1794 Flowing Hair Silver Dollar
The First Silver Dollar Struck by the United States Mint Sold for Over $10 Million
On October 15, 1794, Mint Director David Rittenhouse personally carried a batch of freshly struck silver dollars out of the Philadelphia Mint and began spending them into circulation. These were the very first silver dollars produced by the young United States of America. More than two centuries later, on January 24, 2013, the finest known survivor of that historic first striking sold at a Stack's Bowers auction for $10,016,875 - making it the first coin in history to break the $10 million barrier.
Quick Value Summary
| Grade | Estimated Value (2026) |
|---|---|
| AG-3 to G-6 | $75,000 - $200,000 |
| VG-8 to F-12 | $200,000 - $500,000 |
| VF-20 to VF-35 | $500,000 - $1,000,000 |
| EF-40 to EF-45 | $1,000,000 - $2,500,000 |
| AU-50 to AU-58 | $2,500,000 - $5,000,000 |
| MS/SP-60 and above | $5,000,000 - $10,000,000+ |
| SP-66 (finest known) | $10,016,875 (2013 auction) |
The History Behind America's First Silver Dollar
The United States silver dollar was authorized by the Mint Act of April 2, 1792, which established a decimal monetary system for the new nation. However, a series of bureaucratic and practical obstacles delayed production for over two years.
Chief Coiner Henry Voight and Assayer Albion Cox could not begin work on silver coins until they posted security bonds - a requirement that Congress only relaxed in 1794. Once the bonding issue was resolved, Engraver Robert Scot began creating the dies for America's first silver coinage.
The Design
Scot's obverse design features a portrait of Liberty facing right, with flowing, unbound hair symbolizing freedom. Fifteen stars representing the states of the Union surround the portrait, with the word "LIBERTY" above and the date "1794" below.
The reverse depicts a small, somewhat primitive American bald eagle perched on a rock within an olive wreath. "UNITED STATES OF AMERICA" encircles the design. Scot based his designs partly on Joseph Wright's earlier pattern work for the Mint.
Production Challenges
The Mint's screw press was designed for coins no larger than a half dollar, making silver dollar production physically difficult. An estimated 2,000 coins were struck, but only 1,758 were delivered to Director Rittenhouse on October 15, 1794. The remainder were held back due to poor strike quality and later recoined as 1795-dated dollars.
The coins were struck at a weight of 416 grains with a fineness intended to be .89243. However, Assayer Albion Cox secretly altered the fineness to .9000, believing it made a better alloy for coining. This unauthorized change nearly caused a political scandal that threatened the Mint's existence.
Surviving Population
Today, approximately 130 to 150 examples of the 1794 Flowing Hair Dollar are believed to exist across all grades. Many show significant weakness on the lower left obverse and the corresponding reverse area - a direct result of the undersized press used to strike them.
Some examples contain a silver plug visible at the center of the coin, inserted before striking to bring underweight planchets up to the correct weight specification.
Identification Guide
Obverse Features
Liberty portrait: Right-facing female figure with long, flowing hair
Stars: 15 five-pointed stars (7 left, 8 right of portrait)
LIBERTY: Above the portrait
Date: "1794" below the portrait
Edge: Lettered - "HUNDRED CENTS ONE DOLLAR OR UNIT" with decorations between words
Reverse Features
Eagle: Small eagle perched on a rock or cloud formation
Wreath: Olive wreath tied at the base with a bow
Legend: "UNITED STATES OF AMERICA" around the periphery
Key Diagnostics
Strike weakness: Virtually all examples show weakness at the lower left obverse (around stars 1-4) and upper right reverse
Silver plug: Some examples show evidence of a silver plug at center, inserted to adjust weight
Die varieties: Multiple die marriages are known, with slight variations in star placement and other features
Weight: Approximately 26.96 grams (416 grains)
Diameter: Approximately 39-40mm
Composition: 90% silver, 10% copper (as actually struck)
Distinguishing from 1795 Dollars
The 1795 Flowing Hair Dollar shares the same basic design but was struck in much larger quantities (approximately 160,000+). Key differences include:
Different die pairings
Generally better strike quality due to improved press techniques
At least one known 1795 dollar shows a visible 1794 undertype from die reuse
Value by Condition
The 1794 Flowing Hair Dollar is one of the most valuable regular-issue U.S. coins at every grade level.
GreatCollections Auction Data: Over the past 16 years, GreatCollections has sold three examples at prices ranging from $140,625 (grade 1) to $346,249 (grade 40).
Key Price Points:
AG-3: Around $75,000-$100,000. Even the most worn, identifiable examples command five figures.
VG-8: $200,000-$250,000. Detail is worn but major features are visible.
F-12: $350,000-$500,000. Liberty's hair shows moderate detail.
VF-25: $600,000-$800,000. Significant hair detail and eagle features visible.
EF-40: $1,200,000-$2,000,000. Sharp detail on both sides.
AU-50+: $2,500,000+. Rare in AU; very few examples grade this high.
MS/SP grades: The finest known example (PCGS SP-66) set the $10,016,875 record in 2013.
Price Trend: Values have climbed steadily over decades. The record-setting coin previously sold for a reported $7,850,000 in a private transaction before the 2013 auction.
Authentication
Given values starting in the six figures, authentication is absolutely essential for any 1794 Flowing Hair Dollar.
Steps for Authentication
Third-Party Grading: Submit to PCGS or NGC. Both services have extensive experience with this issue and maintain detailed die variety records.
Die Variety Confirmation: Experts identify known die marriages. Any 1794 dollar should correspond to one of the recognized die pairings cataloged by Bowers and Borckardt (BB numbers).
Weight and Dimensions: Authentic examples should weigh approximately 26.96 grams and measure approximately 39-40mm in diameter.
Metal Analysis: Non-destructive XRF testing can confirm the silver content is consistent with known examples.
Edge Lettering: The lettered edge reading "HUNDRED CENTS ONE DOLLAR OR UNIT" is difficult to fake convincingly and should be examined carefully.
Known Counterfeits: Cast copies and struck counterfeits exist. Cast copies often show porous surfaces and a seam along the edge. Struck counterfeits may have incorrect weight or diameter.
Provenance Research: Many surviving examples have documented ownership histories stretching back decades or centuries.
Famous Examples
Cardinal-Morelan Specimen (PCGS SP-66): The finest known example. Sold for $10,016,875 at Stack's Bowers in January 2013. Previously acquired by Legend Numismatics. Believed by many experts to be from the very first coins struck.
Lord St. Oswald-Norweb Specimen: Another famous high-grade example with a long and distinguished provenance. One of the most beautiful survivors of the issue.
Pogue Family Collection Example: Offered through Stack's Bowers as part of the legendary Pogue Collection sales.
Where to Sell
Major Numismatic Auction Houses:
Stack's Bowers Galleries - Sold the $10 million record-setting coin
Heritage Auctions - The world's largest numismatic auctioneer
GreatCollections - Specializes in certified coins with a proven track record
Private Treaty Sales:
Legend Numismatics - Specializes in ultra-high-end U.S. coins
Major dealers who handle seven-figure transactions
Important Considerations:
Expect auction commissions of 15-20% on the buyer's side
Consignment fees vary; negotiate for coins of this magnitude
Insurance during transit is essential
Professional photography and cataloging add significant marketing value
Frequently Asked Questions
How many 1794 Flowing Hair Dollars were made? An estimated 2,000 were struck, with 1,758 delivered to the Mint Director. The remainder were recoined. Today, approximately 130-150 are believed to survive.
Why did the 1794 dollar sell for $10 million? The Cardinal-Morelan specimen, graded PCGS SP-66, is believed to be from the very first group of silver dollars produced by the U.S. Mint. Its extraordinary condition, combined with its historical significance as America's first silver dollar, drove the record price.
What is a silver plug in a 1794 dollar? Some planchets (blank coin discs) were slightly underweight. The Mint inserted a small silver plug into the center before striking to bring the coin up to the correct weight of 416 grains.
Who designed the Flowing Hair Dollar? Robert Scot, the Mint's first Chief Engraver, created the dies based partly on earlier pattern designs by Joseph Wright.
Is the 1794 dollar the first coin struck by the U.S. Mint? No. The 1792 half disme and the 1793 large cent preceded it. However, the 1794 dollar is the first silver dollar struck by the Mint.
Why are most 1794 dollars weakly struck? The Mint's screw press was designed for coins up to half dollar size. The larger silver dollar planchets exceeded its optimal capacity, resulting in characteristic weakness, particularly on the lower left obverse.
What is the lowest grade a 1794 dollar has been certified? Examples exist in grades as low as AG-3 and even Poor-1. Even at these levels, the coin is worth $50,000 or more due to its rarity and historical importance.
Can I find a 1794 dollar in pocket change? No. The last 1794 dollars left active circulation well over 200 years ago. All surviving examples are in collector or institutional hands.
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