The 1794 Flowing Hair Dollar: The Most Valuable Coin in American History

From the First Silver Dollar to a $12 Million Sale

The 1794 Flowing Hair Silver Dollar holds a distinction no other American coin can claim: it is widely believed to be among the very first silver dollars struck by the United States Mint. With only approximately 140 survivors from an original mintage of 1,758 coins, it is one of the rarest and most historically significant coins in existence — and the most expensive coin ever sold.

The 1794 Flowing Hair Dollar. View all 1794 dollar varieties in the NumisDex catalog.

The Record-Breaking Sales

One specimen — graded PCGS SP-66 (Specimen) with CAC approval — has been the single most expensive coin ever sold on three separate occasions:

• 2013: Sold at Stack's Bowers' Cardinal Collection auction for $10,016,875 — the first coin to break the $10 million barrier
• 2022: Sold privately for $12,000,000 through GreatCollections, setting the current world record for any coin

This particular specimen is the only 1794 dollar designated "Specimen" by PCGS, suggesting it may have been an early test strike or presentation piece — potentially the very first silver dollar struck by the Mint on October 15, 1794.

Other 1794 dollars have also commanded extraordinary prices. In November 2025, a different specimen graded PCGS MS-63+ sold at Stack's Bowers for $4,500,000. In December 2025, a third specimen graded PCGS EF-45 with CAC sold for $1,020,000 as part of the James A. Stack, Sr. Collection — a new record for any 1794 dollar grading below Mint State.

Historical Context

The Flowing Hair design, created by engraver Robert Scot, appeared on both the dollar and half dollar in 1794-1795. It depicts Liberty facing right with flowing hair on the obverse, and a small eagle within a wreath on the reverse. The design was replaced by the Draped Bust type in 1795.

The original 1,758 dollars struck on October 15, 1794, were produced on a hand-operated screw press. The planchets were slightly too small for the dies, which is why most surviving examples show weakness at the borders. Of the 1,758 coins struck, only about 1,350 were deemed acceptable for release — the remainder were returned to the melting pot.

Why the 1794 Dollar Commands Such Premiums

Several factors combine to make the 1794 dollar the pinnacle of American numismatics:

• Historical primacy — The first silver dollar denomination struck by the U.S. Mint
• Extreme rarity — Approximately 140 survivors from a one-day production run
• Condition sensitivity — Most survivors are heavily worn, making higher-grade examples exponentially rarer
• Cross-market appeal — Collected by both numismatists and historical artifact collectors
• Investment track record — The finest known example has appreciated from $7.85 million to $12 million over roughly 15 years

The Broader Flowing Hair Series

While the 1794 dollar dominates headlines, the 1795 Flowing Hair dollar is far more obtainable (and still significant). With a mintage of approximately 160,000, the 1795 provides collectors access to the same iconic design at a fraction of the 1794's price — well-circulated examples can be found for $2,000-5,000.

Explore the Flowing Hair Dollar series in the NumisDex catalog.