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FIRST YEAR OF ISSUE. EVENLY WELL STRUCK PLANCHET. GREAT DETAIL FOR THE GRADE. OUR COUNTRY'S FIRST SILVE DOLLAR. ONLY 1,758 ORIGINALLY STRUCK. AN ESIMATED 150 BELIEVED TO EXIST IN ALL GRADES. THIS COIN IS ON THE MUCH HIGHER QUALITY END.
Since the young United States Mint lacked its own supply of bullion, and depositors failed to provide acceptable silver in a timely manner, Mint Director David Rittenhouse was forced to deposit some of his own precious metal so that Silver Dollar production could commence as soon as possible. On August 29, 1794 the director deposited 1734.50 troy ounces of refined silver ingots with a value of $2,001.34. Taking possession of the ingots three days later, Chief Coiner Henry Voigt alloyed the silver with copper to adjust the fineness. Although the Mint Act of April 2, 1792 (which established the United States' monetary system and authorized production of the Silver Dollar) specified a fineness of 0.8924 for this denomination, Voigt processed this initial bullion deposit to a 0.9000 standard. The chief coiner's actions here were apparently based on a recommendation from Mint Assayer Albion Cox who felt that an increase in fineness would help prevent the coins from toning too quickly.
Once Voigt's task was complete, the Mint commenced striking the nation's first Silver Dollars. A total of only 2,000 pieces were prepared from a single pair of dies. The Mint's equipment, while suitable for producing copper Half Cents and Cents, proved woefully inadequate for striking coins with the large diamater and relatively hard metal of a Silver Dollar. Two hundred and forty two examples were so poorly struck as to be deemed unacceptable for commerce. Most of these pieces were destroyed, although at least two found further use as planchets for 1795 Dollars. The removal of these inadequate examples leaves a net mintage of just 1,758 pieces for the 1794 Silver Dollar. All of these coins were delivered to Mint Director Rittenhouse on October 15 of that year, who then distributed them as he saw fit.
Most of the 1,758 examples that the Mint found acceptable for coinage are still plagued with striking problems. Voigt's refining activities were less than perfect, and gas bubbles and other impurities remained in the silver at the time of striking. These imperfections can be seen as light surface porosity on some extant examples. In addition, the obverse and reverse dies were not properly aligned in the press with the result that the left-peripheral areas on many survivors display more-or-less softness of detail. In fact, the first few stars and one or more digits in the date are often extremely faint, if not absent altogether. Finally, adjustment marks are seen quite frequently on extant 1794 Dollars. These features resulted from the Mint's desire to salvage overweight planchets for coinage by filing away some of the excess metal. Although adjustment marks are a natural product of operations in the early U.S. Mint, they are so severe on some exatnt 1794 Dollars as to interfere with the devices and, hence, limit the eye appeal.
In the 2004 book "The Flowing Hair Silver Dollars of 1794: An Historical and Population Census Study," Martin A. Logies traces 125 distinct examples of the 1794 Flowing Hair Silver Dollar. Based on this number, the author opines that no more than 140 coins have survived in all grades. Due to the aforementioned striking problems, this is a notoriously difficult issue to locate with strong eye appeal regardless of numeric grade. Examples with bold definition along the lower-left obverse periphery and relatively smooth surfaces represent particularly important buying opportunities. Of course, any 1794 Flowing Hair Silver Dollar is a highly desirable coin. The issue is genuinely rare in all grades, and it has tremendous historical significance as the United States' first Silver Dollar issue.
| Grading Service: |
PCGS |
SKU: |
145191 |
| Grade: |
XF 40 |
Cert Number: |
50019332 |
| Census*: |
-999/-999 |
*Source: PCGS Price Guide. Although we try to be as accurate as possible on the listed population, third party pricing and coin information, information constantly changes. We suggest you verify all information.
Since the young United States Mint lacked its own supply of bullion, and depositors failed to provide acceptable silver in a timely manner, Mint Director David Rittenhouse was forced to deposit some of his own precious metal so that Silver Dollar production could commence as soon as possible. On August 29, 1794 the director deposited 1734.50 troy ounces of refined silver ingots with a value of $2,001.34. Taking possession of the ingots three days later, Chief Coiner Henry Voigt alloyed the silver with copper to adjust the fineness. Although the Mint Act of April 2, 1792 (which established the United States' monetary system and authorized production of the Silver Dollar) specified a fineness of 0.8924 for this denomination, Voigt processed this initial bullion deposit to a 0.9000 standard. The chief coiner's actions here were apparently based on a recommendation from Mint Assayer Albion Cox who felt that an increase in fineness would help prevent the coins from toning too quickly.
Once Voigt's task was complete, the Mint commenced striking the nation's first Silver Dollars. A total of only 2,000 pieces were prepared from a single pair of dies. The Mint's equipment, while suitable for producing copper Half Cents and Cents, proved woefully inadequate for striking coins with the large diamater and relatively hard metal of a Silver Dollar. Two hundred and forty two examples were so poorly struck as to be deemed unacceptable for commerce. Most of these pieces were destroyed, although at least two found further use as planchets for 1795 Dollars. The removal of these inadequate examples leaves a net mintage of just 1,758 pieces for the 1794 Silver Dollar. All of these coins were delivered to Mint Director Rittenhouse on October 15 of that year, who then distributed them as he saw fit.
Most of the 1,758 examples that the Mint found acceptable for coinage are still plagued with striking problems. Voigt's refining activities were less than perfect, and gas bubbles and other impurities remained in the silver at the time of striking. These imperfections can be seen as light surface porosity on some extant examples. In addition, the obverse and reverse dies were not properly aligned in the press with the result that the left-peripheral areas on many survivors display more-or-less softness of detail. In fact, the first few stars and one or more digits in the date are often extremely faint, if not absent altogether. Finally, adjustment marks are seen quite frequently on extant 1794 Dollars. These features resulted from the Mint's desire to salvage overweight planchets for coinage by filing away some of the excess metal. Although adjustment marks are a natural product of operations in the early U.S. Mint, they are so severe on some exatnt 1794 Dollars as to interfere with the devices and, hence, limit the eye appeal.
In the 2004 book "The Flowing Hair Silver Dollars of 1794: An Historical and Population Census Study," Martin A. Logies traces 125 distinct examples of the 1794 Flowing Hair Silver Dollar. Based on this number, the author opines that no more than 140 coins have survived in all grades. Due to the aforementioned striking problems, this is a notoriously difficult issue to locate with strong eye appeal regardless of numeric grade. Examples with bold definition along the lower-left obverse periphery and relatively smooth surfaces represent particularly important buying opportunities. Of course, any 1794 Flowing Hair Silver Dollar is a highly desirable coin. The issue is genuinely rare in all grades, and it has tremendous historical significance as the United States' first Silver Dollar issue.
In 1794, the fledgling United States experienced a series of pivotal events that significantly shaped its developing national identity and underscored its expansion and maturation across various domains.
A symbolic gesture towards the nation's expansion came with the modification of the national flag by the Flag Act of April 4, 1794, which was set to take effect on May 1, 1795. This act increased the number of stars and stripes on the flag to 15 each, in recognition of the admission of Vermont (1791) and Kentucky (1792) to the Union, symbolizing the growing inclusivity of the American identity.
The year also marked a notable step toward greater governmental transparency when the U.S. Senate opened its sessions to the public for the first time in 1794. This decision underscored the government's commitment to principles of openness and accountability, fostering a more inclusive and participatory democratic environment by allowing citizens to observe the legislative process directly.
A major technological breakthrough occurred on March 14, 1794, when Eli Whitney was granted a patent for the cotton gin. This invention revolutionized the cotton industry by significantly increasing the efficiency of cotton processing. While it spurred economic growth, particularly in the Southern states, by making cotton the dominant cash crop, it also had profound social repercussions by intensifying the reliance on slave labor, thus deepening the sectional divide over the issue of slavery.
Furthermore, on March 27, 1794, Congress authorized the construction of the first six frigates of the United States Navy, a move that underscored the nation's commitment to establishing a formidable naval presence. This decision was driven by the need to protect American merchant ships from threats, particularly from Barbary pirates, and marked a foundational moment in the history of the U.S. Navy, reflecting the country's growing aspirations towards safeguarding its sovereignty and commercial interests.
Each of these events in 1794 played a critical role in the early development of the United States, reflecting its growth and changes in governance, technology, and national defense strategies. Together, they illustrate the dynamic and multifaceted nature of the nation's evolution during this formative period, laying the groundwork for its future trajectory.
(1794-1795)
The dollar was the cornerstone of the monetary system devised by the Founding Fathers for the fledgling United States. More than two years passed, however, between the time Congress authorized dollar coinage and the actual production of the first such coin, the Flowing Hair silver dollar.
Congress itself was responsible for the delay. As part of the basic Mint Act of April 2, 1792, the House and Senate specified that two key Mint officers—the chief coiner and assayer—would have to post bonds of $10,000 each before they could work with precious metal. The requirement was onerous: It represented more than six times the annual salary of $1,500 apiece provided for these two officers. Understandably, they had trouble meeting it—and, until they did, only copper coinage could proceed.
Frustrated by this roadblock in his efforts to begin full-scale coinage, Mint Director David Rittenhouse appealed for help to Secretary of State Thomas Jefferson, the Cabinet officer then in charge of the Mint. Jefferson succeeded in getting Congress to lower the bonds to $5,000 for Chief Coiner Henry Voigt and $1,000 for Assayer Albion Cox; they then put up the money and the Mint was free at last to produce the remaining denominations. By then it was March of 1794, and the red tape had cost the Mint an entire production year of precious-metal coinage: The only coins issued in 1793 had been copper cents and half cents. (Although the Mint was established in 1792 and it struck some coins that year, all are viewed as patterns rather than official federal issues.)
Silver coinage started in 1794 with two denominations—the dollar and half dollar; both were identical in design (half dimes of this date were coined the following year). The dollar was deemed the most prestigious, so Mint officials decided to strike that first. Actually, the Mint had gotten a running start on the new coins: Engraver Robert Scot had been told to prepare designs for them months before the legal snarl was untangled.
Congress had specified that the new coins should bear a design “emblematic of Liberty,” and Scot accomplished this with a right-facing portrait of a youthful female figure whose hair flowed freely behind her—hence the descriptive term “Flowing Hair.” The word LIBERTY appears above her, with the date below and 15 stars along the sides, symbolizing the number of states in the Union at that time. Scot is said to have meant the flowing hair to signify freedom. A pattern 25-cent piece of 1792 served as Scot’s model for the obverse; this had been designed by Joseph Wright, who died of yellow fever in 1793 after serving briefly as Mint engraver. The dollar’s reverse depicts a small, spread-winged eagle perched upon a rock and surrounded by laurel branches. Encircling this, along the border, is the motto UNITED STATES OF AMERICA. The dollar’s “third side,” the edge, carries the inscription HUNDRED CENTS ONE DOLLAR OR UNIT, with decorations separating the words.
The Flowing Hair dollar is slightly larger and heavier than later U.S. cartwheels like the Morgan and Peace dollars. Its authorized fineness differs, too, but its actual fineness doesn’t, because of some curious doings at the Mint. Congress had specified a peculiar alloy of 1485/1664 silver and 179/1664 copper, for a fineness of .8924+. But Assayer Cox complained that this was too difficult to achieve and, what’s more, that silver coins would turn black in ordinary use unless they were at least .900 fine. He prevailed on Rittenhouse to let him use that higher standard, even though Congress hadn’t sanctioned it, creating an incredible situation where the Mint was actually breaking the law of the land. This led to substantial losses for people who deposited silver bullion with the Mint and took silver dollars in return, for they were being forced to furnish more silver per coin than the law required. Eventually, some sought and obtained reimbursement.
It’s believed that the Mint struck a total of 2,000 silver dollars in 1794, all from a single pair of dies. Evidently, some were rejected as being excessively weak and may have ended up being used as coin blanks the following year or simply being melted. The accepted net mintage is 1,758, with estimates of about 120-130 survivors in all grades. The entire production occurred on a single day, October 15, and Voight stored many of the coins in the Mint’s vaults, giving them to Rittenhouse the following May. The Director presented a few of the dollars to VIPs as souvenirs and also made a point of spending some (or exchanging them for Spanish dollars) in order to get the coins before the public. Rittenhouse never distributed all the coins, however, resigning due to failing health in June of 1795. This set the stage for a very interesting piece of numismatic history,
Almost 170 years later, in 1964, a small box of “strange” coins was consigned to a Christies auction in London by the family of British nobleman Major Sir Roland Denys Guy Winn, M.C., Fourth Baron St. Oswald. The box contained about $10 in face value of new U.S. coins, dated either 1794 or 1795. Most notable of these pieces were two uncirculated 1794 dollars which brought $11,400 each at the sale. When the coins returned to the United States, the excitement generated among American collectors began to take on a life of its own. A story took root that had one of Lord St. Oswald’s ancestors traveling to Philadelphia in 1795 and receiving the coins directly from Henry DeSaussure, Rittenhouse’s successor as Mint Director. While this account makes fascinating reading and has been accepted as fact for over thirty years, recent research has uncovered that it’s based entirely on conjecture. No family records or accounts support the proposition of a trip to the United States by a St. Oswald ancestor; in fact, they tend to refute it. We don’t know for certain how the coins were obtained or by whom—only that they were in the St. Oswald family’s possession in 1964. Perhaps a future numismatic researcher will be able to unravel this mystery.
Further dollar production was suspended until a new press—capable of imparting fuller, stronger strikes—could be installed. It didn’t resume until early May of 1795, and from then through mid-October the new equipment cranked out more than 160,000 Flowing Hair dollars dated 1795. In October, the design gave way to a new Draped Bust dollar, making the Flowing Hair dollar a two-year type coin.
Despite its brevity, the Flowing Hair dollar series is widely collected by type (most collectors selecting the 1795 issue, because it is so much more plentiful than 1794). Some of the 1795 dollars have two leaves below each wing of the eagle, while others have three. Both kinds are equally available, however. There are no records of proofs for either year, but some 1795 dollars are purported to be “specimen” strikes. Mint state pieces of both dates are very rare. Points to first show wear are the cheek, shoulder and hair above Liberty’s forehead and the eagle’s breast, head and wing-tops.
Flowing Hair dollars are coveted collectibles, not only because of their great rarity but also because they possess such a powerful link with the birth of both the nation and U.S. coinage. Silver dollars are enormously popular, so this short, small series truly was the start of something big.
Coin Descriptions Provided by Numismatic Guaranty Corporation (NGC)
