This 1794 Silver Dollar Coin Is Worth $10 million

1794 Silver Dollar Coin: The United States was a young nation when it produced its first coins. As stated on the Mint’s website, the Coinage Act of 1792 provided legal tender, and the purpose was to circulate copper, silver, and gold coins minted by the U.S. mint.

first mint feature

The first coinage facility was set up in a three-story brick building in Philadelphia, and producing a coin was a ‘very physical, slow, and unrefined process,’ according to the United States Mint.

1794 ‘Flowing Hair’ silver dollar

Perhaps one of the earliest coins struck at that location was the 1794 ‘Flowing Hair’ silver dollar, which today would finance the purchase of a 7-bed, 7-bath, 6,700-square-foot waterfront mansion in Miami, Florida.

‘Flowing Hair’ worth a dollar at auction

The Flowing Hair dollar was sold at auction in 2013 for $10 million, setting a new world record for the highest price ever paid for a rare coin. It was surpassed in 2021 by another double eagle produced in 1933, which was put up for auction for $18.9 million.

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historical significance

However, because of its historical significance, the Flowing Hair dollar could be very valuable, although it is not the most valuable coin ever minted. As CNN reported, the issuance of silver dollars began in October 1794 at the Philadelphia Mint, and on a single day, October 7, 1,758 silver coins with the Flowing Hair design were minted.

special delivery

This coin was not money for circulation within the public domain to purchase goods and services. Instead, they were taken to the director of the Mint to be distributed as return gifts among dignitaries.

“They were handed out to Congress members, important guests from other countries visiting the US, and other important Americans of the time,” Mudd told in an interview in 2020 while the curator and director of the American Numismatic Association’s Money Museum.

challenges of that time

In the 1790s, the U.S. did not have free access to silver and gold, partly because the U.S. was in the process of rebuilding from the Revolutionary War against Great Britain. In the beginning and mostly, they were simply a sign that the U.S. was able to mint its own currency.

symbol of freedom

This was the first dollar, and they wanted to make as much of an impact as they could. It is this Flowing Hair design that was crafted by the Mint as the first representation of liberty. Taking the idea from the ancient Romans, where they used female figures—sometimes male figures—to represent things like freedom or liberty.

First observe the importance of the coin.

Further inspection of the details on the $10 million coin suggests that it may be the first silver coin struck from the original dies, Mudd said. Of the 1,758 Flowing Hair silver dollars produced, only one hundred forty-five are believed to be in circulation today.

resale plan

The Flowing Hair silver dollar that was auctioned for $10 million was scheduled to be put up for sale again in 2020, but as of this time, no record has been set for a sale above $10 million.

future wishes

On the other hand, if you want your own flowing silver dollar, you will soon be able to make this wish a reality, and it won’t cost you $10 million.

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FAQs

Q. What is the significance of the 1794 ‘Flowing Hair’ silver dollar?

A. It was one of the first silver dollars minted by the United States and was a symbol of freedom.

Q. How much did the ‘Flowing Hair’ silver dollar fetch at auction in 2013?

A. This coin was valued at $10 million at auction.

Q. For what purpose was this coin distributed?

A. This coin was distributed as a return gift to important individuals.

Q. What challenges did the United States face in the 1970s?

A. At that time the United States did not have access to silver and gold freely, and they were in the process of recovering from the Revolutionary War against Great Britain.

Q. How many ‘Flowing Hair’ silver dollars are considered to be in circulation today?

A. Only 145 ‘Flowing Hair’ silver dollars are considered to be in circulation today.