You might have heard in the news recently that the world’s most expensive coin is due to be sold at auction next month.

The 1794 Flowing Hair Dollar is believed to be the first silver dollar to be struck by the US Mint. It was last for sale in 2013 and was auctioned for just over $10 Million Dollars, making it the most expensive coin in the world.

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The Flowing Hair Dollar Obverse. Image credit: the National Numismatic Collection, National Museum of American History

The First US Dollar

In 1792, the US Congress issued an act stating that the Dollar was to be the cornerstone of US coinage. It was to be based on the Spanish Silver Dollar which was already widely used throughout the Americas. The act also stated that coins should include a symbol of Lady Liberty as well as an eagle – two icons that remain today on many US coins.

Where the nickname came from

The coin was designed by Robert Scot, who was Chief Engraver at the US Mint. His take on the bust of Liberty is what gave rise to the nickname of the coin with its detailed hair ‘flowing’ from the head of Lady Liberty. There are also fifteen stars on the coin, to represent each of the 15 states that had ratified the Constitution.

Was it just a PR stunt?

It’s thought that because the US was still struggling from the impact of the War of Independence it didn’t have access to much silver and other precious metals. Historians have argued that the introduction of a silver dollar was a way to showcase the power and capability of the US.

Flowing hair dollar reverse - Five things you need to know about the world’s most expensive coin…
The Flowing Hair Dollar Reverse. Image credit: the National Numismatic Collection, National Museum of American History

Very few of the 1794 Dollars were issued but they weren’t released into general circulation. They were mostly given to international VIPs or important congressmen, further adding fuel to the rumours that the Dollar was originally issued as part of a PR stunt.

Struck on just one day in October

Only 1,758 of these coins were struck, and according to the National Museum of American History, they were all minted on the same day. It’s thought that of this tiny number, less than 150 still survive today. Many would have been hidden forever, or melted down for their precious metal content, adding to the coin’s collectability.

It’s given rise to one of the most competitive collecting markets worldwide…

Eight of the top ten most expensive coins are US coins and the market is one of the most competitive around the world. Whether it’s the Coin of the Cowboys, the Mercury Dime, or even the first Half Dollar to feature a non-president, US coins have some of the most collectable stories attached to them. It’s hardly surprising that many collectors are looking to source American coins for their collection these days.

The Flowing Hair Dollar is due to be sold on October 8th 2020. How much do you think it will sell for this time? Let us know in the comments below!


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