How One Silver Dollar is Worth Millions to a Texas Coin Collector

One of the rarest coins around will sell at the end of September for an expected price of $3 to $5 million. The 1794 Silver Dollar up for 

auction is one of just 150 such coins known to exist, and is thought to be one of the best preserved.

Also known as the Flowing Hair Dollar, the silver dollar is from the first batch of dollars ever struck by the original U.S. Philadelphia Mint, established just two years before the coin’s mintage. This special coin was struck during 1794 and 1795 only, before being replaced with a different design.  Its historical significance, combined with its rarity, makes it a most prized specimen for coin investors – what is thought to be the best preserved 1794 Silver Dollar recently sold at auction for a record breaking $10 million.

The Flowing Hair Dollar was designed by U.S. Mint engraver Robert Scot and features a picture of Lady Liberty with flowing hair on the obverse, surrounded by fifteen stars – a representation of the 15 states that had, at the point of the coin’s mintage, ratified the American Constitution. The reverse bears an image of an eagle surrounded by a wreath of laurel.

The coin was similar in assay to the Spanish reales, which was a popular form of currency at the time of the first U.S. dollar’s mintage. Similar to the reales, the Flowing Hair Silver Dollar consists of approximately 90% silver and 10% copper, and weighs 27 grams.

Until its auction, the coin belongs to Pogue family, who own what is considered the most valuable privately held coin collection in the world, consisting of 681 coins with a combined value of $200 million. The family is selling off its entire collection of silver and gold coins, including the rare 1794 dollar.

The Pogue’s epic collection began as a hobby for then nine-year old Brent Pogue in 1974, a true example of both the lifelong joy and financial potential available through collecting and investing in coins.

Provident Metals has a wide selection of historic American coins, from pre-33 gold to other highly valued silver dollars. See where your coin collection can take you!