If you are passionate about the coins, then you are in for a treat. In this article, we will be talking about the legendary 1974 Flowing Hair Silver Dollar value. A coin so rare and valuable, that only a few collectors can afford to own. Also, even if you manage to find that kind of money, you might not find the coin, since only around a hundred of them are available on the market!
Let’s start with a bit of storytelling. In the April of 1792, the US Mint created the Coinage Act and a bimetallic coinage system based on the silver dollar and the gold eagle coin. However, these coins were put into production with a two years delay due to the national shortage of precious metals, especially silver. The first silver dollar coin was struck on 15th October 1794.
These coins were also known as bust dollars or early dollars, and they were struck only in two series. Since many coins from the 1974 series had imperfections and errors they once again produced this coin in 1975.
Even though they are the same type of coin, there are a few minor differences between them. We will teach you how to recognize a real 1794 Flowing Hair Siler dollar, but before we do that let’s quickly sum up the average prices.
There is a significant difference between the prices of uncirculated and circulated coins. For instance, the 1794 Flowing Hair Silver Dollar in circulated condition is estimated to be worth between $57,500 and $800,000, while those in mint state are $3,650,000.
However, a lot of circulated coins are still in good condition and suitable as collecting examples. Here is the list of the top 5 common coins worth investing in:
Why Is 1794 Flowing Hair Silver Dollar Special?
There are a few reasons why this coin is so special and valuable. The first one is the fact that the 1794 Flowing Hair Silver Dollar was the first silver dollar ever minted by the US Mint. So as you see it has a significant historical background.
This coin was minted in Philadelphia, Pennsylvania, which at that time was the capital of the United States and the only mint facility. The Mint celebrated the striking of the first coin on 15th October 1794.
A second reason was the material composition. These coins were struck with silver bullion that originates from the Spanish colonies, which were in South America.
The third reason was quantity. There were only 2,000 1794 Flowing Hair Silver Dollar coins produced in total. However, since the mint’s largest press was not powerful enough some parts of the design on coins appear weaker. Around 242 of these coins were melted down and reused for other purposes, leaving us with a total of 1,758 coins for circulation.
Price Guide For Common 1794 Flowing Hair Silver Dollar Coins Worth Investing
No matter the condition, if you are lucky to have 1794 Flowing Hair Silver Dollar you are in for the big money! With only about 120 to 150 remaining coins, the 1974 Flowing Hair Silver Dollar is one of the most expensive coins ever sold.
Due to its scarcity, its value only increases with time. To be more precise, even low-end grades such as G-4 are valued at $65,000, while the mid-circulated quality of F-12 is valued at $135,000. If you are selling/buying uncirculated specimens you should know that these coins typically sell for at least half a million dollars, and more!
The rarity of the coin and its historical background make this coin a highly coveted item for collectors, so don’t be surprised by the prices we enlisted in the table below.
1794 regular strike Flowing Hair Silver Dollar
All 1794 silver dollar coins were minted in Philadelphia, which was at that time the only operating mint in the US. Remember that these coins do not bare any mint mark or denomination! Since they are made from 89% silver their value is significant and even in the circulated condition, they are worth a lot more than their weight in silver. So selling them for a melt value is a waste of potential.
The average price for 1794 Flowing Hair dollars in good condition is around $70,000. While those that are in very fine condition are estimated to be worth around $204,000. Uncirculated coins are very rare, those with a grade of MS 62 can sell for at least $1,050,000.
1794 special strike/silver plug Flowing Hair Silver Dollar
This variation is very rare and there are only a few examples known. It is believed that these silver plug coins were the first silver dollars minted. They were struck from an aligned die on a specially prepared “burnished” planchet. This is a term used for polishing with wet sand before striking the coin.
The strike of the coin is significantly superior to other 1974 silver dollars, and it features a proof like image with full reflectivity fields on both sides. Also, in most cases, the planchet was overweight, so it was adjusted by hand, and then it was plugged, to increase the weight to meet the standard specifications.
Remember that the Mint plugs are frequently seen on the 1795 Flowing Hair dollars but rarely on the 1794 specimens. These coins are very valuable due to their scarcity, so their average selling price is a round few million dollars! The only sold specimen by now achieved the record price tag on auction – $10,016,875!
Most Valuable 1794 Flowing Hair Silver Dollar on the coin market
The Main Features Of The 1794 Flowing Hair Silver Dollar Coin
The design of the first official US dollar was inspired by a right-facing portrait of Liberty which was created by Joseph Wright for the purposes of minting the 1793 cent coins. A design for $1 coins was entrusted to the Mint’s first official Chief Engraver, Robert Scot.
His design featured a portrait of Lady Liberty on the obverse side of the coin. With a flowing hair and a ribbon around her head created from fifteen stars representing the number of states in the Union at that time. Engraving of her name ‘LIBERTY’ is placed above her head, while the year of minting is placed beneath her portrait.
On the reverse side, you will notice an image of an eagle sitting on a rock, facing right with its wings outstretched. A laurel wreath surrounds him, while the wreath is surrounded by the inscription ‘UNITED STATES OF AMERICA’.
Remember that this coin does not have any mint mark or denomination engraved!
Are There Any Errors Found On 1794 Flowing Hair Silver Dollar?
Considering these coins were minted 229 years ago, logically the minting process was very primitive compared to today’s. Naturally, errors did appear but most of these error coins were melted and reused since the silver was very valuable in that time.
There were a few things that caused errors. The amount of silver was problematic at the start so to achieve some balance they added copper in combination. The first variety of silver dollars weighed a total of 416 grains with 371.25 grains of silver and the rest of 44.75 grains was copper.
However, workers at the Mint found it difficult to attain 89% of the fine silver composition so most coins instead feature 90% silver which wasn’t by the law. So this unauthorized change in the composition resulted in every coin containing at least one percent extra silver so that means every 1794 $1 specimen is an error coin for itself.
Also, as mentioned, the largest press at the mint was not powerful enough to strike one-dollar coins. This machine was intended for striking coins no larger than half-dollar which resulted in flaws in design. The lack of force resulted in the way that some coins show weak strikes in detail in some areas. A weak strike coin is one of the error varieties as well.
Since each coin at that time was struck with a single blow, there is no evidence that any of the 1794 silver dollar specimens was double struck.
On top of all, the rolling mill machine that was used for rolling silver ingots into long thin metal strips was also a problem. Since it wasn’t maintained properly, some planchets were varying in thickness and weight. Workers filed the excess metal off each planchet to meet the specified weight tolerance. This process frequently resulted in adjustment marks being visible on the finished coin so it appears damaged and scrapped.
Where Can You Trade Valuable 1794 Flowing Hair Silver Dollar?
Selling or buying valuable coins like this one must be done in the presence of professionals due to the fact that these coins are estimated to be worth a couple hundred thousand dollars and up to a few million. Knowing this you shouldn’t be surprised that there are a lot of replicas available on the coin market that look exactly the same to someone who isn’t experienced enough.
This is the main reason why we advise you to link with reliable dealers and auction houses. Here is our list of auction houses and coin web pages that are proven and reliable – Heritage Auctions, PCGS, Coins For Sale, Stack’s Bowers, or Littleton Coin Company.
What is the oldest coin in the world?
The Lydian Lion coin. This coin was produced over 2,700 years ago, by Lydina KIng somewhere between 610 and 600 BC. It was made from electrum, an alloy of gold and silver, and it is smaller than a US dime.
Since it is one of the most significant historical artifacts it is displayed in the British Museum.
How to recognize a fake 1794 Flowing Hair Silver dollar?
Counterfeited 1794 Flowing Hair dollar first appeared in the late 1800s. In that period the most common method was to alter the date on a 1795 silver dollar. But since the 1794 Flowing Hair dollars were struck from the same pair of dies, an altered 1795 Flowing Hair dollar was not even a close match to them.
The great thing is that counterfeited coins can be easily recognized by professionals since they are made on hand-cut dies. Considering counterfeits need an original coin to produce a casting mold, and we know how expensive even the cheapest 1794 silver dollar is, most replicas are not accurate. Unfortunately, those are minor flaws that an average coin collector can’t notice.
In most cases, you can notice the differences in the position of the lettering above Liberty’s head. Also, the location and shape of the wreath leaves are different. Even though this sounds very easy, without a genuine comparison piece, it can be a dreadful task.
1794 Flowing Hair Silver Dollar The Absolut Auction Recorder
Without any question this is among one of the most valuable and sought-after US coins. To acknowledge how important it is for American history you should keep in mind that there are two examples kept in institutions such as Smithsonian and American Numismatic Association collections.
In early 2022, a specimen in almost perfect condition was sold on auction for a record-breaking price of $12,000,000!
Hopefully, this article answered some of your burning questions about the 1794 Flowing Hair Silver Dollar value. If you are by any means interested in early silver dollars, please proceed to this link and read our article where we discuss the 1889 Silver dollar value.
Also, in case you know some information that we didn’t mention here, please do not hesitate to share your opinions and advice in the comment section below. Good luck and happy hunting!