The 1794 Flowing Hair dollar, the first silver dollar minted by the United States, continues to captivate collectors and investors alike. Recently, a well-preserved specimen of this iconic coin fetched over $1 million at auction, underscoring its enduring allure and historical significance.
A Glimpse into 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 right-facing portrait of Liberty with flowing hair on the obverse, symbolizing freedom and the nation’s youthful spirit. The reverse showcases a small eagle encircled by a wreath, reflecting the nation’s aspirations and ideals.
Specifications of the 1794 Flowing Hair Dollar
| Specification | Details |
|---|---|
| Designer | Robert Scot |
| Composition | 89.24% silver, 10.76% copper |
| Diameter | 39–40 mm |
| Weight | 26.96 grams |
| Edge | Lettered: “HUNDRED CENTS ONE DOLLAR OR UNIT” |
| Mintage | Approximately 1,758 coins in 1794 |
Rarity and Market Value
The limited mintage of the 1794 Flowing Hair dollar contributes significantly to its rarity. Estimates suggest that only about 120 to 150 examples exist today across all grades. This scarcity, combined with its historical importance, has led to substantial market values. For instance, a specimen graded Fine-12 is valued at approximately $150,000. In higher grades, such as Mint State, prices can escalate dramatically, often exceeding $1 million.
Notable Auction Sales
Several 1794 Flowing Hair dollars have achieved remarkable prices at auction:
- 2013: The finest known example, graded Specimen-66 by the Professional Coin Grading Service (PCGS), sold for over $10 million, setting a record for the highest price ever paid for a coin at that time.
- 2017: Another high-grade specimen realized $2.88 million at a Stack’s Bowers auction.
These sales underscore the coin’s significant value and desirability among collectors.
Factors Influencing Value
Several factors influence the value of a 1794 Flowing Hair dollar:
- Condition: Coins in higher grades, exhibiting minimal wear, command premium prices.
- Provenance: A well-documented history can enhance a coin’s desirability and value.
- Rarity: Unique features, such as a silver plug or distinctive die varieties, can increase a coin’s worth.
- Market Demand: The overall demand among collectors and investors plays a crucial role in determining market value.
Preservation and Authentication
Given the prevalence of counterfeits, authentication by reputable organizations like PCGS is essential. Proper storage in climate-controlled environments and handling with care are vital to preserving the coin’s condition and value.
Conclusion
The 1794 Flowing Hair dollar remains a cornerstone of American numismatic history. Its recent auction performance, surpassing $1 million, highlights its enduring appeal and significance. For collectors and investors, this coin represents not only a tangible link to the nation’s early years but also a valuable asset with a proven track record of appreciation.
FAQs
Why is the 1794 Flowing Hair dollar so valuable?
The coin’s value stems from its status as the first U.S. silver dollar, its limited mintage, historical significance, and high demand among collectors.
How many 1794 Flowing Hair dollars exist today?
Approximately 120 to 150 examples are believed to exist across all grades.
What factors affect the value of a 1794 Flowing Hair dollar?
Condition, rarity, provenance, and market demand are key factors influencing the coin’s value.
How can I authenticate a 1794 Flowing Hair dollar?
Authentication by reputable organizations like the Professional Coin Grading Service (PCGS) is recommended to ensure authenticity.
What was the highest price paid for a 1794 Flowing Hair dollar?
In 2013, a specimen graded Specimen-66 by PCGS sold for over $10 million, setting a record for the highest price ever paid for a coin at that time.
