2016-01-11 Mon

Did you know that the ‘Flowing Hair dollar’ was the first dollar coin issued by the United States federal government?

The coin was minted in 1794 and 1795; its size and weight were based on the Spanish dollar, which was popular in trade throughout the America.

In 1791, following a study by Alexander Hamilton, Congress passed a joint resolution calling for the establishment of a national mint. Later that year President George Washington urged Congress to provide for a mint, which was officially authorized by the Coinage Act of 1792.

Silver and gold coins were not struck until 1794. The Flowing Hair dollar was designed by Robert Scot and was initially produced in 1794.

On January 24, 2013, a specimen striking from the 1794 production sold for $10,016,875, the highest price ever paid for a coin. The record-setting coin shows a profile of Miss Liberty facing right surrounded by stars representing each state in the union. The design was only used in 1794 and briefly the following year.