The Birth of America’s First Silver Dollar
On a brisk autumn day in October 1794, the newly established United States Mint delivered a shipment of coins that would forever change American numismatics. Among the wagon’s contents were 1,758 silver dollars—the very first dollar coins ever struck by the United States federal government.
One of these specimens, graded Specimen-66 by PCGS, would eventually sell for over $10 million in 2013, making it not only America’s first dollar but also one of the most valuable coins ever sold at auction. The story behind this remarkable piece of American history begins not with its astronomical auction price, but with a young nation’s struggle to establish its monetary independence.
Specifications
The 1794 Flowing Hair Dollar represents the first iteration of America’s flagship coin denomination, designed by Robert Scot, the U.S. Mint’s first Chief Engraver.
- Weight: 26.96 grams (416 grains)
- Composition: 89.24% silver, 10.76% copper
- Diameter: 39-40mm (inconsistent due to early minting techniques)
- Edge: Lettered “HUNDRED CENTS ONE DOLLAR OR UNIT” with decorative elements
- Thickness: Approximately 2.7-3.0mm
- Obverse Design: Liberty with flowing hair facing right
- Reverse Design: Small eagle within a wreath
The coin’s silver content approximates 0.7735 troy ounces of pure silver. When handling these coins, collectors should remember that the high silver content makes them susceptible to toning over time. The natural oils from skin contact can accelerate this process, potentially affecting both appearance and value.
Mintage & Mint Marks
The 1794 Flowing Hair Dollar was produced exclusively at the Philadelphia Mint, before the practice of adding mint marks had been established. Production was severely limited by the technical capabilities of the early mint.
- Total Authorized Mintage: 2,000 coins
- Actual Delivered Mintage: 1,758 coins
- Estimated Survivors: 130-150 examples across all grades
According to PCGS population reports, fewer than 150 examples are believed to exist today, making this one of the rarest regular-issue U.S. coins. The mintage was curtailed because the coining press, designed for smaller denominations, lacked sufficient striking power for silver dollars. Most examples show weakness in certain areas, particularly on the left side of the obverse and corresponding right side of the reverse.
Grading Standards & Diagnostic Traits
The 1794 Flowing Hair Dollar presents unique grading challenges due to its early production methods and age. Here’s how to assess specimens across the Sheldon Scale:
Good (G-4) to Very Good (VG-8):
- Liberty’s profile outline remains visible but with significant wear
- Hair details mostly smooth with minimal definition
- Eagle’s form visible but feather details absent
- Lettering legible but possibly worn into rim in areas
Fine (F-12) to Very Fine (VF-20):
- Liberty’s facial features partially defined
- Some separation visible in hair strands
- Eagle’s wings show partial feather definition
- Diagnostic trait: Check for remnants of central breast feather detail on eagle
Extremely Fine (EF-40) to About Uncirculated (AU-50):
- Liberty’s facial features well-defined
- Most hair strands show clear separation
- Eagle’s wing and tail feathers distinctly outlined
- Diagnostic trait: Look for clear definition in Liberty’s hair above forehead
Mint State Ranges (MS-60 to MS-65+):
- Full struck details present (though typically weak on left side due to press limitations)
- Original luster in protected areas
- Surface quality becomes critical at this level
- Diagnostic trait: Examine strike quality at stars 1-7, which are typically weaker than stars 8-15
Specimens above MS-65 are extraordinarily rare, with only one or two examples known in Specimen-66.
Value by Grade
The 1794 Flowing Hair Dollar shows remarkable value increases with even minor grade improvements. Current market values based on PCGS Price Guide and recent Heritage Auctions data:
| Grade | PCGS Value (2025) | Recent Auction Ranges |
| AG-3 | $30,000 – $35,000 | $28,000 – $42,000 |
| G-4 | $40,000 – $50,000 | $45,000 – $62,500 |
| VG-8 | $75,000 – $95,000 | $70,000 – $105,000 |
| F-12 | $125,000 – $150,000 | $120,000 – $175,000 |
| VF-20 | $200,000 – $250,000 | $210,000 – $290,000 |
| EF-40 | $500,000 – $600,000 | $475,000 – $650,000 |
| AU-50 | $1,000,000 – $1,200,000 | $950,000 – $1,350,000 |
| MS-60 | $2,500,000 – $3,000,000 | $2,250,000 – $3,500,000 |
| MS-63 | $4,500,000+ | $4,200,000 – $6,000,000 |
| MS-65+ | $8,000,000+ | $8,000,000 – $12,000,000 |
Notable Sales:
- The finest known example, the “Flowing Hair Silver Dollar” (SP-66), sold for $10,016,875 in January 2013 through Stack’s Bowers Galleries
- An MS-64 example sold for $4,993,750 through Heritage Auctions in August 2022
- A VF-25 specimen realized $1,050,000 in a January 2024 Heritage sale
Varieties & Errors
Despite its small mintage, the 1794 dollar exhibits several notable varieties that command premium prices:
BB-1 (Bolender-1): The only known die marriage for the 1794 dollar, characterized by:
- 15 stars on obverse (8 left, 7 right)
- Date positioned with first “7” below Liberty’s flowing hair curl
- Identification tip: Look for specific dentil pattern around obverse rim
Notable Errors and Varieties:
- Silver Plug Specimens
- Some coins had small silver plugs inserted in the center before striking to adjust weight
- Identification: Circular area in center with different luster/tone than surrounding metal
- Value premium: Approximately 30-40% over regular examples in same grade
- Adjustment Marks
- Filing marks on planchet to adjust weight before striking
- Usually appear as parallel lines across parts of design
- Value impact: Generally neutral unless severely affecting design
- BB-1, Die State I (earliest state)
- No die cracks present
- Identification: Crisp overall design with no visible cracks
- Value premium: 10-15% for verified early die state examples
- BB-1, Late Die State
- Shows advanced die cracks through “LIBERTY” and between date and bust
- Identification: Visible crack extending from rim through “LIBERT”
- Market impact: Sometimes preferred by specialists for showing die progression
Authentication & Counterfeit Detection
The high value of 1794 dollars has made them prime targets for counterfeiters and alterations. Here are essential authentication guidelines:
Physical Properties:
- Weight: Should measure 26.96 grams ±0.5 gram
- Diameter: Should measure 39-40mm (variation exists in genuine coins)
- Edge lettering: “HUNDRED CENTS ONE DOLLAR OR UNIT” with decorative elements between words
- Thickness: Approximately 2.7-3.0mm
Authentication Tests:
- Specific Gravity: Should test at approximately 10.2-10.3 g/cm³
- Magnetism: Should show no magnetic attraction
- Sound test: When balanced on fingertip and gently struck, should produce a clear ring, not a dull thud
Visual Diagnostics:
- Die characteristics: All genuine 1794 dollars come from the same die pair
- Denticles pattern: Distinct pattern of denticles around rim, with spacing inconsistencies characteristic of genuine coins
- Star positions: The position of 15 stars must exactly match known authentic specimens
- Relief details: The relief of Liberty’s profile should show appropriate depth and detail consistent with strike quality
Common Counterfeits:
- Contemporary counterfeits made of billon (silver-copper alloy with lower silver content)
- Cast counterfeits (look for seams, granular surface, or reduced detail)
- Altered date 1795 dollars (examine digit “4” for tooling marks)
Professional Authentication: Due to their extreme value, all 1794 dollars should be authenticated and graded by PCGS, NGC, or CAC before purchase.
Preservation Tips
Proper preservation is critical for coins of this historical significance and value:
Handling Recommendations:
- Always hold by edges between clean fingertips or use cotton gloves
- Never clean, polish, or attempt to improve appearance
- Avoid commercial dips or chemical treatments of any kind
Storage Options:
- Store in archival-quality, sulfur-free holders
- For the highest grade specimens, consider PCGS or NGC holders
- For raw coins, use inert materials like Mylar or holders certified as PVC-free
- Maintain stable humidity (40-50%) and temperature (65-72°F)
Long-Term Conservation:
- Schedule professional examination every 5-10 years for raw specimens
- Keep detailed photographs to monitor toning changes
- Maintain stable environments—avoid attics, basements, or areas with temperature fluctuations
- For exceptionally valuable specimens, consider specialized insurance
Notable Auction Results
The following auction results demonstrate the exceptional market performance of the 1794 Flowing Hair Dollar:
- $10,016,875 (SP-66) – Stack’s Bowers Galleries, January 2013
- The finest known example, believed by some to be the first silver dollar struck
- Previously from the Cardinal Collection
- $4,993,750 (MS-64) – Heritage Auctions, August 2022
- Ex-Lord St. Oswald Collection
- Exceptional strike quality with attractive cabinet toning
- $2,820,000 (MS-62) – Heritage Auctions, April 2017
- From the Pogue Family Collection
- Notable for exceptional centering and strike
- $1,880,000 (AU-58) – Stack’s Bowers, March 2020
- From the D. Brent Pogue Collection
- Exceptional surface quality for the grade
- $1,050,000 (VF-25) – Heritage Auctions, January 2024
- Evenly worn with attractive medium-gray patina
- Original surfaces with no major defects
These results highlight the extraordinary premium commanded by high-grade examples and those with exceptional pedigrees.
Collector Value & Outlook
The 1794 Flowing Hair Dollar holds a unique position in American numismatics that transcends normal market factors:
Historical Significance: The coin represents America’s first silver dollar, embodying the young nation’s monetary independence. This historical significance provides a fundamental value floor that has consistently risen over time.
Supply Constraints: With fewer than 150 examples known across all grades and virtually no possibility of new discoveries, demand continues to outpace the fixed supply.
Market Trends:
- Over the past decade, values have increased approximately 12-15% annually for mid-grade examples
- Premium-quality specimens have appreciated at even higher rates
- During economic downturns, 1794 dollars have typically retained value better than most other numismatic assets
Collector Demographics: The aging of serious collectors (most over age 60) has not diminished demand; instead, wealth transfer to younger generations has introduced new buyers to this segment of the market.
Investment Potential: While no investment is guaranteed, the 1794 dollar has demonstrated remarkable stability and growth potential:
- Museum-quality examples (AU and above) have historically doubled in value every 8-10 years
- Even damaged examples have shown steady appreciation due to their historical significance
- The coin’s position as America’s first silver dollar ensures continued collector and investor interest
Future Outlook: Barring unforeseen economic catastrophes, the 1794 Flowing Hair Dollar will likely continue its upward trajectory in value, with premium examples potentially reaching new record prices within the next decade.
Frequently Asked Questions
How can I tell if a 1794 dollar might be genuine without professional authentication?
Genuine 1794 dollars weigh approximately 26.96 grams and measure 39-40mm in diameter. The edge should display lettering reading “HUNDRED CENTS ONE DOLLAR OR UNIT” with decorative elements between words. All authentic examples come from a single die pair with 15 stars (8 left, 7 right) and specific die characteristics. However, given their exceptional value, professional authentication is essential before any purchase.
Why do most 1794 dollars show weakness on the left side of the obverse?
The Philadelphia Mint’s press in 1794 was designed for smaller denominations and lacked sufficient power for striking silver dollars properly. Additionally, the dies were slightly misaligned during production. These factors resulted in characteristic weakness on the left side of the obverse and corresponding right side of the reverse on most examples.
How many 1794 dollars might still be undiscovered?
While impossible to quantify precisely, numismatic experts estimate that perhaps 10-15 additional examples may exist unattributed in old collections or misidentified. Most likely, these would be heavily circulated specimens grading Good or lower. The likelihood of finding an undiscovered high-grade example is extremely remote.
What makes the “Silver Plug” variety special, and how does it affect value?
Some 1794 dollars had small silver plugs inserted in their centers before striking to adjust their weight to legal standards. This represents a fascinating glimpse into early mint production methods. Silver plug specimens typically command a 30-40% premium over regular examples in the same grade and represent approximately 15-20% of surviving specimens.
Is the 1794 Flowing Hair Dollar America’s most valuable coin?
It currently holds the second-highest auction record for an American coin, with the finest known example selling for $10,016,875 in 2013. Only the 1933 Double Eagle ($20 gold piece), which sold for $18.9 million in 2021, has achieved a higher price at public auction.