Lot 966
1795 Flowing Hair Dollar. NGC graded EF-45. Flowing Hair 2 Leaves. A hint of gold tone. An desirable high grade and a sharp coin that is overlaid by light to medium gray toning. The reverse and obverse centers play host to a few light circulation marks and hairlines as expected, but the choice rims and overall excellent eye-appeal is appreciated by the stronger buyers. In short, an attractive Flowing Hair dollar, one that certainly meets the qualifications for the grade.
The mintages were small throughout 1794-1803 because little demand existed domestically for silver dollars. The first Philadelphia Mint struck coins to order, for the most part. Bankers and others deposited silver and gold (bullion or foreign coins) with the Mint, which the Mint's workers melted, refined and turned into U.S. coinage, then delivered it to the owners of the precious metals.
The ones depositing silver with the Mint in the early years had a preference for the more convenient half dollars to 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 from President Thomas 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.
Estimated Value $11,000 - 12,000.
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