LOT #3364 |
Sold on Aug 18, 2021 for: Sign-in
or Join (free & quick)
1794 $1 B-1, BB-1, R.4, VF30 NGC....
Click the image to load the highest resolution version.
Sold on Aug 18, 2021 for:
$162,000.00
Bid Source: Internet bidder
Description
1794 Flowing Hair Dollar, VF30
Classic First-Year Rarity, B-1, BB-1
Attractive Surfaces, Crisp Central Devices
1794 $1 B-1, BB-1, R.4, VF30 NGC. The Mint Resolution of
1791 granted President George Washington authorization to seek
personnel and secure equipment for a Federal Mint, but the
Resolution was weakly worded and lacked resolve, nor did it provide
any tangible means of financial support. Still, before the ink was
dry on the Resolution, a decision was made to create a sovereign
national Mint, rather than rely on outside contractors or foreign
producers for coinage operations. Ongoing pressure remained from
influential individuals who had a vested interest in keeping the
nation's coinage in private hands. A second decision established a
new decimal system of coinage -- uniquely American -- foregoing the
temptation to rely on traditional methods of reckoning based on
foreign currencies. The Mint Act of April 2, 1792 provided the
"teeth" and wherewithal to support a new Mint and create a
comprehensive Federal coinage system.After passage of the Mint Act, initial mintages of U.S. half dismes, half cents, and large cents followed in rapid-fire succession. Those lesser denominations set the stage for production of the primary coins of commerce -- half dollars and dollars, to be struck in 1794. The Mint was ill equipped for such large-sized coinage, with a screw press that was better suited to the smaller denominations, and it had few resources for silver bullion. Planchet preparation was rudimentary at best.
It was not until October 1794 that any large silver coinage was attempted at the Mint. Flowing Hair silver dollars led the way -- the first large silver coins struck, becoming the new nation's showpiece -- although the mechanics of striking such a sizeable silver issue were far more challenging than expected. The coin's large diameter was beyond the screw press capabilities, which were better suited for copper coinage than silver, and could effectively strike coins of a size no larger than a half dollar.
An initial mintage of 2,000 silver dollars called for according the bullion provided by Mint Director David Rittenhouse, although that count was reduced by at least 242 coins, nearly all of which were either melted or never struck due to production problems. Of the 1,758 delivered dollars, most were weakly struck from misaligned dies. Less than 8% of the mintage survives today. Silver dollars were not struck again until a larger screw press was installed and deemed operational in June 1795. Most of the silver dollar production problems were solved by the larger press.
Of the few 1794 silver dollar that survive, not many pieces can match the smooth and untroubled surfaces of this attractive VF30 example. It represents Bowers Die State II, with areas of die clashing on both sides, but no die lapping is seen. Clash marks surround Liberty's portrait and the inside of the reverse wreath. The date is readable, with the top half of all four numerals weak but visible. A minor reverse rim bump at 6 o'clock identifies the coin as the Kissner specimen -- the sole mark of any significance on either side. This coin is plated and listed in Martin A. Logies' The Flowing Hair Silver Dollars of 1794 on page 209. Any 1794 dollar with original surfaces is rare and symbolic of an advanced collection. We expect enthusiastic bidder response for this virtually problem-free, pleasing VF30 example.
Ex: Robert J. Kissner Collection (Stack's, June 1975), lot 710; United States Gold, Silver, & Copper Coins (Stack's, May 1990), lot 1195; Dr. Jack Adams Collection (Superior Galleries, May-June 1992), lot 2100; The Kodiak Collection / FUN Signature (Heritage, 1/2020), which realized $132,000.
Coin Index Numbers: (NGC ID# 24WY, Variety PCGS# 39972, Base PCGS# 6851)
Weight: 26.96 grams
Metal: 89.24% Silver, 10.76% Copper
Auction Info
2021 August 18 - 22 ANA WFOM US Coins Signature Auction #1333 (go to Auction Home page)
Auction Dates
August, 2021
18th-22nd
Wednesday-Sunday
Bids + Registered Phone Bidders: 29
Lot Tracking Activity: N/A
Page Views: 1,137
Buyer's Premium per Lot:
20% of the successful bid per lot.
Shipping, Taxes, Terms and Bidding
Terms and Conditions | Bidding Guidelines and Bid Increments | Glossary of Terms | US & World Coin Grading Tutorial
Important information concerning Sales Tax and Resale Certificates. Learn More
Terms and Conditions | Bidding Guidelines and Bid Increments | Glossary of Terms | US & World Coin Grading Tutorial