Q. David Bowers
memorandums and catalog to make up theirs and have only just received them back. You state that you have every reason to believe that your 1804 dollar "is one of the original six." I believe it is the only original and the others are restrikes. Of course the persons who have restrikes like to think they all are; to let no one have any advantage.
When my set of double eagles was complete except 1849, of which there is only one, a Proof, in the Philadelphia Mint and none were struck until 1850, and this 1804 never being out of the mint or struck for circulation, it was a great pleasure to me to persuade myself that this piece was a pattern or only struck to show what the issue was to be. Without this persuasion my set would incomplete. Mr. Parmelee, from whom I bought the 1804, had a beautiful restrike .... His pieces were superb. Naturally this 1804 having been in circulation marred somewhat his set. He did not want both and hesitated sometime which he would part with, but finally beauty prevailed and I got your piece. I learned afterwards that he much regretted itsloss, as if there is one original, this one is the only one. This remark has been made to me by numerous collectors and dealers. From my own catalogue made by myself when I bought this piece I copy the following.
1804-"The rarest piece of the American series, only four or five originals known. (This was written in 1878 with my knowledge at the time.) This piece is considered by all collectors as having the finest history of any of this date and of undoubted originality, having been once in circulation and afterwards known to Col. Cohen long before the rarity of this date was known or there was any demand for them."
Now, there are a number of theories of why there are no 1804s. One is that 20,000 were struck to pay the Navy in the Mediterranean and the vessels sunk, etc. The Mint reports a coinage, yet none or only one may have been struck, as can be seen, as the fiscal year relating to coinage being different by six months from the calendar year. For instance take two consecutive years and see what may happen. We start with the fiscal year June 1, 1903. From June 1, 1903, to Jan. 1, 1904, are struck 100,000 pieces. They bear the date of calendar year, 1903. From Jan. 1, 1904, to June 1, 1904, none are struck, yet for calendar year June 1, 1903, to June 1, 1904, 100,000 pieces were struck, yet none would bear date of 1904 (Q.D.B. note: This explanation of fiscal years vs. calendar years is not valid for 1804, for at the time, and continuing until the changeover in 1857, the Mint's fiscal and calendar years were concurrent.)
Now for the next fiscal year commencing June 1, 1904, from June 1, 1904, to January 1, 1905, no pieces are struck. The latter part of the fiscal year, viz: Jan. 1 to June 1, 1905, will record 100,000 pieces struck. Here we have two consecutive fiscal years reported. as struck by the Mint 200,000 pieces and not one having the date of 1904.1 Now could not some accident like this have happened to the 1804 dollars, and one, possibly only a few were struck with that date, and as you see from the above there could be no record of them, as the fiscal year reports do not give the dates of the pieces.
(Signed) W.B. Wetmore
Mr. Manning, in commenting on the above letter from Major Wetmore, writes me as follows:
"The subject of the 1804 dollar is naturally very dear to my heart and mind, and I have studied it with considerable care for a long period. When I was with the United States Assay Commission I endeavored to find some record in the Mint at Philadelphia concerning the 'king dollar' but was unable to glean any material which I did not possess.
"While I have been willing to accept the general theory that there are six original specimens of the dollar, I am also strongly of the opinion that the Cohen dollar, which was in circulation before being purchased by Col. Cohen, is the only original specimen. My views are substantially backed by those of Major W.B. Wetmore, who was justly considered an authority on coins and his selection of specimens in his collection showed good judgment and rare knowledge in a line of endeavor that was very dear to him."
The first published mention of the 1804 dollar was made by Eckfeldt & DuBois, Assayers of the U.S. Mint at Philadelphia, in their Manual of Coins, in 1842.
In 1843, Matthew A, Stickney, famous collector of Boston, obtained a specimen of this dollar and his opinion regarding it, there is a paragraph which is of great interest and importance in establishing beyond a doubt not only that the dollar of 1804 is contemporaneous but what is most important in this case, that he mentions the fact that Messrs. Eckfeldt & DuBois did not know of Col. Cohen and his 1804 dollar at the time they published their book, in 1842.
Here is the paragraph from the Stickney letter of 1867 as published in the sale catalog of his collection:
"As regards the authenticity of other specimens of the U.S. dollar of 1804, I have no knowledge. Those having dollars of that date (Cohen and Mickley) were not then known at the Mint as collectors, as appears by the list of which I send you a copy, then obtained, 1843, from Mr. DuBois, which remains, in his handwriting, in my possession ...."
From Major Wetmore's letter, expressing as he does his mature opinion based on the careful study of the facts and history of the 1804 dollar extending over a period of more than a quarter of a century, and the information gleaned from the letter written by Mr. Stickney more than 50 years ago, places this specimen, to my mind, as the most authenticated and historical specimen of his famous coin.
Have received a number of inquiries as to what I thought this 1804 dollar would now bring. Of course, it is a difficult matter to say just what any coin may bring at auction, but judging from past records, the last specimen of the 1804 dollar offered in this country brought $3,600.00. This was some 15 years ago. Considering the trend of prices for all rarities, and especially so in this case, considering the history and value of this specimen, it is my opinion that it should by far exceed its highest record. $2,500.00.