Rare 1794 Silver Dollar Expected To Auction For More Than $10 Million!

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The Flowing Hair silver dollar was last sold for over $10 million (Credit: United States Mint, Smithsonian Institution / Public domain)

A perfectly-preserved silver dollar, which set a new world record for coin sales when it auctioned for $10,016,875 in 2013, is back on the market, and experts believe it might fetch even more this time! The rare "Flowing Hair" coin, which features a portrait of Lady Liberty on one side and an eagle on the other, will be sold to the highest bidder by Legend Auctions on October 8, 2020, at The Venetian Hotel in Las Vegas.

"This is a dream coin -- a priceless artifact that I have been proud to own, and I'm very sorry to see it go," coin collector Bruce Morelan told CNN.

The iconic silver dollar's history can be traced back to the Coinage Act of 1792, which established the US Mint, under the Department of the Treasury, to produce coins for the newly independent nation. After spending a few years assembling the equipment and preparing the currency dies, the Mint, located in the nation's then capital Philadelphia, PA, was ready to start striking coins.

The US Congress chose Philadelphia, which was then the nation's capital, as the site of the first Mint (Unknown author/Public domain/wilkidpedia.org)

The inaugural batch of 1,758 Flowing Hair silver dollars, which were all struck in a single day in October 1794, was not meant for general distribution. Instead, the US Mint director David Rittenhouse gifted the sparkling coins to high-ranking officials to keep as souvenirs.

"They were distributed to congressmen, visiting VIPs from other nations, and other important American citizens at the time," Douglas Mudd, the curator and director of the American Numismatic Association's Money Museum, told CNN. "It was basically more of a PR marketing event. This was the first dollar, and they wanted to make as much of a splash as they could."

With only about 100 of the first round of Flowing Hair silver dollars left in circulation, the rare coins are extremely coveted by collectors. However, the one owned by Bruce Morelan is even more so. given that experts believe it was among the first — if not the first — coin ever produced by the US Mint.

The 1794 Flowing Hair silver dollars feature Lady Liberty on one side and an eagle on the other (Credit: United States Mint, Smithsonian Institution / Public domain)

Among the silver dollar's fans is well-known coin collector Dwight Manley. “I have always admired this coin, having seen it in Eddie Milas’s case over 30 years ago at a coin show,” the numismatist told Robb Report via email. “While we will never know if it was the first struck, we do know that it is a special and finest known example of our nation’s first silver dollar! Remember that George Washington was president and the White House was in Philadelphia when this was coined. It is a genuine time capsule of history.”

The 226-year-old coin's pristine condition further enhances its value. Professional coin graders, who assess the quality of rare coins on a 70-point scale, have given Morelan's Flowing Hair silver dollar an impressive 66!

When asked why he has decided to part with the rare silver dollar, Morelan said, "It's time to move on to other challenges, and I hope that the new owner of the coin treasures it just as much as I have."

Whether the coin fetches more than $10 million remains to be seen. However, given that a grade 35 Flowing Hair silver dollar sold for $288,000 at a January 2020 auction, it certainly sounds plausible.

Resources: Smitsonianmag.com, CNN.com

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144 Comments
  • nitria
    nitria8 months
    Man, it would be nice to NOT sell that coin but to CHERISH it and find any clues from the past!!!
    • artlover200
      artlover20010 months
      Me at the bank saying can I deposit a silver coin Them reading this and saying then your going to need ten million dollars😀
      • artlover200
        artlover20010 months
        Oh meh god I saw one of those in my friends dads coin collection 😮😯 he could be rich but he's saving those to give to his daughter when he passes away
        • catsrock1
          catsrock1about 1 year
          10 million dollars equals one dollar when its made in 1794!
          • pastelea
            pasteleaabout 1 year
            Guys how do you go t coins that are worth stuff?The only thing I have that is rare is my $2 bill are they worth more than $2? *please answer my.questions Tysm peace my luvs
          • leiker1414
            leiker1414over 1 year
            i want one of those and i have this really rare coin but its worth like a bunch of money probably in the millions.
            • maria_goodvibes
              maria_goodvibesover 1 year
              Me looking through my piggy bank like: WHERE IS IT!
            • mysterous
              mysterousover 1 year
              i have a speshal peny and if i wait till im 20 it might be worth over 500000 dollers is that cool or not
            • spacegirl10
              spacegirl10over 1 year
              I Have A Coin Worth 11 Millon Dollars And I Still Have But It Is A Little Dirty
              • happygiraffe902
                happygiraffe902over 1 year
                That coin is not worth 8 million $