The $10 Million Coin: A Rare American Numismatic Specimen

There’s a rare coin in the United States that’s worth an incredible $10 million, and it’s quite possible that people are walking around unaware that they hold a fortune in their pocket.

There’s a rare coin in the United States that’s worth an incredible $10 million, and people could be walking around unaware that they hold a fortune in their pocket. The item in question is a $1 specimen that was minted in the 1790s, and while it’s not the most valuable US coin there is, coming across one could quite literally change a person’s life.

In the world of numismatics, which refers to the study or collection of coins, banknotes, or medals, three factors determine the value of a coin: rarity, condition or grade, and demand or market conditions. When the newly formed United States started minting coins after the Coinage Act of 1792 was established, the US Mint was authorized to produce copper, silver, and gold units both for general circulation and reserved for special occasions. The first mint was built in Philadelphia and the process of producing coins was slow, intensive, and imprecise. One of the very first—if not the first—American coins ever minted was the 1794 “Flowing Hair” Silver Dollar.

Lady Liberty “Flowing Hair” coin would fetch you a mansion in worth

In 2013, a 1794 “Flowing Hair” Silver Dollar was sold at auction for an incredible $10 million, which set a world record for the highest price ever paid for a collectible coin at the time. This is about the same value as a seven-bedroom mansion in Miami. In 2021, a 1933 Double Eagle dollar fetched almost $19 million, setting a new record, but the “Flowing Hair” dollar is still among the most sought-after specimens in the world due to its historical significance.

When the Philadelphia Mint started producing the silver dollar in October 1794, 1,758 “Flowing Hair” dollars were struck in a day. However, these were not for general circulation; at his discretion, the mint director could hand them out to dignitaries or similar important people as souvenirs.

The “Flowing Hair” Silver Dollar was a cut above the rest

The 1794 “Flowing Hair” dollar was born at a time of immense historical significance for the United States of America. In the 1970s, silver and gold were hard to come by as the nation was still in some upheaval after the Revolutionary War against Great Britain. Being able to mint coins was a way to prove that the United States could create its own functioning currency, which it achieved admirably. David Mudd of the American Numismatic Association explains the context of the Silver Dollar:

“It was basically more of a PR marketing event. This was the first dollar and they wanted to make as much of a splash as they could. The Flowing Hair design was produced by the Mint as a first representation of liberty. Taking the idea from the ancient Romans where they used female figures—sometimes male figures—to represent concepts such as liberty or freedom.”

Mudded added that on close examination, the details on the “Flowing Hair” dollar that was sold for $10 million at auction in 2013 reveal that it may well be the first coin ever struck from the original die. It’s estimated that a maximum of 150 of the originals still exist, making it as rare as it gets.

US Mint is planning a resurrection with an American Liberty version

The US Mint announced that it was considering releasing a series of American Liberty silver medal coins in the 2020s and that the Commission of Fine Arts and Citizens Coinage Advisory would assess the design submissions. To recreate the iconic “Flowing Hair” design, a laser engraving technique will be employed, which is a process far removed from what it would have been when coins were minted in the 18th century.

Where is the $10 million “Flowing Hair” Silver Dollar now?

The oldest auction house dealing with rare coins in the United States, Stack’s Bowers, explained what it is about Lady Liberty on this coin’s face that makes the specimen so precious:

“Lady Liberty’s curls show incredible definition, even in their highest relief above Liberty’s ear, just as the feathers of the eagle that show all the fine nuances.”

The item that collected $10 million at the 2013 auction was sold to Bruce Morelan, an American businessman and numismatist who paid exactly $10,016,875. He then sold it to GreatCollections auction house in 2022 for $12 million, a decent profit.