1794 $1 B-1, BB-1, R.4, XF40 PCGS. CAC....

Click the image to load the highest resolution version.

Sold on Apr 30, 2025 for:

$384,000.00 Bid Source: HA.com/Live bidder

Get one of these:

Share this lot

Track Item Printable Auction Results

Sell One of These

Description

Auction Info

Guides & Info

Description

1794 B-1, BB-1 Silver Dollar, XF40
America's First Silver Dollar
The Gainsborough Specimen

1794 $1 B-1, BB-1, R.4, XF40 PCGS. CAC. Die State II shows obverse and reverse clash marks. The Philadelphia Mint was initially only able to produce half cents and large cents in 1793 and the first three quarters of 1794 due to the "coinage impediment." When Congress passed the Mint Act of 1792, they included bond requirements in section 5:

"And be it further enacted, That the said assayer, chief coiner and treasurer, previously to entering upon the execution of their respective offices, shall each become bound to the United States of America, with one or more sureties, to the satisfaction of the Secretary of the Treasury, in the sum of ten thousand dollars, with condition for the faithful and diligent performance of the duties of his office."

Neither chief coiner Henry Voigt nor assayer Albion Cox was able to meet the requirements until Congress relaxed the stipulation to more appropriate levels of $1,000 for Cox and $5,000 for Voigt. Once Voigt and Cox provided those bonds, the Mint was able to handle silver for the first time.

Mint Director David Rittenhouse made two deposits of silver on August 29, 1794, in the amounts of $1,706.82 and $294.51. Production amounted to 2,000 silver dollars matching the amount of those deposits, although just 1,758 of the coins were deemed acceptable. Those coins were delivered to the Mint treasurer on October 15, 1794, and paid out to David Rittenhouse who distributed the coins to others.

These coins rank among the historically significant pieces of American coinage, and each was personally handled by Mint Director Rittenhouse. They are extremely popular with today's collectors.

Current research suggests that about 140 to 150 surviving 1794 silver dollars are known in all grades. This important 1794 silver dollar is labeled the Gainsborough Specimen and recorded in Martin Logies' reference, The Flowing Hair Silver Dollars of 1794: An Historical and Population Census Study, on 1794 dollars. The Kreisberg cataloger wrote in 1980:

"Very Fine, with the usual uneven strike, weakest at date, lower right three stars, and UNITED STATES OF, elsewhere sharp on hair details and eagle's feathers. Intermediate die state, showing heavy clash marks around centers. Nearly free of adjustment and handling marks, although the obverse surface is microscopically granular; identifiable by a tiny rim nick at eleventh star."

Logies enhances the description on page 127 of his reference:

"Left stars and legends relatively sharp, showing weakness primarily at the lower right obverse and upper right reverse. The obverse displays a noticeable diagonal scratch from the right base of the 7 to top of the 9 in the date and a faint scratch on Liberty's cheek. On the reverse, there is a noticeable scratch or adjustment mark running diagonally from the rim between the letters F in OF and the first A in AMERICA. There is also a small nick to the left of the first A in AMERICA, just above a berry on the outside of the wreath."

Neither observer mentioned the lovely champagne, gold, rose, and blue toning that appears on both sides of this important dollar that captured the approval of the Certified Acceptance Corporation (CAC). Demand for 1794 silver dollars continues unabated today, and examples at all levels of preservation are find a ready market.
Ex: The Gainsborough Collection (Abner Kreisberg Corporation, 9/1980), lot 749.
From The Texas Republic Ranch Collection.

Coin Index Numbers: (NGC ID# 24WY, Variety PCGS# 39972, Base PCGS# 6851)

Weight: 26.96 grams

Metal: 89.24% Silver, 10.76% Copper

View all of [The Texas Republic Ranch Collection ]

View Certification Details from PCGS