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Newly Discovered 1794 Dollar Makes #10 On The Condition Census List

 
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 Posted 06/18/2021  9:54 pm Show Profile   Check westcoin's eBay Listings Bookmark this topic Add westcoin to your friends list Get a Link to this Message
Author: Stack's Bowers Galleries, Thursday, June 17, 2021

Stack's Bowers Galleries is excited to present a newly discovered 1794 Flowing Hair silver dollar in their official auction for the 2021 ANA World's Fair of Money this August. Discovered in an accumulation by a southern UK dealer over 25 years ago, this piece is a newcomer to the census of known examples and was only recently authenticated with the assistance of Stack's Bowers Galleries. It subsequently received a grade of AU-55 from NGC and approval by CAC, ranking it among the most significant survivors of this historic issue.

Authorized by the Act of April 2, 1792, the 1794 Flowing Hair is among the most important silver dollars ever struck by the United States Mint, serving as the prototype for the unit upon which America's monetary system would be based. It was prized by collectors immediately upon striking and has been honored with the No. 3 ranking in the fifth edition (2019) of the influential reference 100 Greatest U.S. Coins by Jeff Garrett and Ron Guth. With a mintage of just 1,758 pieces, the 1794 Flowing Hair silver dollar is a coin of which legends are made.

Stack's Bowers Galleries has presented a 1794 silver dollar at auction nearly 40 times over the past two decades including the finest and most valuable specimens known. These offerings include six distinct sales for over $1 million including the $10 million Carter-Cardinal specimen, the $4.9 million Lord St. Oswald-Pogue example, the $2.8 million Lord St. Oswald-Norweb coin, the $1.2 million Boyd-Cardinal example, and most recently the $1.05 million Larry H. Miller coin. With the offering of this newly discovered example in their August auction, Stack's Bowers Galleries will affirm their position as the leading experts of this rare and historic issue.

Writing in the 2010 edition of The Flowing Hair Silver Dollars of 1794: An Historical and Population Census Study, Martin Logies of the Cardinal Collection Educational Foundation accounts for a surviving population of 140 to 150 examples in all grades. While unlisted in the Logies census, this new discovery would qualify as CC#10 based on that listing. This remarkable coin is very well struck and preserved for the issue, with exceptional definition to Liberty's hair and the stars on the obverse and nearly complete denticulation around both sides. The fields remain smooth and showcase subtle flashes of satiny luster. Just eight coins have been graded finer by NGC and only eight have been approved by CAC across all services, emphasizing the truly impressive quality of this piece.

Any 1794 Flowing Hair silver dollar is an extremely important numismatic find, and the ownership of even a low grade or impaired example is the mark of an important collection. This incredible AU-55 ( NGC) CAC specimen is surely destined for an advanced collector of silver dollars or early American artifacts.

This new discovery is one of several world-class U.S. coin rarities to be featured in the Stack's Bowers Galleries official auction for the ANA World's Fair of Money this August, accompanying the finest known 1804 dollar, an original 1827/3 quarter, a Mint State 1796 Stars quarter eagle, and many other treasures.

For questions about this exciting 1794 dollar or for more information on our August auction, please contact Stack's Bowers Galleries by telephone at 800-566-2580 or by email at Info@StacksBowers.com.

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Pretty exciting, with all the crazy price setting auctions lately I wonder just how high this new dollar will go? I think somewhere between $750K and $1 million, but it could easily go over the $1 million mark, as there are literally under half a dozen of these in AU grades, You can find a few more in uncirculated as they were most likely saved as first issue coins from a new country. PCGS coinfacts says around 150 exist in all grades, I suspect all but a dozen or 15 are VF and under, and most are probably even lower grade. I have not been able to find any photos of this coin yet.
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Edited by westcoin
06/18/2021 9:55 pm
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 Posted 06/19/2021  05:24 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply

Quote:
Discovered in an accumulation by a southern UK dealer over 25 years ago


My LCS buys accumulations regularly. He would wish to be so lucky!
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 Posted 06/19/2021  06:11 am  Show Profile   Bookmark this reply Add nickelsearcher to your friends list Get a Link to this Reply
Fascinating. Hopefully someone can locate a photo.
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 Posted 06/19/2021  09:54 am  Show Profile   Bookmark this reply Add jfransch to your friends list Get a Link to this Reply

This is from the Stacks Bowers website



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 Posted 06/19/2021  10:52 am  Show Profile   Bookmark this reply Add Ballyhoo to your friends list Get a Link to this Reply
1.25 million close would not surprise me with, as you've mentioned, a very busy and unusually higher year at auction.
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 Posted 06/19/2021  11:56 am  Show Profile   Bookmark this reply Add kbbpll to your friends list Get a Link to this Reply
I'm confused about why this is called a "new discovery" if it was "discovered in an accumulation by a southern UK dealer over 25 years ago". The UK dealer knew they had it but nobody else knew about it?
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 Posted 06/19/2021  12:05 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Good question!
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 Posted 06/19/2021  12:18 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Nice coin , but AU55 ?
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 Posted 06/19/2021  12:52 pm  Show Profile   Check westcoin's eBay Listings Bookmark this reply Add westcoin to your friends list Get a Link to this Reply
Awesome jfransch, thanks for finding the photos, I didn't see them when I checked the Stack's/Bowers website.


Quote:
Nice coin , but AU55 ?


Absolutely the scratch marks are actually file marks and common on these early dollars, they do not factor into the grade. I only see a tiny bit of rub which would put the coin right on as far as the grade goes, IMO. Remember in 1794 these were also struck using hand powered screw presses, so full strikes are also almost non existent as well. These coins must be graded on quite different standards than other coins from more modern times.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013!
ANA Life Member #3288 in good standing since 1982, EAC Member #6202, NBS Member, 2 variety collector.

See my want page: http://goccf.com/t/140440
Edited by westcoin
06/19/2021 12:53 pm
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 Posted 06/19/2021  2:21 pm  Show Profile   Bookmark this reply Add kbbpll to your friends list Get a Link to this Reply
The NGC images are here if anyone is interested, not as good as above though.
https://www.NGCcoin.com/certlookup/5947762-001/55/
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 Posted 06/19/2021  3:35 pm  Show Profile   Check westcoin's eBay Listings Bookmark this reply Add westcoin to your friends list Get a Link to this Reply
Interesting on the NGC page they list the coin value at $650,000 I still think it will go for more at least $100K more and maybe a lot more.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013!
ANA Life Member #3288 in good standing since 1982, EAC Member #6202, NBS Member, 2 variety collector.

See my want page: http://goccf.com/t/140440
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 Posted 06/19/2021  3:55 pm  Show Profile   Check Collects82's eBay Listings Bookmark this reply Add Collects82 to your friends list Get a Link to this Reply
Price guide valuations on something like this are grey area. Not enough specimens to really commoditize it.
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 Posted 06/22/2021  5:25 pm  Show Profile   Bookmark this reply Add newguy22 to your friends list Get a Link to this Reply
Reading this story makes me wonder if there are any other 1794 dollars out there in stored collections in Europe that are still yet to be discovered. I'm not talking about a hidden hoard, but the odd dollar or two sitting in someone's basement/attic. A couple years ago a continental currency piece was purchased for 50 cents at some local sale in Europe. If a great number of these dollars were saved for their significance in the birth of the new nation, I'd imagine higher quality pieces spent some of their time in Europe, where they weren't legal tender but seen more as novelty numismatic items. I'm just day-dreaming here, but I'd love to someday go to Europe, visit a small local coin shop/stall, and find something incredibly underappreciated there. Feel like a real treasure hunter
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 Posted 06/23/2021  06:00 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
I'm confused about why this is called a "new discovery"

There have been two books published over the years that listed every known example of the 1794 dollar. (Known meaning having appeared in or been traced to a public sale and from an image of the coin.) This is called a new discovery because it can't be traced to any of the previously known/published examples. What makes this one noteable is the condition of the coin. I have images of couple of other 1794 dollars that aren't listed in the most recent book, but they are all lower grade coins. new discoveries that are in the high end of the condition census are quite unusual.
Gary Schmidt
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