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.
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.
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!
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!
The coinage of the United States tell some truly fascinating stories about America’s heritage. To hold a US coin in the palm of your hand can feel as though you are literally holding a piece of history.
I have always been intrigued by American coins, but there are so many that it is a difficult decision knowing which ones you should own.
But, after some research, I have discovered what I believe to be some of the most interesting coins from the past 120 years of US numismatic history.
While they aren’t necessarily the best coins out there, they are certainly the ones with the most intriguing stories behind them…
1. Columbian Half Dollar (1892-1893)
The 1892 Columbian Half Dollar was the first ever commemorative coin issued in the United States. It was intended to raise money to fund the World’s Columbian Exposition, held in Chicago in 1893 – each half dollar was sold with a 50 cent surcharge which went towards the project. The design pays tribute to the 400th Anniversary of Christopher Columbus’s arrival in the New World in 1492.
2. Walking Liberty Half Dollar (1916-1947)
Struck from 1916 until 1947, the Walking Liberty Half Dollar is sometimes referred to as the most beautiful circulating American coin. Its design, by Adolph A. Weinman, owes more to sculpture than functionality, and was critically acclaimed upon its issue. In respect of its status, the design has been reprised as the obverse of the current ‘Eagle’ series of Silver Bullion coins, making it one of the most recognisable designs in American numismatic history.
3. Peace Dollar (1921-1935)
The Peace Dollar was proposed as a lasting commemoration after the tragedies of World War I. It was also the last ever Silver US coin struck for circulation. Featuring an eagle clutching an olive branch above the word ‘peace’ on the reverse, the coin was not without controversy. Word escaped that the design was to include a broken sword next to the eagle, but this was seen as a symbol of defeat. Public outcry stopped the design, but the dies had already been finished. Remarkably, amendments were carried out so skilfully that for 85 years it remained a secret that the sword had ever been engraved onto the coin.
4. Kennedy Half Dollar (1964-Present)
One of the most poignant American coins, this Half Dollar was commissioned just months after Kennedy’s assassination, and was in circulation by 1964 – a remarkable feat of planning and design. Your version is one of the very first coins struck, and contains 90% silver content. The combination of the emotional resonance of the coin with the silver content led to extensive hoarding and from 1965 the silver was reduced and eliminated entirely in 1971.
5. Eisenhower Dollar (1971-74 & 1977-78)
This coin was proposed in 1969 as a commemoration of two major events that occurred that year. The first was the passing of former president Dwight D. Eisenhower, and the second was the success of the Apollo II mission landing on the moon. The coin was eventually released in 1971 and features an interpretation of the Apollo II insignia on the reverse and Eisenhower’s effigy on the obverse. There is speculation that the production of this coin was encouraged by lobbying from the Gambling industry, who wanted a large dollar coin in circulation for use in their casinos.
6. Standing Liberty Quarter (1916-1930)
The Standing Liberty Silver Quarter was first minted in late 1916 and instantly became America’s most scandalous coin. The designer was famed sculptor Hermon A MacNeil, and he used Broadway actress Irene MacDowell as the model for Lady Liberty. However, Liberty was shown with an exposed breast – and the Society for the Suppression of Vice was very vocal about the coin being immoral and obscene. There was such an uproar that the U.S. Mint was forced to change the design in 1917 to cover Liberty’s breast with a chain-mail shirt.
A 5 cent American coin with a fascinating story dating back one hundred years is due to go down in the history books as one of the highest amounts ever paid for a US coin when it goes up for auction in Chicago on April 25th.
Experts believe bidding for the 1913 Liberty Head Nickel could top $5m due to the fact it’s one of only five known to exist and the remarkable story behind it.
It’s thought the Liberty Head is one of five bogus coins struck in secret at the end of 1912 by Philadelphia Mint employee Samuel Brown who altered the year on the die to say 1913, the year the Buffalo Nickel was introduced.
Pulled from the wreckage
Brown was rewarded handsomely for his efforts. He sold one of his ‘illegal’ Liberty Heads to a collector from North Carolina, George Walton, in the mid 1940s and made a reported $3,750. But events took another unexpected twist when Walton – and his coin – were involved in a car crash in 1962. Walton himself didn’t survive but his nickel did.
Declared a fake
But the story doesn’t end there. Recovered from the wreckage and passed to Walton’s sister Melva Givens, the coin was declared a fake because the date had been tampered with. Rather than throwing it away, Mrs Givens stuck it in an envelope in a bedroom closet where it remained undiscovered until her death thirty years later.
The missing fifth Liberty Nickel
It wasn’t until 2003 that experts at the World Numismatic Fair in Baltimore finally confirmed the ‘Walton’ Nickel was genuine and it was reunited with the other four coins. It is currently on loan to the Colorado Springs Museum.
A 1933 Double Eagle currently holds the US record when it was sold at auction for a cool $8m.
View The Westminster Collection’s full range of American coins.