Ten million dollars for dollar coin breaks record

The 1794 Flowing Hair silver dollar auctioned for $10,016,875. The previous record for a coin was at $7,590,020 Numismatists believe that the 1794 Flowing Hair silver dollar might possibly be the very first dollar minted in the United States.

Personal Finance
January 31, 2013
Examiner

The hobby of coin collecting thrives on coin record prices being broken. Stack Bowers Galleries auctioned the 1794 Flowing Hair silver dollar for $10,016,875 on January 24, 2013. The previous record was $7,590,020 for a 1933 Double Eagle by Stack Bowers Galleries in partnership with Sotheby’s in 2002.

The 1794 silver dollar graded by PCGS Professional Coin Grading Service known as the finest graded first silver dollar with a grade of MS-66; mint state 66 a high graded condition for any coin.

Numismatists believe that this 1794 Flowing Hair silver dollar might possibly be the very first dollar minted in the United States of America.

Even though, in1794 the United States began minting a silver dollar denomination. The high grade for this coin reveals that someone took exceptional care in preserving the coin’s condition possibly making it the first of its kind.

Coin collectors sometimes spend long hours searching through pennies with the hope of finding a valuable coin. For example, many people saved 1943 steel pennies during World War II period or shortly after the war. How many of you have looked at those steel pennies carefully.

Some error steel planchets were struck with 1944 dates. More than likely the steel planchets, the round steel metal before being struck remained at the mint for a year later. The 1944-S steel penny would fetch $100,000 to $500,000 depending on the coin’s graded condition. There are only two known examples found to date.

There are 1944 Philadelphia mint and Denver mint error steel pennies that exist. The population for 1944 Philadelphia mint error steel pennies are 25-30 known; while the Denver mint has a population of 7 known. These coins are rare to find but coin collectors spend hours searching through pennies to find a valuable coin.

Finding a valuable coin could be a life changer for many.

Searching through coins requires a magnifying glass. A 10X power magnifying glass suitable for looking at coins can be purchased for under $10.

Hopefully, this article has rejuvenated your interest in coin collecting. Coins are tangible property unlike a lottery ticket which is a piece of paper and in most cases only a dream.

Coins have intrinsic value they most likely will maintain their denomination value.

Actually, some coins in circulation today, the penny and nickel have a higher metal value than the denomination value. Buy real tangible property, don't make phantom expenditures.

Louis Pinga is owner of GI Coins in West Warwick, RI. Click subscribe near headline to receive additional personal finance coins articles.

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