9 years ago. “Superb” is an old term used in numismatics for over 100 years, from before numeric grading of coins. See a 1794 coin that most of us will never own but it's interesting to see just how much it can go for at auction. SILVER PLUG - BEWARE OF TREATED OR DISCOLORED COINS. Does it support the idea that it could be the first silver dollar ever struck in the United States? Experts estimate the number at between 30 and 80 - making them quite rare indeed. In this article you will find (1) A complete list of U.S. coins made of silver by denomination. We’ve been in business since the 1930s. Things you didn't know you wanted–while there's still time to bid. Were they melted down? What’s a pattern coin? The 1794 Flowing Hair silver dollar goes down in history as being the very first official dollar coins the United States federal government ever issued as legal-tender federal money. For 1907 [the year in which Augustus Saint-Gaudens died, after creating but not finalizing designs for an eagle and a double eagle coin] there’s one iteration of an individual head design that was used on the $10 coin [the single eagle]. Records say 1,758 pieces were made. How much silver is in the 1794 silver dollar? A coin like that would have all the factors that would produce a price above $10 million. 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. This coin was the first to cross the $10 million threshold at auction. Therefore, it is obvious since two different shades of silver exist on the surface of the coin. This half dollar example is one case where evidence of file marks remain. and 160,000 Flowing Hair dollars were released in 1795. 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 United States Mint used to strike silver dollars was originally engineered to only strike coins no larger than half dollar. 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. Indeed, all 1794 dollars are very scarce, and perhaps less than 150 exist today. The first silver dollars were minted in very small quantities. A different Lady Liberty image was adopted for silver dollars beginning in 1795. Site Information. The Mint was a fledgling, low-budget operation when it launched. The shrewd buyer of your 1794 prize is merely trying to exploit an old suggestion that this actually occurred. That’s a good comparison, but coins are a little bit different. The first silver dollars were minted in very small quantities. 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. This coin had very few adjustment lines, but they’re common on all 1794 silver dollars and 1790s coinage. In fact, the average price for a … Beware the claim that 5,000 to 6,000 coins reportedly produced in 1795 were actually dated 1794. Getting a chance to hold it in its raw state is almost impossible. See a 1794 coin that most of us will never own but it's interesting to see just how much it can go for at auction. After all, the 1794 dollar is the very first among all U.S. dollars, preceding federal paper dollar currency by several decades. … 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. We don’t provide printed estimates for most of our auctions, and we didn’t publish an estimate on the coin. It also makes an impressive patriotic gift for a coin collector or history buff. Back then, if it made an underweight silver dollar, it’d scrap it. The accepted net mintage is 1,758, with estimates of about 120-130 survivors in all grades. This coin is a particularly high-grade example of the first silver dollars struck by the newly established US Mint. 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. You activate the press and stamp the coin. How many 1794 flowing hair silver dollars are known to exist? There are more well-heeled collectors in numismatics. blank) was a little overweight, excess metal was manually removed with a file. 0 items found. PCGS #: 6854. Could you talk about what that meant to the world of coin-collecting? The coin features images of Lady Liberty ringed with stars on the front and an eagle on the back. Nothing. 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. When they [the U.S. Mint] started, they decided to start with the silver dollar, because the silver dollar was obviously bigger. Someone had to forget about it and let it sit in a family collection for 200 years, or be really cautious in its handling. They were made from silver provided by David Rittenhouse, the Mint Director, who wanted production to begin as soon as possible. Are you concerned the precious metals train has left the station without you? There is only one variety of die used for the 1794 dollar, and it was apparently retired that year. Nothing. That’s a quality of the die and its ability to impart that surface. I don’t think we’ll cross $100 million any time soon. What evidence supports that claim? You can also follow The Hot Bid on Instagram and follow the author on Twitter. The 1794 dollar saw the very smallest of all early dollar mintages, with just 1,758 pieces struck. There’s one die on the top, and one on the bottom, with the metal between them. 1794 - Silver dollar. Unable to coin any more dollars in 1794, Rittenhouse and Voight turned to the half dollar. Get a price in less than 24 hours. $1,860.90 ($63.70) Silver. 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. The weight of coppers was stipulated within a certain range, but silver was much more stringent. “Unique” means it’s the only specimen or specially struck 1794 silver dollar that we know of. Calling it a “superb gem specimen” is gilding the lily. Relevance. Also, click here to Learn About Grading Coins. The iterations don’t always survive in any form, never mind the coin. For Sale 0 Auctions 0 Wishlist 0 Collection 2. 1798 - Cent - the most common 18th century American coin. What would $1 in 1794 be worth in 2020 dollars? Anything remotely near it in silver dollars is huge. Could you break that phrase down and explain it? How were they lost? How many 1794 flowing hair silver dollars are known to exist? In fact, the average price for a 1794 dollar that grades Fine-12 is $150,000. The low mintage marks an important historical lesson because these coins were even in high demand for the time. The mint’s official records indicate a total production of 1,439,196 Early Dollars (or EDs) bearing the dates 1794 through 1803. 1799 - Cent - for a date set, this is the king of American cents. Metal: 90% Silver, 10% Copper. 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. 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. This is your chance to own a pure silver tribute to this coveted coin for yourself. Enter your email address to follow this blog and receive notifications of new posts by email. A Beatles Shea Stadium Poster Sets the World Auction Record for Any Original Concert Poster, RECORD! It is in near perfect condition, and is believed by many scholars to be the very first U.S. silver dollar to come off the coining press. What need did it meet? The coin represents the first year for the silver dollar, the first regular denomination silver coin struck by the United States government, and a mintage rarity. Were they melted down? That describes the reflectivity of the surfaces. When did you know you had a new world auction record? Silver Plug Dollar. Exactly. Twenty years after that, one hit $10 million. The next realistic threshold will be $20 million. 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. Bidding started at $2.2 million and rose from there. Shop now - APMEX.com. 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. It was part of a collection, so we kept it as such. What else could meet or beat it? If it goes away for 50 years, people might forget about it or think they aren’t able to own it. Talking in terms of inflation, it’s worth $25 today. 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. The early United … The silver dollar denomination has long been regarded as the cornerstone of the American monetary system. Buy and Sell on USA Coin Book. What was your role in the auction of the 1794 silver dollar? And I take it it’s called the “flowing hair” silver dollar because the woman shown in profile on the coin has flowing hair? $2,408.00 ($53.60) View Charts. The expert: Vicken Yegparian, vice president of numismatics at Stack’s Bowers. He grades it a “specimen,” above mint condition, and a 66 on a scale with 70 being perfect. Will they grow in value as the years go on and as they start to disappear? Those who have or plan to buy 1794 dollar coins should be proud of their numismatic acquisitions. How many Morgan silver dollars still exist? None of that existed in 1794. America was starting to flex its muscles, and what does a sovereign state do? Stack’s Bowers is on Twitter and Instagram. With the stay-at-home orders [the shelter-in-place recommendations due to the COVID-19 pandemic], collectors might have extra time to put into hobbies. 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. The Silver dollar added a perfect complement to other denominations circulating at the time. Exactly. This one could break its own record. 2020 (P) American Silver Eagles: A New Modern Rarity. 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. 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. The United States Mint used to strike silver dollars was originally engineered to only strike coins no larger than half dollar. Records say 1,758 pieces were made. Of this number, […] How many 1794 flowing hair silver dollars are known to exist? The only day of production for dollar coins that year was October 15th. Also generating spirited bidding at the auction was the 1794 Flowing Hair Silver Dollar graded NGC MS 62 that realized $1,050,000. By the next year, minting capacity had improved. How were they lost? So issuing the 1794 flowing hair silver dollar was just as much about announcing America’s arrival as a country as creating money for its citizens to use? And how many 1794 flowing hair silver dollars are believed to have been produced? Perhaps 300 of those original silver dollars still exist, Mudd said, including about 100 circulating among collectors. Click the word “Menu” at the upper right for contact details. Undocumented ones still come out of the woodwork on occasion, but that’s the best guess on how many survive. Call Us: 800.375.9006 Live Chat. The historic coin is believed by many experts to be the very first silver dollar ever minted in the U.S. Here are three reasons why the 1794 Silver Dollar is so valuable. It’s all of that–making our mark in international waters, so to speak. Sheila Gibson Stoodley is an experienced writer and editor who specializes in luxury, travel, art, antiques, collectibles, food, medicine, history, design, and interiors. The lot notes also describe it as a “unique superb gem specimen”. 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. But we can say beyond a reasonable doubt it was among the first strikes, and among the first prepared. The PCGS CoinFacts site includes an estimate that one thousand 1797 ‘Ten by Six’ Dollars survive. This coin is very well-struck, very well-impressed. $1,077.10 ($49.50) Palladium . Exactly. The Draped Bust dollar is a United States dollar coin minted from 1795 to 1803, and was reproduced, dated 1804, into the 1850s. Brett Charville, president of Professional Coin Grading Service of Santa Ana, California, certifies Morelan’s coin is authentic. $2,408.00 ($53.60) View Charts. 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. Was the winning bidder in the room? 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. 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. Many more counterfeit 1794 dollars exist than do real specimens, and genuine examples are challenging to come by. Estimates range between 135 and 150. PCGS MS65+ View More Images. Liberty Seated Dollars, Morgan Silver Dollars and Peace Dollars. What you see: A 1794 “Flowing Hair” silver dollar, described as a “unique superb gem specimen”. Undocumented ones still come out of the woodwork on occasion, but that’s the best guess on how many survive. Auction Record: $161,000 • CH AU • 01-15 … W. David Perkins maintains that 501 to 1250 survive, as he rates this issue as “R.2” on the Sheldon Rarity Scale. Why was the 1794 flowing hair silver dollar created? 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. First of its kind. Edge: Lettered: HUNDRED CENTS ONE DOLLAR OR UNIT . How much spending power did this coin represent when it was new? 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. The overall surface quality has a prooflike appearance. 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. This coin, or an 1804 silver dollar. It didn’t go into a bag with other pieces. What does that mean, and why is that important? 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? I have held other 1794s, before they were certified. The lot notes say the coin shows “prooflike reflectivity in the fields”. That’s a very high grade for a U.S. coin. It’s weightier and more impressive in the hand. PCGS CoinFacts president Ron Guth explains how many 1794 Dollars exist today. 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. No one thought it would happen. Do any other 1794 silver dollars come close to this one? The Flowing Hair Half Dollar was among the first of all silver coins to be struck at the Philadelphia Mint. Liberty Seated Dollars, Morgan Silver Dollars and Peace Dollars. It seems that coins are like books, in that sales records go back fairly far. (3) The dates that the metal composition changed for each U.S. coin denomination throughout the years. 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. By 1794, the U.S. Mint commenced striking silver coinage, with the silver dollar among these issues. 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. She has the same flowing locks, but with a liberty cap behind her. Not all cost $10 million. How were they lost? Shop now - APMEX.com. What was the previous world auction record for any coin prior to the 1794 silver dollar? Actually, that’s a pretty good survival rate for coins from that era. Estimates range between 135 and 150. The 1794 Flowing Hair Dollar (Buy on eBay) holds an important place in history and numismatics. To have a 1794 silver dollar that’s so well-preserved and flaw-free relative to its peers… it’s a big deal. Not all cost $10 million. She keeps a portfolio on MediaBistro's Freelance Marketplace: http://buff.ly/2kSANqq? 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. These coins were the first metal dollar coins struck in the United States. Before you strike a production run of coins, you test the example in a softer metal. A Natee Utarit Painting Set a World Auction Record for the Artist at Phillips Hong Kong in November 2019. Is demand higher? The dollar is one of only 130 – 140 known to exist, and is by far the finest example, graded PCGC SP66. The coin represents the first year for the silver dollar, the first regular denomination silver coin struck by the United States government, and a mintage rarity. People recognized what they were back then, and saved them. 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 … The coin features images of Lady Liberty ringed with stars on the front and an eagle on the back. They’re all patterned after the Libertas Americana medal in Paris at the Paris Mint. Frosty and lustrous is not undesirable, just different. Intense demand is expected, so you must act quickly. (The coins depict a woman with long flowing hair). Gold. This example is believed to be the first silver dollar ever struck in the United States. Certified and graded. Q. David Bowers, in his important treaties on silver dollars, does some rounding, but concludes that 1,431, 758 were minted with dates from 1794 through 1803. 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 Melt Value shown below is how Valuable the Coin's Metal is Worth (bare minimum value of coin). Stack’s Bowers auctioned it in January 2013 for just over $10 million and a world auction record for any coin. 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. It’s a miracle that it’s survived this well. It’s the product of money as a sovereign right. That quality diminishes with each strike of the coin. Were they melted down? … The total mintage for 1796 was 79,920, which amounts to an approximate 62% reduction from the previous year's total. In the early years of the Mint, if a silver or gold planchet (i.e. The 1794 Silver Dollar is a rare coin, represented by approximately 150-200 survivors. What had to happen between 1794 and now for the coin to survive in such good condition? When those first Flowing Hair dollars were released in 1794, there weren’t many to go around. Of this number, […] There’s a book documenting all known 1794 silver dollars. 1794 Silver Dollar: Silver Plug (Unique and Extremely Rare) 1794 Silver Dollar View Entire Flowing Hair Silver Dollar Coin List. After being printed or minted, each bill is then passed between people and businesses to facilitate transactions. 1794 Flowing Hair Silver Dollar (U.S.) Sold at auction: $10,016,875. 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. Establishing a mint was one element of nation-building. 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. Make its own money. For this coin to be a 66 is a big deal. Records say 1,758 pieces were made.