As both a numismatist and a student of early American history, I‘ve always been captivated by the 1794 Flowing Hair silver dollar. This coin represents the very birth of the U.S. silver dollar, and its story is intertwined with the struggles and aspirations of a young nation finding its way.
In October 1794, the fledgling U.S. Mint in Philadelphia struck a mere 1,758 silver dollars – the first of their kind. Little did the Mint employees know, those coins would go on to become some of the rarest and most valuable numismatic treasures in the world. Today, only around 120-130 examples are estimated to survive, and they regularly command astronomical prices in the millions of dollars.
Historical Context
To fully appreciate the 1794 dollar, it‘s essential to understand the historical context of its creation. In the early 1790s, the United States was still a fragile experiment. The Constitution had been ratified only a few years prior, and the federal government was working to establish the nation‘s financial system and infrastructure.
The Coinage Act of 1792 laid the groundwork for a national mint and regulated the coinage of the United States. It prescribed a decimal system based on the dollar, with coins to be struck in gold, silver, and copper. However, it took the U.S. Mint two years to acquire the necessary equipment, staff, and precious metal bullion to begin striking coins in earnest.
Silver in particular proved difficult to obtain domestically. According to Taxay (1966), the Mint‘s first deposits of silver came in the form of "French coins, Spanish coins, and possibly silver tableware" from depositors like the Bank of Maryland and private citizens. These sources were eventually melted and refined to the proper standard for coining.
Finally, on October 15, 1794, after what Mint records describe as a full day and night of striking, the very first U.S. silver dollars emerged from the presses. The coins featured a right-facing bust of Liberty with her hair freely flowing behind her, surrounded by 15 stars representing the states of the Union at the time. The reverse depicted an eagle with its wings outstretched, encircled by a wreath. But this was just the beginning of the 1794 dollar‘s story.
Rarity and Survival
While 1,758 dollars might sound like a substantial mintage for the time, it‘s a mere fraction of the silver dollar outputs that would follow in the coming decades. In 1795, the Mint struck over 160,000 silver dollars, a figure that would grow to millions per year by the mid-19th century (Yeoman, 2020).
But the true rarity of the 1794 dollar comes from its abysmal survival rate. Numismatic scholars estimate only 120-130 examples remain today across all grades (Bowers, 2009). This equates to a survival rate of just 6-7% of the original mintage. The vast majority of 1794 dollars succumbed to heavy circulation and melting in the early 19th century, leaving only a handful of worn survivors for modern collectors to pursue.
To put this rarity in perspective, let‘s compare the 1794 dollar to some other legendary U.S. coins:
- The 1804 Draped Bust silver dollar, famous as "The King of American Coins," has 15 known examples. That‘s roughly an 8% survival rate based on the estimated original mintage of 19,000 (Newman, 1999).
- The 1913 Liberty Head nickel has only 5 known examples, but its original mintage is unknown. Some experts believe around 20-40 pieces were struck (Montgomery, 2005).
- The 1933 Saint-Gaudens double eagle is even rarer, with only 1 example legally held in private hands. But it also has an estimated original mintage of 445,500 (Tripp, 2004). Most were melted when gold coinage was abandoned that same year.
So while the absolute number of surviving 1794 dollars is higher than those more famous rarities, it still ranks among the rarest and most desirable coins in all of U.S. numismatics.
Varieties and Unique Examples
Remarkably, even with so few surviving examples, numismatists have identified several distinct varieties of 1794 dollars based on minute differences in the dies used to strike them. Q. David Bowers‘ 2009 reference "The Encyclopedia of United States Silver Dollars 1794-1804" describes three known die marriages:
- Bolender-1 (B-1), the most common variety, representing the vast majority of known examples
- Bolender-2 (B-2), a scarce die pairing, with around a dozen known
- Bolender-3 (B-3), a unique specimen held in the collection of the American Numismatic Society (ANS)
But there are also two singular examples with distinctive features that have captured the attention of numismatists for generations:
The 1794 Starred Reverse
This curious variety showcases 94 tiny five-pointed stars punched into the reverse die, scattered between and around the lettering. Researchers believe these stars were added by the Mint as an experiment in extending die life, essentially plugging areas of the die that had been worn or polished away (Hilt, 2019). Only four examples of the Starred Reverse are known.
The finest, graded Specimen-66 by PCGS, sold for a jaw-dropping $4.99 million in a 2015 auction by Stack‘s Bowers and Sotheby‘s. This coin previously belonged to the legendary collections of Virgil Brand and the Pogue Family. Another Starred Reverse, graded VF-30 by PCGS, realized $1.5 million in a 2020 Stack‘s Bowers sale.
The 1794 Silver Plug
Perhaps even more enigmatic is the unique "Silver Plug" specimen of the 1794 dollar. This coin features a small, circular plug of silver carefully inserted into a hole in the center of the planchet prior to striking. Some experts theorize this was an attempt by the Mint to adjust the composition and weight of the planchet (Hilt, 2018).
The Silver Plug is also notable for its exceptional strike and surface quality compared to other 1794 dollars. It was once part of the famed Garrett Collection and last sold at auction in 2006 for $1.2 million. Today, it resides in a private collection.
Strike and Surfaces
One of the persistent challenges the U.S. Mint faced in 1794 was achieving consistent, high-quality strikes on its silver dollars. The coin presses of the time were designed primarily for smaller denominations like half dollars and struggled to fully bring up the detail on the larger dollar planchets (Orosz, 2014).
As a result, even the finest known 1794 dollars exhibit some weakness in the centers, particularly on the highest points of Liberty‘s hair and the eagle‘s breast feathers. The edges also frequently show incompleteness and strike-throughs from debris trapped between the dies and planchet.
Additionally, planchets for early U.S. silver coins were rolled and cut by hand, resulting in inconsistencies in thickness and weight. Mint employees would manually file or shave excess silver from overweight planchets to bring them within the acceptable range (Muhl, 2020). Evidence of this process can be seen on many 1794 dollars in the form of adjustment marks – thin, parallel lines etched into the surfaces.
For numismatists, these imperfections are actually part of the charm and character of early U.S. coinage. They serve as reminders of the challenges the Mint overcame and the craftsmanship behind each coin. However, the presence and severity of strike weakness, adjustment marks, and other surface anomalies can significantly impact the grade and value of a 1794 dollar.
Auction Records and Values
The 1794 Flowing Hair dollar routinely shatters price records whenever high-grade examples cross the auction block. Here are some of the most noteworthy transactions:
| Grade | Variety | Auction House | Year | Price Realized |
|---|---|---|---|---|
| SP66 | Starred Reverse | Stack‘s Bowers / Sotheby‘s | 2015 | $4,993,750 |
| MS66+ | B-1 | Legend Rare Coin Auctions | 2013 | $10,016,875 |
| MS64 | B-1 | Stack‘s Bowers | 2013 | $2,820,000 |
| MS62 | B-1 | Stack‘s Bowers | 2015 | $1,997,500 |
| AU58+ | B-1 | Heritage Auctions | 2014 | $822,500 |
| AU53 | Silver Plug | Stack‘s Bowers | 2006 | $1,207,500 |
| VF30 | Starred Reverse | Stack‘s Bowers | 2020 | $1,500,000 |
Sources: PCGS CoinFacts, Stack‘s Bowers, Heritage Auctions
As you can see, even 1794 dollars in the lowest uncirculated grades command seven-figure prices. The $10 million sale of the PCGS MS66+ coin in 2013 was a world record for any rare coin at the time.
But these ultra-high-end examples are just the tip of the iceberg. The reality is, any 1794 Flowing Hair dollar is an immensely valuable numismatic treasure. Here‘s a breakdown of the average retail prices for circulated grades, according to the 2021 edition of "A Guide Book of United States Coins" (aka "The Red Book"):
| Grade | Average Retail Price |
|---|---|
| Good-4 | $60,000 |
| Fine-12 | $135,000 |
| VF-20 | $200,000 |
| EF-40 | $400,000 |
| AU-50 | $775,000 |
Of course, actual prices realized can vary widely based on the specific coin‘s eye appeal, surface quality, strength of strike, pedigree, and other factors. But it‘s safe to say any collector who aspires to own a 1794 dollar should be prepared to spend well into the six figures at minimum.
How to Collect a 1794 Dollar
For many numismatists, myself included, the 1794 Flowing Hair dollar is the ultimate dream coin. It combines rarity, historical importance, and sheer aesthetic beauty in a way few other coins can match. But how does one even go about purchasing a six or seven-figure coin?
The most important piece of advice I can offer is to work with reputable auction houses and coin dealers who have experience handling high-value rarities. Look for firms like Stack‘s Bowers, Heritage, Legend, and the like – companies with decades of expertise and proven track records of selling 1794 dollars and other key coins.
It‘s also critical to educate yourself as much as possible before taking the plunge. Read reference books on early silver dollars, study auction catalogs and population reports, and view as many 1794 dollars in-hand as you can, even if they are out of your price range. The more knowledge you gain, the better prepared you‘ll be to make a wise purchase when the time comes.
Consider starting with a mid-range circulated example if you‘re not ready (or able) to spend seven figures right off the bat. A pleasing fine or very fine with good eye appeal can be a respectable placeholder while you work your way up to the uncirculated level. Look for coins that have been certified by PCGS or NGC and strive for examples with a CAC sticker when possible.
Lastly, be patient! 1794 dollars don‘t come to market every day, and you may need to wait months or even years for the right coin to appear. But trust me, the wait will be well worth it the day you finally hold this numismatic legend in your hands.
Importance and Legacy
In the end, the 1794 Flowing Hair silver dollar is so much more than just a rare and valuable coin. It‘s a tangible link to the earliest days of the U.S. Mint and the larger story of our nation‘s founding. In many ways, it symbolizes the economic challenges and triumphs of the early Republic.
When I hold a 1794 dollar, I can‘t help but imagine the Mint employees toiling through the night to strike those first 1,758 pieces. I picture the coin passing through the hands of merchants, bankers, and everyday Americans in the late 18th century. And I marvel at the fact that somehow, against all odds, a few survivors endured to the present day for us to study and cherish.
As numismatists, we often speak of the thrill of the chase and the joy of finally acquiring that long-sought rarity. The 1794 dollar represents the ultimate embodiment of that idea. It‘s a coin that has captivated collectors for generations and will continue to do so well into the future.
Regardless of its immense monetary value, the 1794 Flowing Hair dollar will always be priceless in terms of its historical significance and the passion it ignites among those of us who love numismatics. It‘s a reminder of how far we‘ve come as a nation and how much we still have to learn from the coins of our past.
References
- Bowers, Q. David. The Encyclopedia of United States Silver Dollars 1794-1804. Whitman Publishing, 2009.
- Hilt, Chris. "A Cure for Dyspepsia: The Starred Reverse 1794 Dollar." PCGS CoinFacts, 5 May 2019.
- Hilt, Chris. "The Unique 1794 Silver Plug Dollar." PCGS CoinFacts, 17 January 2018.
- Montgomery, Paul. "1913 Liberty Head Nickel: The World‘s Most Famous Coin." PCGS CoinFacts, 27 December 2005.
- Muhl, Alison. "Adjustment Marks on Early U.S. Silver Coinage." CoinWeek, 4 May 2020.
- Newman, Eric P. The Early Paper Money of America, 4th Edition. Krause Publications, 1999.
- Orosz, Joel J. "The Coin Press That (Sort of) Struck the 1794 Dollars." The Numismatist, August 2014.
- Taxay, Don. The U.S. Mint and Coinage. Arco Publishing, 1966.
- Tripp, Jerad. "Saints, $20 Gold Double Eagles, and the Phillip H. Morse/Duckor/E.H.R. Green Specimen." Stack‘s Bowers Galleries, 20 May 2004.
- Yeoman, R.S. and Jeff Garrett. A Guide Book of United States Coins, 74th Edition. Whitman Publishing, 2020.
