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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113 Comments
  • phoinexx
    phoinexxTuesday, September 15, 2020 at 7:36 pm
    I agree with panda_paypay306 and pyscho_reader719 bit i don't agree with jad123. This coin should go to people in need of would really help!😁
    • beast5912
      beast5912Tuesday, September 15, 2020 at 6:33 pm
      Wow so much 💵
      • panda_paypay306
        panda_paypay306Monday, September 14, 2020 at 7:45 pm
        If I got this I would give it to the homeless people so they can have food and shelter.
        • littletiger248
          littletiger248Monday, September 14, 2020 at 1:52 pm
          I think this was really cool and that coin is worth some money
          • adrianna5008899
            adrianna5008899Thursday, September 17, 2020 at 12:54 pm
            Well, old things gain more and more value over the years.
          • 4h_ta1_beast
            4h_ta1_beastSunday, September 13, 2020 at 2:28 pm
            But i do argee with pyscho_reader719
            • 4h_ta1_beast
              4h_ta1_beastSunday, September 13, 2020 at 2:19 pm
              I would by a house with that for homeless people
              • 4h_ta1_beast
                4h_ta1_beastSunday, September 13, 2020 at 2:17 pm
                That is so much money i wish i had that but i dont know what to do with it
                • pycho_reader719
                  pycho_reader719Sunday, September 13, 2020 at 11:18 am
                  Oh my gosh! I just read about this coin! I canʻt believe it is being sold. I think 10 million dollars is a lot of money but what difference does it make to some rich person? I agree with animereina2020, it should go to funding and to poor people who need help such as medical care, food or shelter. Like, comment and follow if you agree. :) Also you might remember my avatar with yellow hair and a black backround; I changed my avatar!!! Luv u guys!
                  • skylandon
                    skylandonWednesday, September 16, 2020 at 6:45 am
                    I agree
                    • jad123
                      jad123Monday, September 14, 2020 at 7:12 am
                      So no poor person would really benefit from that coin.
                      • jad123
                        jad123Sunday, September 13, 2020 at 12:26 pm
                        well........ technically it wont make much of a difference to the poor ( or anyone really) because its only worth $1.
                        • jegynoci-156856485064
                          jegynoci-156856485064Tuesday, September 15, 2020 at 5:11 pm
                          :/ well not technically because if its a 10 million dollar coin it would have a high chance to be used for 10 million dollars.
                          • jad123
                            jad123Wednesday, September 16, 2020 at 2:27 pm
                            actually the only way you can make more than $1 is if you buy it then re auction it but poor people do not have the rights to auction anything.
                      • helen0916
                        helen0916Saturday, September 12, 2020 at 9:21 pm
                        THAT IS SOO COOL! I will give it to a poor person if I have that.
                        • anyas
                          anyasSaturday, September 12, 2020 at 5:58 pm
                          That is so cool.