NEW YORK (CNN) -- A rare U.S. silver dollar has sold for a record price, $4.14 million, at a public auction.

The 1804 silver dollar, known as "The King of Coins," was bought by an anonymous collector Monday night at the auction held by Bowers and Merena, Inc.

The coin was originally presented as a gift to the Sultan of Muscat in 1835 by a personal representative of President Andrew Jackson.

Although dated 1804, the coin was actually minted in 1834 by order of the U.S. State Department specifically for presentation to important foreign dignitaries.

Only 15 of these silver dollars are known to exist and the one sold at auction Monday is believed to be the finest. The previous record, for $1.8 million, also was held by an 1804 dollar.

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