The lot notes also describe it as a “unique superb gem specimen”. A different Lady Liberty image was adopted for silver dollars beginning in 1795. This one could break its own record. The minute the hammer fell. All 1794 silver dollars are lightly struck at the lower left side of the obverse and on the corresponding part of the reverse, due to the faces of the coining dies not being aligned parallel with each other. $1,077.10 ($49.50) Palladium . … When they [the U.S. Mint] started, they decided to start with the silver dollar, because the silver dollar was obviously bigger. A 1794 silver dollar believed to be among the first ever minted in the U.S., and the most valuable, went unsold during a public auction in Las Vegas. 1796 - Quarter Dollar, followed closely by the No Stars quarter eagle. Twenty years after that, one hit $10 million. Could you break that phrase down and explain it? (3) The dates that the metal composition changed for each U.S. coin denomination throughout the years. By the time I saw it, it had been encapsulated for a while. Here are three reasons why the 1794 Silver Dollar is so valuable. Have you seen this 1794 silver dollar or any other 1794 silver dollars out of their plastic capsules? How were they lost? It didn’t have the scientific standards we have today. They set the standard of the American dollar for many years. 0 items found. He grades it a “specimen,” above mint condition, and a 66 on a scale with 70 being perfect. Actually, that’s a pretty good survival rate for coins from that era. So a coin with prooflike reflectivity is kind of like a print from an early state? Per a handwritten coin transfer warrant issued by Director Rittenhouse on October 15, 1794, 1,758 silver dollars were transferred from the custody of Chief Coiner Henry Voigt to the custody of Mint Treasurer Dr. Nicholas Way. Believed to be the very first dollar coin ever minted is a Specimen-66 example that sold for more than $10 million in 2013. The Smithsonian has a copper version. How were they lost? Bottom Line: 1794 Flowing Hair Silver Dollar (U.S.) The first American dollars were produced in 1794, making this coin one of the oldest in the nation. They [whoever struck the coin] might have wanted to present special coins to somebody. It is estimated that about 140 to 150 examples of the 1794 Flowing Hair Silver Dollar survive out of the 1,758 dollars that were struck on a hand-turned screw press at the Mint in Philadelphia. 1794 Silver Dollar: Silver Plug (Unique and Extremely Rare) 1794 Silver Dollar View Entire Flowing Hair Silver Dollar Coin List. This coin is a particularly high-grade example of the first silver dollars struck by the newly established US Mint. 1795 - half eagle, first U.S. gold coin. By 1794, the U.S. Mint commenced striking silver coinage, with the silver dollar among these issues. You can also follow The Hot Bid on Instagram and follow the author on Twitter. Of this number, […] Nothing. Only 140 of the 1794 so-called Flowing Hair silver dollars are thought to exist. USA Coin Book Estimated Value of 1794 Flowing Hair Silver Dollar is Worth $103,108 in Average Condition and can be Worth $705,166 to $1,379,086 or more in Uncirculated (MS+) Mint Condition. Perhaps 300 of those original silver dollars still exist, Mudd said, including about 100 circulating among collectors. It is easy to buy Morgan Silver Dollar Coins here at SD Bullion.. More than ever, most of these silver dollar coins get traded at higher price premiums above their silver melt value due to their rarity and high consistent silver coin collector demand. The United States Mint used to strike silver dollars was originally engineered to only strike coins no larger than half dollar. What’s a pattern coin? A Natee Utarit Painting Set a World Auction Record for the Artist at Phillips Hong Kong in November 2019. Once the difficulty was solved, however, half dollars were struck at a heavy rate for several months. Records say 1,758 pieces were made. Exactly. Why was the 1794 flowing hair silver dollar created? LAS VEGAS (AP) — A 1794 silver dollar believed to be among the first ever minted in the U.S., and the most valuable, went unsold during a public auction in Las Vegas. Edge: Lettered: HUNDRED CENTS ONE DOLLAR OR UNIT . Bidding started at $2.2 million and rose from there. The scale is from one to 70. Before you strike a production run of coins, you test the example in a softer metal. That’s a good comparison, but coins are a little bit different. They had to jury-rig a press to make a coin this big. Gold. Flowing Hair Dollars Are Rare. Estimates range between 135 and 150. LAS VEGAS (AP) — A 1794 silver dollar believed to be among the first ever minted in the U.S., and the most valuable, went unsold during a public auction in Las Vegas. Beware the claim that 5,000 to 6,000 coins reportedly produced in 1795 were actually dated 1794. A coin like that would have all the factors that would produce a price above $10 million. It was part of a collection, so we kept it as such. Is it pretty much this coin or an 1804 silver dollar? Approximately 2,000 coins were minted in 1794, making it one of the lowest mintage coins to ever exist. To what do you credit the rise in price? (2) A list of the most valuable silver coins by denomination. In his current Encyclopedia of United States Silver Dollars, 1794-1804(Stack’s-Bowers, 2013), Q. David Bowers (QDB) estimates, on p. 132, that “1250 to 2,000” exist. The coin features images of Lady Liberty ringed with stars on the front and an eagle on the back. There is only one variety of die used for the 1794 dollar, and it was apparently retired that year. Believed to be the very first dollar coin ever minted is a Specimen-66 example that sold for more than $10 million in 2013. They were made from silver provided by David Rittenhouse, the Mint Director, who wanted production to begin as soon as possible. It’s indicative that it was specially made and specially saved. The Mint's workmen could have struck all of these coins in a single afternoon, using a press ill-suited for the rigors of striking the large diameter dies. What you see: A 1794 “Flowing Hair” silver dollar, described as a “unique superb gem specimen”. When the 1794 silver dollar was first struck, the United States Mint was still in its infancy, having just been federally established by the Coinage Act of 1792. As production was inexact, many planchets intended for silver dollars were overweight. This example is believed to be the first silver dollar ever struck in the United States. Records say 1,758 pieces were made. If you would have to guess, due to melting values of silver, how many still exist? Will they grow in value as the years go on and as they start to disappear? First of its kind. Opens in a new window Opens an external site Opens an external site in a new window. I don’t know when the $10,000 sale happened, but it wasn’t until the 1970s that one hit $100,000. That’s a very high grade for a U.S. coin. The 1794 Flowing Hair Dollar (Buy on eBay) holds an important place in history and numismatics. It’s mirrorlike. And how many 1794 flowing hair silver dollars are believed to have been produced? Designed by Robert Scot, the 1794 Flowing Hair dollar is the coin that began the American tradition of silver dollars, even though it was, in concept, based on other large-size silver coins from other world governments. This coin was the first to cross the $10 million threshold at auction. [Since taking this interview with Yegparian, PGCS announced that Morelan will auction his collection, including the record-setting 1794 silver dollar, in October 2020 in Las Vegas.]. The expert: Vicken Yegparian, vice president of numismatics at Stack’s Bowers. How many Morgan silver dollars still exist? Just over three-quarters of a troy ounce of silver, or .4735 ounces troy of silver, net. Buy and Sell on USA Coin Book. Liquidity in the market plays into the desire to own those things. Stack’s Bowers auctioned it in January 2013 for just over $10 million and a world auction record for any coin. Are you concerned the precious metals train has left the station without you? The Silver dollar added a perfect complement to other denominations circulating at the time. In his current Encyclopedia of United States Silver Dollars, 1794-1804 (Stack’s-Bowers, 2013), Q. David Bowers (QDB) estimates, on p. 132, that “1250 to 2,000” exist. I don’t think we’ll cross $100 million any time soon. How many 1794 flowing hair silver dollars are known to exist? Although 2,000 pieces were originally produced, only 1,758 were released. Today, each die has a serial number and we record the number of strikes. Certified and graded. At first, presses at the United States Mint really couldn’t produce silver dollars very quickly, and less than 2,000 were made in 1794. This coin had very few adjustment lines, but they’re common on all 1794 silver dollars and 1790s coinage. Auction Record: $161,000 • CH AU • 01-15 … None of that existed in 1794. It didn’t go into a bag with other pieces. (The coins depict a woman with long flowing hair). Previous attempts had been made by the states, but the 1794 silver dollar was the first dollar coin to be standardized. The United States Mint used to strike silver dollars was originally engineered to only strike coins no larger than half dollar. Liberty Seated Dollars, Morgan Silver Dollars and Peace Dollars. It took another 20 years to pass $1 million. Enter your email address to follow this blog and receive notifications of new posts by email. $2,408.00 ($53.60) View Charts. We don’t know who made it or who saved it, but someone put it aside, and someone saved it for it to have been in such perfect condition. The series was issued for only two years from 1794 to 1795 and survivors are scarce, particularly for the lower mintage first year of issue. LAS VEGAS — A 1794 silver dollar believed to be among the first ever minted in the U.S., and the most valuable, went unsold during a public auction in Las Vegas. What is the 1794 flowing hair silver dollar, and why is it considered one of the rarest and most valuable American coins? The design succeeded the Flowing Hair dollar, which began mintage in 1794 and was the first silver dollar struck by the United States Mint.The designer is unknown, though the distinction is usually credited to artist Gilbert Stuart. Coin collectors should be wary of buying any and all 1794 silver dollars that aren't certified by a reputable third-party coin authentication company. Legend Auctions chief executive Matthew Bell said offers for the coin dubbed the Flowing Hair Silver Dollar didn’t reach a minimum bid and Las Vegas resident Bruce Morelan retained ownership. This coin is a very important piece of American History, and with just 1758 of them minted they are very rare. Why will this piece stick in your memory? Were you surprised? LAS VEGAS (AP) — A 1794 silver dollar believed to be among the first ever minted in the U.S., and the most valuable, went unsold during a public auction in Las Vegas. Every Antiques Roadshow Appraiser Who Has Appeared on The Hot Bid–Updated for the Debut of the 2021 Season, The Ten Most Expensive Lots on The Hot Bid in 2020 (THB: Year in Review), The Ten Most Popular Stories on The Hot Bid in 2020 (THB: Year in Review), Every Lot Featured on The Hot Bid in 2020 That Went On to Set a World Auction Record (THB: Year in Review), Stack’s Bowers auctioned it in January 2013 for just over $10 million, news broke that the coin would go to auction, we didn’t publish an estimate on the coin, PGCS announced that Morelan will auction his collection, including the record-setting 1794 silver dollar, the first to cross the $10 million threshold at auction, RECORD! They polished the die to a glossy state so it would create a glass-smooth surface in the metal and impart a glass-smooth surface to it. That’s where story and value meet. I was super surprised. There’s one die on the top, and one on the bottom, with the metal between them. On October 15, 1794, Chief Coiner Henry Voigt delivered 1,758 silver dollars to David Rittenhouse, representing the entire mintage for the year. Brett Charville, president of Professional Coin Grading Service of Santa Ana, California, certifies Morelan’s coin is authentic. It’s a miracle that it’s survived this well. These coins were the first metal dollar coins struck in the United States. Series: Flowing Hair Dollars 1794-1795. PCGS MS64. The U.S. Mint had only just begun striking official federal coinage in 1793 with the production of the copper half cent and large cent. Someone had to forget about it and let it sit in a family collection for 200 years, or be really cautious in its handling. That's certainly not cheap, but even with its six-figure weight the price is still lower than the $10 million paid for the 1794 dollar that many theorize was inspected by George Washington, Alexander Hamilton, and first U.S. Mint Director David Rittenhouse. When you think about it, the journey of each individual currency note is pretty incredible. Many “greats” can be attributed to this coin. This coin is very well-struck, very well-impressed. This was remedied by filing the face of the planchets; for this reason, the coins vary in weight more dramatically than later issues, which were minted with more precise equipment. Also, click here to Learn About Grading Coins. The silver dollar denomination has long been regarded as the cornerstone of the American monetary system. Metal: 90% Silver, 10% Copper. Morgan silver dollar coins are a favorite large 90% silver coin for collectors and bullion aficionados alike. For this coin to be a 66 is a big deal. No one thought it would happen. 9 years ago. Intense pressure from collectors virtually guarantees 1794 silver dollar prices to remain on a steep climb. "Flowing Hair" Silver Dollar: 1794-1795: 27 grams: 39-40mm: 0.900 silver: 0.7813 oz t "Draped Bust" Silver Dollar (1795-1804) Coin Type: Date: Coin Weight: Diameter: Purity: Silver Amount (Troy Ounces): "Draped Bust" Silver Dollar: 1795-1804: 27 grams: 39-40mm: 0.900 silver: 0.7813 oz t: Note - only 15 genuine examples of the famous 1804 dollar are thought to exist. In 30 years, it’s gone from $250,000 to $10 million. Mint: Philadelphia . In the Heritage catalogue of the silver coins that were in the Eric Newman Collection, it is indicated that 201 to 500 survive (via Sheldon Scale … After all, the 1794 dollar is the very first among all U.S. dollars, preceding federal paper dollar currency by several decades. Both a rare NGC-certified 1894-S Barber dime and a 1794 Flowing Hair Dollar went for over $1 million each in the Dec. Stack's Bowers Auction. If it goes away for 50 years, people might forget about it or think they aren’t able to own it. A Beatles Shea Stadium Poster Sets the World Auction Record for Any Original Concert Poster, RECORD! $1,077.10 ($49.50) Palladium . Do any other 1794 silver dollars come close to this one? Bullion deposits continued to decline, and in 1797, silver dollar production reached the lowest point since 1794 with a mintage of just 7,776 pieces. “Superb” is an old term used in numismatics for over 100 years, from before numeric grading of coins. There were no previous comparables [similar lots offered previously at auction] that would say the coin would bring $10 million that day. What had to happen between 1794 and now for the coin to survive in such good condition? With the 1794 Silver Dollars it is especially so, which makes these coins so unique, rare and precious. How much silver is in the 1794 silver dollar? I hope the record will break in the near term. The accepted net mintage is 1,758, with estimates of about 120-130 survivors in all grades. Therefore, it is obvious since two different shades of silver exist on the surface of the coin. And it’s a big coin. The iterations don’t always survive in any form, never mind the coin. What evidence supports that claim? Back then, if it made an underweight silver dollar, it’d scrap it. Purchase Silver Dollars (1794-1978) online. And I take it it’s called the “flowing hair” silver dollar because the woman shown in profile on the coin has flowing hair? The 1795 Silver Dollar is much more common, but the demand from type collectors keeps the prices high. Was the winning bidder in the room? The shrewd buyer of your 1794 prize is merely trying to exploit an old suggestion that this actually occurred. 2 Answers. So we can say this 1794 silver dollar was among the earliest struck, for sure, but we can’t definitively prove it was the first? How many 1794 flowing hair silver dollars are known to exist? An artist or a sculptor might put out a design for a coin. It also makes an impressive patriotic gift for a coin collector or history buff. I was on the phone with a client. It’s believed that the Mint struck a total of 2,000 silver dollars in 1794, all from a single pair of dies. The PCGS CoinFacts site includes an estimate that one thousand 1797 ‘Ten by Six’ Dollars survive. It’s important for that one simple reason. The Flowing Hair Half Dollar was among the first of all silver coins to be struck at the Philadelphia Mint. $1,860.90 ($63.70) Silver. Open a free Account Sign In Sell Coins: List coins for sale Recently sold items on USA Coin Book Top Coin Dealers and Sellers. With the passage of time and the destruction of much historical silver coinage, it is estimated only 130 genuine 1794 Flowing Hair Silver Dollars still exist. If you look at designs for coins from the mid-1790s period, they show the personification of Liberty. Open a free Account Sign In Sell Coins: List coins for sale Recently sold items on USA Coin Book Top Coin Dealers and Sellers. How many 1794 silver dollars has Stack’s Bowers handled? It’s in the same die state as this piece. Undocumented ones still come out of the woodwork on occasion, but that’s the best guess on how many survive. Of particular inspiration behind the dollar coin are the Austrian silver Thaler and the Spanish dollar, the latter otherwise known as the 8 Real coin, or Pieces of Eight. 0 items found. It was $7.5 million, for a 1933 double eagle sold by Stack’s Bowers and Sotheby’s in 2002. It was a very good amount of money. It’s just superior. If it was over, it’d be filed down to the right weight. Not all cost $10 million. Exactly. I think the bidders kept their cards close to their chests. Opens in a new window Opens an external site Opens an external site in a new window. Evidently, some were rejected as being excessively weak and may have ended up being used as coin blanks the following year or simply being melted. SILVER PLUG - BEWARE OF TREATED OR DISCOLORED COINS. For Sale 0 Auctions 0 Wishlist 0 Collection 2. When those first Flowing Hair dollars were released in 1794, there weren’t many to go around. Shop now - APMEX.com. The first silver dollars were struck on October 15, 1794. Sheila Gibson Stoodley is an experienced writer and editor who specializes in luxury, travel, art, antiques, collectibles, food, medicine, history, design, and interiors. 1794 Silver Dollar: Silver Plug (Unique and Extremely Rare) 1794 Silver Dollar View Entire Flowing Hair Silver Dollar Coin List. A representative of the winner was in the room, doing the actual bidding–Laura Sperber, on behalf of her client, Bruce Morelan. It’s all of that–making our mark in international waters, so to speak. If you drop a silver dollar on the ground, you can get a big dent in the edge. Therefore, it is obvious since two different shades of silver exist on the surface of the coin. Would you like to hire Sheila Gibson Stoodley for writing or editing work? The Melt Value shown below is how Valuable the Coin's Metal is Worth (bare minimum value of coin). At least 75 in that book have passed through our doors–two-thirds of the known pieces traded through Stack’s Bowers or its predecessor. The 1794 Flowing Hair Dollar (Buy on eBay) holds an important place in history and numismatics. Fill out the form below. Another coin we talked about [that could do it] is the pattern coin for the $20 gold piece. What was the previous world auction record for any coin prior to the 1794 silver dollar? In this article you will find (1) A complete list of U.S. coins made of silver by denomination. In addition to the distinctive features recognized in the Redbook, Flowing Hair dollars of 1795 also display distinctively different styles of the obverse portrait of Miss Liberty. That’s a quality of the die and its ability to impart that surface. Experts estimate the number at between 30 and 80 - making them quite rare indeed. Relevance. The early United … It’s weightier and more impressive in the hand. The lot notes say the coin shows “prooflike reflectivity in the fields”. It was a tool for building our reputation? It’s a special coin in many regards, and it was a crowning moment in my career. Getting a chance to hold it in its raw state is almost impossible. Gold. There’s a book documenting all known 1794 silver dollars. “Unique” means it’s the only specimen or specially struck 1794 silver dollar that we know of. Experts say the coin is one of perhaps 300 original silver dollars that still exist among 1,758 struck in one day at the first U.S. Mint in Philadelphia. Legend Auctions chief executive Matthew Bell said offers for the coin dubbed the Flowing Hair Silver Dollar didn’t reach a minimum bid and Las Vegas resident Bruce Morelan retained ownership. The 1794 dollar saw the very smallest of all early dollar mintages, with just 1,758 pieces struck. It seems that coins are like books, in that sales records go back fairly far. The next realistic threshold will be $20 million. Frosty and lustrous is not undesirable, just different. Known silver dollars dated 1794 are from a single pair of dies and are believed to have been made to the extent of, perhaps, 2,000 coins (Walter H. Breen's estimate), of which 1,758 pieces were considered to be satisfactory delivered by the coiner on October 15, 1794. At the end of November 1794, a few thousand pieces were struck, but there was then a mechanical impediment of some kind, holding up further silver coinage until early January 1795. Many examples show adjustment marks on one or both sides, where excess metal was filed from the planchet before striking. The file marks usually were erased during the striking action, as metal flowed over them to form the coin's features. We should pause and explain how coins are physically produced… Stamps that make money are called dies. Site Information. Legend Auctions chief executive Matthew Bell said offers for the coin dubbed the Flowing Hair Silver Dollar didn’t reach a minimum bid and Las Vegas resident Bruce Morelan retained ownership. Collectors should be wary of any deals that seem too good to be true, and even when being offered a 1794 dollar that seems in line with pricing trends, buyers should still insist on buying the coin slabbed, not raw. Of the original 1,758 silver dollar struck in 1794, this is the only one known to exist that has a silver plug struck into it. $25.60 ($1.76) Platinum. The coin features images of Lady Liberty ringed with stars on the front and an eagle on the back. A 1794 U.S. silver dollar, believed to be the first silver dollar minted by a newborn United States is going up for sale by a New Jersey dealer. Exactly. 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