Between 1789 and 1797, the U.S. Mint produced two types of dollar coins:
- Flowing Hair Dollars (1794-1795): These coins feature Liberty with long, flowing hair.
- Draped Bust Dollars (1795-1797, with a smaller eagle reverse): This design portrays Liberty draped in a garment with a slightly redesigned eagle.
The value of these early U.S. dollar coins depends heavily on several factors, including:
- Year of issue: 1794 Flowing Hair dollars are particularly rare and valuable due to their very low mintage, with estimates of only 150-200 survivors.
- Condition: Coins are graded on a scale of 1 to 70, with higher grades signifying better condition and commanding higher prices. Uncirculated or Mint State (MS) coins are the most valuable.
- Varieties: Different die states or varieties within each year can also impact a coin’s value, and collectors may specialize in these variations.
- Flowing Hair Dollar $1 (1794-1795) MS Type Coin: $2,250 – $1,080,000.
- 1794 Flowing Hair Dollar $1 MS: $41,000 – $12,000,000.
- 1795 Flowing Hair Dollar $1 (Two Leaves) MS: $2,300 – $887,000.
- 1795 Flowing Hair Dollar $1 (Three Leaves) MS: $2,750 – $1,080,000.
- 1795 Flowing Hair Dollar $1 (Silver Plug) MS: $3,750 – $864,000.
- Draped Bust Dollar $1 Small Eagle (1795-1798) MS Type Coin: $950 – $870,000.
- Draped Bust Dollar $1 Heraldic Eagle (1798-1804) MS Type Coin: $675 – $360,000.
- 1795 Flowing Hair Dollar: In circulated condition, values can range from $3,000 to $70,000. In pristine, uncirculated (MS) condition, these coins can sell for as much as $1,000,000.
- 1795 Draped Bust Dollar: In circulated condition, values can be between $2,000 and $50,000. In pristine, uncirculated (MS) condition, they can sell for as much as $850,000.
- 1794 Flowing Hair Dollar: GreatCollections has sold 3 of the 1794 Flowing Hair Silver Dollar in the past 15 years, selling at prices from $140,625 to $346,249, in grades 1 to 40.
Note: These values are estimates and subject to change based on market conditions and the specific characteristics of the individual coin. Consulting with a reputable coin dealer or using professional grading services like NGC or PCGS is recommended for accurate valuation.
How do I know if I have a rare $1 coin?
From my experience, The date and mintmark are the easiest way to diagnose valuable rare coins. Errors in these two key areas can still be found in circulation, and they could score you a fortune. Re-punched or over-punched mint marks are one winning discovery, as is doubled text.