Newly Discovered 1795 Flowing Hair Silver Dollar Heads to Auction

One of the earliest Silver Dollars struck by the United States was recently discovered in Rhode Island and is worth more than $100,000, according to GreatCollections, the California-based auction house. The rare coin was struck in 1795 and is scheduled to be auctioned on December 15th.

The coin has been attributed as the scarce 1795 Flowing Hair Silver Dollar with Silver Plug and is graded PCGS AU-58 by Professional Coin Grading Service (PCGS). It was further approved by Certified Acceptance Corporation (CAC), ranking as one of the finest known examples.

"What an important discovery … an early piece of U.S. numismatics, that had been stored in an old shoebox for generations – it was likely plucked out of circulation in the late 1790s or early 1800s – an estimate based on the superb condition and minimal wear," said Ian Russell, president of GreatCollections.

Family Saved for Seven Generations, 200+ Years

The silver dollar was consigned to GreatCollections by the descendants of the original Rhode Island family who had saved the coin over 200 years ago. It was the only heirloom saved by the family and passed down seven generations; many of them still reside close to one another in Rhode Island and neighboring Massachusetts. They were recently made aware of the rarity and significant value.

Silver Plug Rarest Version of 1795 Silver Dollars

The United States started minting Silver Dollars in 1794. In 1794 and 1795, a limited number were produced with a silver plug or silver center, added to underweight planchets to bring the weight up to the standard for silver dollars. This was done prior to the minting of the coin. Only about 100 are known in all grades, the majority in average circulated condition. This newly discovered coin ranks as tied for fourth finest graded by PCGS, and tied for second finest with CAC approval.

Russell continued, "These early coins were struck by hand to an amazing level of quality, back in the days when George Washington was president and Abraham Lincoln was not yet born. It was important that newly-issued coins had the correct weight to gain worldwide trust."

For more information about the 1795 Flowing Hair Silver Dollar Silver Plug PCGS AU-58 CAC and the December 15th auction, please visit www.greatcollections.com or telephone 800-442-6467.

Additional Related Coin Information:

Putting in Perspective: What was $1 in 1795 Worth?

According to historian John Bach McMaster, average earnings in the 1790s was "$65 a year, with food and perhaps lodging." Source: History of the People of the United States, v. 2, p. 617.

A dozen eggs cost $0.07
A quart of milk cost $0.03
A gallon of brandy cost $1.67

All-Time Record Above $12 Million for America’s First Silver Dollar

GreatCollections has set many records for Silver Dollars, including the $12 million purchase of the unique 1794 Flowing Hair Silver Dollar graded PCGS Specimen-66 with CAC approval, widely believed to be the very first Silver Dollar struck at the United States Mint in Philadelphia. GreatCollections also purchased another 1794 Flowing Hair Silver Dollar for $6.6 million in 2022 with a pedigree dating back to the year of issue.

Coin Values are Generally Based on Condition and Rarity

Values for rare coins are generally based on condition and rarity. For 1795 Silver Dollars, they range in value from $100,000s down to just $2,500 in heavily circulated or damaged condition.

About GreatCollections

GreatCollections, the official auction house of the American Numismatic Association, specializes in auctioning certified coins and banknotes, handling transactions from start to finish. Since its founding in 2010, GreatCollections has successfully auctioned over 1.5 million certified coins, making it one of the leading certified coin companies in the United States with annual sales in 2023 exceeding $210 million. Ian Russell, owner/president of GreatCollections, is a member of the prestigious Professional Numismatists Guild, member of the National Auctioneers Association and was named the ANA Harry J. Forman Dealer of the Year. For more information about GreatCollections, visit www.greatcollections.com or call 800-442-6467.