Rare 1794 Silver Dollar Coin: The United States was a young nation when it produced its first coins. The Coinage Act of 1792 provided legal tender and the purpose of circulating U.S. currency, made of copper, silver, and gold coins. The first coin manufacturing operation under this law was established in Philadelphia, housed in a three-story brick building. Producing coins here was a “very physical, slow, and inefficient process,” as noted on the U.S. Mint’s website.
Perhaps one of the first coins ever minted at that location was the 1794 Flowing Hair silver dollar, which today would be enough to buy a 7-bed, 7-bath, 6,700-square-foot waterfront mansion in Miami, Florida.
In 2013 the Flowing Hair Dollar was sold at auction for $10 million, setting a new world record and becoming the most expensive coin ever sold. However, a double eagle coin minted in 1933 broke this record when it was auctioned in 2021 for $18.9 million.
Historical significance of the 1794 Flowing Hair Dollar
Although the Flowing Hair Dollar is not the most valuable coin in history today, its historical significance makes it extremely valuable. As CNN reported, the issuance of silver dollars in 1794 at the Philadelphia Mint began in the month of October. On one day, October 7, 1794, 1,758 silver coins bearing the Flowing Hair design were minted.
This coin was not for public use; that is, it was not used to pay for goods and services. Instead, these were sent to the director of the Mint so that they could be distributed as gifts to various respected individuals. “These coins were given to members of Congress, important foreign guests visiting the United States, and other important Americans of the time,” Mudd, director and curator of the American Numismatic Association’s Money Museum, told CNN in 2020.
Significance of the Flowing Hair Dollar
In the 1790s, the U.S. did not have free access to silver and gold, as the country was recovering from the War of Independence against Britain at the time. The early coins were primarily a sign that the U.S. was capable of creating its own currency. This was the first dollar and was intended to make an impact. The Mint designed it with the Flowing Hair design, which symbolized liberty. The idea was taken from ancient Rome, where female or sometimes male portraits were used to symbolize freedom or independence.
A deeper examination of the coin’s details also reveals that it was likely the first silver coin made from the original die. According to Mudd, only 145 of the 1,758 Flowing Hair silver dollars are known to exist today.
The Flowing Hair Dollar that was sold at auction for $10 million was offered for sale again in 2020, but so far there has been no recorded sale of it for more than $10 million.
Can You Get Your Own Flowing Hair Dollar?
If you dream of getting your own Flowing Hair Dollar, that dream may soon come true. And it won’t be worth $10 million. There will be some options available, giving you a chance to get a reissued version of this rare coin, which will be far less in price.
Conclusion
The 1794 Flowing Hair Silver Dollar is not only a rare and expensive coin, but it is also an important symbol of American history. This coin remains a priceless treasure even today due to its historical significance and rarity. Although it is now ranked second on the list of most expensive coins, its value and importance will never diminish. If you are a coin collector, this coin will always be an inspiration, reflecting the history and cultural heritage of America’s early days.
FAQs
Q. What makes the 1794 Silver Dollar so valuable?
A. The 1794 Silver Dollar is valuable due to its historical significance as one of the first coins minted by the U.S. Mint, featuring the Flowing Hair design.
Q. How much did the 1794 Silver Dollar sell for at auction?
A. The 1794 Silver Dollar sold for $10 million at an auction in 2013, setting a record for the highest price ever paid for a rare coin at the time.
Q. Why was the 1794 Silver Dollar issued?
A. It was created as a symbol of the United States’ ability to mint its own currency and was distributed as gifts to dignitaries and officials rather than for public circulation.
Q. How many 1794 Silver Dollars are still in existence?
A. Out of 1,758 Flowing Hair Silver Dollars originally minted, only about 145 are believed to be in circulation today.
Q. Is the 1794 Silver Dollar still the most expensive coin?
A. No, while the 1794 Silver Dollar sold for $10 million, it was surpassed by the 1933 Double Eagle, which sold for $18.9 million in 2021.