Rare 1804 Class III Silver Dollar Fetches Record $3.5 Million at Heritage Auctions

The legendary 1804 "Draped Bust" Silver Dollar, specifically the coveted Class III variety, has established a significant new market benchmark following its sale at Heritage Auctions. On January 14, 2026, this numismatic masterpiece changed hands for a staggering $3,538,000. Widely revered by experts and enthusiasts alike as the "King of American Coins," this specific specimen represents a pinnacle of rarity and historical depth, ensuring its status as a perennial favorite among the world's most elite collectors.

This particular coin, which carries a PR58 grade from the Professional Coin Grading Service (PCGS), was a highlight of the prestigious Presidio Collection. It was offered during the FUN US Coins Signature® auction event hosted by Heritage Auctions. The allure of the 1804 dollar is rooted in a fascinating historical anomaly: no authentic silver dollars dated 1804 were actually produced for general circulation during that year. Official production of the denomination had been suspended after 1803 due to the rising costs of silver bullion. Consequently, the existing 1804 dollars are recognized as special restrikes produced for specific purposes, a fact that only enhances their desirability and market value.

Numismatists categorize these rare treasures into three distinct groups. Class I coins were struck between 1834 and 1835 to serve as diplomatic gifts for foreign dignitaries, including the King of Siam and the Sultan of Muscat. Class II is represented by a single known specimen characterized by its lack of edge lettering. The specimen recently sold belongs to Class III, which is distinguished by the presence of lettered edges. Out of only 16 authentic 1804 dollars known to exist, seven are classified as Class III. This specific lot is particularly notable because it is one of only four Class III examples not held in museum archives, making it an exceptionally rare opportunity for private acquisition.

Todd Imhof, the Executive Vice President of Heritage Auctions, emphasized the profound historical importance and extreme scarcity of the coin. He pointed out that with six of the sixteen known examples permanently housed in institutional museum collections, the availability of such a piece is a generational event. This specific coin is known as the Adams-Carter specimen and boasts one of the most extensive and documented provenances of any Class III dollar. Its lineage includes some of the most prominent names in the history of coin collecting, such as Phineas Adams, Amon G. Carter Sr., Waldo Charles Newcomer, and Edward Howland Robinson Green.

The financial trajectory of this specimen reflects the robust growth of the high-end numismatic market. Its previous record was set in 2009 when it sold through Heritage for $2.3 million, indicating a substantial appreciation in value over the intervening years. Research suggests that Class III coins, much like the unique Class II example, were restruck during the late 1850s or early 1860s, with the edge lettering on Class III specimens likely applied around 1869. Despite the PR58 grade indicating slight traces of friction, the coin retains its striking mirror-like fields, solidifying its reputation as one of the most significant and visually impressive rarities in the history of United States coinage.