The 1794 Flowing Hair Silver Dollar holds a distinguished place in American numismatic history as the first silver dollar minted by the United States. Its rarity and historical significance have propelled its value to unprecedented heights, with one specimen fetching over $10 million at auction.
While some reports have speculated values exceeding $70 million, such figures remain unverified. Nonetheless, the coin’s allure continues to captivate collectors and historians alike.
Historical Significance
Minted in 1794, the Flowing Hair Silver Dollar was the inaugural silver dollar produced by the U.S. Mint. Designed by Robert Scot, the coin features a right-facing portrait of Lady Liberty with flowing hair on the obverse and a small eagle surrounded by a wreath on the reverse. This design was short-lived, as it was replaced by the Draped Bust design in 1795.
Mintage and Rarity
The 1794 Flowing Hair Silver Dollar had an initial mintage of 1,758 coins. Due to the limited production and the passage of time, only an estimated 120 to 150 examples are known to exist today. This scarcity significantly contributes to the coin’s high market value.
Record-Breaking Auction
In January 2013, a specimen of the 1794 Flowing Hair Silver Dollar graded SP66 by the Professional Coin Grading Service (PCGS) sold for a record $10,016,875 at a Stack’s Bowers auction. This sale marked the first time a coin surpassed the $10 million mark at auction, underscoring its exceptional rarity and desirability among collectors.
Factors Influencing Value
Several factors contribute to the immense value of the 1794 Flowing Hair Silver Dollar:
- Historical Importance: As the first silver dollar minted by the United States, it represents a pivotal moment in American monetary history.
- Rarity: With only a limited number of surviving specimens, the coin’s scarcity drives demand and value.
- Condition: Coins in superior condition, especially those with higher grades from reputable grading services, command higher prices.
- Provenance: A well-documented ownership history can enhance a coin’s desirability and value.
Notable Specimens
One of the most renowned examples is the “Cardinal-Morelan Specimen,” which achieved the record-breaking auction price in 2013. This coin is distinguished by its exceptional condition and well-documented provenance.
Key Details of the 1794 Flowing Hair Silver Dollar
| Feature | Description |
|---|---|
| Designer | Robert Scot |
| Mintage Year | 1794 |
| Total Mintage | 1,758 coins |
| Composition | 89% Silver, 11% Copper |
| Diameter | Approximately 39-40 mm |
| Weight | 26.96 grams |
| Obverse Design | Right-facing portrait of Lady Liberty with flowing hair |
| Reverse Design | Small eagle surrounded by a wreath |
| Edge Inscription | “HUNDRED CENTS ONE DOLLAR OR UNIT” |
| Record Auction | $10,016,875 (January 2013, Stack’s Bowers) |
FAQs
Why is the 1794 Flowing Hair Silver Dollar so valuable?
Its value stems from its status as the first U.S. silver dollar, its limited mintage, and the few surviving specimens in good condition.
How many 1794 Flowing Hair Silver Dollars still exist?
Approximately 120 to 150 examples are known to exist today.
What is the highest price ever paid for this coin?
In January 2013, a specimen sold for $10,016,875 at auction.
What factors affect the value of this coin?
Factors include historical significance, rarity, condition, and provenance.
Where can I view a 1794 Flowing Hair Silver Dollar?
Some specimens are displayed in museums or at numismatic exhibitions; however, due to their rarity, they are not commonly on public display.
