On a sweltering Philadelphia summer day in 1795, a small team of men worked the coin presses at the newly established United States Mint, striking what would become one of America’s most coveted numismatic treasures. As these silver discs tumbled from the press, none could have imagined that more than two centuries later, a single specimen would command prices exceeding $10 million at auction.
The 1795 Flowing Hair Dollar wasn’t just currency—it was the physical embodiment of a young nation’s declaration of economic independence, struck while George Washington still presided as president and the ink on the Constitution had barely dried.
Specifications
The 1795 Flowing Hair Dollar represents one of America’s first ventures into large silver coinage, created following the Coinage Act of 1792 which established the U.S. dollar as the country’s standard unit of currency.
- Weight: 26.96 grams (416 grains)
- Composition: 89.24% silver, 10.76% copper
- Diameter: 39-40mm (tolerance varied considerably in early production)
- Edge: Lettered with “HUNDRED CENTS ONE DOLLAR OR UNIT” with decorative elements between words
- Designer: Robert Scot, the first Chief Engraver of the United States Mint
- Obverse: Features Liberty with flowing hair facing right, with 15 stars (representing the 15 states) arranged around the border, and the date below
- Reverse: Depicts a small eagle with spread wings perched on a rock, surrounded by a wreath, with “UNITED STATES OF AMERICA” around the border
Handling Note: The high silver content makes these coins particularly susceptible to environmental damage. Silver sulfide toning is common and accepted among collectors, but contact with skin oils, household chemicals, or certain storage materials can accelerate deterioration or cause irreversible damage.
Mintage & Mint Marks
The 1795 Flowing Hair Dollar was produced exclusively at the Philadelphia Mint, as it was the only operating U.S. mint at that time. No mint marks appear on these early dollars. According to Mint records, approximately 160,295 Flowing Hair Dollars were struck bearing the 1795 date, though modern research suggests the actual number may be slightly higher due to the common practice of continuing to use dies from previous years.
The Flowing Hair design appeared only briefly on the silver dollar, being replaced later in 1795 by the Draped Bust design. This limited production window contributes significantly to the coin’s scarcity and collector appeal today.
Grading Standards & Diagnostic Traits
The condition of a 1795 Flowing Hair Dollar dramatically affects its value and desirability. Understanding the Sheldon Scale grading standards as they apply to this specific issue is crucial for collectors:
Good (G-4 to G-6): Heavy wear across all surfaces. Liberty’s facial features are flattened, with hair details reduced to outline. Stars are visible but flat. On the reverse, eagle details are heavily worn with minimal feather definition. The wreath appears as an outline.
Very Good (VG-8 to VG-10): Liberty’s profile is clear but worn. Some hair strands are distinguishable, particularly above the forehead. Most stars show some central detail. The eagle’s body shows limited detail, with wing feathers partially visible.
Fine (F-12 to F-15): Major hair strands are clearly defined, though highest points show smoothing. Liberty’s facial features show more definition. On the reverse, some breast feathers are visible on the eagle, and wreath details begin to emerge.
Very Fine (VF-20 to VF-35): This is a crucial grade for 1795 dollars. Look for moderate but even wear on the high points. Liberty’s hair shows substantial strand separation and detail. Most stars are well-defined. The eagle displays clear feather detail on wings, though the breast may still show wear.
Extremely Fine (EF-40 to EF-45): Only light wear on highest points. Hair strands show excellent definition with only minor flattening at peaks. Eagle feathers are well-detailed with only slight wear on highest points.
About Uncirculated (AU-50 to AU-58): Minimal wear, with at least 50% of original mint luster present. Trace evidence of light friction may appear on Liberty’s cheek, highest hair curls, and the eagle’s breast. These are key diagnostic areas for determining grade.
Mint State (MS-60 to MS-65+): No evidence of wear, though quality of strike, surface preservation, and luster vary considerably. Extremely rare in grades above MS-63. MS-65 examples are essentially unavailable, with perhaps 2-3 specimens known.
Special Grading Considerations:
- Adjustment marks (file marks made at the mint to adjust weight) are common on these early dollars and are not considered damage
- Strike quality varies considerably, with many coins showing weakness in central areas
- Original surfaces with light natural toning are highly prized over cleaned examples
Value by Grade
| Grade | PCGS Value (2025) | NGC Value (2025) |
| G-4 | $4,500 – $5,000 | $4,250 – $4,750 |
| VG-8 | $5,500 – $6,500 | $5,250 – $6,000 |
| F-12 | $8,000 – $9,500 | $7,500 – $9,000 |
| VF-20 | $12,000 – $14,000 | $11,500 – $13,500 |
| VF-30 | $17,000 – $20,000 | $16,500 – $19,000 |
| EF-40 | $35,000 – $40,000 | $33,000 – $38,000 |
| AU-50 | $70,000 – $85,000 | $67,000 – $80,000 |
| AU-58 | $140,000 – $160,000 | $135,000 – $155,000 |
| MS-61 | $225,000 – $265,000 | $215,000 – $250,000 |
| MS-63 | $400,000 – $475,000 | $385,000 – $450,000 |
| MS-65 | $1,250,000+ | $1,200,000+ |
Notable Auction Results:
- $1,265,000: 1795 Flowing Hair Dollar, MS-65 (PCGS), Heritage Auctions, January 2022
- $10,016,875: 1794/5 Flowing Hair Dollar (transitional die), SP-66 (PCGS), Stack’s Bowers, January 2013 (record price for any coin at auction at that time)
- $705,000: 1795 Flowing Hair Dollar, MS-64 (PCGS), Heritage Auctions, August 2020
Varieties & Errors
The 1795 Flowing Hair Dollar features several important varieties that command significant collector interest and premium values. The most notable varieties are classified by the arrangement of stars on the obverse and details of the reverse design.
Major Varieties:
1. Two Leaves (B-1) – Bowers-Borckardt classification B-1, characterized by only two leaves protruding from below the eagle’s wings. This is considered the scarcest major variety.
- Visual identification: Count the leaves extending from beneath each wing of the eagle.
- Value premium: Approximately 20-30% over common varieties in similar grades.
2. Three Leaves (B-5, B-6, B-7) – Most common variety, with three leaves extending below the eagle’s wings.
- Visual identification: Clearly shows three distinct leaf tips below each wing.
- Value note: Considered the “type” variety for collectors assembling sets.
3. Silver Plug (B-7) – Some 1795 dollars show evidence of a small silver plug inserted in the center before striking to adjust weight.
- Visual identification: Look for a circular area of different texture/color at the center of the coin.
- Value premium: These can command a 40-60% premium over non-plug examples.
4. Draped Bust/Flowing Hair Mule – Extremely rare transitional pieces combining the new Draped Bust obverse with the Flowing Hair reverse.
- Authentication note: These are exceptionally rare and frequently misidentified or counterfeit.
Die States & Varieties:
- BB-27 (Three Leaves): Shows die crack through “STATES” on reverse
- BB-21 (Two Leaves): Shows recut date with evidence of repunching
- BB-14 (Centered Head): Liberty’s head positioned more centrally than other varieties
Collecting Strategy: For most collectors, acquiring a single, high-quality example of the most common Three Leaves variety is the typical approach. Specialists may pursue multiple varieties based on the Bolender or Bowers-Borckardt references.
Authentication & Counterfeit Detection
Due to their high value, 1795 Flowing Hair Dollars are frequent targets for counterfeiters. Knowing the key authentication points is essential:
Weight and Measurements:
- Authentic coins should weigh between 26.5-27.5 grams (allowing for slight wear)
- Diameter should measure approximately 39-40mm
Edge Details:
- The lettered edge should show “HUNDRED CENTS ONE DOLLAR OR UNIT” with decorative elements
- The edge lettering was applied before striking, so look for natural flow of metal into the letters
Die Characteristics:
- All genuine coins match known die pairs documented in numismatic references
- Study Liberty’s hair details – authentic coins show distinct strand separation with proper relief
- Stars should have proper pointed tips and central details
Surface Texture:
- Genuine coins display natural flow lines from the minting process, radiating outward from the center
- Under magnification, authentic surfaces show a slightly granular texture characteristic of 18th-century silver
Common Counterfeit Indicators:
- Wrong weight or metallic composition (many counterfeits will react to magnets)
- Seams or file marks where cast pieces were joined
- Improper font style or letter spacing in legends
- Unnatural or incorrect toning patterns
- Too-perfect surfaces on a supposedly circulated coin
Modern Authentication Practices:
- Professional third-party grading and authentication from PCGS or NGC is strongly recommended
- Specialized equipment like Sigma Metalytics testers can verify proper silver content
- XRF analysis can detect improper metal composition in sophisticated counterfeits
When purchasing a 1795 Flowing Hair Dollar, especially examples priced significantly below market rates, extreme caution is warranted. Always buy from reputable dealers with strong return policies or purchase only certified examples.
Preservation Tips
Proper preservation of your 1795 Flowing Hair Dollar is critical for maintaining both its historical integrity and financial value:
Handling:
- Always hold the coin by its edge between your thumb and forefinger
- Clean, dry hands are essential, but cotton gloves are even better
- Never clean these coins with any substance – even water can cause damage
- Handle over a soft surface in case of accidental drops
Storage:
- For long-term preservation, use inert holders free of PVC or other harmful plastics
- PCGS or NGC slabs provide excellent protection for investment-grade specimens
- For raw coins, use Mylar flips or archival-quality holders designed for early silver
- Store away from temperature and humidity fluctuations
Environmental Considerations:
- Maintain stable temperature and humidity (ideally 65-72°F with 40-50% relative humidity)
- Keep away from direct sunlight which can accelerate toning
- Avoid exposure to household chemicals, paper products containing acid, or rubber bands
- Be particularly wary of hydrogen sulfide exposure (from wool, felt, certain woods, or rubber), which can cause unattractive black spotting on silver
Insurance and Documentation:
- Photograph both sides of your coin for insurance purposes
- Keep detailed records of provenance, purchase price, and certification numbers
- Consider a rider on your homeowner’s policy specifically covering numismatic items
- For significant specimens, professional appraisals should be updated every 3-5 years
Notable Auction Results
Tracking auction results helps collectors understand market trends and establish reasonable expectations for their own purchases or sales:
Heritage Auctions, January 2023:
- 1795 Flowing Hair Dollar, B-5, BB-27, Three Leaves, MS-63 (PCGS)
- Realized: $432,000
- Notable for exceptional strike quality and original toning
Stack’s Bowers, November 2022:
- 1795 Flowing Hair Dollar, B-1, BB-21, Two Leaves, AU-55 (NGC)
- Realized: $108,000
- Featured attractive blue-gray cabinet toning and strong detail
Heritage Auctions, August 2021:
- 1795 Flowing Hair Dollar, B-7, BB-18, Silver Plug, VF-30 (PCGS)
- Realized: $75,600
- Premium price reflected the scarce and desirable silver plug variety
Legend Rare Coin Auctions, December 2020:
- 1795 Flowing Hair Dollar, B-5, BB-27, Three Leaves, EF-45 (PCGS), CAC approved
- Realized: $52,875
- Strong price influenced by CAC verification of quality within grade
Historical Price Perspective: In 1985, a choice AU 1795 Flowing Hair Dollar might have sold for $15,000-20,000. The same coin today would likely bring $85,000-100,000, representing an average annual appreciation of approximately 5-6%, though with periods of both faster growth and market corrections.
Collector Value & Outlook
The 1795 Flowing Hair Dollar occupies a special place in American numismatics that extends beyond its monetary value:
Historical Significance: As one of America’s first silver dollars, these coins represent the young nation’s declaration of monetary independence. The Flowing Hair design, though short-lived, captures an important transitional period in American coinage, bridging experimental patterns and established federal coinage.
Supply Factors:
- Surviving population estimates suggest approximately 2,000-3,000 examples exist across all grades
- Fewer than 200 examples likely survive in AU or better condition
- The fixed supply faces increasing demand from both type collectors and early dollar specialists
Demand Dynamics:
- Required for both type sets and specialized early dollar collections
- Growing interest from historical collectors seeking tangible connections to the founding era
- International collector demand has increased, particularly from Asia and Europe
Investment Performance: Over the past four decades, high-grade 1795 Flowing Hair Dollars have significantly outperformed inflation and many traditional investments. However, market values can experience cyclical fluctuations based on broader economic conditions and collector trends.
Market Outlook: The market for exceptional early American coinage remains strong with particular emphasis on provenance, originality, and eye appeal. As generational collections come to market less frequently, supply constraints may continue to support premium pricing for choice examples.
Collecting Strategy: For most collectors, acquiring the finest affordable example should take precedence over pursuing rare varieties. A properly graded VF or EF example with attractive natural toning and no significant problems often provides the best value proposition for serious collectors.
Frequently Asked Questions
Q: How can I tell if my 1795 dollar has been cleaned or improperly preserved?
A: Look for unnatural brightness, hairline scratches in swirl patterns, or unusually sharp details with incongruent surfaces. Original coins typically display natural toning that ranges from light silver-gray to deeper blue-gray or gold tones. Professional authentication can confirm whether a coin has been improperly treated.
Q: Are there any 1795 Flowing Hair Dollars available below $5,000?
A: Very rarely. Examples with significant problems like heavy damage, repairs, or harsh cleaning might occasionally appear below this threshold, but even heavily worn authentic specimens typically command $4,000+. Coins offered significantly below market rates should be viewed with extreme caution as they are often counterfeit.
Q: How does the 1795 Flowing Hair Dollar compare to the 1794 version in terms of rarity and value?
A: The 1794 Flowing Hair Dollar is significantly rarer, with a mintage of just 1,758 pieces compared to over 160,000 for the 1795 issue. Consequently, 1794 dollars typically command a premium of 5-10 times the value of 1795 examples in comparable grades. Many collectors eventually settle on a 1795 as the most attainable example of America’s first silver dollar design.
Q: Should I purchase a raw (uncertified) 1795 dollar if the price seems attractive?
A: This is generally not recommended for most collectors unless you have substantial expertise in early American coinage. The financial risk of purchasing a counterfeit, altered, or improperly graded coin is considerable. The authentication fee from PCGS or NGC represents a small percentage of the coin’s value and provides important protection and confidence.
Q: How does the Flowing Hair Dollar differ from contemporary Spanish colonial dollars that circulated in early America?
A: While both were similar in size and silver content (the U.S. dollar was specifically designed to compete with Spanish pieces of eight), the Flowing Hair Dollar represented America’s sovereign coinage with distinct national imagery. Spanish dollars typically featured the portrait of the Spanish monarch on the obverse and the Spanish arms on the reverse, while the American design showcased Liberty and a naturalistic eagle – potent symbols of the new republic.