1974 Silver Legend: Dollar Worth a Fortune

In numismatics, there are coins that inspire collectors, historians and lovers of rarities. And among all the wonderful collectible coins, there is one silver legend, outstanding for its historical significance and great value. It is the 1794 silver dollar also known as the first Flowing Hair US dollar.

The story behind the 1794 dollar is about ambition, innovation and the new nation's desire to create its own currency to show the independence and position of the new young nation on the world stage. And the first silver Flowing Hair dollar being a “pioneer” and part of the new national currency was highly valued then and is incredibly popular in numismatic circles now.

So, how much is a 1794 silver dollar worth? What makes this 1794 Flowing Hair silver dollar special for collectors and investors alike, and how can you identify the coins? Why is the owner of this coin a real lucky man? 

Here we would like to explore the history and features of the coin to answer these questions.

The 1794 Flowing Hair Silver Dollar Overview: All You Need to Know about a Coin

Historical Context

The story of the 1794 Silver Flowing Hair dollars begins just after the American Revolution, a time when the young nation was desperately looking for ways to strengthen its economy and create a stable monetary system. As you can understand it was minted some years after the penny from 1964. But does it mean something in these terms?

In 1792, the U.S. Congress passed the Coinage Act, which laid the foundation of the U.S. Mint and allowed the first Flowing Hair silver copper dollar coins to be issued. But minting did not begin immediately.  Only in 1794 the first batch was minted at the Philadelphia Mint, which was an important event in the history of the young country.

By the way, did you know that the Philadelphia Mint (the first mint in the country) was opened just one year before the issuance of this first silver 1794 coin. This fact also adds to the historical appeal of Flowing Hair coins and makes them the first symbol of the nation's financial establishment.

Other gold, copper, and silver coins were also among the first to be issued, but it was the 1794 Flowing Hair dollar that would become the central element of the new system as it was equated to the international standard.

These coins were intended less for everyday use than to demonstrate the capabilities of the new currency to the powerful people of the day - government officials, bankers and diplomats.

1794 Liberty Coin: Symbols in Each Element

Obverse

The obverse of the Flowing Hair dollar 1794 depicts Lady Liberty, her hair waving freely, symbolizing freedom and independence. Around her head are 15 stars, symbolizing the 15 states that were part of the United States at the time. The inscription “LIBERTY” crowns the top of the coin, emphasizing the core value of the young nation. The year of issue is located below the bust of Liberty on the bottom edge of the coin.

The design of the first silver coin was created by Robert Scot, chief engraver of the United States Mint.  The image of Liberty with flowing hair 1794 became a reflection of the progressive spirit of America at the end of XVIII century, because until that time coins of other countries often depicted monarchs in formal and strict robes. The new design was meant to show the independence declared by the States.

Reverse

The reverse side of the coin depicts an eagle with spread wings. This symbol on U.S. coins was later used on many monetary units. The eagle represents the strength, power and pride of the nation. Around the eagle was stamped the inscription UNITED STATES OF AMERICA.

This design became the embodiment of the main national ideals, because the eagle, like Lady Liberty, was not chosen by chance: it was a symbol of independence and strength, emphasizing the power of the new nation on the world stage.

Characteristics of the Coin

Before we talk about Flowing Hair silver dollar value, let's take a look at the main characteristics that directly affect its value and significance.

Interestingly, the size and weight of these Flowing Hair dollar coins were chosen to be similar to the Spanish dollar, which was previously used in trade before the advent of new currency.

Despite the importance of the Flowing Hair dollar coin as the first silver coin issued by the United States, its minting proved to be only the initial milestone in the minting of 1795 United States coin examples.

Related article: Draped and Capped Bust Coins. 

In 1795, the Mint released an improved version called the 1795 Flowing Hair Dollar. Although the design of the coins remained the same, the main changes involved improved minting quality, making the image on the coins clearer (compared to the Liberty 1794 coins).

Your Ticket to Coin Fame: 1794 Silver Dollar Value and Peculiarities

Here we get to the most important and exciting questions. Let's finally find out what is the reason for the hype around this coin and what is the true 1794 silver dollar coin value.

The value of this coin is based on several factors:

• The value lies in the historical significance.  It should be understood that the 1794 Flowing Hair dollar is the first silver coin minted by the United States. It symbolizes the establishment of national currency and independence of the country.

• Rarity and limited mintage also play a significant role. A total of 1,758 coins were minted, but experts estimate that no more than 150 have survived to this day. Most of these coins are in private collections, with only a few on display in museums. All these make them inaccessible and among the most coveted coins.

• The quality of preservation also matters. The minting of this coin was accompanied by many technical difficulties, i.e. many pieces were of poor quality due to the insufficient power of the machinery of the time. The most expensive specimens are coins in flawless condition.  For example, the 1794 Flowing Hair silver dollar value in 2013 was estimated at a record $10,016,875 million, making it one of the most expensive coins in history.

It is becoming clear that the 1794 dollar has an extremely high estimated value. Approximate ranges (according to the condition of the coin) can be found in the table below.

The owner of such a coin is a real lucky man, because its value at auctions can reach astronomical sums, and its presence in the collection - a sign of great success for any collector.

For anyone who dreams of finding this rare specimen, it is worth noting that to find it in free circulation is almost impossible. Sometimes this coin can be found at large numismatic auctions, where fierce bidding is going on for it. Of course, it is difficult to confuse this coin with others. Nevertheless, apps like Coin ID Scanner will be useful for collectors and beginners to quickly identify and evaluate the basic information and market value of other coins when searching for potentially valuable ones.

Coin of American Independence for Ages

The 1794 dollar is not just a rare silver coin, it is a symbol of a new era of the American economy and proof that a small step in the economy can be a huge move for numismatics and further history. This coin is considered as one of the most meaningful and prestigious collectibles and its value continues to rise every year, thus owning this numismatic rarity may seem like a pipe dream.

Sources:

1. https://www.pcgs.com/coinfacts/coin/1794-1/6851

2. https://en.wikipedia.org/wiki/Flowing_Hair_dollar

3. https://coinappraiser.com/coins/1794-bb-1-die-state-i-flowing-hair-silver-dollar/