Q. David Bowers
Dickeson and the 1794 $1 (1859)
Dr. Montroville W. Dickeson included this information about the 1794 dollar in The American Numismatical Manual, 1859, the earliest widely-circulated text on numismatics published in America:
"1794. The first issue of the dollar, by our government, occurred in the latter part of October of this year. We are unable to furnish the exact number issued, as the mint report aggregates the sum for this and the succeeding year. As near as we have been able to learn, it was about 94,000."
Dickeson went on to say: "Of the dollar of this year we have met with but one type and four varieties, the latter of which may be determined by the variation in the size of the eagle, and the arrangement and size of the leaves in the wreath. This coin has become exceedingly rare, and fair specimens command a handsome premium."
Dickeson surely erred in regard to the multiple varieties, for later generations of numismatists have recognized just one variety of the 1794 dollar. Apparently, Dickeson may have examined worn coins or altered dates, or in some other way came to a conclusion there were multiple varieties. Perhaps his notes on 1794 dollars were mixed with his notes on 1795 issues (of which many die varieties are known). He noted that his findings were "based upon the knowledge of them, which we have, with much great care and labor, been able personally to acquire."
Snowden and the 1794 $1 (1860)
The Cabinet Collection of the Mint of the United States, by Mint Director James Ross Snowden, 1860, p. 107, told of the first coinage of dollars:
"The first deposit of silver bullion for coinage took place on the 18th day of July 1794. The deposit was made by the Bank of Maryland, and consisted of 'coins of France,' amounting to eighty thousand seven hundred and fifteen dollars seventy-three cents and five-tenths ($80,715.735.)
"The first return of silver coins from the Chief Coiner to the Treasurer was made on the fifteenth day of October, and comprised 1,758 dollars. The second delivery was on the first day of December, and consisted of 5,300 half dollars. This embraced the entire silver coinage of the year. There was a small coinage of half dimes, but they were only struck as pattern pieces, for the purpose of trying the dies, and were not regularly issued.
"The types were as follows: Obv. A head of Liberty, facing to the right, with flowing hair. Above was the word 'Liberty,' and beneath the date '1794.' To the left of the effigy were eight stars, and to the right seven, fifteen in all. On the reverse was an eagle with raised wings, encircled by branches of laurel, crossed .... "
A Study of the 1794 $1 (1876)
The Coin and Stamp Journal; Kansas City, Missouri, January 1876, contained the following:
"RARE AMERICAN COINS: We will endeavor, from the facts within our reach, to show what are our rare American coins, and their value. We do not attempt to give all the sales that have taken place, but only a few in different years. The great difference in prices brought at these sales are not caused so much by the real changes in the value of the coins, as from other circumstances, such as bad weather, numerous sales in succession, and lastly, our present hard times. (QDB note: A reference to the unfavorable economic conditions which began with the Panic of 1873.)
"THE DOLLAR OF 1794 is the first U.S. silver coin we will notice, and is, with the exception of 1804, the rarest of dollars. At the Mickley sale in 1867, the 1794 dollar brought $75. Described, 'one of the finest dollars of this date in existence. The impression excellent and condition superb; much finer than one once sold for $285.'
"At the MacKenzie sale, June 23, 1869, one brought $145.
Described, 'This dollar is known to many collectors as the one sold in the collection of coins belonging to Mr. Zanoni, of Cincinnati, and is in my estimation the best that has ever been offered at auction, showing less marks of circulation than any other, and very rare in this state of preservation. 'Another sold at the Fewsmith sale, Oct. 4, 1870, for $25. Described: 'Good for date; obverse, head of Liberty bold and good; stars weak; date plain. Reverse, eagle and wreath well preserved; legend weak, extremely rare.'
"At Cauffman's sale, May 3, 1871, the price was $32. Described: 'A better impression of this rare dollar than is usually found, being less injured by circulation than most of those offered at auction.'
"At a sale in New York, June 1, 1871, the dollar sold for the sum of $5.50. Thus described: '1794 dollar. Had it not been for an imperfection in the planchet, which has partly erased the three first figures in the date, it might have been called very good for this rare date, as in other respects there is not much to find fault with.'
"Sanford's sale, November 1874. Price procured was $180. Described: 'This, in my opinion, is about the best impression that has ever been offered at auction. It is but little circulated and is exceedingly rare in this condition.'
"Parker's sale, May 5, 1875, only $30. Described: 'Rather weak date, head rubbed, altogether fair for this rare piece.'
"At a Philadelphia sale, Jan. 25, 1875, one sold for $41. Described: '1794. Very good for this rare date; the head 011 obverse and eagle on reverse unusually bold; very desirable specimen; date all plain.'
"The one of Col. Cohen's collection, sold in October last, for $125. Described: 'A remarkably fine impression of this date, being all but Uncirculated on obverse and reverse, and as fine, if not finer, than the one sold in Mr. Sanford's sale, and extremely rare in this condition'.
"The last one sold, Col. J.H. Taylor's, November 16th, brought $100. Described: 'The best impression from the dollar dies of this date, and on the best planchet that I have ever seen-a remark I have often heard from others since the piece came into my hands. There has been a name engraved on the obverse and burnished out, the effect being observable, though not greatly hurtful; It is a beautiful dollar, and equaled by few. Rare.' "