Tuesday, 21 May 2013
The Flowing Hair dollar was the first
dollar coin issued by the United States federal government. The coin was minted
in 1794 and 1795; its size and weight were based on the Spanish dollar, which
was popular in trade throughout the Americas.
In 1791, following a study by
Alexander Hamilton, Congress passed a joint resolution calling for the
establishment of a national mint. Later that year, in his third State of the
Union address, President George Washington urged Congress to provide for a mint,
which was officially authorized by the Coinage Act of 1792. Despite the
authorization, silver and gold coins were not struck until 1794. The Flowing
Hair dollar, designed by Robert Scot, was initially produced in 1794, and again
in 1795. In October 1795 the design was replaced by the Draped Bust dollar.
In May 2005, a specimen striking from
the 1794 production was sold in a private sale for $7.85 million, more than any
other coin in history. On January 24, 2013, a 1794 production was sold for a
new record $10 million by Stack's Bowers Galleries, including commission.
Rare-coin firm Legend Numismatics was the purchaser.
It is considered as the most expensive
coin in the world.
