Let’s not beat around the bush and check why the 1794 $1 Flowing Hair, Silver Plug (Special Strike) is such a valuable coin in the United States. The mint of this dollar specimen was in Philadelphia. It is made of silver (90%) and copper (10%).
While the auction record hit the $10,016,875 record with grade SP66 back in 2013, it could be worth 15 million dollars according to PCGS. It is such a valuable dollar because it is the finest example that experts know about and it was the first dollar. Perhaps it could even be the first piece struck of the denomination claims PCGS.
1794 $1 Flowing Hair Coin, Silver Plug (Special Strike)
What is more, the 1794 $1 Flowing Hair specimen is a gorgeous treasure in American history. Not to mention the fact that it is an absolute gem. Collectors in the U.S. and all over the world have known about its importance for several generations.
Since this coin has not always been available for experts to check it, there were a lot of rumors about its characteristics. No doubt, this mystery made it even more appealing.
However, all the doubts were solved when the Carter family collection was auctioned in 1984 by Stack’s Bowers. For your information, PCGS does not certify any coins before the year 1816 as Proofs. Instead, they are designated as Specimens.
Why was this coin designated as a Specimen by PCGS?
There are several reasons to make such an important designation:
- First of all, it is in the exact die state as the copper die trial.
- it is conceivably the first silver dollar struck in the USA
- this Specimen is one of the fewest samples known that is struck from aligned dies said PCGS
- besides, the planchet was prepared in a special way
- it is completely different from any other example experts know
- how well preserved it is
- sole plugged-at-the-Mint sample that experts know
- adjustment marks