In the world of coin collecting, few coins can rival the historical significance and value of the 1794 Silver Dollar. This rare coin, part of the Flowing Hair Dollar series from 1794-1795, is a testament to early American history and has captured the attention of collectors and historians alike. In 2017, one of these coins was auctioned for an astonishing $2,820,000, highlighting its status as a numismatic treasure.
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The 1794 $1 Coin: A Rare and Valuable Piece of History
The 1794 $1 coin, known as a Regular Strike, was designed by Robert Scot and is composed of 90% silver and 10% copper. With a very small mintage of only 1,758 coins, it’s no wonder that this coin is highly sought after by collectors. Its rarity and the historical context of its creation make it one of the most valuable coins in American history.
How Many 1794 Silver Dollars Still Exist?
According to research documented by Martin A. Logies, and cited by the Professional Coin Grading Service (PCGS), over 125 different 1794 Silver Dollars have been documented. These coins have been carefully cataloged, with detailed auction pedigrees providing essential information for collectors.
However, it’s important to note that many of these surviving coins are not in pristine condition. Some may be impaired or have undergone repairs, which can affect their value. Nevertheless, their historical significance ensures they remain highly prized among collectors.
The Existence of Unique Copper Patterns
In addition to the silver dollars, two copper pattern coins from 1794 exist today. These coins are unique and add another layer of intrigue to the story of the 1794 Silver Dollar.
The $10 Million Silver Dollar: A Record-Breaking Sale
While the $2.82 million auction price of the 1794 Silver Dollar in 2017 is impressive, it pales in comparison to another 1794 Silver Dollar that was sold in 2013 for a staggering $10 million. Many experts believe this coin was the first dollar ever minted in the United States, adding to its historical importance and appeal.
This record-breaking sale more than doubled the previous record of $4.1 million, which was set in 1999. The auction was handled by Stack’s Bowers Galleries, and the buyer was Legend Numismatics, a New Jersey-based company specializing in rare coins. The company’s representatives indicated that they were willing to pay even more if necessary, underscoring the coin’s unparalleled significance.
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The Future of the $10 Million Coin
Legend Numismatics has no plans to sell this extraordinary coin shortly. The coin’s historical value and uniqueness are so great that even museums do not possess such a piece. For now, this 1794 Silver Dollar remains in the hands of a private collector, symbolizing the rich history of the United States and the enduring allure of rare coins.
The 1794 Silver Dollar is more than just a coin; it’s a piece of American history. With its limited mintage, significant design, and record-breaking sales, it continues to captivate collectors and historians alike. Whether it’s the $2.82 million coin from 2017 or the $10 million coin from 2013, these numismatic treasures remind us of the early days of the United States and the enduring value of its first currency.