1794 P Flowing Hair Dollars : Silver Plug (Unique and Extremely Rare)

Early Silver Dollars

Mintage: 1
Minted at: Philadelphia

Designer - Engraver: Robert Scot
Metal Composition: 89% Silver - 11% Copper

Diameter: 39.5 mm
Mass / Weight: 26.96 grams

What this coin looks like (obverse, reverse, mint mark location, special features, etc.):
1794 Flowing Hair Silver Dollar - Silver Plug
This is an extremely rare variety of the 1794 Flowing Hair Silver Dollar which coin features a silver plug in the middle. The 1794 Flowing Hair Silver Dollar with the silver plug is unique - One of the rarest and most valuable of all US coins. Some experts and prominent numismatists believe that this coin (the very one depicted above) is actually the very first official US Dollar piece ever made - the very first of the first US dollar. It was reportedly struck on an autumn day on October 15 1794 and has been well preserved ever since - never seeing contact with other coins or put in a bag. This coin is in the exact same die state as the copper trial dies and was struck using perfectly aligned and newly polished/burnished dies. All 1794 pieces have die clashing/lapping and/or slight die misalignments - with the exception of just this one piece. It is essentially a perfect piece barring minor weight adjustment filing marks made at the Mint. All of this is evidence that this unique piece is the earliest (and very first) strike. This coin recently sold at auction for over $10 Million.

Some coins from 1794 and 1795 began as silver blanks before being struck. These blanks were individually weighed in order for the coin to contain the legal amount of silver authorized. Pieces that were overweight had to be filed down until they met the weight standard. Other coins were weight-adjusted by placing an 8mm circular silver plug through the center of the planchet. Once the correct weight was established - then the blank would be struck by the dies and minted into a US dollar. These silver plugs can sometimes be very difficult to identify because the metal content is the same and the design was struck over them - so the blend in very nicely. Sometimes there is a very slight color difference and parts of the circular outlines of the plug are seen in the middle of the liberty bust portrait on the obverse and in the middle of the eagle portrait on the reverse of the coin. An example closeup image of a silver plug on both sides of the coin is depicted below:

Coin valuation chart: Typical coin prices, values and worth per grade or condition - in USD
Very Good
Very Fine
Extremely Fine
About Uncirculated

MELT VALUE: $13.45

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