Flowing Hair Dollar

The Flowing Hair Dollar is the first silver dollar struck by the United States Mint, produced only in 1794 and 1795. The obverse shows the head of Liberty facing right, her hair flowing loose and unbound, encircled by stars, with LIBERTY above and the date below. The reverse depicts a small eagle with wings spread, perched within a wreath.

The coin is a large, heavy silver piece — roughly 39–40 mm across and about 26.9 g — struck in an early silver alloy of approximately 90% silver (the Mint's initial standard was near 89.2% silver). Its edge is lettered rather than reeded, reading HUNDRED CENTS ONE DOLLAR OR UNIT with decorative devices. As the founding U.S. dollar, it is one of the most historically significant and sought-after coins in American numismatics, and genuine examples are scarce and valuable in every grade.

Authorized by the Coinage Act of 1792, the silver dollar was intended as the anchor of the new nation's decimal money. The Mint, then in Philadelphia and still in its infancy, did not strike its first dollars until 1794. Working with hand-engraved dies and a screw press not really built for coins this large, the Mint produced only a small number of 1794 dollars, many showing weak striking on the left side. Robert Scot, the Mint's chief engraver, is generally credited with the design.

Production expanded in 1795, when tens of thousands more Flowing Hair dollars were struck. Later that same year the design was replaced by the Draped Bust dollar, ending the Flowing Hair type after just two dates. Because of its brief run and its status as the very first American dollar, the type is prized by collectors; a superb 1794 example famously became one of the most expensive coins ever sold at auction. The exact original mintages are not precisely documented, and survivors represent only a fraction of what was struck.

The obverse is the defining feature: a right-facing portrait of Liberty whose long hair flows loosely and untied, without a cap or wreath on her head. LIBERTY arcs above, the date sits below, and stars flank the portrait — 1794 dollars show fifteen stars, while 1795 examples appear with fifteen or, on later dies, additional arrangements. There is no motto such as IN GOD WE TRUST, which did not appear on U.S. coinage this early.

The reverse shows a small, naturalistic eagle with outstretched wings standing within an open wreath, surrounded by the legend UNITED STATES OF AMERICA. There is no denomination expressed as a numeral or words on the faces of the coin — the value is instead spelled out on the edge, which is lettered: HUNDRED CENTS ONE DOLLAR OR UNIT. This lettered edge is an important authentication point, since modern fakes often get it wrong or omit it.

Physically the coin is large and heavy: about 39–40 mm in diameter and roughly 26.9 g in early silver alloy, with no mint mark (all were struck at Philadelphia). Genuine pieces frequently show the crude, uneven striking and adjustment marks typical of the Mint's earliest years, rather than the crisp uniformity of modern coins.

The Flowing Hair Dollar is a genuine rarity in every grade, and even heavily worn, damaged examples command substantial sums well into the thousands of dollars because so few survive from a two-year type. Values climb sharply with condition, and problem-free coins with clear detail are highly prized. The 1794 issue is far scarcer than 1795 and trades at a large premium, with finest-known examples having realized seven- and even eight-figure prices at auction.

Because the type is so valuable, it is heavily targeted by counterfeiters and by alteration of edges, dates, and surfaces. Any Flowing Hair dollar should be treated as a coin requiring expert authentication before any transaction. Figures cited here are general context only; date, die variety, surface quality, and third-party certification determine actual value, and reputable grading (such as PCGS or NGC) is essentially mandatory for a coin of this stature.