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.

Flowing hair dollar - Five things you need to know about the world’s most expensive coin…
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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If you’re interested…

Today you can own the TWELVE coin collection of America’s most fascinating and collectable coin issues with the Infamous US coins set. But you’ll have to hurry – there are only 25 sets available!

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US coin collecting is one of the most competitive markets globally, which is no surprise given that the coins have some of the most interesting and iconic stories in the coin collecting world. US coins are in extremely high demand, especially in the UK where they rarely make it onto our shores.

As Americans celebrate their independence this week, I have picked out 5 of my favourite US coins to share with you.

The Flowing Hair Dollar

8 of the top 10 most expensive coins ever sold are American, with the Flowing Hair Dollar (1794-5) taking the top spot after it sold for an impressive $10,016,875. It’s thought that only 140 of these remarkable coins exist, so it is near on impossible to find one.

NNC US 1795 1 Flowing hair - Celebrate Fourth of July with America’s most iconic coins
The flowing hair dollar was the first ever dollar minted by the United States government

This coin was the first dollar coin ever issued by the United States Federal Government and featured an eagle and the bust of Liberty with flowing hair. It was minted in silver and its size and weight were based on the Spanish dollar, which was traded with regularly in the Americas.

The Morgan Dollar 1878-1921

The Silver Morgan Dollar has forever been associated with cowboys and outlaws. These coins could have been used for gambling by train robbers like Butch Cassidy or Jesse James. It’s even rumoured that cowboys would place them in their canteens to preserve water on long journeys.

US Morgan Dollar Philadelphia - Celebrate Fourth of July with America’s most iconic coins
1886 Morgan Dollar

The dollar drew its name from its designer “George T Morgan”, who created an effigy of Lady Liberty as a Goddess, and a reverse which included an eagle with outstretched wings. It’s said that less than 1 in 5 of these coins remain today, making them incredibly collectable and difficult to source.

‘No Cents’ Liberty Head Nickel 1883

Infamous Notorious and Scandalous U.S. Coin Set product page 1883 Liberty Head nickel - Celebrate Fourth of July with America’s most iconic coins
1883 Liberty Head Nickel

The first design for the No Cents Nickel failed to include the denomination and instead it included the Roman Numeral ‘V’. As the coins were the same size as a $5 coin, swindlers seized the opportunity to gold plate these coins and pass them off as $5 coins. Within the year the US Mint added the denomination to the coin.

The Roosevelt Dime 1946-64

Infamous Notorious and Scandalous U.S. Coin Set product page 1946 Roosevelt Dime - Celebrate Fourth of July with America’s most iconic coins
1946 Roosevelt Dime

After the death of Franklin Roosevelt in 1945, the nation’s only four term president, his portrait was subsequently used on Dimes as a memorial.

During his presidency, Roosevelt founded ‘March of the Dimes’, a charity founded in response to polio epidemics. Roosevelt’s image was chosen for the Dime in honour of his work with the charity, and his own battle with polio. This coin was symbolic for a nation in mourning, and many people collected the coin from their change.

The Franklin Half Dollar 1948-1964

Infamous Notorious and Scandalous U.S. Coin Set product page 1948 Franklin half dollar - Celebrate Fourth of July with America’s most iconic coins
1948 Franklin Half Dollar

This was the first half dollar to feature the portrait of a non-president on American Coinage. The words ‘Liberty, in God we trust’ surround a portrait of Benjamin Franklin, with the Liberty Bell on the reverse. This was initially a controversial coin, and there were public concerns about the initials of the designer ‘JRS’ being a reference to Stalin and communism, as well as the small eagle placed next to the bell. 

American coins give us some of the most interesting stories in history, and provide us with some of the most fascinating and collectable coins in the world. It’s no wonder that US coin collecting is becoming increasingly popular.


Infamous Notorious and Scandalous U.S. Coin Set product page box 300x208 - Celebrate Fourth of July with America’s most iconic coins

If you’re interested…

You can own a selection of America’s most fascinating and infamous coin issues with the Infamous US coins set. Click here to see the other coins and secure yours today>>>