Lot 3009
1794. BB-1. B-1 Very Rare. NCS graded Sharpness of EF-45 Obv Repaired. Nice clear date. 1794 initiates coinage of America's monetary "standard", the denomination whose 26.96 grams of silver equates to "One Dollar" the same as 12 standard inches equates to one foot. The mintages were small throughout 1794-1803 because little demand existed domestically for silver dollars. The first United States Mint struck coins to order, for the most part. Bankers and others deposited silver and gold with the Mint, which the Mint's workers turned into coinage and then delivered to the owners of the precious metals. In 1794 in particular, as the mint geared up for regular production, the equipment just wasn't up to the task of striking a large coin like the silver dollar. Nearly all of this year's mintage of 1,758 pieces contains areas of weak striking on both sides. Predominant in this are the left side stars which barely show on some and are completely gone on others. This specimen doe has its date numerals visible, although we note that someone long ago strengthened the 1 of the date to make it clearer, as well as some hair curls. There is a small lamination in the planchet below the Y in LIBERTY as well as other signs of tooling and repair to the right of the date. On the reverse, the rim has a small nick over the F in OF and shows typical soft detail in the tops of UNITED STATES. It is believed the dies were slightly out of alignment when they struck the 1794 silver dollars.
All known strikes of this issue were made on October 15, 1794. The designs were by Robert Scot, an immigrant from England, who also personally cut the dies. As a rule, silver dollars from 1794 are rarely offered at public auction, and the demand for these far exceeds the supply, hence the ever-rising price level. Popular as our first silver dollar.
Estimated Value $70,000 - 90,000.
Ex: Moore-Gugenheimer.
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| Realized $86,250 |
