Flowing Hair Dollar: America’s First Silver Dollar
The Mint Act of April 2, 1792, authorized the United States Mint to produce copper, silver, and gold coins. The law covered half cents and cents in copper. It also covered silver coins from the half dime through the dollar. In addition, it authorized gold coins from the $2.50 quarter eagle through the $10 eagle.
However, the Mint struck copper coins first. Problems in the law delayed silver and gold coinage. Mint employees had to post an adequate bond before they could coin precious metals. The law required the chief coiner and assayer to post bonds of $10,000 each. Each man earned $1,500 per year.
Mint Director David Rittenhouse, a noted mathematician and astronomer, worked with Secretary of State Thomas Jefferson to reduce the requirement. Congress lowered it in late 1793. As a result, silver coin production began in 1794. Gold coin production followed in 1795.
The First United States Silver Dollar
Production of America’s first silver dollar began in November 1794. The dollar carried major symbolic weight. It promoted the American Experiment at home and abroad. It also served as the standard United States monetary unit.
The Flowing Hair Dollar was slightly larger and heavier than the later Morgan Dollar and Peace Dollar. Collectors encounter those later series more often today. The early dollar also had a practical role. The Mint designed it to circulate at par with Spanish and Mexican dollars, also known as pieces of eight. Those coins served as legal tender at the time.
How the Mint Made Flowing Hair Dollars
To make a coin, a coiner applies heavy pressure. That pressure transfers the designs from the dies to a blank planchet.
Mint workers weighed the blanks for Flowing Hair Dollars before striking them. When a blank weighed too much, workers filed away excess silver. These file marks remain visible on many coins. Collectors call them adjustment marks. Today, they provide a direct link to early Mint production methods.
Some blanks weighed too little. In those cases, Mint workers sometimes inserted a small silver plug in the center of the planchet. This method cost less and took less work than melting rejected pieces and starting again.
The Mint struggled to strike a coin of this size in 1794. Therefore, many 1794 Flowing Hair Dollars show weak strikes. The Mint rejected some pieces for circulation.
In addition, workers made the dies by hand. This process explains the die varieties found among surviving examples.
1794 Production and the Return in 1795
At least one 1795 Flowing Hair Dollar survives that the Mint struck over a 1794 dollar. This fact suggests that the Mint likely reused some rejected coins as planchets.
Dollar production stopped after the Mint struck 1,758 coins for 1794. It resumed in May 1795. By then, the Mint had obtained a press that could produce more completely struck pieces.
How Much Are Flowing Hair Dollars Worth?
Population data cited for this article reports that CAC, NGC, and PCGS have certified fewer than 140 1794 Flowing Hair Dollars. That total includes a remarkable few pieces graded Gem or finer.
Some sources estimate that about 150 examples survive. However, certified population totals likely include some duplication. Coins often cross from one grading service to another. Owners also submit coins for regrading. In some cases, services may not receive notice that an older certification number no longer applies.
The 1795 issue appears far more often in certified population reports. Third-party grading services list more than 4,300 examples of the 1795 Flowing Hair Dollar. Some of those pieces carry a Prooflike classification.
All 1794 Flowing Hair Dollars command very high prices. Select examples have sold for $1 million or more. The 1795 dollars also remain expensive in every grade. Even so, they offer the more affordable option for type set collectors.
Prices rise sharply as 1795 examples approach About Uncirculated and higher grades.
Key Flowing Hair Dollar Varieties
Collectors prize several Flowing Hair Dollar varieties. The most important include the 1794 Silver Plug, which is unique, and the 1795 Silver Plug.
For 1795, collectors also distinguish the Two Leaves and Three Leaves varieties. These names refer to the number of branch leaves below each of the eagle’s wings. The 1795 Two Leaves variety is scarcer than the Three Leaves variety in all grades.
Other minor die variations also exist.
The Cardinal Dollar
No Proof examples of the Flowing Hair Dollar are known.
However, one 1794 coin displays reflective surfaces and a full strike. Properly aligned and undamaged dies produced that piece. It also contains a silver plug.
Collectors and researchers more recently call this coin the “Cardinal Dollar.” The market considers it a Specimen. Some numismatists believe it may be the first silver dollar struck by the United States Mint. That identification remains a belief held by some, not a universally stated fact.
In-Depth Flowing Hair Dollar Date Analysis
CoinWeek has published extended coverage of the 1794 Flowing Hair Dollar and related early United States rarities.
CoinWeek Coverage Description:
- Coin Rarities & Related Topics: Incredible 1794 Silver Dollar to Be Auctioned Extended coverage of a major 1794 Silver Dollar offering.
- The Marvelous Pogue Family Coin Collection, Part 3: Finest Known 1794 Half Dollar CoinWeek contributor Greg Reynolds analyzes the finest known 1794 Flowing Hair Silver Dollar offered in the Stack’s Bowers sale of the Pogue Family Collection.
- 1794 Dollar Auction Video Interviews Features Martin Logies of the Cardinal Collection Educational Foundation; Laura Sperber of Legend Numismatics; and Chris Napolitano and Melissa Karstedt of Stack’s Bowers.
- 1794 Silver Dollar Breaks $10 Million Auction Record Includes the interviews above and additional CoinWeek coverage of the sale.
- Doug Winter on the Sale of the Finest Known 1794 Dollar: Some Thoughts on the $10 Million Dollar 1794 Dollar Gold coin specialist Doug Winter offers his thoughts on the sale.
Flowing Hair Dollar Design
Obverse Design
The obverse shows a youthful Liberty facing right. She holds her head high, and her long hair flows freely down the back of her neck.
The word LIBERTY appears centered at the top inside a denticulated rim. The date appears centered at the bottom. Fifteen six-pointed stars fill the space along the rim between the top and bottom text. Eight stars appear to the left, and seven appear to the right. The 15 stars represent the states then in the Union.
Reverse Design
The reverse places UNITED STATES OF AMERICA along the edge of the coin inside a denticled rim.
Inside the legend, two olive branches form a wreath. The branches cross and tie at the bottom. They separate slightly at the top.
At the center, a right-facing eagle spreads its wings. The eagle rests on a surface that may represent a cloud or a rock. The coin’s left wing, on the viewer’s right, appears in front of the olive branch wreath. The other wing appears behind it.
The coins carry no denomination and no mintmark. The Philadelphia Mint struck all Flowing Hair Dollars.
Flowing Hair Dollar Specifications
- Coin: Flowing Hair Dollar
- Years of Issue: 1794-95
- Mintage: High – 160,295 in 1795 Low – 1,758 in 1794
- Alloy: .8924 silver, .1076 copper
- Weight: ±26.96 g
- Diameter: ±39.00-40.00 mm
- Edge: Lettered – HUNDRED CENTS ONE DOLLAR OR UNIT, with decorations or ornaments between the words
- Designer: Robert Scot
References
A Guide Book of United States Type Coins. Whitman Publishing.
Breen, Walter. Walter Breen’s Encyclopedia of U.S. Coins. Doubleday.
Guth, Ron, and Jeff Garrett. United States Coinage: A Study by Type. Whitman Publishing.
Taxay, Don. The U.S. Mint and Coinage. Arco Publishing.
Yeoman, R.S., and Jeff Garrett (editor). The Official Red Book: A Guide Book of United States Coins. Whitman Publishing.
Thank you for the wonderful article. I love the history.
Very interesting!
This is a beautiful coin
Majestic
Another lovely coin, that I will never own.
It would be really nice to own one of these in decent shape.
It would be nice to own one of these in decent shape.
Quite nice, and it shows the appreciation over time. WAY beyond my modest means. :-P
Interesting article, thanks
That would be a nice one to have!
Great research for the article. Beautiful coinage and wonderful history. Encourages feelings of pride for a fledgling country and its launch into making viable coins to be recognized by the world.
Would love to have a genuine example of one of these coins. Such great history!
Wow, what an amazing coin! I would love to have something like this. My modest collection consists mainly of more “mainstream” older coins.
THANKS FOR INFO
It very hard to find coins before 1800 for sale
Very beautiful coin. Interesting how they adjusted the weight.
I would love to have some nice 18th century US coins.
Classic design glad I got the medal but kind of wish it would have been a coin like the Morgan’s and peace dollars that have been produced
Amazing about the security used for mint employees, even in the 18th century.
I missed out on the Flowing Hair Silver Medal from the US Mint!
very nice
Looking for pre 1800 coins and this one is must get.
Excellent article on flowing hair dollars
Love reading about coins like this
The eagle is so fine and beautiful. Very interesting article with historical facts.
Awsome
Beautiful coin
I’ve wanted one for awhile. I bought one on eBay but I sent it back. It was fake.
I’ve never seen this…
Be very good to win the coin on the giveaway never won anything from this website be good to win something on this website please I collect banknotes and coin sometimes
Awesome article.
Wow, that is a very cool coin!
I would truly like to have an example of this coin type,
Historical money is so cool!
Flowing hair coins. Wow. The History and coins are so unreal. Thanks.
I love reading about the history of coins. I have brought my grand daughter into the coin world when she was only 8 years old. She is 15 and still very excited about coins. I hope she carries on my legacy of collecting coins and stays as excited as I have over my 15 plus years of collecting