The finest known 1794 Flowing Hair silver dollar, which some numismatic experts believe is the first U.S. silver dollar struck, brought a record $10,016,875 at public auction Jan. 24.
Legend Numismatics, Lincroft, N.J., placed the winning bid during the Stack’s Bowers Galleries New York Americana Sale. The price eclipses the $7.59 million paid in the July 30, 2002, single-coin auction by Sotheby’s, in conjunction with Stack’s, for the purported King Farouk example of a 1933 Saint-Gaudens gold $20 double eagle.
The final price for the 1794 dollar includes a 17.5 percent buyer’s fee. The buyer’s fee for the 1933 double eagle was 15 percent.
According to Christine Karstedt, executive vice president of consignments for Stack’s Bowers, bidding for the 1794 Flowing Hair dollar opened at $2.2 million. She said two bidders were in the auction room and two more bidders were on the phone.
After bidding reached $5.5 million with increasing bidding increments, Laura Sperber, a principal of Legend Numismatics and present in the auction room, raised the hammer price to $8.525 million in a single increment, knocking out all other bidding competition.
“We wanted to make sure we had the coin,” Sperber told Coin World on Jan. 25.
Adding the 17.5 percent buyer’s fee brought the final price realized to $10,016,875.
Sperber said Legend, which also includes principal Bruce Morelan, was willing to go higher with its bidding.
The firm has no plans to sell the 1794 dollar in the near future, Sperber told Coin World.
“This coin is a $10 million coin and deserves its place in numismatic history,” Sperber said. “It’s an iconic coin and what numismatics is all about — rarity, quality and pedigree.
“It’s the ultimate rare coin.”
Q. David Bowers, chairman emeritus of Stack’s Bowers, said that one lot before the 1794 dollar was offered, a break in bidding was taken for the checking of cameras and telephone connections. During this break, “I gave a perhaps 10 minute talk on the sale,” he said, and stated “that history might likely be made.”
“There was a great deal of pre-sale interest and anticipation and an aura of excitement all week,” Bowers said.
Certified as Specimen 66 by Professional Coin Grading Service and wearing a green sticker from Certified Acceptance Corp., the 1794 Flowing Hair silver dollar was part of the Cardinal Collection. It is the only 1794 silver dollar with a silver plug among some 140 to 150 examples of the 1794 dollar known to exist, according to Martin Logies, who built the collection. Logies is a numismatic researcher, early dollar specialist and author of The Flowing Hair Silver Dollars of 1794.
The silver plug was added to the underweight planchet at the U.S. Mint in Philadelphia to bring the planchet up to standard weight.
In total, 1,758 silver dollars, all struck on a hand-turned screw press at the Philadelphia Mint facility on Oct. 15, 1794, were delivered after the only day of production for dollars that year.
The 1794 Flowing Hair dollar was purchased in a private transaction on May 14, 2010, by the Cardinal Collection Educational Foundation from Stephen L. Contursi, president of Rare Coin Wholesalers, Irvine, Calif., for a reported $7.85 million.
The Cardinal Collection, assembled and overseen by Logies, is ever-changing. The Cardinal Collection Educational Foundation, based in Sunnyvale, Calif., was established in 1999 with private donations as a nonprofit entity to foster numismatic education via online and print media as well as public displays.
Other rarities sell
Among other top highlights from the Cardinal Collection featured in the auction were:
?The finest known 1792 half disme, graded Mint State 68 by Numismatic Guaranty Corp., $1,145,625.
?A 1793 Flowing Hair, Chain, AMERICA, No Periods cent, Sheldon 2 (Penny Whimsy by William H. Sheldon), graded PCGS MS-65 brown and stickered by CAC, $998,750. Sperber said Legend purchased the coin on behalf of a U.S. coin collector in Asia.
?A 1793 Flowing Hair, Wreath, Vine and Bars cent, S-9, graded PCGS MS-69 brown, $558,125.
?A 1794 Liberty Cap, Head of 1793 cent, S-18b, PCGS MS-64 brown, $881,250.
The 1792 half disme is the finest example certified by either PCGS or NGC. It is attributed as Judd 7 in United States Pattern Coins, Experimental & Trial Pieces by J. Hewitt Judd, edited by Q. David Bowers.
The example sold is believed to have a provenance beginning with ownership by David Rittenhouse, the first director of the U.S. Mint. Some 1,500 examples were reportedly struck.
A PCGS Specimen 67 1792 half disme sold at public auction Jan. 10 during Heritage Auctions’ sale at the Florida United Numismatists convention for $1.41 million.
For more information about the New York Americana Sale, contact Stack’s Bowers Galleries at www.stacksbowers.com. ¦
The article delves into the thrilling world of numismatics, specifically highlighting the auction of a rare 1794 Flowing Hair silver dollar, one of the earliest U.S. silver dollars struck. This piece fetched a staggering $10,016,875 at auction, a record-breaking amount that solidifies its place in numismatic history. Allow me to break down the key elements mentioned in this intriguing piece:
The 1794 Flowing Hair Silver Dollar:
- Significance: Considered by some as the inaugural U.S. silver dollar, this coin's historical importance adds to its value.
- Auction: Sold at Stack’s Bowers Galleries New York Americana Sale to Legend Numismatics for $10,016,875 (including a 17.5% buyer’s fee).
- Bidding: Opened at $2.2 million, drew four bidders (two in the room, two on the phone), with the winning bid made by Laura Sperber from Legend Numismatics at $8.525 million.
- Buyer's Plan: Legend Numismatics, including principal Bruce Morelan, showed willingness to bid higher and currently has no plans to sell the coin in the near future.
Numismatic Experts and Comments:
- Christine Karstedt: Stack’s Bowers executive vice president, mentioned the intense bidding and the two bidders in the auction room.
- Laura Sperber: Principal of Legend Numismatics, expressed the coin's significance in numismatic history, emphasizing rarity, quality, and pedigree.
- Q. David Bowers: Chairman emeritus of Stack’s Bowers, talked about the anticipation and excitement before the sale and the historical significance attached to the event.
Coin Details:
- Certification: Certified as Specimen 66 by Professional Coin Grading Service (PCGS) with a green sticker from Certified Acceptance Corp. (CAC).
- Unique Feature: It is the only 1794 silver dollar with a silver plug among the 140 to 150 known examples, added at the U.S. Mint to adjust the planchet's weight.
Ownership and Collection:
- Previous Purchase: Acquired by the Cardinal Collection Educational Foundation from Stephen L. Contursi in 2010 for $7.85 million.
- Foundation: The Cardinal Collection Educational Foundation, overseen by Martin Logies, is a nonprofit entity fostering numismatic education via various media and public displays.
Other Highlighted Coins from the Auction:
- 1792 Half Disme: Graded Mint State 68 by Numismatic Guaranty Corp. (NGC), sold for $1,145,625.
- Other Notable Coins: 1793 Flowing Hair cents, 1794 Liberty Cap cent, among others, were also sold at substantial prices.
Additional Notes:
- Provenance: Some coins, like the 1792 half disme, have historical provenance tracing back to prominent figures like David Rittenhouse, the first director of the U.S. Mint.
- Context: Another PCGS Specimen 67 1792 half disme was sold at a different auction for $1.41 million.
- Contact: For more information about the auction, Stack’s Bowers Galleries can be reached at www.stacksbowers.com.
This auction not only showcases the monetary value of these rare coins but also emphasizes their historical significance and the passion within the numismatic community for preserving these pieces of history.
