1794 $1 --Repaired--NCS. XF Details. B-1, BB-1, R.4. The acquisition of a 1794 silver dollar is the highlight of any advanced collection of U.S. coins. That said, few numismatists can hope to ever own this classic piece of Americana. Not only does its cost place it beyond the reach of most collectors, but there are precious few specimens that have survived to the present day. And of those that have managed to escape the ravages of time, many, if not most, are plagued with some sort of impairment.
The 1794 dollar's history dates to the early years of the Republic. Indeed, Jack Collins and Walter Breen, in their manuscript 1794: the History and Genealogy of the First United States Dollar, revised January 31, 1993, refer to Alexander Hamilton as the "Grandfather" of America's first silver dollar, based on his seminal January 28, 1791 report to Congress.
Collins and Breen go on to refer to Mint Director David Rittenhouse as the "Father" of the 1794 dollar. The authors state: "He provided the bullion, determined the fineness, supervised the production, and distributed all specimens struck. They then cite Adam Eckfeldt, "... the Mint's factorum and mechanical genius," as "Chief Obstetrician and Foster Parent," because "Without him, the strip would not have been satisfactorily rolled, nor the blanks accurately cut and prepared, nor the dies properly hardened, nor the press anywhere near fit to strike the coins."
Mint records show that Rittenhouse made two deposits of silver bullion on August 29, 1794: one for $1,706.82, and another for $294.51. Martin A. Logies, in his The Flowing Hair Silver Dollars of 1794: An Historical and Population Census Study, writes:
"Once the silver planchets were prepared, (Chief Coiner Henry) Voight commenced striking the new silver dollars. Immediately, it was apparent that the Mint's equipment, which had functioned well in coining the soft copper cents and half cents, was inadequate to strike the new, larger diameter, hard silver coins with the intended quality. Only 2,000 specimens were originally produced (matching Rittenhouse's silver deposit), all from one set of dies, and then mintage was suspended, pending the arrival of better equipment. Of these, 242 specimens were immediately rejected as being totally unacceptable ... leaving only 1,758 specimens to be delivered on October 15, 1794. Since Mint Director Rittenhouse provided the silver for these dollars, all 1,758 were paid out to Rittenhouse, and it was then he who distributed them to others."
Light to medium gray patination covers the semibright surfaces of this XF Details example. Sharp definition characterizes the design features, except for the typical weakness along the left obverse and reverse borders. Light abrasions are distributed over both sides, and there is a small rim bruise under the 79 of the date, and two or three more at the left reverse rim. A small scratch from the lower middle part of the eagle's left (facing) leg extending to the bottom of the nearest leaf, along with a small contact on the lower right part of the eagle's neck, help to pedigree the coin for future catalogers and researchers. In this regard, it is instructive to note that this piece does not match the plates or descriptions of the 117 1794 dollars referenced in Collins and Breen, or the 125 examples listed in Logies.
Some light adjustment marks are visible along the left obverse border. The "Repair" alluded to by NCS is not readily apparent, though there is a cluster of small marks in the right obverse field that may have been placed there intentionally.
In summary, this is a highly collectible example of one of America's most famous coins, despite a number of surface and rim marks. As such, we expect bidding to be quite strong.
Coin Engraver: Robert Scot
Shipping: Coins & Currency (view shipping information)
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