1794 $1 B-1, BB-1, R.4 -- Repaired -- PCGS Genuine. Fine Details....

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1794 Flowing Hair Dollar Rarity, Fine Details
America's First Silver Dollar Issue

1794 $1 B-1, BB-1, R.4 -- Repaired -- PCGS Genuine. Fine Details. Bowers Die State III, with faint die clashing on both sides, struck from lapped dies. The 1794 is the most popular early dollar in U.S. numismatics, except -- perhaps -- for the legendary and costly 1804. Of course, the first-year 1794 is also an expensive coin, and only about 2,000 pieces were produced from a single die pair. Some of these coins did not meet the government's weight specifications and were presumably melted, while others were simply unsuitable for circulation, and the struck planchets were carried over to 1795 in anticipation of a new, larger coin press. That leaves a total mintage of only 1,758 pieces dated 1794. At least one 1795 dollar is known struck over a 1794 dollar, confirming that the "large parcel of dollar planchets" on hand awaiting a new press included many weakly struck or misstruck 1794 dollars.

The early Mint's screw press simply was not designed to produce such a large coin, nor were the coiners able to align the dies properly for the nation's first silver dollars. Most examples show weakness at the lower-left obverse, and at the mid-to-upper-left reverse. The Bowers' early silver dollar Encyclopedia suggests 135 to 150 pieces survive today, with the lower number representing the currently known population. Most surviving 1794 dollars fall in the Fine to Very Fine range, with many of the coins impaired in one way or another.

That said, we call attention to the current 1794 representative with Fine sharpness. This coin is certainly not perfect, but the overall eye appeal is pleasing. Both sides display even, stone-gray toning that alternates to slate-gray shades over finely granular surfaces. The central devices are well-detailed for the grade, although the left peripheries are typically weak for the issue. The fields appear smoothed over in a probable effort to efface graffiti as well as some light abrasions. The noted repair includes the left-hand stars 2 through 5, which were strengthened, and the coin may have been holed through star 2 and the A in STATES. If this is the case, then the plug was well-executed. The coin retains considerable arm's length appeal despite the impairments, and this genuinely rare silver dollar is worthy of a solid bid. It appears on page 196 of the 2010 Martin A. Logies reference as The Rothert Specimen, and the coin's provenance is reprinted here.
Ex: Most probably from the F.H. Knoop Collection (B. Max Mehl, 12/1931), not plated, lot 125; Matt Rothert (Bowers and Ruddy, 11/1973), lot 918; The Charmont Sale (Ivy, 8/1983), lot 3767; 1988 ANA Convention Sale (Heritage, 7/1988), lot 929; FUN Signature (Heritage, 1/2001), lot 8793; Lake Michigan and Springdale Collection (American Numismatic Rarities, 6/2006), lot 2001; the present consignor.
From The Poulos Family Collection, Part II.

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