The Ten Million Dollar Coin
Record-breaking coin sales have gotten complicated with all the auction drama and authentication debates flying around. As someone who’s followed numismatic auctions for years, I learned everything there is to know about the coin that broke all the records: the 1794 Flowing Hair Silver Dollar. Today, I will share it all with you.
In January 2013, one of these coins sold for over ten million dollars. That number still stops people in their tracks. A single silver dollar, smaller than your palm, worth more than most houses. Understanding why requires understanding what this coin represents.
Why This Coin Matters
The 1794 Flowing Hair was the first silver dollar minted by the United States federal government. Not the first American coin — there were earlier copper issues — but the first dollar. That denomination meant something specific to the young nation trying to establish economic credibility.
Probably should have led with this section, honestly. Before 1794, Americans used Spanish dollars and a hodgepodge of foreign coins for commerce. Having your own currency was a statement of sovereignty. This coin represented that moment of economic independence.
The Design
Robert Scot, the first Chief Engraver of the US Mint, created both sides. The obverse shows Lady Liberty with flowing hair — an idealized symbol rather than a specific person. The reverse features a small eagle surrounded by a wreath. Simple compared to later designs, but elegant.
That’s what makes this coin endearing to collectors — it captures American optimism at its earliest. The design lasted only two years before being replaced, which adds to the mystique. Sometimes the first attempt at something becomes the most valuable.
Survival Numbers
The Mint struck approximately 1,758 coins in that initial 1794 production run. Today, experts estimate fewer than 140 survive. Of those, most show heavy circulation wear — these coins actually spent decades in commerce. High-grade examples are extraordinarily rare.
The specimen that sold for ten million dollars graded MS-66 on the PCGS scale. That’s nearly perfect condition for a 220+ year old coin. The combination of historical importance and exceptional preservation created the perfect storm for value.
The 2013 Auction
Stack’s Bowers Gallery handled the sale. Major collectors and institutional buyers competed fiercely. Legend Numismatics ultimately won with their $10,016,875 bid. The price made international headlines and brought attention to coin collecting from people who’d never considered it.
That auction demonstrated something important: the right combination of history, rarity, and condition creates value that transcends the numismatic world. People who don’t collect coins understood why this one mattered.
Investment Perspective
Not every 1794 dollar is worth millions. Heavily circulated examples trade for tens of thousands — still serious money, but not record-breaking. Condition determines everything. An AG-3 graded example and an MS-66 represent the same historical moment but wildly different preservation.
For most collectors, owning any 1794 dollar means holding a piece of American monetary history. Whether it’s a well-worn circulated example or a pristine showpiece, the connection to that founding moment remains real.
What This Means for Collecting
Record sales like this one shape how people think about coins as collectibles and investments. They prove that numismatic material can appreciate dramatically over time. They also remind us that the most valuable pieces combine multiple factors — history, rarity, condition, and demand — in rare alignments.
The 1794 Flowing Hair Silver Dollar stands alone at the top of American numismatics. It was first, it’s rare, and the best examples are essentially irreplaceable. That combination explains the ten million dollar price tag.
Recommended Collecting Resources
The Red Book – Guide to US Coins
The essential reference for American coin collectors.
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