Flowing Hair Dollar
The Flowing Hair Dollar represents the very first silver dollar and the largest silver denomination minted in the United States. The coins were made to help the young American republic grow and were a success in that they circulated widely. The coins were produced for just two years from 1794 to 1795 at the Philadelphia Mint. This short series is often collected alongside other pre-1804 Silver Dollars. The 1794 is a famous rarity and one of the keys to a complete set of Silver Dollars, while the 1795 is more or less available. Uncirculated examples for both dates are rare.
image from www.coinpage.com
As the other silver denominations first struck in 1794, the Silver Dollar denomination was authorized by the Coinage Act of 1792. The Act was passed by Congress on April 2, 1792, but it would take a full two years until the first silver coins were struck. This can be blamed on various reasons. No building in Philadelphia, where the new Mint was to be located, was suitable for such work. Bullion also was in short supply. Eventually a deposit of minor French silver coins of varying alloys and fineness was used to supply the silver for the first Silver Dollars.
The Flowing Hair Dollar was designed by Robert Scot, who had previously designed some of the copper coins of 1793 and 1794. The obverse, per the Coinage Act of 1792, featured a head of Liberty, facing right with large locks of flowing hair behind her. On top is the word LIBERTY in capital letters. Eight stars are left, behind the head and another seven are right, in front of Liberty. These represent the fifteen states in the Union at the time the pieces were struck.
The reverse features a bald eagle with its wings perched, fully surrounded by a wreath. UNITED STATES OF AMERICA is around, widely spaced. As on all the other early silver and gold coins, there is no denomination on the surfaces of the coin. Instead, the denomination is lettered on the edge of the coin reading HUNDRED CENTS ONE DOLLAR OR UNIT. The last word was also specified in the 1792 Coinage Act, where the denomination was specified as Dollar or Unit. The word "UNIT" did not catch on in later times, and it basically is forgotten except by specialized collectors and researchers since the early 19th century.
The first silver coinage that was planned for production had initially been the half dime denomination. However, Mint director David Rittenhouse decided that the nation’s first coinage would have to be the cornerstone of the American monetary system. As such, 2,000 silver dollars were minted at the small coining press which was available at the time in Philadelphia. 242 pieces never left the Mint and were melted soon after their mintage for lack of quality. The remaining number, 1,758 was distributed to VIP’s and Congressman, and eventually reached circulation. The quality of the remaining pieces was somewhat poor, as the majority showed severe weakness at the left side of the design or planchet problems. The Mint was not able to turn out a good supply of Silver Dollars until the following year.
Originality is extremely important when grading Flowing Hair Dollars. Over the centuries, many of the remaining survivors have been cleaned, damaged, or repaired. Original pieces are scarce, and worth considerably more than the average coins that appear on the market. As previously mentioned, weakness in strike is common, and a sharply struck coin is a rarity, especially for the first date. As can be expected these large coins were extremely vulnerable to marks, and many circulated and uncirculated pieces as well show heavy marks in the fields. Uncirculated pieces show prooflike fields, and are a true pleasure to hold, if it is possible to locate one of the rare examples that escaped from circulation.