💰 The 1794 Flowing Hair Silver Dollar: A Numismatic Legend Worth Over $10 Million

The First U.S. Dollar Coin & the Rarity That Rewrote Auction History

🏛️ Historical Significance

The 1794 Flowing Hair Silver Dollar holds a hallowed place in American numismatics as the first dollar coin ever minted by the United States. Authorized by the Coinage Act of 1792, this coin marked the birth of the U.S. monetary system. Only 1,758 pieces were struck in 1794, and today, experts estimate fewer than 150 survive in all conditions. Among these, the “Silver Plug” variety stands out as the crown jewel—a coin so rare and historically pivotal that it shattered records by selling for $12 million in 2022 (the user may refer to a 2023 sale, but the most famous example sold in 2022).

🔍 Design & Minting Details

• Designer: Robert Scot, the first Chief Engraver of the U.S. Mint.
• Obverse: Features Lady Liberty with flowing hair, surrounded by 15 stars (representing the states in the Union at the time).
• Reverse: A small eagle encircled by a wreath, with the inscription “UNITED STATES OF AMERICA.”
• Composition: 89.2% silver, 10.8% copper.
• Weight: 26.96 grams (nearly 1 oz of silver).

💎 The Legendary “Silver Plug” Variety

The 1794 Silver Dollar with a Silver Plug is considered the Holy Grail of U.S. coinage. Here’s why:

1. The Plug’s Purpose:
   • Early U.S. Mint technology struggled to produce coins of consistent weight. To correct underweight planchets (blanks), a pure silver plug was inserted into the center before striking.
   • This experimental process was quickly abandoned, making plugged examples exceedingly rare.
2. Unique Features:
   • A visible silver disk embedded in the coin’s center.
   • Sharper strikes and finer details compared to regular 1794 dollars.
   • Only 3–5 confirmed examples exist with the plug, and just one is graded in near-perfect condition (PCGS Specimen-66).

📈 The Record-Breaking 2022 Auction

• The Coin: A 1794 Flowing Hair Dollar with a silver plug, graded PCGS SP-66 (Specimen quality).
• Sale Price: $12 million (including buyer’s premium) at a Stack’s Bowers auction in 2022.
• Why It’s Priceless:
  • Believed to be the very first dollar coin struck by the U.S. Mint, possibly handed to President George Washington or Secretary of State Edmund Randolph.
  • Impeccable preservation for a 230-year-old coin, with original luster and minimal wear.

⚠️ Common Misconceptions

• “All 1794 Dollars Have Plugs”: False. Only a handful were plugged; most show die cracks, misalignments, or weak strikes due to primitive minting technology.
• “They’re Hiding in Attics”: Surviving examples are documented and tracked by collectors. A raw (ungraded) 1794 dollar would almost certainly be counterfeit.

🛠️ How to Identify a Genuine 1794 Dollar

1. Weight & Magnet Test: Must weigh ~26.96g and be non-magnetic (silver content).
2. Edge Lettering: Authentic coins have “HUNDRED CENTS ONE DOLLAR OR UNIT” inscribed on the edge.
3. Professional Grading: Only trust PCGS or NGC certifications.

🏆 Legacy & Collector Demand

• Cultural Icon: The Flowing Hair design symbolized America’s newfound independence and ambition.
• Auction Impact: The $12M sale redefined the value of early U.S. coins, sparking global interest in colonial-era numismatics.
• Modern Comparisons: Even non-plugged 1794 dollars sell for 250,000–250,000–1M+ in lower grades.

📚 Learn More on PennyVerse.info

• Free Guide: Download our “Early U.S. Coin Rarities Checklist”.
• Expert Insights: Join discussions in our Forum about legendary coins.

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PS: That “$10M+” auction coin? It’s a once-in-a-lifetime find. For 99.9% of collectors, the thrill lies in the hunt for history, not instant riches!