This 1794 Silver Dollar Coin Is Worth $10 million

1794 Silver Dollar Coin: The United States was still a young nation when it produced its first coins. As stated on the website of the Mint, the Coinage Act of 1792 provided the legal tender and was meant for circulating the copper, the silver and gold coins minted by the U. S. Mint.

The first coin facility was established in Philadelphia in a three-story brick building and producing a coin was a ‘very physical, slow and imprecise process’, according to the United States Mint.

Perhaps the earliest of the coins struck at that location was the 1794 ‘Flowing Hair’ Silver Dollar, which, today, would fund the purchase of a 7-bed, 7-bath, 6,700-square-foot water-fronting mansion in Miami, Florida.

The Flowing Hair Dollar sold for $10 million at auction in 2013 to set a new world record for the highest price ever paid for a rare coin. This was surpassed when another Double Eagle produced in the year 1933 was auctioned for $18.9 million in the year 2021.

However, due to its historical significance, the Flowing Hair Dollar may be very valuable, although it is not the most valuable coin in history anymore. As CNN reported, issuing the silver dollar began at the Philadelphia Mint in October of 1794, and on a single day, on October 7, 1,758 silver coins bearing the Flowing Hair design were minted.

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That was not money for circulation within the public domain for use in buying goods and services. Instead of that, they were taken to the director of the mint for distribution among the dignitaries as return gifts.

“They were handed out to congressmen, to important guests from other nations visiting America and to other important Americans at the time,” Mudd said to CNN in 2020 while being the curator and director of the American Numismatic Association’s Money Museum.

The Flowing Hair Dollar Had Real Significance

In the 1790s, the U. S. did not have free access to silver and gold, partly because the U. S. was in the process of rebuilding from the Revolutionary War against Great Britain. Early on and mostly, they were a mere signal that the US was capable of minting its own currency.

This was the first dollar and they wanted to make as much of a splash as they could. This is the Flowing Hair design that was produced by the Mint as a first representation of liberty. Taking the idea from the ancient Romans, where they used female figures—sometimes male figures—to represent things like liberty or freedom.

Further inspection of the details on the $10 million coin reveals that it may have been the first silver coin struck out of the original dies, Mudd said. Out of the 1,758 produced Flowing Hair Silver Dollars, only one hundred and forty-five are believed to be in circulation today.

The Flowing Hair Silver Dollar that was auctioned for $10 million was to be put up for sale again in the year 2020 but up to this time, no record has been made of the sale going for more than $10 million.

On the other hand, if you desire to have your own flowing silver dollar, shortly you will be able to make that wish a reality, and it’s not going to set you back $10 million.

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