Realized: $345,000 (AU 55)

Realized: $503,125 (MS 61)

1794 $1 AU55 NGC. B-1, BB-1, R.4. The McCoy Collection Specimen. With a continuous provenance dating back to 1864, this piece is one of the most historic 1794 silver dollars among the 135 or so pieces currently known. Martin A. Logies compiled a significant study of 1794 silver dollars, The Flowing Hair Silver Dollars of 1794, published in 2004. He recorded provenance details and additional information about 125 different specimens, with nearly all illustrated. Years earlier, the late Jack Collins spent 25 years studying the 1794 silver dollars, and his work resulted in an unpublished manuscript, 1794 The History and Genealogy of the First United States Dollar. Only Collins’ untimely death prevented publication of the nearly complete manuscript. Collins recorded details of about 117 different 1794 silver dollars in his manuscript.

Combining the two references and adding a couple of specimens, we now have an accounting of 132 different 1794 dollars, including this coin, which we consider the 10th finest. Based on the current provenance record, the present specimen was only the third 1794 dollar to appear on the numismatic scene. The British Museum owns an example that dates to 1818, and a second example appeared in an 1863 W. Elliot Woodward Sale. Two coins from the St. Oswald sale of 1964 reportedly date to the time they were minted, although such a provenance is unfounded.

Tip: Heritage Auctions

The acquisition and ownership of an 1804 silver dollar is a yardstick by which all great numismatic collections are measured, as it has been for more than a century and a half.  Known as “the King”, the 1804 silver dollar is the single most famous numismatic rarity, attracting more attention than any other single coin.

Several books, numerous articles, and many auction appearances have filled countless published pages over the past 150 years. Previous owners rank among the most famous numismatists, and in some cases among the famous personalities in this country. Limited market availability means that the successful capture of one of these prizes can take a lifetime.

Many American numismatic pieces, patterns and regular issues, are rarer than the 1804 silver dollar, with its population of 15 known specimens. Another issue, the 1933 double eagle, with an auction record in excess of $7 million, holds the title of most expensive, at least based on past sales. However, no other U.S. coin can ever be popularly accepted as the King of Coins. The 1804 silver dollar is clearly the most famous coin ever struck at a U.S. mint. Its rarity has been documented for more than 150 years.

Tip: CoinLink