LOT #3063 |
Current Bid: $195,000
1794 $1 B-1, BB-1, R.4, XF40 PCGS....
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Description
1794 B-1, BB-1 Flowing Hair Dollar
Original Patina, XF40
The Cleneay Specimen
1794 $1 B-1, BB-1, R.4, XF40 PCGS. Bowers Die State II. The
first appearance of this 1794 dollar was in the Chapman brothers'
offering of the Thomas Cleneay Collection, in December 1890.
Cleneay had been one of the most prolific numismatists of his time,
and his collection, in addition to being expansive, was replete
with high-end examples of the coins he acquired. The Chapmans wrote
of the collection as a whole:"The collection described in this Catalogue is one of the earliest and most important formed in this country, and is the result of some forty years' collecting by the late Thomas Cleneay, Esq., of Cincinnati, ... His aim was to secure specimens of all the United States series either proof or uncirculated condition, and how nearly he succeeded may be seen when we can state that the collection is complete in all denominations with the few exceptions... The coins are so uniformly fine that it is a difficult matter to make a selection to which the especial notice of collectors should be drawn, and we therefore refer them to the Catalogue, where there may be found great numbers of remarkable examples in all denominations in the United States series, ..."
On page 40 of the catalog, the Chapmans described lot 922, Cleneay's lone 1794 Flowing Hair dollar:
"1794 Head of liberty r., 8 stars behind and 7 before head; LIBERTY above, date beneath. R. Eagle standing on cloud, within a wreath of two olive branches; UNITED STATES OF AMERICA. Edge, HUNDRED CENTS ONE DOLLAR OR UNIT. Fine. As usual not sharply struck on left side. One of the best offered for some time. Extremely rare. Plate IV. Type 1794 and 1795."
The coin realized $70.00, and after that appearance, dropped off the numismatic auction scene. It was, in 1942, among the holdings of "Colonel" Green when B.G. Johnson acquired it, and it was later placed with Dr. Charles R. Ruby circa 1949. It did not appear at auction again until 1974, and it last appeared at auction in Heritage's July 1994 ANA Convention auction.
The coin was thought to be "one of the eight finest known" when Dr. Green acquired it. By 1994, the number of 1794 dollars accounted for numbered over 120 pieces, and the Cleneay specimen was considered to be within the top 20 coins. In 2010, Martin A. Logies' census of 1794 dollars was published, enumerating 134 examples -- an exhaustive study of auction appearances for the issue up to that date. Since that publication, we have documented three additional pieces, ranking the 1794 dollar at 137 coins known. Logies lists 30 pieces in grades higher than the XF40 level, which makes this piece an upper-end specimen in terms of the coins typically seen. Within the last 10 years, this is only the sixth piece we have handled in XF40 or better condition. Most recently, an XF40 PCGS CAC piece in our May 2025 Central States Signature garnered $384,000. A couple years previously, an XF45 PCGS CAC coin in our November 2023 Dallas Signature realized $528,000.
The current coin is characterized by its strong definition and rich patina. Steel-gray toning appears overall with deeper blue and red-lilac undertones as well in the fields that give the coin its distinctive look. The devices are slightly lighter on the more exposed areas, but the patina is mostly uniform throughout. The weakness seen on the left sides of the obverse and reverse is common on 1794 dollars, a product of the striking and planchet conditions when the coins were made. UNITED STATES is perhaps the weakest, but the lower halves of the letters can still be made out. Per the die state, clash marks appear in the fields. The adjustment marks on this coin are clustered together in three groups: a faint cluster from the 4 in the date to star 15, the most prominent group left of star 1 to the right of star 4, and the third batch from star 8 to the L in LIBERTY. On the reverse, there is a small planchet depression at the bottom of the right wing, and another, much smaller one at the top of the U in UNITED. A nearly vertical scratch toward the top of the eagle's breast serves as another pedigree marker, and there is also a tiny, sharp rim nick above the space between the A and M in AMERICA. Perhaps unsurprisingly, our closing sentiment from 1994 remains applicable for this coin today: This is a very pleasing 1794 dollar and one of the finest we have handled in years.
Ex: Thomas Cleneay (S.H. and H. Chapman, 12/1890), lot 922, where it realized $70.00; unknown intermediaries until "Col." E.H.R. Green; then B.G. Johnson in 1942; to Dr. Charles R. Ruby about 1949; Charles Ruby Collection (Superior Galleries, 2/74), lot 1446, where it realized $18,500; to Fred S. Werner bidding for Edwards H. Metcalf; then to 1975 ANA Sale (Superior, 8/75), lot 785, where it was "bought in" at $11,000; consigned to the Dr. Ronald Davenport Collection (Superior, 2/77), lot 463, where it was purchased for $9,750 by Joe Haines; integrated into 1981 Rare U.S. Coin Auction (Superior, 2/81), lot 641, realized $29,500 to a "California Collector"; ANA Convention Sale (Heritage, 7/1994), lot 7083, where it realized $33,550; Swan Family Collection.
From The Hawkeye 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 Hawkeye Collection. ]
Auction Info
2025 October 2 - 5 GACC US Coins Signature® Auction #1386 (go to Auction Home page)
Proxy Bidding Ends
October
2nd
Thursday
12:50 pm CT
Auction Dates
October
2nd-5th
Thursday-Sunday
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Heritage Auctions
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Dallas, TX 75261
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