The oldest circulating 1 dollar coin in the United States is the Flowing Hair dollar, which was minted beginning in 1794. This coin was the first ever dollar coin issued by the United States federal government, establishing the U.S. dollar as currency. Let’s take a closer look at the history and background of this iconic coin.
Introduction to the Flowing Hair Dollar
The Flowing Hair dollar, also known as the Flowing Hair Liberty dollar, was the first dollar coin issued by the United States federal government under the Coinage Act of 1792. This act established the United States Mint and authorized coinage of multiple denominations, including a standard silver dollar coin. The coin was minted for only two years from 1794 to 1795 before being replaced by the Draped Bust dollar.
The Flowing Hair dollar features an obverse (front) design with a bust of Liberty facing right, with flowing long hair. The reverse features an eagle with outstretched wings, surrounded by wreaths and a banner reading “United States of America.” These designs were created by the early Mint Engraver Robert Scot and reflect early American symbols of liberty.
The coin is made of 90% silver and 10% copper, weighing 26.96 grams. The composition and weight was set by the Coinage Act of 1792. A total of 175,000 Flowing Hair dollars were minted over the two years of production.
History Behind the Coin Design
The creation of the Flowing Hair dollar has an interesting history behind it. Under the Articles of Confederation government from 1781 to 1789, the United States did not have an officially established monetary system or currency. Foreign coins like the Spanish dollar and British pounds circulated along with state bank notes of questionable value.
To establish a standardized monetary system, Secretary of the Treasury Alexander Hamilton pushed for federal minting and coinage powers. This was granted by Congress through the Coinage Act of 1792, which established the U.S. Mint and the first U.S. decimal currency denominations. The act designated the silver dollar as the cornerstone unit of the new currency, with smaller denominations calibrated to fractions of the dollar.
For the dollar coin design, ideas were submitted by various artists. The chosen design is attributed to the first Chief Engraver of the U.S. Mint, Robert Scot, likely with input from various officials including Hamilton. Scot’s Flowing Hair design was meant to symbolize liberty and independence, by depicting Liberty in classical style inspired by ancient Greek and Roman coinage.
Mintage and Circulation
The U.S. Mint at Philadelphia struck the first Flowing Hair dollars in October 1794. Mintage was sparse initially, with only 1,758 coins struck in 1794. The following year saw higher production, with 160,295 coins struck in 1795. Therefore, the total mintage across 1794-1795 was just 175,053 coins.
By today’s standards, these mintages seem extremely low. However, in early U.S. history, coinage production was small and silver dollars did not circulate widely. The coins saw some use, but were considered more of a prestige item. Many were either kept as souvenirs or were traded internationally in places like the West Indies where Spanish dollars were standard.
Here is a table with mintage figures for the Flowing Hair dollar by year:
| Year | Mintage |
| 1794 | 1,758 |
| 1795 | 160,295 |
| Total | 175,053 |
This low survival rate makes any surviving specimens from 1794 extremely rare and valuable for collectors today. The 1795 issue is more plentiful with a few thousand examples known to still exist.
Replacement by the Draped Bust Dollar
The Flowing Hair dollar design was short-lived, being replaced by the Draped Bust dollar starting in 1795. There were several likely reasons for the transition:
- The Flowing Hair design was criticized by some as being unflattering.
- Mint officials sought more distinction from foreign coinage designs.
- The depicted Liberty was too similar to French “liberty head” coins.
- Officials wanted to depict Liberty in a more modest, matronly manner.
The new Draped Bust dollar design by engraver Robert Scot depicted Liberty wearing a cap and draped bust line, launching the next evolution in early American coinage.
Collectibility and Values
For coin collectors today, the Flowing Hair dollar represents the very first dollar coin issue of the United States. As low-mintage survivors from the 1790s, these coins are extremely prized by collectors.
Values differ widely based on condition and mintage year:
- 1794 Flowing Hair dollars are extremely rare, with an estimated 150-300 examples surviving in all conditions. Only a couple are known in high mint condition. In PCGS XF40 grade, a 1794 Flowing Hair dollar is valued around $200,000. In top PR or MS grades, the value reaches into the millions.
- 1795 Flowing Hair dollars are more available with a few thousand surviving specimens. In lightly circulated XF grade, the 1795 issue trades for around $20,000. Mint state examples can fetch $100,000 or more at auction.
Clearly, these coins carry enormous numismatic value in addition to their silver melt value. Their significance as the nation’s first dollar coin makes them highly desirable acquisitions.
Key Takeaways
Here are some key facts to remember about the Flowing Hair dollar, America’s first dollar coin:
- Authorized under the Coinage Act of 1792, establishing U.S. Mint
- Designed by Robert Scot with flowing hair Liberty design
- 90% silver/10% copper composition
- Minted only in 1794 and 1795
- Total mintage just 175,053 coins
- Extremely rare survivors with high numismatic value
- Quickly replaced by Draped Bust dollar design
As the very first dollar coin of the United States, the short-lived Flowing Hair dollar is a classic rarity that occupies an acclaimed spot in American numismatic history. High-grade surviving examples are multi-million dollar trophies on the coin market today.
Conclusion
In conclusion, the Flowing Hair dollar of 1794-1795 stands as the very first dollar coin issued by the U.S. Mint. Authorized by Congress to establish America’s decimal currency system, this coin featured a bust of Liberty with long flowing hair on the obverse. With a limited mintage of just 175,000 coins, survivors today are incredibly rare and valuable, commanding prices up to millions of dollars depending on condition. As the inaugural dollar coin design of the United States, the Flowing Hair dollar has a celebrated place in history and numismatics as a short-lived but iconic piece of early American currency.