In an extraordinary turn of events, a 1795 Flowing Hair Silver Dollar—one of the earliest silver dollars minted by the United States—was discovered in a Rhode Island basement, sparking immense excitement among coin collectors and historians alike.
This rare coin, preserved in remarkable condition, offers a tangible link to America’s nascent years and has become the centerpiece of a highly anticipated auction.
Historical Significance of the 1795 Flowing Hair Dollar
The Flowing Hair Dollar, minted in 1794 and 1795, holds the distinction of being the first silver dollar issued by the United States federal government.
Designed by Robert Scot, the coin features Lady Liberty with flowing hair on the obverse and an eagle encircled by a wreath on the reverse.
The 1795 edition saw a mintage of approximately 160,295 coins, making surviving specimens, especially in high grades, exceedingly rare.
The Remarkable Discovery
In late 2024, during the cleaning of a family estate in Rhode Island, a descendant stumbled upon a coin tucked away in an old shoebox.
Upon closer examination, it was identified as a 1795 Flowing Hair Silver Dollar with a silver plug—a feature used to adjust the coin’s weight to the standard.
Graded AU58 by the Professional Coin Grading Service (PCGS) and approved by the Certified Acceptance Corporation (CAC), this coin ranks among the finest known examples of its kind.
Coin Specifications and Details
| Feature | Details |
|---|---|
| Year of Minting | 1795 |
| Design | Flowing Hair by Robert Scot |
| Obverse | Liberty with flowing hair |
| Reverse | Eagle within a wreath |
| Composition | 89.24% Silver, 10.76% Copper |
| Diameter | 39–40 mm |
| Weight | 26.96 grams |
| Mint Location | Philadelphia |
| Mintage | Approximately 160,295 |
| Variety | Silver Plug |
| Grade | AU58 (PCGS), CAC Approved |
| Estimated Value | Over $100,000 |
Market Value and Auction Prospects
The coin’s rarity and condition have positioned it as a highly coveted item in the numismatic community. Similar specimens have fetched substantial sums at auction.
For instance, a 1795 Flowing Hair Silver Dollar with a silver plug and graded MS65+ by PCGS realized $705,000 in a 2015 auction.
Given the current coin’s AU58 grade and CAC approval, experts anticipate a significant auction result, potentially exceeding $100,000.
The Silver Plug: A Unique Feature
The presence of a silver plug in this coin is particularly noteworthy. During the early minting process, underweight planchets were adjusted by inserting a silver plug to meet the standard weight requirements. This practice was short-lived, making such coins rare and highly desirable among collectors.
The Family Legacy
The coin remained in the possession of the same family for over two centuries, passed down through seven generations.
Its discovery not only adds a remarkable chapter to the family’s history but also provides a tangible connection to the early days of the United States Mint and the nation’s formative years.
Authentication and Grading
Upon discovery, the coin underwent rigorous authentication and grading processes. The Professional Coin Grading Service (PCGS) assigned it an AU58 grade, indicating minimal wear and excellent preservation.
Additionally, the Certified Acceptance Corporation (CAC) endorsed the coin, affirming its superior quality within its grade category.
Investment Potential
Rare coins like the 1795 Flowing Hair Silver Dollar are not only historical artifacts but also valuable investments.
Their scarcity, historical significance, and condition contribute to their market value. As tangible assets, they offer diversification in investment portfolios, often appreciating over time.
The discovery of the 1795 Flowing Hair Silver Dollar in a Rhode Island basement is a remarkable event that bridges the past and present.
Its upcoming auction offers collectors and historians a rare opportunity to own a piece of early American history. As anticipation builds, this coin stands as a testament to the enduring allure of numismatics and the stories that coins can tell.
FAQs
What makes the 1795 Flowing Hair Silver Dollar so valuable?
Its value stems from its historical significance as one of the first U.S. silver dollars, its rarity, especially with the silver plug feature, and its excellent condition, as indicated by its AU58 grade and CAC approval.
How does the silver plug affect the coin’s value?
The silver plug is a rare feature used to adjust the coin’s weight during minting. Coins with this feature are scarce, making them more desirable and valuable to collectors.
Where can I view or bid on this coin?
The coin is scheduled for auction by GreatCollections on December 15, 2024. Interested parties can view and bid on the coin through their official website.