Imagine rummaging through an old sock drawer during an estate clean-out and stumbling upon a nearly untouched 1795 Flowing Hair dollar.
It sounds like a movie plot, but this is a real-life story making waves in the numismatic world. This article unpacks the historical, collectible, and market significance of this legendary coin, alongside details from the recent discovery that shocked coin collectors nationwide.
Key Details Table
| Attribute | Detail |
|---|---|
| Coin Type | 1795 Flowing Hair dollar (Silver) |
| Designer | Robert Scot |
| Composition | Approx. 90% silver, 10% copper |
| Weight | ~26.96 g (416 grains) |
| Diameter | 39–40 mm |
| Mintage | Approx. 160,000 in 1795 |
| Varieties | Two-Leaves, Three-Leaves, Silver Plug |
| Recent High Auction | $1.265 million for MS grade |
| Recent Estate Find | AU-58 Silver Plug example valued over $100,000 |
Historical Background
Origin of the Flowing Hair Dollar
The Flowing Hair dollar, introduced in 1794 and continued into 1795, was the first silver dollar minted by the United States.
Designed by Robert Scot, the obverse features a portrait of Lady Liberty with flowing hair, while the reverse showcases an eagle surrounded by a wreath—both symbols of the young American republic’s ideals of freedom and strength.
Challenges in Early Minting
The U.S. Mint was still in its infancy in 1795 and used basic screw presses, often resulting in lightly struck designs. To meet the official silver weight standard, some planchets were underweight and required the addition of a silver plug at the center.
These silver-plugged coins are now among the most sought-after variants of the Flowing Hair dollar.
The End of the Series
The Flowing Hair design was replaced mid-1795 with the Draped Bust dollar, making 1795 the final year of this iconic series.
Though the Mint produced approximately 160,000 silver dollars that year, not all were of the Flowing Hair design, and far fewer survive today in collectible condition.
Rare Varieties and Their Features
Three Main Types
The 1795 Flowing Hair dollar comes in three notable varieties:
- Two-Leaves
- Three-Leaves
- Silver Plug
The Three-Leaves variety features three leaves beneath each wing of the eagle. The Two-Leaves version is a bit more common. The Silver Plug variant, however, is exceedingly rare and features a visible circular plug in the coin’s center used to correct underweight planchets.
Why Silver Plug Versions Are Rare
Silver-plug coins were created under emergency circumstances and were not meant for long-term circulation. Only a small number of them exist today, making them highly desirable to collectors.
A Silver Plug Flowing Hair dollar in uncirculated condition can command prices in the hundreds of thousands—or even millions—of dollars.
The Sock Drawer Discovery
The Find
A Rhode Island family discovered an extraordinary treasure while cleaning out their late grandfather’s estate: a 1795 Flowing Hair dollar with a visible silver plug, found inside a forgotten sock drawer.
It had been passed down through generations, completely unnoticed, for more than 200 years.
Authentication and Grading
The coin was submitted to PCGS for authentication and grading. It was assigned a grade of AU-58 (Almost Uncirculated), and received a CAC certification, confirming its high-end status among coins of similar grade.
Experts described it as one of the best-preserved Silver Plug examples known to exist.
Valuation and Sale
The estate coin is expected to fetch over $100,000 at auction, with some estimates suggesting it could approach $150,000 due to its excellent condition and rarity.
It is already drawing interest from elite numismatists and high-end investors.
How to Identify a 1795 Flowing Hair Dollar
If you think you might own—or stumble upon—a similar coin, here are key identification markers:
- Obverse Design: Liberty with flowing hair, facing right.
- Reverse Design: Wreath encircling a perched eagle.
- Edge Lettering: “HUNDRED CENTS ONE DOLLAR OR UNIT” inscribed around the coin’s edge.
- Plug Detection: A small round plug at the coin’s center indicates the silver plug variety.
- Leaf Variety: Examine the number of leaves under each eagle wing (Two vs. Three).
Market Value and Recent Auction Highlights
Auction Records
- 1795 Three-Leaves MS Grade: Sold for $1.265 million.
- 1795 Silver Plug in Mint State: Realized $705,000.
- D. Brent Pogue Collection MS-66 Example: Sold for $822,500.
- VG-8 Condition: Basic examples have sold for as little as $3,000 on auction sites.
Estate Coin Comparison
The recently discovered AU-58 Silver Plug example compares favorably with past sales, standing out as one of the best-preserved known pieces not held in a museum or private legacy collection.
Estimated Value Ranges
| Grade/Variety | Estimated Auction Value |
|---|---|
| MS Silver Plug | $700,000–$1,000,000 |
| AU-58 Silver Plug | $100,000–$150,000 |
| XF (Extra Fine) | $50,000–$75,000 |
| VF (Very Fine) | $20,000–$40,000 |
| VG (Very Good) | $3,000–$5,000 |
Why Collectors Love This Coin
- Historical Significance: Being the first official U.S. silver dollar makes this coin a foundational piece for American numismatics.
- Scarcity: The Flowing Hair series lasted only two years, and even fewer were struck with silver plugs.
- Visual Appeal: Classic designs and early American symbolism enhance its appeal.
- Investment Potential: High-grade specimens continue to appreciate in value.
Tips for Estate Treasure Hunters
- Never dismiss old boxes, drawers, or containers in inherited homes—many rare coins have been found this way.
- Check coin weight and diameter—a proper scale can help identify silver content.
- Seek professional grading—third-party authentication is crucial for valuation and resale.
- Store properly—use non-PVC coin flips or slabs to avoid corrosion.
The incredible find of a 1795 Flowing Hair Silver Plug dollar in a sock drawer not only made one family significantly wealthier—it also reignited public interest in the thrilling world of coin collecting.
This coin, steeped in American history and preserved against the odds, serves as a powerful reminder that valuable treasures often lie hidden in the most unexpected places.
Whether you’re a seasoned collector or a casual enthusiast, this story is a testament to the excitement, education, and reward of numismatics.
FAQs
1. What makes the 1795 Flowing Hair dollar so valuable?
The 1795 Flowing Hair dollar was one of the first U.S. silver dollars ever struck. Its rarity, early mint date, and varieties like the silver plug make it highly valuable, especially in well-preserved conditions.
2. How can I tell if a coin is a Silver Plug variant?
Silver Plug coins have a noticeable circular insert at the center. This was done to correct underweight planchets and is visible on both sides of the coin. Expert evaluation is recommended.
3. Can estate-found coins be trusted for authenticity?
Yes, many estate coins are in original condition and have not been tampered with. If authenticated and graded professionally, they can be incredibly valuable due to their preserved state and history.