A rare 1794 U.S. silver dollar has set a record price. The Neil/Carter/Contursi example 1794 Flowing Hair Silver Dollar sold for $7.85 million. What makes this exacting coin so rare is that it is the finest known 1794 dollar and several experts believe this could be the first silver dollar ever struck by the United States Mint.
The coin was sold by Steven L. Contursi, President of Rare Coin Wholesalers of Irvine, California, to the nonprofit Cardinal Collection Educational Foundation in Sunnyvale, California. Contursi has had the coin since 2003, acquiring it for a price he's only ever defined as "millions of dollars." He has displayed the coin in cities around the country and had a custom wooden exhibit case constructed so it could be seen more easily. When it wasn't on tour it was a featured exhibit at the American Numismatic Association's Edward C. Rochette Money Museum in Colorado Springs, Colorado.
The Flowing Hair silver dollars take their name from Lady Liberty's flowing locks shown on the obverse of the coin. The reverse shows the the words the United States of America with an olive tree and an eagle. Records show that 1,758 silver dollars were struck on a hand-turned screw press at the U.S. Mint in Philadelphia on October 15, 1794, which was the only day of production for dollar coins that year. The coins were created to replace the European coins that dominated local commerce. Now it is believed that there are around 140 surviving examples remaining. The Neil/Carter/Contursi specimen is unique both for the quality of its imprint and the fine silver it was struck from. The pristine condition of the coin has led experts to surmise that is has had plenty of special handling in the years since its minting, a fact which lends credence to the hypothesis that this was the first coin struck and therefore designated to be of prime importance. It remained in the Mint's collection until the 1800s and has been in collector hands ever since.
The record price bests the old record of $7.59 million set for a U.S.-minted 1933 $20 gold piece, according to the American Numismatic Association. Martin Logies, curator of the Cardinal Collection, a nonprofit dedicated to preserving rare coins, told the AP that the foundation plans to display the coin and show it to the public. He said that the coin is without a doubt the earliest struck of all pieces extant. He should know, he is the author of "The Flowing Hair Silver Dollars of 1794" and has done extensive research on these historic coins.
The coin was sold by Steven L. Contursi, President of Rare Coin Wholesalers of Irvine, California, to the nonprofit Cardinal Collection Educational Foundation in Sunnyvale, California. Contursi has had the coin since 2003, acquiring it for a price he's only ever defined as "millions of dollars." He has displayed the coin in cities around the country and had a custom wooden exhibit case constructed so it could be seen more easily. When it wasn't on tour it was a featured exhibit at the American Numismatic Association's Edward C. Rochette Money Museum in Colorado Springs, Colorado.
The Flowing Hair silver dollars take their name from Lady Liberty's flowing locks shown on the obverse of the coin. The reverse shows the the words the United States of America with an olive tree and an eagle. Records show that 1,758 silver dollars were struck on a hand-turned screw press at the U.S. Mint in Philadelphia on October 15, 1794, which was the only day of production for dollar coins that year. The coins were created to replace the European coins that dominated local commerce. Now it is believed that there are around 140 surviving examples remaining. The Neil/Carter/Contursi specimen is unique both for the quality of its imprint and the fine silver it was struck from. The pristine condition of the coin has led experts to surmise that is has had plenty of special handling in the years since its minting, a fact which lends credence to the hypothesis that this was the first coin struck and therefore designated to be of prime importance. It remained in the Mint's collection until the 1800s and has been in collector hands ever since.
The record price bests the old record of $7.59 million set for a U.S.-minted 1933 $20 gold piece, according to the American Numismatic Association. Martin Logies, curator of the Cardinal Collection, a nonprofit dedicated to preserving rare coins, told the AP that the foundation plans to display the coin and show it to the public. He said that the coin is without a doubt the earliest struck of all pieces extant. He should know, he is the author of "The Flowing Hair Silver Dollars of 1794" and has done extensive research on these historic coins.
source:luxist.com
