The 1794 Flowing Hair Dollar, recognized as the first silver dollar minted by the United States, continues to captivate collectors and historians alike. In a recent auction, this numismatic treasure achieved a remarkable sale price of $3 million, underscoring its enduring allure and historical importance.
Historical Context of the 1794 Flowing Hair Dollar
Minted in 1794, the Flowing Hair Dollar holds the distinction of being the inaugural silver dollar produced by the U.S. Mint. Designed by Robert Scot, the coin features a portrait of Lady Liberty with flowing hair on the obverse and an eagle encircled by a wreath on the reverse. This design was emblematic of the young nation’s aspirations and artistic sensibilities.
Specifications of the 1794 Flowing Hair Dollar
| Specification | Details |
|---|---|
| Year of Minting | 1794 |
| Designer | Robert Scot |
| Composition | 90% Silver, 10% Copper |
| Diameter | 39-40 mm |
| Weight | Approximately 26.96 grams |
| Edge | Lettered with the inscription “HUNDRED CENTS ONE DOLLAR OR UNIT” |
Rarity and Condition
The 1794 Flowing Hair Dollar is exceedingly rare, with estimates suggesting that fewer than 150 specimens exist today. The coin’s condition significantly influences its market value. Coins graded as Mint State (MS) or those with minimal wear are particularly coveted. The recent $3 million sale involved a coin graded as Very Fine (VF-25) by the Professional Coin Grading Service (PCGS), indicating moderate wear but retaining clear details.
Auction Highlights
In October 2024, Ira & Larry Goldberg Coins & Collectibles auctioned a 1794 Flowing Hair Dollar for $3 million. The coin’s well-preserved state, historical significance, and rarity contributed to its impressive sale price. Notably, the coin exhibited minimal adjustment marks—a common feature in early U.S. coinage—enhancing its desirability among collectors.
Factors Influencing the High Auction Price
Several elements contributed to the coin’s substantial auction price:
- Historical Significance: As the first silver dollar minted by the U.S., it represents a pivotal moment in American numismatic history.
- Rarity: With a limited number of surviving specimens, the coin’s scarcity drives demand.
- Condition: The coin’s VF-25 grade indicates a well-preserved state, appealing to collectors seeking quality pieces.
- Provenance: Coins with documented ownership histories often command higher prices due to their traceable lineage.
Comparative Analysis of Auction Prices
| Year | Auction House | Sale Price |
|---|---|---|
| 2010 | Stack’s Bowers Galleries | $7.85 million |
| 2013 | Stack’s Bowers Galleries | $10 million |
| 2024 | Ira & Larry Goldberg Coins & Collectibles | $3 million |
The fluctuation in auction prices reflects factors such as coin condition, market demand, and economic conditions at the time of sale.
Preservation and Care
Maintaining the integrity of such a valuable coin is paramount. Collectors are advised to store the coin in a climate-controlled environment, handle it minimally, and use protective holders to prevent physical damage. Regular consultations with numismatic experts can also aid in preserving the coin’s condition and value.
Conclusion
The 1794 Flowing Hair Dollar’s recent $3 million auction sale underscores its enduring significance in American history and numismatics. Its rarity, historical context, and the meticulous craftsmanship of its design continue to captivate collectors and historians, ensuring its status as a treasured artifact of the United States’ early years.
FAQs
1. Why is the 1794 Flowing Hair Dollar so valuable?
The coin’s value stems from its status as the first silver dollar minted by the U.S., its rarity, historical significance, and the quality of its preservation.
2. How many 1794 Flowing Hair Dollars are known to exist?
Estimates suggest that fewer than 150 specimens exist today, making it an exceptionally rare coin.
3. What factors affect the value of a 1794 Flowing Hair Dollar?
Key factors include the coin’s condition (grade), rarity, historical significance, and provenance.
4. Where can I view or purchase a 1794 Flowing Hair Dollar?
These coins occasionally appear in major numismatic auctions and are sometimes held in private collections or museums.
5. How should a 1794 Flowing Hair Dollar be preserved?
It should be stored in a climate-controlled environment, handled minimally, and kept in protective holders to maintain its condition and value.
