The Adams-Carter 1804 Class III Silver Dollar  sold at Heritage’s Cincinnati (CSNS) US Coin Auction #1124 May 1 to John Albanese for a record $2.3 million.

Albanese was one of the original founders of Professional Coin Grading Service (PCGS) in 1986. After leaving PCGS, he founded Numismatic Guaranty Corporation (NGC). As President of NGC, John also functioned as a full-time coin grader and personally graded over 1,000,000 coins until his departure in 1991.

The acquisition and ownership of an 1804 silver dollar is a yardstick by which all great numismatic collections are measured, as it has been for more than a century and a half.  Known as “the King”, the 1804 silver dollar is the single most famous numismatic rarity, attracting more attention than any other single coin.

Several books, numerous articles, and many auction appearances have filled countless published pages over the past 150 years. Previous owners rank among the most famous numismatists, and in some cases among the famous personalities in this country. Limited market availability means that the successful capture of one of these prizes can take a lifetime.

Many American numismatic pieces, patterns and regular issues, are rarer than the 1804 silver dollar, with its population of 15 known specimens. Another issue, the 1933 double eagle, with an auction record in excess of $7 million, holds the title of most expensive, at least based on past sales. However, no other U.S. coin can ever be popularly accepted as the King of Coins. The 1804 silver dollar is clearly the most famous coin ever struck at a U.S. mint. Its rarity has been documented for more than 150 years.

Tip: CoinLink