The 1794 Flowing Hair Silver Dollar holds a distinguished place in American numismatic history. As the first silver dollar minted by the United States, it symbolizes the nation’s early financial independence and craftsmanship. Its historical significance, combined with its rarity and condition, has led it to become one of the most coveted coins among collectors, fetching record-breaking prices at auctions.
Historical Context and Significance
The Coinage Act of 1792 established the U.S. Mint and authorized the production of various denominations, including the silver dollar. However, it wasn’t until October 15, 1794, that the first batch of silver dollars was struck. These coins featured the “Flowing Hair” design, with Lady Liberty on the obverse and an eagle encircled by a wreath on the reverse. This design was short-lived, as it was replaced by the Draped Bust design in late 1795.
Mintage and Rarity
In 1794, the Philadelphia Mint produced a mere 1,758 silver dollars. Today, it’s estimated that fewer than 150 of these coins survive, with only a handful in mint condition. This scarcity significantly contributes to their value among collectors and historians.
Record-Breaking Auction Sales
The 1794 Flowing Hair Silver Dollar has shattered records in the numismatic world:
- 2010 Sale: The finest known specimen, graded SP66 by the Professional Coin Grading Service (PCGS), was sold for $7.85 million.
- 2013 Auction: The same coin set a new world record by selling for $10,016,875 at a Stack’s Bowers Galleries auction in New York.
- 2022 Acquisition: GreatCollections purchased this historic coin for $12 million, making it the world’s second most valuable coin, following the 1933 Double Eagle that realized $18.9 million in 2021.
Unique Features
The coin’s exceptional value is attributed to several factors:
- Condition: Graded SP66, it stands as the finest known example of its kind.
- Historical Importance: Believed to be among the first silver dollars struck by the U.S. Mint, it represents a pivotal moment in American history.
- Rarity: With such a limited mintage and few surviving specimens, its scarcity elevates its desirability.
Display and Public Viewing
In August 2024, this illustrious coin was showcased at the American Numismatic Association’s World’s Fair of Money in Pittsburgh. The display, organized by GreatCollections, featured a $30 million collection of rare coins and banknotes, allowing enthusiasts and the public to witness this piece of history firsthand.
Key Details of the 1794 Flowing Hair Silver Dollar
| Attribute | Details |
|---|---|
| Year of Minting | 1794 |
| Design | Flowing Hair: Lady Liberty on the obverse; eagle with wreath on the reverse |
| Mintage | 1,758 coins |
| Surviving Specimens | Fewer than 150 |
| Finest Known Grade | SP66 (Specimen 66) |
| Record Sale Price | $12 million (2022) |
| Current Owner | GreatCollections |
The 1794 Flowing Hair Silver Dollar is more than just a coin; it’s a tangible link to the early days of the United States, reflecting the nation’s nascent steps into establishing its own currency. Its historical significance, combined with its rarity and the stories of its record-breaking sales, continue to captivate collectors and historians alike.
FAQs
Why is the 1794 Flowing Hair Silver Dollar so valuable?
Its value stems from its historical significance as the first U.S. silver dollar, its rarity due to limited mintage and surviving specimens, and its exceptional condition in certain cases.
How many 1794 silver dollars still exist?
It’s estimated that fewer than 150 of the original 1,758 coins have survived to this day.
What is the Flowing Hair design?
The Flowing Hair design features Lady Liberty with flowing hair on the obverse and an eagle encircled by a wreath on the reverse.
Where was the 1794 silver dollar minted?
All 1794 silver dollars were minted at the Philadelphia Mint, the first U.S. Mint facility.
Has any coin surpassed the 1794 silver dollar in value?
Yes, the 1933 Double Eagle holds the record for the highest auction price, realizing $18.9 million in 2021.
