$1 Coin, Now Worth $1.2 Million, Was Hoarded in 1794

http://www.csmonitor.com/Money/new-economy/2010/0810/1-coin-now-worth-1.2-million-was-hoarded-in-1794 ^ | August 10, 2010 | Laurent Belsie

[nickcarraway]

$1 coin: Americans have hoarded $1 coins since the early years of the Republic.

The first silver dollars minted by the US government in 1794 are rare, so rare that one of them sold for more than $1.2 million this weekend at a Boston auction.

And there's a reason for their scarcity: Even back in the first years of the Republic, people hoarded dollar coins rather than spend them.

The story goes that on Oct. 15, 1794, chief coiner Henry Voigt coined 1,758 of the silver dollars and delivered them to David Rittenhouse, director of the US Mint, according to the Smithsonian Museum of American History. He handed them out as gifts to dignitaries. In all likelihood, fewer Americans saw those silver dollars than today's Sacagawea and presidential $1 coins, which occasionally pop up in circulation.

Back then, Americans often relied on foreign coins that circulated around the young nation for dollar equivalents. Only 140 of the so-called Flowing Hair silver dollars are thought to exist. (The coins depict a woman with long flowing hair).

The $1 coin that sold in Boston to an anonymous bidder was considered the fourth best specimen of the six mint 1794 silver dollars known to exist. The best specimen, called the Neil/Carter/Contursi 1794 Flowing Hair silver dollar, sold for nearly $7.9 million in May, setting a new record price for a coin.

[nmh]

Heck, wish I had owned it.

[Red_Devil 232]

[Mad Dawgg]

I still have my Eisenhower Dollars that my grandfather gave me. He would give me two on my Birthday. Started about when I was 12 or 13 I have them from 71 to 78 (no 75s) both mint marks for each year. Wouldn't give em up for anything. I plan on giving them to my daughter when she turns 21.

[dynachrome]

Hoarded, because the Continental dollar was worthless and people remembered.

[july4thfreedomfoundation]

I have a story about those Eisenhower dollars.

Back in November, 1978, my parents, my sister and myself took our first trip ever to Las Vegas during Thanksgiving weekend. We were living in Santa Barbara at the time.

Anyway, one night we visited the casino at Caesar’s Palace at 1:00 AM. My father spotted Robert Redford playing the dollar machines, and my Dad announced, “I want to be able to say that I gambled next to Robert Redford!” My father stepped up to the machine to the right of Redford, and dropped in an Eisenhower dollar. On his very first pull, three 7’s came up in a row....777. 100 of those Eisenhower dollars came pouring out of the machine. My Dad turned to Redford and said, “I won this because of YOU!” Redford replied, “I’m very happy for you!” (Although by his tone of voice, I don’t think he was sincere). My Dad cashed in the coins for paper money.

At the time, Redford was filming the movie “The Electric Horseman” in Las Vegas.

The casinos haven’t used those Eisenhower dollars in many years. First they started using tokens with their logo, now they have those “coinless” machines.

[SunkenCiv]

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[Pharmboy]

Thanks for the post, Nick, and the ping, SunkenCiv.

The RevWar/Colonial History/General Washington ping list

[aculeus]

bttt!

[colorado tanker]

You wanna pawn it or sell it?

[La Enchiladita]

Lovely coin!!
Thank you, guys, for keeping the historical topics going.

[SunkenCiv]

:’) I coin safely say that we mint it when we said we would do it. :’)

[SunkenCiv]

Now look what you’ve done. ;’) ;’)

[Diana in Wisconsin]

Neat! Mom has a Silver Dollar from 1846 that she won in Vegas in 1957 and she’s carried it in her wallet for-EVER. I keep tellin’ her to put that thing in the safe, but she calls it her ‘Lucky Charm.’

Moms! What’re you gonna DO with them? LOL!

[La Enchiladita]

Thank you for my first chuckle of the day, and I need laughs more than ever.:):):)