A rare piece of American history is set to be auctioned, potentially breaking records once again. The 1794 silver dollar, often called the “Holy Grail” of U.S. coins, is expected to sell for at least $10 million. This article explores the coin’s significance, the auction details, and its remarkable historical value.
A Historic Coin with Unmatched Value
The 1794 silver dollar is believed to be the first silver dollar ever minted by the United States. Featuring Lady Liberty surrounded by stars on one side and a majestic eagle on the other, this coin represents an essential milestone in American history.
Of the 1,758 silver dollars minted in 1794, fewer than 130 have survived, making this coin one of the rarest in the world.
The coin, known as the “Flowing Hair Silver Dollar,” was purchased in 2013 by Bruce Morelan, a passionate collector from Las Vegas, for a record-breaking $10 million. This sale set the bar for rare coin prices worldwide, cementing the 1794 silver dollar’s status as a national treasure.
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Auction Details: Where and When
The highly anticipated auction will take place on October 8 at The Venetian Hotel in Las Vegas, organized by Legend Auctions. Coin enthusiasts and collectors worldwide can participate both in person and online.
This auction will showcase not only the prized 1794 Flowing Hair Silver Dollar but also 14 other early American silver dollars from Morelan’s collection, including a rare 1804 dollar. The collection as a whole is estimated to fetch between $15 million and $18 million.
Why This Coin Is So Special
What sets this 1794 silver dollar apart is its exceptional quality and historical significance. Brett Charville, president of the Professional Coin Grading Service, rates the coin at a grade of 66 on a scale where 70 represents perfection.
The coin is classified as a “specimen,” meaning it is superior to regular mint condition. It is widely believed by experts to be the very first silver dollar ever struck by the U.S. Mint.
In addition to its rarity, the coin holds immense historical value. It was presented to Edmund Jennings Randolph, the Secretary of State in 1794, who later referred to it in a letter to President George Washington.
Experts suggest that this coin may have been viewed by other significant figures in early American history, including Thomas Jefferson and Alexander Hamilton.
The Legacy of Bruce Morelan’s Collection
Bruce Morelan, who has spent years building his collection of early American silver dollars, views the 1794 Flowing Hair Silver Dollar as the centerpiece of his collection.
Morelan has described his love for coins as being “in his blood” and shared that owning the 1794 dollar was a lifelong dream. Now that his collection is complete, he feels it is time for other collectors to appreciate these coins.
Morelan’s collection, including the 1794 silver dollar, is expected to generate significant interest at the auction. The 1804 dollar, one of only eight known, is also a prized part of the collection and has its own unique history, being specially minted in the 1830s as diplomatic gifts.
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The Symbolic Importance of the 1794 Dollar
The significance of the 1794 silver dollar goes beyond its monetary value. Matthew Bell, CEO of Legend Auctions, describes it as a “national numismatic treasure” that symbolizes the financial independence of a young United States.
This coin represents the early struggles and triumphs of the nation as it established its own identity and economy.
Given its importance in 1794, the coin was likely seen by key figures in American history, including President George Washington and Secretary of State Thomas Jefferson.
Its journey through time, from being one of the first U.S. coins to becoming the world’s most expensive coin, mirrors the growth of the United States itself.
Conclusion
As the 1794 Flowing Hair Silver Dollar heads to auction once again, it continues to captivate collectors and historians alike.
With its unparalleled rarity, historical importance, and record-breaking value, the coin is expected to remain a highlight of American numismatic history.
For those who appreciate the deep connection between history and currency, this auction is a chance to own a true piece of American heritage.