One of the earliest silver dollars struck by the United States was recently discovered in Rhode Island and is worth more than $100,000, according to GreatCollections, the California-based auction house. The rare coin was struck in 1795 and is scheduled to be auctioned on December 15.
The coin has been attributed as the scarce 1795 Flowing Hair Silver Dollar with Silver Plug and is graded PCGS AU58 by Professional Coin Grading Service (PCGS). It was also approved by Certified Acceptance Corporation (CAC) as strong for the grade, ranking as one of the finest known examples.
“What an important discovery… an early piece of U.S. numismatics, that had been stored in an old shoebox for generations – it was likely plucked out of circulation in the late 1790s or early 1800s – an estimate based on the superb condition and minimal wear,” said Ian Russell, president of GreatCollections.
Family Saved for Seven Generations, 200+ Years
The silver dollar was consigned to GreatCollections by the descendants of the original Rhode Island family who had saved the coin over 200 years ago. It was the only heirloom saved by the family and passed down seven generations; many of them still reside close to one another in Rhode Island and neighboring Massachusetts. They were recently made aware of the rarity and significant value.
Silver Plug Rarest Version of 1795 Silver Dollars
The United States started minting Silver Dollars in 1794. In 1794 and 1795, a limited number were produced with a silver plug or silver center, added to underweight planchets to bring the weight up to the standard for silver dollars. This was done prior to the minting of the coin. Only about 100 are known in all grades, the majority in average circulated condition. This newly discovered coin ranks as tied-for-fourth-finest graded by PCGS, and tied-for-second-finest with CAC approval.
Russell continued, “These early coins were struck by hand to an amazing level of quality, back in the days when George Washington was president and Abraham Lincoln was not yet born. It was important that newly-issued coins had the correct weight to gain worldwide trust.”
For more information about the 1795 Flowing Hair Silver Dollar Silver Plug PCGS AU58 CAC and the December 15 auction, please visit www.greatcollections.com or telephone 800-442-6467.
* * *
