Lot 924
1794 Flowing Hair Half Dollar. . Overton-101, R-3. NCS graded Extremely Fine Details. Bent, improperly cleaned. Well struck, bold and well centered. Cleaned at one time, now a pleasing and natural looking bluish-grey. Despite the mentioned problems on the holder, this coin is quite attractive and should be personally reviewed. Easily worth our conservative estimate and probably much more.
This is the most obtainable variety from this scarce year, and is a real prize as such. It is also a later die state, with a die break from the rim to the wreath between UNITED and STATES. The subvariety O-101(a), to which this piece belongs, is most easily distinguished by an additional die crack (as struck) on the reverse, with this die break extending from the rim through the F in OF, then turning upward at a sharp angle to just miss the outer berry, ending at the last S in STATES.
Flowing Hair half dollars of 1794-95 are slightly larger and heavier than their modern counterparts. Their authorized fineness is marginally lower, but their actual fineness is virtually the same-and thereby hangs a tale. Congress had specified an unusual alloy of 1485/1664 silver and 179/1664 copper, for a fineness of .8924+. But Assayer Cox complained that this was unworkable, and he made the bizarre claim that silver coins would blacken in ordinary use unless they were at least .900 fine. He induced Director Rittenhouse to let him use the higher standard, even though Congress hadn't sanctioned it -- meaning the Mint was breaking the law of the land.
Estimated Value $12,500 - 15,000.
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