A remarkable discovery of one of the earliest silver dollars struck by the United States has been made in Rhode Island, with the coin now valued at over $100,000. This rare 1795 Flowing Hair Silver Dollar with a silver plug is set to be auctioned by GreatCollections, a California-based auction house, on December 15, 2024. The coin’s historical significance and exceptional condition make it one of the most prized numismatic finds in recent history.
A Coin with Historical Significance
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Struck during the infancy of the U.S. Mint in 1795, this silver dollar holds a special place in American numismatic history. The coin is an example of the early efforts to create a reliable and standardized currency for the newly formed nation. The 1795 Flowing Hair Silver Dollar is one of the first silver coins ever produced by the U.S. Mint, making it a highly sought-after piece for collectors.
What makes this coin even rarer is its silver plug, a feature that was used during the minting process to correct weight discrepancies. These coins, struck in limited numbers, were crafted with a silver plug inserted into an underweight planchet before being struck to ensure the coins met the official weight requirements. This method was used only for a short period, and only about 100 of these silver plug coins are known to exist across all grades.
Family Heirloom Saved for Seven Generations
This extraordinary coin was discovered after being stored in an old shoebox for generations by a Rhode Island family. The silver dollar was passed down through seven generations, with many of the descendants still living near each other in Rhode Island and Massachusetts. The coin was likely taken out of circulation in the late 1790s or early 1800s, based on its superb condition and minimal wear.
The family had no idea of the rarity and immense value of the coin until recently. It has now been consigned for auction, with the family members realizing its historical and financial worth. This rare coin represents not only the early days of the U.S. Mint but also a fascinating family legacy that spans over two centuries.
A Superior Example: Graded PCGS AU58 with CAC Approval
The 1795 Flowing Hair Silver Dollar with a silver plug is graded PCGS AU58, a prestigious certification from the Professional Coin Grading Service. This grade indicates the coin’s exceptional quality, with only minimal wear visible. It is one of the finest examples of this rare coin, ranked as tied-for-fourth finest by PCGS.
Additionally, the coin has been approved by the Certified Acceptance Corporation (CAC), which recognized it as being strong for the grade. CAC approval is a mark of quality and is only granted to coins that meet stringent standards. This additional certification further enhances the coin’s value and desirability among collectors.
A Unique Coin for Discerning Collectors
Among the 1795 silver dollars, those with a silver plug are considered the rarest and most valuable. The silver plug coins were part of a limited mintage produced by the U.S. Mint to ensure that the weight of the coin met the standard for silver dollars. Given the limited number of these coins still in existence, this particular coin stands out as one of the finest, making it a coveted piece for collectors.
These early coins, produced when George Washington was president, were struck by hand with an impressive level of craftsmanship. They were designed to ensure that the newly issued currency would meet the worldwide standards for weight and trust, thus establishing the credibility of the United States’ monetary system.
Conclusion: A Historic Auction
The 1795 Flowing Hair Silver Dollar with a silver plug is a rare and historically significant coin that offers collectors a chance to own a piece of American history. With its pristine condition and rarity, it is expected to attract significant attention at the upcoming auction on December 15, 2024. This discovery not only highlights the value of early U.S. coins but also underscores the fascinating legacy of American numismatics.
For more information about the auction or to participate in the sale, interested buyers can visit GreatCollections or contact them directly.