A Coin That Launched a Nation—and Rewrote Auction History
The 1794 Flowing Hair Silver Dollar isn’t just any old coin—it’s the first silver dollar ever struck by the United States, and it holds a near-mythical status among collectors. Born from the Coinage Act of 1792, this historic dollar laid the foundation of the U.S. monetary system. Of the original 1,758 pieces minted, fewer than 150 survive today—and among them, one ultra-rare variety has commanded a jaw-dropping $12 million at auction.
🏛️ Why It Matters: A Symbol of Early America
The Flowing Hair Dollar was more than currency—it was a bold declaration of a new nation’s identity. Minted in 1794, just a few years after the U.S. Constitution took effect, this coin represents America’s first steps in producing its own money.
- Authorized by: The Coinage Act of 1792
- Struck in: Philadelphia Mint
- Mintage: Just 1,758 coins
- Survivors today: Estimated under 150
The rarest version—the “Silver Plug” variety—is so iconic, it fetched $12 million in 2022, possibly making it the first dollar ever struck by the U.S. Mint.
🔍 Design & Details
- Engraver: Robert Scot, U.S. Mint’s first Chief Engraver
- Obverse: Lady Liberty with flowing hair, framed by 15 stars for the states in the Union
- Reverse: A delicate eagle inside a wreath, with “UNITED STATES OF AMERICA”
- Composition: 89.2% silver, 10.8% copper
- Weight: 26.96 grams (almost a full ounce of silver)
💎 The “Silver Plug” – A Minting Marvel
This special sub-type, known as the Silver Plug, is a true oddity with a fascinating backstory.
What’s a Silver Plug?
Early minting techniques lacked precision. When planchets (coin blanks) were underweight, a small silver plug was manually inserted to bring them up to standard before striking.
Why It Matters:
- Only 3 to 5 of these plug-inserted coins are known to exist
- One was graded PCGS Specimen-66, nearly flawless
- Sharper details, stronger strikes, and a visible silver disk at the center distinguish it from regular coins
📈 The Record-Breaking Sale
- Coin Sold: 1794 Flowing Hair Dollar with Silver Plug
- Grading: PCGS SP-66
- Auction House: Stack’s Bowers, 2022
- Final Price: $12 million (buyer’s premium included)
Why the buzz? This particular specimen is believed by many experts to be the first dollar ever struck—possibly even presented to George Washington himself.
⚠️ Busting the Myths
- ❌ All 1794 dollars had plugs: Incorrect—most did not. Plugged examples are the rarest.
- ❌ You might find one in your attic: Sadly, no. All genuine examples are well-documented and tracked. Any raw find is almost certainly a counterfeit.
🛠️ How to Spot a Real 1794 Dollar
- Correct Weight: Around 26.96 grams
- Non-Magnetic: Should contain real silver
- Edge Lettering: “HUNDRED CENTS ONE DOLLAR OR UNIT”
- Professional Grading: Always verify through PCGS or NGC
🏆 A Collector’s Dream
- Cultural Icon: Lady Liberty’s image represents freedom and the boldness of early America
- Market Impact: The $12M sale redefined what early U.S. coinage can be worth
- Modern Value: Even worn 1794 dollars without plugs routinely sell for $250,000–$1 million
📚 Want to Learn More? Visit PennyVerse.info
- ✅ Free Guide: Download our exclusive “Early U.S. Coin Rarities Checklist”
- 💬 Community Forum: Join thousands of collectors uncovering the truth behind America’s rarest coins
- 🔎 Expert Help: Share your finds and get real opinions—no hype, just honest numismatic insight
PennyVerse.info – Discovering America’s Coin Treasures Since 2010 🏛️🔍
Because every coin has a story—and some stories are worth millions.
⚠️ Reminder: The $10M+ coin is a unicorn. For most collectors, the real thrill is in the history, not the price tag.
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