The Flowing Hair dollar was the first American dollar coin. It was minted in 1794 and 1795, symbolizing the young nation’s steps toward a unified monetary system. Drawing inspiration from the Spanish dollar—the dominant currency in the Americas at the time—the Flowing Hair dollar is a foundational piece of American numismatics.
Background and Design of the Flowing Hair Dollar
The Coinage Act of 1792 was a pivotal law governing U.S. coinage that laid the groundwork for the Flowing Hair dollar and the broader U.S. monetary system. This legislation authorized the establishment of the U.S. Mint in Philadelphia, which began operations in 1793. In the same year, Robert Scot was appointed Chief Engraver of the newly founded Mint and tasked with crafting new designs for the fledgling nation.
Chief Engraver Robert Scot designed the Flowing Hair dollar in accordance with the guidelines set by the Coinage Act, emphasizing neoclassical ideals, which were popular in the late 18th century.
Obverse Design
The obverse features a portrait of Lady Liberty facing right, with her hair flowing down her neck and shoulders, symbolizing freedom and the vigor of the new republic. Liberty is encircled by 13 stars, representing the original colonies arranged in a semi-circle. The obverse is inscribed with “LIBERTY” above her portrait, and the date is found below.
Reverse Design
On the reverse, a small eagle with outstretched wings perches on a rock surrounded by a laurel wreath, symbolizing strength. The wreath is composed of olive and palm branches tied together at the bottom with a ribbon. The words “UNITED STATES OF AMERICA” encircle the eagle.
Edge Inscription
The edge inscription, “HUNDRED CENTS ONE DOLLAR OR UNIT,” highlights the coin’s denomination while aligning with the decimal system established under the Coinage Act of 1792. Scot’s artistic choices sought to capture the spirit of a nation poised for growth and prosperity.
Minting the Nation’s First Dollar Coin
The Flowing Hair dollar was struck in 90% silver and 10% copper, with a weight of 416 grains (26.96 grams), based on recommendations by Alexander Hamilton after his study of the Spanish dollar. Production of the new dollar began on October 15, 1794, under the direction of David Rittenhouse, the first director of the U.S. Mint.
However, technical challenges, which included difficulties in die preparation and striking, limited the 1794 mintage to just 1,758 coins. In 1795, production resumed with slight adjustments before the design was replaced by the Draped Bust dollar later that year.
Early Reactions to the Flowing Hair Dollar
Upon its release, the Flowing Hair dollar was met with excitement and criticism. Issuing a sovereign coin represented progress for the nation, yet its slightly lighter weight compared to the Spanish dollar—its primary competitor—raised concerns. The detailed and intricate design was beautiful, but it made the coins prone to wear and limited their practicality for everyday use.
Modern Collectability
Today, the Flowing Hair dollar is one of the most rare and valuable coins in American history. Numismatic historians estimate that only 120 to 130 examples of the 1794 Flowing Hair dollar exist. In 2013, the finest known specimen—graded Specimen-66 by the Professional Coin Grading Service (PCGS)—sold for $10,016,875, setting a record for the highest price ever paid for a coin.
This particular coin, struck under special conditions, had been owned by prominent collectors like Colonel E.H.R. Green and was described as a “national treasure” by its former custodian Steven Contursi.
The 2024 Flowing Hair Reissue
In 2024, the U.S. Mint honored the first American dollar with the release of the 230th Anniversary Flowing Hair gold coin and silver medal. These modern commemorative pieces featured re-sculpted designs that paid tribute to Robert Scot’s original artistry.
The 1-ounce, .9999 fine gold coin was struck at the U.S. Mint’s West Point facility and produced in limited quantities of 17,500. Its obverse and reverse designs closely mirrored the original, with updated inscriptions to reflect its commemorative nature. Some versions included a special “230” privy mark and a certificate of authenticity hand-signed by the Mint Director.
The Flowing Hair silver medal was struck in .999 fine silver and features the same designs as the gold $1, making it accessible for enthusiasts to collect this storied design.
