior to auction, Friday, Aug. 9, 2013. Rohan said the seller of the coin wished to remain anonymous. Heritage Auctions did not disclose the name of the buyer. (AP Photo/Heritage Auctions)
Updated: August 10, 2013 10:24PM
A rare U.S. silver dollar known among collectors as “The King of Coins” sold Friday for more than $3.8 million at an auction in Rosemont.
The coin, which is dated 1804 and is in mint condition, was actually struck in 1834 or 1835 and is one of only eight known of its kind, according to the auction house that handled the sale and would not identify the buyer or seller.
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.
The U.S. Mint began preparing coins to be given as diplomatic gifts in 1834, according to the auctioneers. 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.
Among the coin’s previous owners was Adam Eckfeldt, who was chief coiner at the U.S. Mint from 1814 to 1839.