Lot 2749
1794 B-1, BB-1. Rarity 4. NCS graded Details of VF-20 Repaired, Damaged. In a new NGC 4 pronged holder. Each year's mintage was small throughout 1794-1803 because little demand existed domestically for silver dollars. These are the first United States Mint struck coins to order. 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 after deducting a small seigniorage charge.
Those depositing silver with the Mint in the first years had a preference for the more convenient half dollars rather than the silver dollars, ordering more of the smaller denomination than the larger. As best as we can understand, the silver was too large for small transactions but too small for convenient transportation or storage of large sums. Many 1794-1803 silver dollars were melted.
Striking silver dollars that were only going to be melted (or exported) was wasteful of the Mint's production capacity. Production of this denomination ceased after 1803, possibly under the orders of President Jefferson. The halt in production for the silver dollar proved more than temporary. It wouldn't be struck for circulation again until 1840, at the second Philadelphia Mint.
In 1794, the mint did not have a coining press powerful enough to strike Dollar-size coins, the largest being used for large cents and half dollars. To make do, this press was employed to strike the first American silver dollars. As expected, it could not fully strike the design on the left side of the coin (the dies being slightly misaligned). Although the left hand stars and upper portion of the left side reverse letters are normally weakly impressed, they are sometimes visible to the naked eye.
A luminous gem of optimum quality for the grade this coin is not: the obverse surface is lightly pitted and appears to have been pecked by some silver-eating robotic chicken. We must point out, however, looking on the bright side, that the strike on the hair detail is nearly full which is a major plus, being quite crisp in most places. Stars at the left mostly invisible; the date weak at the bottoms of the numbers but still plain enough that no magnification is required to see that this is the coveted 1794 issue. With a little imagination a person could see how 200+ years of rough and tumble could produce such a specimen. Yet putting this aside, the coin is a respectable reminder of America's cherished first year coinage, a marvel of workmanship given the limited technical apparatus available to the First U.S. Mint.
Estimated Value $60,000 - 70,000.
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