The 1794 Flowing Hair Silver Dollar stands as one of the most iconic and coveted coins in the realm of numismatics. This remarkable coin, minted during the early days of the United States, represents a pivotal moment in American history and numismatic artistry. In this article, we will delve into the history, design, rarity, and enduring allure of the 1794 Flowing Hair Silver Dollar.
The Birth of the Silver Dollar
The late 18th century marked the beginning of coinage in the newly formed United States. The Coinage Act of 1792, signed into law by President George Washington, laid the foundation for the establishment of the United States Mint in Philadelphia. It also authorized the production of the first official silver dollars. The 1794 Flowing Hair Silver Dollar was among the earliest coins minted by the U.S. Mint.
Design and Symbolism
The design of the 1794 Flowing Hair Silver Dollar was a product of its time, reflecting the artistic sensibilities of the late 18th century. The coin’s obverse (front) features a portrait of Liberty with long, flowing hair, facing right. The word “LIBERTY” appears above her head, and the date “1794” is below. The reverse (back) of the coin displays an eagle encircled by a wreath, with the inscription “UNITED STATES OF AMERICA”
The Flowing Hair design was created by Robert Scot, the first Chief Engraver of the United States Mint. The design symbolizes the young nation’s pursuit of liberty and independence. The use of an eagle, a symbol of strength and freedom, on the reverse further reinforces this theme.
Historical Significance
The year 1794 was a momentous one for the United States. It was just a few years after the American Revolutionary War had concluded, and the young nation was grappling with the challenges of nation-building. The issuance of the Flowing Hair Silver Dollar marked an important step in establishing a stable and recognizable national currency.
Rarity and Collectibility
The 1794 Flowing Hair Silver Dollar is celebrated not only for its historical significance but also for its rarity. Only a limited number of these coins were minted, and many have been lost or melted down over the years. As a result, surviving specimens are highly sought after by collectors.
The condition of a 1794 Flowing Hair Silver Dollar significantly impacts its value. Well-preserved examples in high grades are especially prized. The coin has been known to command substantial prices at auctions and in private transactions, making it a prized addition to numismatic collections.
In 2013, one of these coins sold for a record-breaking $10 million at auction. This coin is highly sought after by collectors and investors due to its historical significance and rarity.
Characteristics of the 1794 Flowing Hair Silver Dollar
- Design: The 1794 Flowing Hair Silver Dollar features a design by Robert Scot, the Chief Engraver of the U.S. Mint at the time. The obverse (front) of the coin depicts Lady Liberty with flowing hair and the word “LIBERTY” above her. The reverse (back) of the coin displays an eagle encircled by the legend “UNITED STATES OF AMERICA.”
- Year of Issue: The Flowing Hair Silver Dollar was minted in 1794, making it one of the earliest coins produced by the United States Mint.
- Composition: These dollars were struck in 90% silver and 10% copper, with a weight of approximately 26.96 grams (0.77344 troy ounces of silver).
- Edge: The coin has a reeded edge, which means it has small, evenly spaced ridges around its circumference. This design feature was intended to prevent counterfeiting.
- Diameter: The diameter of the coin is about 39-40 millimeters.
- Varieties: There are two major varieties of the 1794 Flowing Hair Silver Dollar: the “Silver Plug” and “Non-Silver Plug.” The Silver Plug variety has a small silver plug embedded into the center of the planchet to adjust the weight of the coin, while the Non-Silver Plug variety lacks this feature.
- Mintage: The 1794 Flowing Hair Silver Dollar had a low mintage, with approximately 1,758 to 2,000 coins believed to have been produced. This rarity adds to its desirability among collectors.
