$2,985,000.00 USD
The 1802 proof Draped Bust dollar is a coin that blends absolute rarity, intense historic interest, and incredible aesthetic appeal into one irresistible package. Unknown until 1876, the 1802 proof has been a sought-after issue since the time of its first appearance, but the coins have been the subject of much controversy, as well. Today the issue is viewed as a classic rarity, with a fascinating story that involves some of the most famous numismatic figures of the 19th century. In this lot, Heritage Auctions is privileged to offer the finest known example of the 1802 proof dollar, from a surviving population of only four coins.
The 1802 proof dollar first appeared on the numismatic scene in 1876, in the possession of John W. Haseltine, one of the foremost coin dealers of the time. The coin was showcased as part of a complete set of 1801, 1802, and 1803 proofs and a Class III 1804 dollar. Haseltine exhibited the set to collectors at the sale of the Jewett Collection, held by coin dealer Edward Cogan. This could be construed as one of the first bourse-floor exhibits, a practice familiar to all collectors at modern coin conventions, but most unusual in the 19th century. Coin dealer Edouard Frossard left the following account of the event in the Coin Collector's Journal of March 1876:
"At the time of the Jewett sale, and while awaiting the hour of business, we had the pleasure, in common with several collectors present, of inspecting four American dollars, dates 1801, 1802, 1803 and 1804. The first three named are not particularly rare dates, and are generally found in collections, but what gave them very great value in the eyes of all present, was their perfectly uncirculated, in fact, proof condition. It is pretty well known that in the early days of the Republic but few coins were placed in collections in this country, hence a very limited number of proofs were struck."
