Entire books have been written about this historic rarity, one of the most legendary U.S. coins. 1804 Silver Dollars were first minted in 1834 for special diplomatic proof coin sets. Only eight are known to exist from the first strike with the first reverse die. Seven were minted in the late 1850s from the second strike with the second reverse die.

The coin earned its name by repurposing the Draped Bust Dollar designs that were last used in 1803 to strike "1804" dated coins. The obverse depicts a draped bust of Liberty facing right, flanked by 13 stars, with long hair bound by a ribbon.