The Flowing Hair dollar is a much-sought-after coin for U.S. collectors, but only some think it’s worth the money.
Here’s what you need to know about this unique piece of currency and why some people think it’s worth collecting.
What is the Flowing Hair Dollar?
Robert Scot, the first Chief Engraver of the United States Mint, created the Flowing Hair Dollar.
The head of Liberty is depicted on the obverse, facing right and sporting long, flowing hair. The word “LIBERTY” is written in capital letters above the image.
Together, the eight stars on the left and the seven on the suitable stand in for the fifteen states that were members of the Union at the time the coins were produced.
The date is displayed below. On the reverse, a bald eagle is depicted poised with its wings spread and completely encircled by a wreath.
Around the image is the wording UNITED STATES OF AMERICA, which is spread widely. The face value of this early silver and gold coin is not displayed in the design, as it was with earlier examples of these coins.
History of the Flowing Hair Dollar
The Coinage Act of 1792, passed by Congress more than two centuries ago when the United States was yet a young republic eager to declare independence, created the nation’s first national mint.
Philadelphia became the home of the U.S. Mint, a division of the Treasury Department in charge of creating American currency. The first federal structure built per the Constitution served as its home.
According to the National Museum of American History, the Philadelphia Mint began producing the silver dollar in October 1794, striking 1,758 coins with the Flowing Hair design in a single day after setting up the necessary machinery and creating the coin dies.
Only 130–140 of the 1,758 Flowing Hair Silver Dollars made, according to Mudd, are still in circulation.
However, he said that a detailed inspection of about 100 of those coins further demonstrated the special qualities of Morelan’s 1794 Silver Dollar.
How Much is the Flowing Hair Dollar?
Based on the NGC Price Guide, a Liberty Coin dated 1795 in circulated grade is worth around $2,100 – $39,000 as of December 2022.
However, 1795 Flowing Hair Silver Dollars in flawless, uncirculated condition can get for as high as $1,080,000 on the open market.
Is it Worth it to Collect the Flowing Hair Dollar?
The 1794 dollar has consistently been regarded as one of the rarest and most precious American coins.
The author of The Coin Journal stated in a September 1880 issue that a perfect example of the 1794 dollar was worth $50.
Numismatic historian Jack Collins put the number of coins still in existence in the early 1990s between 120 and 130.
The highest selling price of any coin in history was achieved in 2013 when the best-known specimen, among the first ever minted and meticulously preserved, was sold at auction for $10,016,875.
The Professional Coin Grading Service assigned the dollar the grade Specimen-66 in recognition of the unique circumstances surrounding its production.
You can find these coins in different conditions and are worth collecting.
Uncirculated or not, this coin holds a rich history of the American currency and how it started.
In addition, this coin is one of the oldest coins ever produced by the U.S. Mint, so the history associated with the coin is rich regardless of its condition.
Before you go…
I hope this article has helped answer your questions about the flowing hair dollar. Collecting coins with a rich historical value can help you understand the coinage system and how the system has improved throughout the years!
Check out my next article: “2004 S US Mint Silver Proof Set – Do You Need This in Your Collection?“