This 3.7 million dollar coin has been graded at PR-62 which, to me seems generous. It actually shows some wear so maybe AU-60 might have been more appropriate. It also doesn't seem to have the sharp, square edges one would expect from a proof. The planchet or the die must have been defective resulting in quite a few bubbles in the field and design. How did such an almost unique and rare coin come to lead such a rough life? This is almost a one-of-a-kind so I might understand its grading, but it's doubtful that many other coins in this condition would have been afforded the same grade.
At least one of the 1804 Dollars saw some circulation. (It supposedly was plucked from a deposit by a bank teller.) There is no such grade as AU-60. The numerical grades of 60 and above are reserved for Mint State coins. AU (About Uncirculated) is the grade for a lightly circulated coins. AU grades are 50, 53, 55 and 58. Maybe you meant to say the coin should grade AU-50.
It does look like wear and not even a proof , were'nt these 1804 Dollars minted in 1834 or sometime after '04 with regular dies and the reverse of the year they were made . rzage
just a side note, it can never be AU-50. It is a Proof, and as such is always noted as PR-50. or whatever grade.
Good catch. I wasn't paying adequate attention. All 1804 Dollars were minted as Proofs so they will always be Proofs, even if circulated.
That's an important point. I suppose these ultra-rarities do transcend any numerical grade; I don't know. If one would ever "buy the coin, not the slab" I would think an 1804 $1 would be the time ! I would think ultra-rarities would be the worst time to deviate from standards because they're so high profile. So much scrutiny, so much debate... mostly from those of us nowhere near the market for an 1804 $1. Overgrading one of these things probably puts a bad taste in a lot of mouths, and casts suspicion on more acquirable coins.
With the small amount of wear and the large amount of damage on this coin, in addition to the problems with the planchet or die, if it was any year but 1804 and if it was not a proof it wouldn't go above AU-50, if even that high. As it is, there is no reason why it should have been graded anything other than PR-50 at the most.
