Flowing Hair Silver Dollar Value and History

How much are you willing to invest in your favorite coin? Hundreds? Thousands? Millions?

How about ten million dollars? In 2013, the 1794 Flowing Hair Silver Dollar sold for $10,016,87.00 in 2013. What is it about this Flowing Hair Dollar that captures the fancy of numismatic enthusiasts?

The 1794 Flowing Hair Dollar carries great historical significance. Keep reading to find out more about this unique silver dollar history.

What Makes a Coin Valuable?

Many people may not understand why pennies, dimes, nickles, and one dollar coins can be so expensive. Their value is dependent on condition, supply, demand, historical value, and rarity.

Supply and Demand

At least six 1794 Flowing Hair Silver Dollars have changed hands over the last decade. Since only 1,780 were struck and 130 are known to exist, it's safe to say there's a demand and a short supply.

Condition and NGC Rating

Each coin is rated by the Numismatic Guarantee Company (NGC). Using their Shledon scale, 70 is the highest quality available. The NGC also has ratings to reflect how each coin was made.

Mint State (MS) stands for coins struck with the intent to circulate. Proof State (PF) indicates coins were created for collectors and not to be circulated/used as currency. Specimen (SP) indicates hybrid coins with qualities from PF and MS.

Mint State coins are assigned 60-70 points on using the Sheldon scale. The higher the NGC rating, the higher the coin value.

Historical Value

Coin collectors enjoy coins in great condition and high NGC scores. Numismatics are concerned with condition and historical value.

Coins are sometimes our only link to a snapshot of history. How amazing to be able to own something likely touched or admired by George Washington or Thomas Jefferson?

The wonder of owning a piece of history is just as important to many collectors as the condition of the coin itself. Put great condition with excellent historical value and you have a very valuable coin.

Some coin collectors are passionate about keeping history alive through coin collecting. This is an important reason to invest in small pieces of history. Preserving and passing history and rare coin knowledge to future generations is important.

Mint Beginnings

In 1792, Congress voted to allow local minting of US currency. This Mint Act (or Coinage Act) outlined specific coin denominations and materials. Half cents and cents were made from copper. Half dimes, dimes, quarters, half dollars and dollars were made from silver.

Coins made from gold were the eagle, quarter eagle, and half eagle. The quarter eagle was worth $2.50, half eagle worth $5.00, and the eagle was worth $10.00.

Location and Personnel

The Founding Fathers voted the nation's then Capitol, Philidelphia, as home to the very first US Mint. Daivd Rittenhouse was appointed the location's first director. Sarah Waldrake and Rachael Summers were employed as adjusters in 1795. While working roles typically filled by men, these women made their mark in US history at the very first US Mint.

In March of 1793, the Mint produced over 11,000 copper coins. Production of a national currency was under way. Congress, however, voted on a bond on precious metals that was too expensive to be met by assayers. In 1794, congress decreased the bond amount, and production began on the very first Flowing Hair Silver Dollar coins.

The Designer

Designed by Robert Scot. Born Robert Scott in Cannongate, Scotland in 1744. Studied watchmaking and engraving at the University of Edinburgh. He changed his name to Robert Scot when he moved to Fredricksburg, VA in 1775. During his time in Virginia, he engraved currency for the state's Governor, Thomas Jefferson.

Robert Scot moved to Philadelphia in 1781 where he set up an engraving shop. He engraved paper money, maps, and portraits for American Officers and diplomats, including George Washington.

Robert Scot is responsible for many early US coin designs in addition to the 1794 flowing hair silver dollar. Some historians also report that Robert Scot is responsible for the Great Seal design. The Great Seal represents the United States' sovereignty on The Declaration of Independence.

The Wright Influence

Some believe Robert Scot's flowing hair design on the coin's obverse sign was influenced by Joseph Wright. Wright was the first person to design US coins. He was asked by members of Congress to be the Chief Engraver for the US mint but passed away before the job was made official.

Wright is said to be the designer of the Liberty Cap Half Cent. The obverse side of the Half Cent shows a right-facing profile of a woman. This view has striking similarities to the woman on the 1794 Flowing Hair Silver Dollar.

The Symbolic Design

The US Coinage Act specified each coin's design. On one side, each coin needed an emblem of liberty and the word "Liberty" inscribed. It also mandated each year be included with the liberty inscriptions.

Reverse sides of gold and silver coins were required to show an eagle and the words, "UNITED STATES OF AMERICA". Reverse sides on copper coins needed writing to indicate their respective denomination of cent or half-cent.

Every aspect of the Flowing Hair Silver Dollar represents an important aspect of the early United States. Here is a closer look at what's behind each element.

The Picture of Liberty

The Founding Fathers of the United States often chose the image of a woman to personify liberty and freedom. The female image representation of liberty and freedom originated in Rome. The Roman goddess, Libertas, was idolized by their first Republic government.

This concept made its way to 19th-century art and politics with similar ideals. This explains why Wright and Scot used female images to represent liberty and freedom. The flowing hair addition was added to further personify this picture of freedom and liberty.

Text and Stars

The word Liberty is clearly written above the Woman with flowing hair, confirming her personification. Eight stars line the coin's shape behind the woman's head. Seven stars appear the same way in front of the profile.

These stars represent the 15 US states in existence at the time:

1. Delaware
2. Pennsylvania
3. New Jersey
4. Georgia
5. Connecticut
6. Massachusetts
7. Maryland
8. South Carolina
9. New Hampshire
10. Virginia
11. New York
12. North Carolina
13. Rhode Island
14. Vermont
15. Kentucky

The year is clearly stamped underneath the image, commemorating the historical year it was minted.

The Reverse Side Eagle

The reverse side of the 1794 Flowing Hair Silver Dollar features a perched eagle with outstretched wings and a thin neck. The origins of the eagle as the United States' national bird trace back to 1776.

The Massachusetts copper cent was the first coin to portray the eagle. The national seal designed by Robert Scot featured the eagle with outstretched wings as well.

Founding Father Benjamin Franklin was against the eagle representing the new nation. He agreed the turkey would be a better picture of US ideals and morals. In the end, the eagle's dignity, pomp, and symbol of strength won enough votes for Congress to make it the official national bird in 1789.

Olive Branches

Olive branches frame the outstretched wings of the eagle on the Flowing Hair Silver Dollar's reverse side. The olive branch is often a symbol of peace. One might conclude that the olive branch and the eagle together represent the nation's strength and desire for peace.

Third Side

The 1794 Flowing Hair Silver Dollar has detail around the outside edge. This is sometimes called the third side of the coin.

The third side reads: Hundred Cents One Dollar or Unit. Each word is separated by small decorations.

The Material

The 1794 Flowing Hair Dollar was made from (as the name states) silver. It was, in fact, the first coin struck using this material.

Fifteen units of silver was equal to one unit of gold. Counterfeiting silver could result in the death penalty.

The Flowing Hair Half-Dime and the Flowing Hair Half Dollar followed the Flowing Hair Silver Dollar in 1794. After 1795, these three coins were no longer in production.

Following 1795, many other coins were minted using silver. The Flowing Hair Silver Dollar, however, is believed to be the first.

Condition

The Amon Carter Flowing Hair Silver Dollar is considered to be Mint Condition. The raised detail, shimmering surface, and silver plug in the middle have some claiming it looks to be the first US Flowing Hair Silver Dollar ever made.

Experts also observed markings consistent with filing the Mint would have made. Coins needed to be filed in order to keep a consistent amount of silver in each one.

This coin scores a 66/70 on the Sheldon Scale. This means it is "very well struck with minimal marks or hairlines."

Other 1794 Flowing Hair Silver Dollar Coins

The Amon Carter may be the best known condition for a 1794 Flowing Hair Silver Dollar. A few more in lesser conditions have exchanged hands over the last ten years.

In 2019, a 1794 Flowing Hair Silver Dollar graded a 35/70 sold for $288,000. The same year, another 1794 rare Flowing Hair Silver Dollar with a 12/70 condition sold for $99,000.

Cultural Value

The Flowing Hair Silver Dollar was the first of its kind in many ways. It was the first US-minted dollar coin. It was the very first unit on which all other units are based: the US Dollar.

Some historians believe 1794 Flowing Hair Silver Dollar coins were never meant for mass circulation. Its purpose was to symbolize the United States was a proud new nation with a promising future.

Dignitaries and politicians would proudly carry the silver dollars as a symbol of their new great nation's success. Owning a Flowing Hair Silver Dollar is owning a piece of history.

The coins were primarily circulated among politicians and the wealthy. Because of this, there's a good chance the Flowing Hair Silver dollars collectors are buying today were touched by George Washington, Thomas Jefferson, or Alexander Hamilton.

Rarity

Henry Voigt (Chief Coiner) delivered 1,780 Flowing Hair Silver Dollars to US Mint Director David Rittenhouse on Oct 15, 1794.

The 1794 Flowing Hair Silver Dollar was the first dollar coin struck by any US Mint. Since the US currency is based on the dollar, Congressmen were particularly excited about the nation's new status symbol.

Today, there are an estimated 300 coins in existence. Collectors and Numismatics have tabs of 130 of these Flowing Hair Silver Dollar coins. Because there were only a few thousand of these coins ever made, they are classified as extremely rare or very rare.

Flowing Hair Silver Dollars were replaced by Draped Bust style coins in 1795. The 1794 Flowing Hair Silver Dollars are even rare as they were only made for two years.

The Most Valuable Flowing Hair Silver Dollar Specimen

Some 1794 Flowing Hair Silver Dollar specimen are more valuable than others. Their value is determined by a PCGS grading based on condition.

Some collector/numismatists are willing to pay top dollar for one of the first pieces of US Mint history. Here are the most valuable known Flowing Hair Silver Dollars from 1794.

The Virgil Brand-Amon Carter Collection

Called the Amon Carter sometimes because it was first owned by Fort Worth Star-Telegram creator in the early 20th century. The first recorded sale of the Virgil-Brand-Amon Carter was in 1945 for $1,000.

Since the, the coin has changed hands several times. In 1947 it became part of the Amon Carter Family Collection. In 1984 Hugh Sconyers acquired it for $264,000 and in 1991 it became part of the Knoxville collection, owned by Jay Parrino.

It was added to the Cardinal Collection and sold for for $7,850,000 in 2013.

Then, on Jan 24, 2013 Bruce Morelan purchased the 1794 Flowing Hair Silver Dollar for $10,016,875. The world record value of any coin sold up to that date. That is, until Great Collections purchased the rarity from Morelan in early 2022 for a record-setting $12,000,000.

The Silver Plug Significance

What makes the Virgil Brand-Amon Carter Flowing Hair Silver Dollar worth so much more than others like it? The presence of a silver plug.

Each 1794 Flowing Hair Dollar had to contain 90% silver and 10% copper. If the coin's weight or amount of silver were off, it was added or removed. Excess weight or silver was often shaved off, leaving behind marks.

If a coin wasn't up to regulation after being struck, mint workers would add a silver plug made of different quality silver to add wight or silver. Because the Specimen sold by Bruce Morelan has a silver plug, it may very well be the first ever Flowing Hair Silver Dollar created.

Recently Discovered 1794 Flowing Hair Silver Dollar

This 1794 Flowing Hair Silver Dollar holds an MS66+ NCG rating. It has also been under the ownership of Jimmy Hayes, D. Brent Pogue, and Bob R. Simpson. In August 2021, it changed hands again for $6,6000,000 to Great Collections.

Neil-Carter-Contursi-Cardinal Collection

This Flowing Hair Silver Dollar last changed ownership in May of 2010. The Cardinal Collection Educational Foundation acquired it for $7,850,000. This was a world-record-setting amount up until that point in time.

The Neil-Contursi-Cardinal is graded MS 66+ by the NGS. This precious coin also contains a silver plug, further marking its authenticity and rarity.

F.C.C. Boyd-Stellar Collection

The PCSG graded this coin an MS66+ for its Mint Condition.

This precious coin's first known whereabouts are with the Numismatic Gallery's "World's Greatest Collection". It stayed with the gallery until 1949 when it was bought by Abe Kosoff and Max Justus of the Beverly Hills Stamp & Coin Shop.

In 1957, it went back to the Numistmatic Gallery until it was sold privately in 1967. In 1995, Lelan Rogers purchased the Flowing Hair Silver Dollar for $577,500. It is now part of the Stellar Collection.

Strickland-Oswald-Pogue Collection

This 1794 Flowing Hair Silver Dollar also holds a 66/70 grading from the PCGS. Its owners include Charles Winn (William Strickland's son-in-law), Major Lord St. Oswald, and several Barons of Nostell. In 1964 it was acquired by the Jacque C. Ostheimer collection and sold privately in 1969 to The Edwards Huntington Metcalf Collection.

The coin changed hands again in 1975, 1983, and 1985. In 2015, D. Brent Pogue Collection purchased this piece of Mint History for $4,993,750.

Colonel Green-Rogers-Stellar Specimen

This is yet another excellent conditioned Flowing Hair Silver Dollar from 1794. The PCGS rated this rarity 66/70.

Lord St. Oswald- Norweb Specimen

This 64/70 graded 1794 Flowing Hair Silver Dollar last sold for $242,000 in 1988. The current owner intends to keep in as a family heirloom to pass down to future generations. This coin is not expected to be up for auction anytime soon.

L.R. French, JR. Specimen

Graded MS-62+ by the PCGS, this piece of history resides with the owners of a private midwest collection. It is not expected to be auctioned anytime in the near future.

Other Silver Dollar Collection Gems

The Flowing Hair Silver Dollar gave way to several other silver dollar collections known as Bust Dollars. Each Bust Dollar was to weigh 26.96 grams. The coins needed to be 89.24% silver and 10.76% copper.

The Bust Dollar had a denomination of $1, weighed 26.96 grams with a 39.5mm diameter. Each coin was composed of 89.24% silver and 10.76% copper.

Silver dollars from 1794 to 1804 show some variation of the woman symbolizing Liberty on the Flowing Hair Silver Dollar. The biggest difference is the style of Lady Liberty's hair.

Draped Bust Dollars show a bow and tamed, slightly curled hair on Lady Liberty. The Flowing Hair Silver Dollars depict a free-flowing windblown look for the female representation of freedom.

Historic Bust Silver Dollars

From 1795 to 1798 the US minted different variations of the Draped Bust Silver Dollar. The number of leaves changed from two to three. The placement of the Liberty Bust was sometimes centered, other times not.

The font/letter style also changed frequently on the Draped Bust Silver Dollars. Most noticeably, the number of stars increased to reflect the number of states belonging to the US at that time.

Draped Bust Silver Dollars (excluding the Flowing Hair Dollar) are valued at $825.00 to $3,250 in good condition. For fair conditioned Draped Bust Silver Dollars, the range increases to $2,400 to $8,200.

Draped Bust Silver Dollars minted from 1795 to 1804 in excellent condition are valued at $4,600 to $14,900. Any anyone lucky enough to find uncirculated Draped Bust Dollars will find a value range of $23,000 to $150,000.

The Prototype

Even Prototypes of the 1794 Flowing Hair Silver Dollar are considered valuable by numismatic enthusiasts and coin collectors. The copper prototype shows the Lady Liberty's signature flowing locks.

However, this copper coin lacks the presence of stars. Historians believe this was one, in fact, one of the first designs before the final die were created. Its historical significance is so valued, it sold for $840,000 in April 2021.

The prototype first surfaced at an auction in the late 1800s. It's believed to have been excavated from the US Mint in Philadelphia. Numismatists refer to it as "The No Stars Flowing Hair Silver Dollar".

The Flowing Hair Half Dollar

Rober Scot also designed Flowing Hair Half Dollar Coins. Of the 23,464 Flowing Hair Half Dollars minted in 1794 and 1795, 800 remain today. These half dollars are believed to have circulated as a part of normal currency exchange. This explains why there are so few available today.

These were made from 89.24% silver and 10.76% copper. The half dollars weighed 13.48 grams and measured 32.5mm in diameter. Each piece has "FIFTY CENTS OR HALF DOLLAR" written on the reverse side.

The Flowing Hair Half Dime

Originally called the Flowing Hair Half Disme, the name later evolved to dime. These were the smallest silver coins minted in 1794 and 1795. The obverse side of these coins changed to reflect current dates.

The reverse side, however, didn't undergo any changes until 1800. These don't match the Flowing Hair Silver Dollar value but they are still very valuable and considered an important piece of currency history in the US.