Flowing Hair Dollar

Although the dollar is the cornerstone of the monetary system devised by the United States, more than two years passed between the time Congress authorized dollar coinage and the actual production of the first such coin, the Flowing Hair Dollar.

Specifications

 * Designer: Robert Scot
 * Obverse Design: Long-haired Miss Liberty bust surrounded by stars
 * Reverse Design: Perched eagle within a wreath
 * Edge: Lettered - HUNDRED CENTS ONE DOLLAR OR UNIT (various ornaments between words)
 * Weight: 27.0 grams
 * Diameter: 39-40 millimeters
 * Composition:    Silver (90%), Copper (10%)
 * Dates Minted: 1794-1795

History
A Congressional bill of 1792, signed by President George Washington, not only established an official United States Mint, but also established that the new mint would strike silver dollars weighing 416 grains, with a silver fineness of .8924. Still, it would be another two years before the introduction of the Flowing Hair type dollar, our nation’s first silver dollar.

It’s amazing to contemplate how primitive were the beginnings of our first U.S. Mint operations. Consider that no silver coinage could be struck in the first year of operation, 1793, because the mint’s chief coiner, Henry Voigt, and the official assayer, Albion Coxe, didn’t have enough money between them to meet the bond amount set by Congress. Only when it was lowered, in 1794, was the mint able to strike silver coins. And consider how the Mint got their silver– they had to put the word out that they were open to receiving silver from private sources! So in July of 1794, the Bank of Maryland sent over 95,000 ounces of silver in the form of circulated French coins obtained in the West Indies. Because much of those silver coins were of less than fine silver, the silver supply had to be supplemented with a supply of silver ingots brought in by Mint Director, David Rittenhouse.

FINALLY.. in October of 1794, the U.S. Mint was ready to begin striking silver coins to go along with the copper coins that had already been struck. Initially, the half dime was going to be the first type of silver coin struck by the U.S. Mint, but Rittenhouse instead decided to go with the striking of silver dollars. So, by mid-October of 1794, 1,758 silver dollars were struck. But all did not go well. It seems the Mint’s largest coin press was designed to strike half dollars, not silver dollars. Consequently, much of the 1794 silver dollars were weakly-struck. In fact, some of the 1794 silver dollars were so weakly-struck, that they were not released into circulation! Instead, the defective silver dollars were held back for use in striking later silver dollars. Rittenhouse made certain a new coin press was constructed.

Background
The basic design of the Flowing Hair dollar – and of the Flowing Hair half dime and half dollar as well– is that of a long-haired Miss Liberty bust surrounded by stars on the obverse, and on the reverse, a perched eagle within a wreath, its wings spread and its neck turned to the right. This Flowing Hair design eagle is often referred to as the “scrawny eagle,” and was often referred to in the olden days as a “buzzard.” From 1794 through part of 1795, the reverse wreath was rather thin-leafed, but the wreath became fuller in the latter part of 1795.

As you can see by the paltry mintage of 1,758 pieces, the 1794 Flowing Hair dollar is quite a rare coin. But taking into account that much of that mintage was held back, that makes the 1794 dollar a VERY rare coin! Now ALSO take into account collector demand for our nation’s first silver dollar, demand that NEVER dissipates, and you have a coin that will cost you around $26,000 in just Good condition, if and when you can find it! The cost for a Fine example would be around $45,000! Almost always, 1794 dollars are sold at special auctions, and when it comes to auctions, price-guide values for in-demand rare coins can oftentimes be thrown out!

Things went better for the Flowing Hair dollar in 1795. The bigger and better silver-dollar-friendly coin press was ready to go in May of that year. Over the next several months, thousands of Flowing Hair dollars would be produced at the U.S Mint facility in Philadelphia. In fact, just over 203,000 1795 Flowing Hair dollars would be struck– a HUGE jump over the 1794 production! There are actually two types of 1795 Flowing Hair dollars: the two-leaves type and the three-leaves type, referring to the number of leaves below the eagle wings. The collector will pay just slightly more for the two-leaves variety, but in actuality, most collectors are just happy to have any type of Flowing Hair silver dollar, never mind the leaf varieties.

Collecting
Obviously, because of the much-higher production of silver dollars in 1795, the 1795 Flowing Hair dollar is MUCH more affordable than the 1794. In fact, almost every collector hoping to obtain a Flowing Hair silver dollar will have to settle for a 1795 example. It’s not cheap, but they can be found out on the market without too much trouble. Your local coin store will likely NOT have any Flowing Hair dollars, but they can be found at major coin shows, major coin auctions and on this website. A 1795 Flowing Hair dollar in Good will cost around $1,200, while a Fine example will cost about $3,250.

Unlike the Flowing Hair type half dime and half dollar, the Flowing Hair silver dollar would not finish out 1795. As the silver dollar was our new nation’s flagship coin, it came under more scrutiny. And the design did not pass public mustard. The Liberty bust was considered inferior to the European models from which it derived (particularly the French Libertas Americana medal) and the reverse eagle was considered too sickly-looking. In August 1795, Henry William DeSaussure replaced David Rittenhouse, who resigned his post due to ill health. It was during DeSaussure’s brief tenure as the new Mint director that the silver dollar was redesigned.

It’s not absolutely certain who introduced the Draped Bust silver dollar design of 1795, but credit is usually given to Gilbert Stuart, a renowned artist of the period. This new silver dollar design featured a far more handsome Miss Liberty on the obverse, her hair flowing in gentle, graceful curls. There was still a scrawny eagle on the reverse, though it differed from the Flowing Hair design eagle by virtue of its lowered wings. This new eagle would be replaced in 1797 with a more dramatic eagle design– but the long and short of it is, by the end of 1795, the Flowing Hair silver dollar was no more.

Because the Flowing Hair silver dollars of 1794-95 are so scarce, they cannot be advertised and promoted to the great extent that the later Morgan and Peace dollars can. New collectors may have to be in the collecting game for a while before they are even aware of their existence. But this short-lived silver dollar type, so unappreciated in its day, will forever be in demand by collectors as our nation's first silver dollar. They are worth pursuing. They will cost you some money, but you get a lot of coin, a lot of silver and a lot of history for that money!

Mints

 * Philadelphia Mint (No mintmark)