Flowing Hair dollar

Flowing Hair dollar
source
Country	United States
Value	1.00
Unit	United States dollar
Mass	26.96
Diameter	39.5
Thickness	2.0
Edge	lettered
Composition	90% silver, 10% copper
Years of minting	1794–1795
Obverse design	Liberty facing right
Obverse designer	Robert Scot
Reverse design	Small eagle within a wreath
Reverse designer	Robert Scot
Mint marks	None. All struck at the Philadelphia Mint.

Flowing Hair dollar. The Flowing Hair dollar was the first dollar coin issued by the United States federal government. Authorized by the Coinage Act of 1792, it was minted in silver at the nascent Philadelphia Mint in 1794 and 1795. The coin features a portrait of Liberty with flowing hair on the obverse and a small eagle on the reverse, designs created by Chief Engraver Robert Scot.

History

The creation of the Flowing Hair dollar was a direct result of the Coinage Act of 1792, championed by Secretary of the Treasury Alexander Hamilton. This legislation established the United States Mint and defined the dollar as the standard unit of money, based on a specific silver content. The first Philadelphia Mint, then located at Seventh Street in Philadelphia, struggled with primitive equipment, which delayed production. The initial coinage run in late 1794 was small, partly due to a shortage of silver bullion and the technical challenges faced by Mint Director David Rittenhouse and his staff. The coin represented a tangible assertion of national sovereignty following the American Revolutionary War, distinct from the circulating Spanish dollar and other foreign coins.

Design

The obverse of the coin, designed by Chief Engraver Robert Scot, depicts a right-facing portrait of Liberty with long, flowing hair. The design was influenced by contemporary Neoclassical art and similar to motifs found on earlier Continental coinage. The word “LIBERTY” appears above her, with fifteen stars (representing the number of states in the Union at the time) flanking the portrait, and the date below. The reverse features a small, naturalistic eagle perched on a rock, surrounded by a wreath of olive branches. The inscriptions “UNITED STATES OF AMERICA” and the denomination “ONE DOLLAR” or “A DOLLAR” encircle the design. The edge of the coin is lettered with the inscription “HUNDRED CENTS ONE DOLLAR OR UNIT” interwoven with ornaments.

Varieties and mintage

There are two primary date varieties: 1794 and 1795. The 1794 issue is exceedingly rare, with an estimated mintage of only 1,758 pieces. The 1795 coins are more numerous but still scarce, with a combined mintage of approximately 160,000 for both Flowing Hair and the succeeding Draped Bust dollar design later that year. Within the 1795 issue, several die varieties exist, distinguished by details such as the number of leaves in the wreath on the reverse (two or three) and the presence or absence of a silver plug in the planchet. All coins were struck at the Philadelphia Mint and bear no mint mark. The transition to the Draped Bust dollar, featuring a design by artist Gilbert Stuart, began partway through 1795.

Collecting and value

The Flowing Hair dollar is a premier rarity in American numismatics. The 1794 specimen is particularly legendary, with one example selling for over $10 million in a 2013 auction conducted by Stack's Bowers Galleries. Even well-worn 1795 examples command high five or six-figure prices. The coin's condition, as graded by services like the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Company (NGC), is the primary determinant of value. Most surviving examples reside in major institutional collections, such as those at the Smithsonian Institution, or in prestigious private holdings like the D. Brent Pogue Collection. Its status as the inaugural federal dollar coin makes it a cornerstone of any comprehensive collection of Early United States coinage.