By Greg Cohen – Senior Numismatist, Stack’s Bowers Galleries ……
The price of any 1794 silver dollar places it out of the range of most collectors. For the 125 to 150 known examples, most are low-grade and/or problem coins, and even these carry price tags starting in the mid-five figures. Coins higher up on the grading scale are worth well into the six figures, and those at the very top of the Census bring seven-figures. Thus, any time we encounter a 1794 silver dollar it is an exciting event.
A few months back, an inquiry was submitted to East Coast Sales Manager Andrew Bowers that contained a sampling of silver coins and other common date coins. In the middle of the picture was a seemingly high-grade 1794 silver dollar, which looked very promising (i.e. it did not have the look of the countless fakes we see often, purchased online through various websites). Andrew had the client send better photos and ascertain the weight. After reviewing the information with Vice President Vicken Yegparian, they asked the owner to submit it to us for in-person evaluation.
After reviewing the literature, the coin seemed to match the example housed in the British Museum in terms of definition. Careful inspection of the edge reviewed a small RR stamp within the standard lettering. The “RR” stands for Robert Cooper Ready, who was hired by the British Museum in 1859 to create electrotype copies of coins, medals, and seals in the collection for study and display purposes. Eventually, he produced some 22,000 electrotypes for the museum, and his sons followed in his footsteps, continuing this work up until 1931. With permission from the British Museum, many of Ready’s electrotypes were sold to other museums and private collectors worldwide. Most often seen in the market are his skilled copies of ancient coins. Less well known are rarities such as this electrotype 1794 dollar.
The British Museum’s 1794 dollar is one of the most famous of the few survivors of this first year of issue for the American dollar denomination. No one in 1794 would have thought that the 1,758 that were struck would be the inauguration of the power of the American dollar and the economy it represents in 2025. In 1796, Sarah Sophia Banks purchased her specimen from Captain Hawkins Whitshed. After her death in 1818, her collection, including her 1794 silver dollar, was donated to the British Museum. Martin Logies lists the British Museum example as #10 on his Condition Census, calling it AU58, harshly cleaned, and notes that it is struck from Die State III. The electrotype presented clearly shows the striking weakness on the peripheries, as well as the mint-made adjustment marks. Richly and originally toned with a mix of russet, copper-gold, and olive, this piece–Lot 3067 of the Stack’s Bowers Galleries Spring 2025 Rarities Night Auction–has a fantastic visual appearance.
Submitted to PCGS for grading, this Robert Ready Electrotype 1794 dollar is graded AU58. It presents an important opportunity for a collector to add a highly appealing filler example to their collection without spending close to $1 million for a genuine piece of comparable quality.
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For information about consigning to future Stack’s Bowers Galleries auctions, call 800-458-4646 or email [email protected].
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