PCGS The Standart for the Rare Coin Industry

Early Silver Dollars (1794-1804)

Silver dollars were minted for circulation from 1794 through 1935. Later-dated coins of the dollar denomination (beginning with Eisenhower dollars in 1971) are more aptly called metal dollars, for with the exception of certain pieces minted for collectors, they do not contain silver. Since time immemorial, or at least as time is measured in the numismatic hobby, silver dollars have been popular with collectors. Until the 1960s they remained more or less in the background, taking a secondary position to such series as Lincoln cents, Liberty nickels, commemoratives, and the like, but beginning in the 1960s silver dollars came to the forefront, and they have remained before the footlights ever since.

Silver dollars divide themselves into several neatly defined groups. The first, early dollars minted from 1794 through 1803, is comprised of issues which appeal to two collecting disciplines: specialists and type collectors.

The collector of design types has three motifs to choose from. The first, the Flowing Hair motif minted in 1794 and 1795, is a stylistic carbon copy of the contemporary half dime and half dollar. The second, the Draped Bust obverse in combination with the Small Eagle reverse, minted from 1795 through 1798, likewise mirrors the design used in smaller silver denominations. The third, the Draped Bust obverse with Heraldic Eagle reverse, produced from 1798 through 1803, completes the early date range. In addition there is the 1804 silver dollar, which is in a class by itself.

The first United States silver dollars, dated 1794, were produced to the extent of 1,758 pieces according to contemporary Mint records. Today the 1794 dollar is a rarity. Approximately 130 different specimens are known, most of which are in grades from Fine to Very Fine. Extremely Fine pieces are very rare, AU coins are major rarities, and in the Uncirculated category the number of surviving specimens can be counted on the fingers of one's hands. The ownership of a 1794 silver dollar in any grade has always been regarded as a source of pride and a mark of distinction.

All 1794 silver dollars are lightly struck at the lower left side of the obverse and on the corresponding part of the reverse, due to the faces of the coining dies not being aligned parallel with each other.

The type collector desiring an example of the Flowing Hair style can be satisfied with a 1795-dated piece, of which at least several thousand exist in numismatic circles. Most of these are in worn grades, although an occasional Uncirculated piece is encountered in the marketplace.