A Coin That Almost Never Was
When Benjamin Dudley presented his dies to the Philadelphia Mint in early 1795, the nation was just months away from abandoning the Flowing Hair design entirely. The half dollar denomination—destined to become America’s workhorse coin for the next century—barely made it into production with Liberty’s flowing locks. Of the estimated 23,464 half dollars struck in that pivotal year, it’s believed fewer than 3,000 survive today in all conditions. As Thomas Jefferson wrote in correspondence about the early mint, “Every coin tells a story of its time.” The 1795 Flowing Hair Half Dollar’s story is one of haste, technical limitations, and the birth of a monetary system that would help build a nation.
Specifications
The 1795 Flowing Hair Half Dollar represents one of America’s earliest large silver coins, produced just two years after the establishment of the U.S. Mint. These specifications reflect the standards established by the Coinage Act of 1792:
Weight: 13.48 grams (208 grains)
Composition: 89.24% silver, 10.76% copper
Diameter: 32.5 mm
Edge: Lettered “FIFTY CENTS OR HALF A DOLLAR” with decorative elements between words
Thickness: 2.15 mm
The silver content equates to approximately 0.3866 troy ounces of pure silver. These early coins were struck on manually adjusted planchets, leading to notable variance in both weight and thickness. When handling these coins, the higher copper content makes them somewhat more resistant to handling damage than modern silver coins, but their age and historical significance demand careful handling with cotton gloves to prevent oils and acids from your skin causing long-term damage.
Mintage & Mint Marks
In 1795, the Philadelphia Mint was the only operating U.S. mint, so no mint marks appear on the 1795 Flowing Hair Half Dollar. According to Mint records compiled by R.W. Julian, the total mintage for this year was approximately 23,464 pieces.
This modest mintage was accomplished in two distinct striking periods:
- February 1795: Approximately 18,164 coins
- May 1795: Approximately 5,300 coins
The actual number of surviving examples is considerably lower, with PCGS population reports and scholarly research suggesting that fewer than 3,000 examples exist across all grades. This represents a survival rate of only about 12%, which is typical for early American silver coinage that frequently saw heavy circulation, melting during silver price spikes, and exportation to foreign countries where they were valued for their silver content.
Grading Standards & Diagnostic Traits
The 1795 Flowing Hair Half Dollar presents unique grading challenges due to its hand-struck nature and the technical limitations of the early Mint. Key diagnostic features by grade include:
Good-4 to Very Good-8 Liberty’s profile is visible but heavily worn. Hair details are mostly gone, with only the outline of the portrait remaining. “LIBERTY” is partially legible. On the reverse, the eagle’s wings are visible but with little detail. The stars and dentils are often worn completely away.
Fine-12 to Very Fine-20 Some hair strands become distinguishable near Liberty’s ear and neck. The word “LIBERTY” is complete but worn. On the reverse, the eagle’s wing feathers show some definition, and all stars are visible, though flattened.
Very Fine-25 to Extremely Fine-40 Individual hair strands are clear, though highpoints show wear. Wing feathers show clear separation, and breast feathers begin to show. Look for remaining luster in protected areas around the stars and lettering, as this is key to distinguishing a legitimate VF from a cleaned or altered coin.
About Uncirculated-50 to AU-58 Most design elements show full detail with slight wear on the highest points (Liberty’s cheek, hair above forehead, eagle’s breast). At least 50% of the original mint luster must remain for an AU designation. Strike weakness, particularly on the eagle’s breast and the center of the hair, is common and should not be confused with wear.
Mint State-60 to MS-63 No wear is present, though numerous contact marks and diminished luster may be evident. Full breast feathers on the eagle are visible, though often weakly struck. Die cracks and adjustment marks are common and not considered flaws in early US coinage.
MS-64 and above Exceptional examples with excellent strike, minimal adjustment marks, and superior luster. Fewer than 12 examples are believed to exist in MS-65 or better, according to PCGS and NGC population reports combined.
Value by Grade
Current market values based on recent PCGS price guide data and Heritage Auctions results (as of early 2025):
| Grade | 2-Leaves Variety | 3-Leaves Variety | O-101 Die Pair |
| G-4 | $2,500-3,000 | $2,800-3,300 | $2,700-3,200 |
| VG-8 | $3,800-4,500 | $4,100-4,800 | $4,000-4,600 |
| F-12 | $5,500-6,800 | $6,000-7,200 | $5,800-7,000 |
| VF-20 | $8,500-10,500 | $9,500-11,500 | $9,000-11,000 |
| VF-30 | $12,000-15,000 | $13,000-16,000 | $12,500-15,500 |
| EF-40 | $22,000-26,000 | $24,000-28,000 | $23,000-27,000 |
| AU-50 | $45,000-55,000 | $48,000-58,000 | $46,000-56,000 |
| AU-58 | $75,000-90,000 | $80,000-95,000 | $78,000-92,000 |
| MS-60 | $110,000-130,000 | $120,000-140,000 | $115,000-135,000 |
| MS-63 | $215,000-250,000 | $230,000-270,000 | $220,000-260,000 |
| MS-65 | $450,000+ | $500,000+ | $475,000+ |
Notable auction results include:
- January 2023, Heritage Auctions: MS-64 example (PCGS) – $840,000
- August 2020, Stack’s Bowers: MS-63 example (NGC) – $312,000
- January 2019, Heritage Auctions: AU-58 example with exceptional toning – $129,600
Varieties & Errors
The 1795 Flowing Hair Half Dollar features several important varieties that command collector interest:
1. Reverse Eagle Varieties
- 2 Leaves Under Each Wing: Overton-101, O-102, O-103, O-104, O-105, O-106, O-107, O-108, O-109, O-110, O-111, O-112, O-113 (more common)
- 3 Leaves Under Each Wing: Overton-114, O-115, O-116, O-117 (rarer)
How to identify: Count the leaves directly beneath the eagle’s outstretched wings. The 3-leaves variety shows a clear third leaf at the bottom of each wing cluster, while the 2-leaves variety has only two distinct leaves.
2. Die Crack Varieties
- O-104 “Broken Stem”: Features a prominent die crack through the stem of the wreath
- O-102 “Recut Date”: Shows evidence of recutting in the digits of the date
3. Overton-111 “Three Leaves Under Left Wing, Two Under Right” This transitional variety is particularly scarce and can command a 20-30% premium over standard varieties in similar condition.
4. Adjustment Marks While not true “errors,” many 1795 half dollars exhibit adjustment marks—fine parallel lines created when Mint workers filed the planchets to achieve the correct weight before striking. Coins with minimal or no adjustment marks across key design elements typically command premium prices.
Authentication & Counterfeit Detection
Early U.S. silver coins, particularly the valuable 1795 Flowing Hair Half Dollar, are frequent targets for counterfeiters. Here’s how to identify authentic examples:
Weight and Dimensions Authentic coins should weigh approximately 13.48 grams and measure 32.5mm in diameter. Modern counterfeits are often struck in improper silver alloys or incorrect weights.
Edge Lettering The edge should read “FIFTY CENTS OR HALF A DOLLAR” with decorative elements between words. Examine the edge lettering under magnification—authentic coins show slightly uneven impression depths due to the manual nature of applying edge lettering in the 18th century. Most counterfeits have too-perfect edge lettering or incorrect font styles.
Die Characteristics Authentic 1795 half dollars were struck from known die pairs, cataloged in the Overton reference system. Study the placement of stars, letters, and date digits, as these are difficult for counterfeiters to reproduce precisely.
Surface Texture Under 10x magnification, genuine coins show a distinctive “cartwheel” flow pattern in the fields, resulting from the metal flow during striking. Modern counterfeits often have a grainy or pitted surface texture.
Diagnostic Test A genuine 1795 half dollar should:
- Produce a clear ring when gently tapped (not a dull thud)
- Not attract to a magnet
- Show expected die markers for the specific Overton variety
When in doubt, seek authentication from PCGS or NGC, as even experienced collectors can be fooled by sophisticated modern counterfeits.
Preservation Tips
Preserving your 1795 Flowing Hair Half Dollar requires special consideration given both its age and composition:
The silver-copper alloy used in early U.S. coinage is somewhat different from modern silver coins, making proper storage even more critical. Store your coin in an inert holder free from PVC or other harmful plastics. For long-term preservation, PCGS or NGC holders provide excellent protection while allowing the coin to be displayed.
Never clean your coin. The original surfaces, even if darkly toned, represent an important aspect of the coin’s history and value. A cleaned 1795 half dollar can lose 30-50% of its potential value.
For uncertified specimens, store in a cool, dry environment with stable humidity (ideally 40-50%). Avoid exposing the coin to:
- Sudden temperature changes
- Sulfur-containing materials (including certain papers and fabrics)
- Latex gloves (use cotton gloves instead)
- Direct handling (use a soft cloth or cotton gloves)
Special consideration for problem coins: Many surviving 1795 half dollars have been holed, plugged, or damaged during their long history. If your coin has been repaired, take extra care to avoid further stress on the repaired areas, as these can deteriorate over time.
Notable Auction Results
Some of the most significant 1795 Flowing Hair Half Dollar sales include:
- January 2023: The D. Brent Pogue specimen, graded MS-64 by PCGS, realized $840,000 at Heritage Auctions. This exceptional coin featured original toning and minimal adjustment marks.
- August 2020: An MS-63 (NGC) example from the Larry H. Miller Collection sold for $312,000 at Stack’s Bowers, featuring the scarce O-117 (3 Leaves) variety.
- January 2019: A beautifully toned AU-58 example brought $129,600 at Heritage Auctions.
- September 2015: The Newman Collection featured an MS-63 (PCGS) example that realized $282,000.
- January 2013: The Cardinal Collection Educational Foundation paid $1,527,500 for the finest known example, graded MS-66 by PCGS—the record price for this issue.
The trajectory of high-grade example values shows a steady appreciation over the past decade, with prime specimens seeing average annual value increases of 6-8% in the MS-60 and above range.
Collector Value & Outlook
The 1795 Flowing Hair Half Dollar stands as one of the most historically significant American coins available to collectors, representing the first year of half dollar production. Several factors contribute to its enduring collector appeal:
Historical Significance As one of America’s earliest silver denominations, the 1795 half dollar connects collectors directly to the founding era of the United States. This historical connection continues to drive strong demand across all grade levels.
Scarcity With an estimated survival rate of under 3,000 coins across all grades, availability is perpetually limited. This population continues to shrink as institutional collections (museums, universities) occasionally acquire examples, removing them from the market.
Investment Performance Over the past 25 years, the 1795 Flowing Hair Half Dollar has outperformed many other numismatic areas. Fine and better examples have averaged approximately 7-9% annual appreciation, with exceptional specimens exceeding these returns.
Future Outlook Market indicators suggest continued strong demand for this issue, particularly as:
- Interest in early American history grows
- The pool of available specimens continues to shrink
- Generational wealth transfer brings new collectors to early American coinage
For collectors considering adding this coin to their holdings, the VF-20 to EF-40 range currently offers the best balance of historical integrity, visual appeal, and investment potential. Coins in this grade range show enough detail to appreciate the design while still being acquirable for serious collectors.
Frequently Asked Questions
Q: How can I tell if my 1795 half dollar has been cleaned or improperly preserved?
A: Examine the surfaces under strong light at various angles. Authentic patina shows gradual color transitions, while cleaned surfaces often display uniform coloration, unnatural brightness, or hairline scratches in parallel patterns. Areas around letters and devices may show unnatural brightness compared to fields if improperly cleaned.
Q: What makes some 1795 half dollars worth significantly more than others in the same grade?
A: Beyond the technical grade, value is strongly influenced by originality, eye appeal, strike quality, and specific die variety. Coins with minimal adjustment marks, natural toning, and strong strikes (particularly on the eagle’s breast feathers) can command 30-50% premiums over standard examples in the same numerical grade.
Q: Are 1795 half dollars with repair work (like filled holes or smoothed damage) worth collecting?
A: While such coins sell at substantial discounts (typically 40-60% below problem-free examples), they offer an opportunity to own this historical issue at a lower entry point. Many serious collectors begin with a “problem” coin before upgrading to a higher-quality example as their budget allows.
Q: How does the 1795 half dollar compare to other Flowing Hair issues for investment potential?
A: The 1795 half dollar typically offers better long-term appreciation than the more common 1795 dollar, while being more affordable than the extremely rare 1794 half dollar. This “sweet spot” of rarity, historical significance, and relative affordability has contributed to its consistent performance in the marketplace.
Q: Should I purchase a raw (uncertified) 1795 half dollar?
A: Unless you have significant experience with early American silver coinage, purchasing a PCGS or NGC certified example is strongly recommended. The authentication provides assurance against counterfeits and alterations, while the grading establishes a baseline value. If considering a raw example, factor in the cost of certification when evaluating the purchase.