1794 Silver Dollar (1794 Early $1), PCGS VF30. This wonderful 1794 Early Dollar shows antique steel-grey and tan toning that is darker towards the edge of the coin. Also present are shades of blue, green and violet. The obverse, which is a little brighter than the reverse, is almost cameo-like because the central figure of Liberty is significantly lighter than the fields. The hair on top of Libertys head is slightly warn; while the hair on the side of her head shows some details, both in keeping with a VF grade. The lower hair is very well defined as if it were an XF coin. The fields are essentially clean and free of distractions by the standards of the issue. As nearly always found, there are some adjustment marks, but they are much lighter than usual. The coin is unevenly struck, which is typical for the date. The usual weakness, as a result of axial misalignment caused by a slight bend in the shaft of the die, is seen on the left side affecting the date and the left stars on the obverse, and UNITED STATES on the reverse. This weakness often makes the details illegible. In the present coin we see the upper parts of the 179 and most of the 4 in the date. We also see some of stars 1 to 6, most of 7 and all but the top tip of 8. The dentils on the left side are missing.

On the reverse we see the bottoms of all the letters of UNITED STATES while the letters in AMERICA are strong. There are clash marks present on both sides of the coin. It is unknown when the dies clashed, but it is likely that the dies clashed very early in the cycle of striking the 1794 dollars; it may also mean that more later die state dollars survived because a large number of those struck early in the process were melted at the Mint as unacceptable strikings. Like the uneven strike, these clash marks do not detract from the grade. Chief Engraver Robert Scot designed the Flowing Hair Dollar. It was issued from 1794 to 1795. It showed a portrait of Liberty facing right with her hair loosely tied behind her head. This feature evolved from the Flowing Hair Liberty portrait that was featured on Joseph Wrights Libertas Americans medal of 1783. Over time Liberty was turned to the right and was shown without the liberty pole and cap.

However, the basic idea of Libertys hair free flowing, is similar to the earlier concept. Above her head is the word LIBERTY, and the date is below. There are fifteen stars in accord with the number of states that made up the Union in 1794, eight to the left and seven to the right. The reverse shows a perched eagle with wings spread looking to the right. A wreath tied with a bow encircles the eagle. The legend UNITED STATES OF AMERICA is in an arc around the eagle. Except for its edge lettering, the coin has no denomination-- something that might appear as a sign of ineptitude on the part of early Mint employees to someone familiar with United States coinage of the 21st century. The omission was intentional, however, since United States coinage was new to the world market of the 18th century and the term Dollar would have been unfamiliar to merchants of the day. Like European coinage of the time, silver and gold pieces were valued by their weight and fineness so the denomination was largely irrelevant.

Prior to the issuance of silver coinage, only copper coins were made because neither the Chief Coiner, Henry Voigt, nor the Assayer, Albion Cox, could post the $10,000 bond required to be responsible for gold and silver. Thomas Jefferson recommended to President Washington that this bond requirement be reduced. Washington agreed, and in 1794 Scot was able to produce dies for the cent, half dollar, and the dollar coins. Since there was no standardized hubbing, individual punches were used for numbers, letters, the stars, and leaf punches. The edge was lettered HUNDRED CENTS ONE DOLLAR OR UNIT with decorative designs in between the words.

It is estimated that about 140 examples of this date survive out of the 1,758 dollars that were struck on a hand-turned screw press at the Mint in Philadelphia. The only day of production for dollar coins that year was October 15th. They were made from silver provided by David Rittenhouse, the Mint Director, who wanted production to begin as soon as possible. The early United States Mint was dependent on private deposits of precious metals. Rittenhouse deposited $2,001.34 worth of silver on August 29, 1794 so that silver dollar striking could begin. Using Rittenhouses bullion and one set of dies, 2,000 silver dollars were struck. Of these, 242 were found unacceptable and were either remelted or used as planchets for the next years run. All 1758 dollars were delivered to Rittenhouse on October 15th, and it was his responsibility to distribute the coins since he had deposited the bullion.

Even those 1794 Dollars that were acceptable for distribution show many of the difficulties the early United States Mint had with coinage operations. Virtually all of the known examples are softly struck to one degree or another at the left obverse and reverse borders, as is the present coin. This is due to the Mints use of a press that was intended for smaller-size coins, as well as the fact that the dies eventually slipped and became misaligned in the press. Additionally, many 1794 Dollars display adjustment marks that represent the Mints filing down of overweight planchets to make them confirm to the legally specified weight range for this issue. While these adjustment marks are often innocuous, as on the present coin, they are sometimes so numerous as to severely compromise one or more design elements.

Coin Collectors have pursued the 1794 silver dollar from the earliest days of the hobby. It is the most important and one of the rarest silver dollars. An example of this date was featured in the first all coin auction sale held in this country, the Roper Sale (M. Thomas and Sons, February, 1851), lot 22, item number 4. The charisma of this coin cannot be overemphasized. Many collectors choose this date over the much less expensive 1795 dollar when putting together a type set. Of course its position as first-date-of-issue is another reason for advanced collectors to obtain this date. Regardless of striking quality or level of preservation, a 1794 Flowing Hair Silver Dollar is extremely important in numismatic circles, and the ownership of even a low-grade and/or impaired example is the mark of an important collection.

Before the Revolutionary War, coins from many European nations circulated freely in the American colonies along with decimal coinage issued by the various colonies. Chief among these was the Spanish silver dollar coins (also called pieces of eight or eight reales) minted in Mexico and other colonies with silver mined from Central and South American mines. These coins, along with others of similar size and value, were in use throughout the colonies. They remained legal tender in the United States until 1857. The dollar was intended to replace the Spanish, English, Dutch and French coins that dominated the commerce of the Confederation era. It was authorized on April 2, 1792 in an act that also created the United States Mint and our nations coinage. Because it was the Unit, the silver dollar was the most important coin created and the basis of the nations monetary system. All other coins struck, and all paper money as well, are either fractional parts or multiples of the dollar.

All 1794 Flowing Hair Dollars are rare in all conditions. In its population report, PCGS shows in VF30 there are 16 with 26 better. NGC shows 34 in all grades. In VF30 there are 9 with 18 better. These numbers do not account for crossovers and resubmissions.