1794 $1 B-1, BB-1, R.4, XF45 PCGS. CAC....

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1794 B-1, BB-1 Flowing Hair Dollar, XF45
Classic Early American Silver Rarity, CAC Endorsed
Ex: H.P. Smith-Heifetz-Richmond Collections

1794 $1 B-1, BB-1, R.4, XF45 PCGS. CAC. Ex: Troy Wiseman Collection. There is perhaps no coin in the U.S. series that defines the quality of a collection more immediately than the presence of a 1794 Flowing Hair dollar. The acquisition of a 1794 silver dollar at once establishes credibility for a collector and speaks volumes about a collection's scope. America's first silver dollar has been the premier showpiece denomination among U.S. silver issues since the first 1794 dollar was struck, and while its rarity adds an extra layer of commercial interest, the mere fact that it exists at all is something of a numismatic miracle. Struck by the nascent U.S. Mint on equipment ill-suited for any coinage larger than a half dollar, only 1,758 "acceptable" pieces were struck. Aside from a few exceptional specimens, the issue is generally poorly produced and fraught with problems -- well over 35% of surviving 1794 dollars are certified as impaired, while many others display strike weakness from misaligned dies, extensive die clashing, and/or prominent adjustment marks. Other survivors were simply well-used, showing extensive wear and marks from lengthy circulation.

Of the 140 to 150 examples thought to exist, about 90% of those coins are individually documented with their pedigrees largely intact. Many trace back to the early days of the hobby. Thanks to research by the late Jack Collins and later continued by researcher and author Martin Logies, nearly every 1794 dollar is a "known quantity" and ranked within a comprehensive roster. This example is listed on page 116 of the Martin Logies' reference, The Flowing Hair Silver Dollars of 1794. Because some higher-grade pieces are damaged and repaired, in terms of overall quality we suggest that this XF45 example with CAC endorsement is among the top two dozen pieces known. It offers an impressive provenance, known as the H.P. Smith example. Later, it was held in the Jascha Heifetz Collection and was an important standout of the Richmond Collection.

Its 1906 H.P. Smith appearance is of particular importance, prompting the S.H. & H. Chapman to write in their catalog preface:

"The late Mr. Harlan P. Smith for a great many years was an ardent amateur collector of coins, and during the later period of his life engaged actively in dealing in them, but always endeavored to improve his own private cabinet, and collectors will here find a collection that takes rank with the finest that have ever been sold as regards to completeness, rarity, and preservation, and probably equals in value the great Mills collection, which we sold two years ago, for what it may lack in the colonial series in comparison with the former collection, it surpasses in the United States gold coins, for it contains all the great rarities in the latter series and is complete in the silver, with the exception only of the 1804 dollar."

The coin itself was much more briefly described within the catalog as "Very good. Unusually even impression, date well struck, and also the reverse. Very Rare. Plate VII." It sold as lot 403 for $90, a strong price at the time, but considerably less than a 1797 half dollar (Very Fine), an 1823/2 quarter (Very Fine), an 1802 dime (Very Fine) that appeared in that same catalog. How times have changed.

Nearly 100 years later, this 1794 dollar appeared as part of The Richmond Collection, Part II. The cataloger wrote:

"Having seen many of the surviving 1794 dollars, this is one of the most pleasing for the grade, as so many of these have significant problems or have been repaired to varying degrees. For the grade, it would be hard to imagine a more 'perfect' coin of this date and any collector who has searched high and low for a particularly clean example of this date will find this piece to be as nice as any seen."

A single die pair struck the entire 1794 silver dollar mintage. The dies clashed heavily almost immediately. As a result, only the earliest and latest die states are free of die clashing, with the dies resurfaced to remove clash marks multiple times during the difficult minting process. The Logies reference includes an interesting discussion of the 1794 silver dollar die states, designating Die State I as "perfect dies," apparently seen only on the sole SP66 PCGS coin and possibly on the solitary Judd-19 copper pattern. Die State II shows heavy die clashing in the obverse and reverse fields. Die States III and IV show varying degrees of die lapping -- first on the obverse (Die State III) and later on both the obverse and reverse (Die State IV), until all die clashing is removed on Die State V. Die States I and V are each rare.

Although the Logies reference indicates clash marks are visible on this coin's reverse, we do not see any die clashing on either the obverse or the reverse. The third curl from the bottom is shallower than the Die State I Specimen strike, but no substantial shortening of Liberty's back curls is obvious. With variances in strike, die alignment, and wear, the true die state of this coin is subjective. It is most likely Die State V.

A few obligatory adjustment marks are randomly located at the left reverse margin, but they are generally unobtrusive, the deepest found at the D in UNITED. A pinpoint mark above the eagle's beak is useful for identification. While encapsulation prevents a thorough examination of the edges, there is a shallow reverse rim ding at 2 o'clock. A few short, curved pin scratches are evident along the upper obverse border. The most significant of these is a small mark at the right side of the D, perhaps the most obvious pedigree characteristic.

Warm-gray toning offers pleasing silver highlights and faint hints of luster persist primarily at the reverse wreath and lower-right margin. The strike is bold for a 1794 dollar, with minor weakening at stars 1 to 4 and at STATES, although the reverse dentils are visible along the upper-left rim. Overall, this is an exceedingly choice example of this famous silver dollar rarity, seldom offered any finer.
Ex: Harlan P. Smith (S.H. and H. Chapman, 5/1906), lot 403; later, Stack's (6/1989), lot 1998; Jascha Heifetz Collection (Superior, 10/1989), lot 3814; Frontenac Sale (Bowers and Merena, 11/1991), lot 2195; 1997 ANA (Heritage, 7/1997), lot 6470; Richmond Collection Part II (David Lawrence, 11/2004), lot 1443; Steve Contursi; private collector; The Troy Wiseman Collection / Long Beach Signature (Heritage, 9/2006), lot 2347.
Selections From The Bayfield Collection.

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

Weight: 26.96 grams

Metal: 89.24% Silver, 10.76% Copper

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