1794 $1 (Regular Strike)

The Mint Act of April 2, 1792, authorized the production of a full range of U.S. coinage: copper cents, silver coins (from half dime to dollar), and gold coins (from $2.50 Quarter Eagles to $10 Eagles). For the silver dollar, the Act chose a gross weight of 416 grains and a pure silver content of 371-1/4 grains for the dollar, based on Alexander Hamilton's 1791 Report.

While the law authorized the coinage, the actual striking of silver and gold was delayed. The Act required the Chief Coiner and Assayer to post an exorbitant $10,000 bond each, far exceeding their annual salary of $1,500. This excessive regulation prevented the coinage of precious metals. Mint Director David Rittenhouse, with the help of Secretary of State Thomas Jefferson, worked to convince Congress to lower the requirement. Congress finally reduced the burden in late 1793.

The U.S. Mint began striking copper coins first, and once the bonding issue was resolved, silver coin production began in 1794, with gold coins following in 1795.

The First Silver Dollar

Production of America’s first silver dollar commenced in October 1794, with the 1,758 coins delivered on the 15the of that month. Some coins were held back due to the weak strikes and at least one of these is known to have been used as the host coin of a 1795 Flowing Hair Dollar, 3 Leaves (BB-14, #39981). The dollar was intended to be a prestigious coin promoting the American Experiment at home and abroad, serving as the standard U.S. monetary unit.

• Design: Engraver Robert Scot created the designs. Scot was commissioned by Thomas Jefferson on November 23, 1793, following the death of Joseph Wright. Scot’s obverse, featuring the right-facing portrait of Liberty, was inspired by Joseph Wright’s 1793 Large Cent design. The reverse features a primitive American bald eagle atop a perch surrounded by an olive wreath, encircled by UNITED STATES OF AMERICA.
• Weight and Fineness: The Mint Act specified a gross weight of 416 grains and a pure silver content of 371.25 grains, resulting in a statutory fineness of .89243. The remaining metal was to be copper, added for strength. The Flowing Hair Dollars were designed to circulate at par (the same value) with the commonly used Spanish and Mexican dollars, or pieces of eight, which were legal tender at the time.
• The Alloy Scandal: Assayer Albion Cox initially suggested a 412.25-grain coin of .900456 fine to achieve the proper silver content with a more workable alloy, but Congress did not agree. Mint Director David Rittenhouse then unauthorizedly directed that the coins be struck at a total weight of 416 grains with 374.74 grains of silver, resulting in approximately .90084 fineness. This gave the coin 3.49 grains of extra silver above the Mint Act's requirement, resulting in depositors being short about 1% in value when they exchanged bullion for coins.

Production Challenges and Rarity

The first delivery of Flowing Hair Dollars took place on October 15, 1794, two years after the passage of the Mint Act.

• Low Mintage: Perhaps 2,000 coins were struck (Walter Breen estimate), but due to poor strike quality, only 1,758 coins were delivered to Director Rittenhouse, with the remainder being held back and recoined in 1795.
• Source of Copper Alloy: The copper used for alloying the silver likely came from misstruck half cents and cents or the scissel (scrap copper remaining after planchets were punched out).
• Weak Strikes: The typical 1794 dollar exhibits weakness on the lower left of the obverse and the corresponding part of the reverse. This is largely because the Mint’s screw press was not designed to produce coins larger than a half dollar. The initial coinage effort was accomplished with just one blow of the press. Production was halted after the initial 1,758 coins were minted and did not resume until May 1795, after the Mint procured a press capable of producing more completely struck pieces.
• Planchet Preparation: Silver was obtained from depositors who typically brought foreign silver coins and silver utensils. Depositors often had to wait several days or more for their coins because the Mint lacked a bullion fund. The metal was melted, refined, cast, and rolled into strips. Due to rolling mill issues, the strips often had uneven thickness. Adjustment Marks: To achieve the mandated weight, planchets were typically made slightly heavy, and the weight was adjusted by hand filing. Evidence of this hand filing (adjustment marks) is seen on the majority of 1794 dollars, often at the lower left obverse, where non-parallel die alignment led to less metal movement during striking. Underweight planchets were discarded and melted down.
• Edge Lettering: To prevent clipping, the inscription HUNDRED CENTS ONE DOLLAR OR UNIT was applied to the edge by rolling the planchet between two steel bars. This process simultaneously raised a rim around the border, which served to protect the coin's surfaces and allow for better flow into the die's denticles.
• Recoinage: At least one 1795 Flowing Hair Dollar (BB-14 variety, #39981) is known to have been struck on a rejected 1794 dollar, supporting the theory that a number of rejected coins were kept for later use as planchets. The silver for the 1,758 delivered dollars came solely from Director David Rittenhouse.

Historic Examples and Market Value

Approximately 150 examples of the 1794 Flowing Hair Dollar are known to exist. It is ranked #3 in Jeff Garrett’s 100 Greatest U.S. Coins, 5th Edition (2019).

• Contemporary Reception: A December 1794 report in the New Hampshire Gazette noted the coin's "pleasing effect to a connoisseur," though it lacked the "boldness of execution which is necessary to durability and currency" compared to the widely preferred Spanish-American dollars.
• Historical Misconception: The British Museum's specimen of the 1794 dollar was NOT a government gift, but was acquired in 1796.

Famous Specimens

Those fortunate enough to have the opportunity to add their names to the registry of owners of America's first silver dollar have several beautiful Mint State coins to chose from, each with their own personality and fabric. The most famous is the Cardinal-Morelan Specimen (PCGS SP66), which was purchased for $10,016,875 at Stack’s Bowers sale of the Cardinal Collection in January 2013.

Another famous grouping of 1794 Dollars are the Lord St. Oswald Specimens.

These were purchased by William Strickland, a gentleman farmer and avid coin collector from Yorkshire, England, while he was on tour in the U.S. from 1794-1795. Strickland was an gentleman farmer and avid coin collector from Yorkshire, England. He wrote about his trip to America and engaged in correspondence with both George Washington and Thomas Jefferson.

He took home with him two 1794 Dollars, which later were sold to Charles Winn and passed down through his descendents for more than 100 years, earning them the "Lord St. Oswald" provenance.

The two Lord St. Oswald coins have been dispersed at auction in recent years:

• First Specimen: Graded PCGS MS66+ was one many highlights from the Pogue Collection. It sold in 2015 for $4,993,750.
• Second Specimen: Graded PCGS MS64. This example found its way into the famous Ambassador & Mrs. R. Henry Norweb Collection and sold in 2017 for $2,820,000.

More recently, a handsome PCGS XF45 from the famous James A. Stack Collection brought $1,020,000 at a December 9, 2025, Stack's Bowers sale.

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