The 1804 Private Restrike Cents

PCGS - The United States Large Cents have been among the most popular numismatic collectibles since the hobby began building momentum as a significant pastime in America during the mid-19th century. Collector desire to build complete date sets of Large Cents pushed the prices of the scarcest issues high early on, with the 1804 Draped Bust Cent then among the priciest of coins.


Draped Bust Cent, 1804 1C Private Restrike, RD, PCGS MS66+RD

Bearing a mintage of only 96,500 pieces and with an estimated 1,000 specimens existing today, it's clear that attrition was very high for these early American copper coins, leaving but a small total supply for collectors even more than 150 years ago. Further illustrating this fact is the lack of any examples of the 1804 date in RD or even RB and only one specimen in MS60 or better, suggesting almost none of these Large Cents was spared from circulation, let alone the grueling effects of the time.

Today, the 1804 Draped Bust Cent retains its status as a rare and expensive coin, with specimens even in G4 condition trading hands for around $2,350 and XF40 examples claiming $22,500, according to PCGS CoinFacts. The record price for an 1804 Draped Bust Cent is $661,250, which was hammered upon a PCGS MS63BN specimen that crossed the block at a 2009 Goldbergs auction. Surely, the 1804 Draped Bust Cent was comparatively expensive by mid-19th-century standards, pushing at least one enterprising individual to privately restrike examples of this rarity - presumably without the authorization of the United States Mint.

It's reported the U.S. Mint discarded a load of scrap metal around 1833 that included an 1803 Large Cent obverse die and 1820 Large Cent reverse die, the latter originating during the Coronet Head Cent (1816-1839) series that superseded both the Draped Bust and the Classic Head Cent series (1808-1814). These two dies were muled to create a private restrike issue bearing an 1804 date, an alteration made on the last digit of the date on the 1803 obverse die.

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