1794 FLOWING HAIR 50C AU58
EXTRORDINARY DETAIL WITH SATIN WHITE SURFACES. FIRST YEAR OF ISSUE. ONLY A HANDFUL GRADED HIGHER AT PCGS.
SKU:
144497
Cert Number:
49135219
$225,000.00**
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Taxation without representation was the call to action during the Revolutionary War, and justly so. While the hefty taxes imposed by England on the colonists were widely unfair due to the lack of commoner representation in parliament. However, it is an inescapable fact that taxes are an essential part of a country’s economy. While George Washington wanted to try his best to avoid taxes, several states had incurred debt from the war so Alexander Hamilton felt taxation was a necessary course of action. Washington then took it upon himself to travel and listen to various voters opinions on the matter to gage his support of the bill; the result was unexpectedly pleasant. With reassurance in his mind, Washington gave the okay to Hamilton to push a federal tax to assist with debt and add an additional tax to whiskey as a backup fund if anything went wrong. This maneuver did not go well, however. Protests started almost immediately after the law was put into place in 1792. It seemed the offended parties were farmers, who had to pay cash only for taxes, and smaller distillers, who had to pay nine cents a batch while larger distillers received several tax breaks. From the beginning sporadic violence arose across the countryside- mostly in Pennsylvania- against tax collectors and other authority figures. By 1794 the conflict had reached a point of do or die for the angry mobs who had been warned several times by the government to stand down or they will be facing a militia. This threat only came after the destructive attack on John Neville’s Pennsylvania estate after he had served writs of summons to several people who did not pay their taxes during the summer of 1794. The pot was quite literally near boiling over as the seasons changed and the simplest thing would set either side off. The crux of the conflict came after flames had just been put out on another in Pittsburg after an angry tax payer had intercepted mail that expressed the distaste officials had for the attack on Neville’s home. David Bradford, the man who read the letters, threatened to destructively riot through Pittsburg the next day, but this was quickly deterred with some whiskey barrels and an apology. Soon, new signs of a reignited conflict had arisen so Hamilton voted for a militia to be sent, but Washington opted for a peace envoy instead- which ultimately failed. Finally, Washington marched with an army of twelve thousand men into Western Pennsylvania to end this rebellion. Oddly enough, however, the opposition failed to show up so suspected rebels were arrested and brought back for trial instead. It turns out that most of the rebel leaders had fled; among the twenty men who were arrested all but two, who were charged with treason, were acquitted. After the conflict mellowed from its rolling boil in 1794, there was little conflict in the following years. Eventually in 1802 the tax was repealed and all was well that end well.
Sometimes starting something up does not always prove to be as easy as it was on paper and there are often several hiccoughs along the way once the ball gets rolling. The same could certainly be said for the start of a new country and all its ins and outs. After the end of the Revolutionary War, the newly establish United States of America had to learn to stand on its own two feet. Essentially everything had to be built from the ground up- this included government, law, and currency. While many of these tasks were daunting, it seems perhaps that the most difficult obstacle they had to overcome was currency. In fact not only were conversations regarding the Nations money delayed, but so was the establishment of the mint, coin value, materials, and officials. Thankfully by 1792 congress had finalized the currency system and mint establishment in the Coinage Act. Still, actual mintage was a ways away since the mint had difficulties with copper coinage, which began two years after the Act. Once it was time to move on to precious metal coinage, silver was the first to come, but there was still significant obstacles. To begin, the reserves of precious metals for coinage was absolutely laughable, so they mint had to rely on wealthy depositors to contribute metals to produce coins. The mint planned to pay these men back through coins equal to their deposits as soon as possible. Once the metal was in, the government filled the production with red tape and decided both the Chief Coiner and the Assayer had to put up a bond of $10,000 each, to offset malfeasance. This, by no means, was not easy money to come by; in fact it was nearly impossible for these men. Congress reluctantly relented and lowered the bonds to $5,000 for the coiner and $1,000 for the assayer; both men were assisted by two other wealthy men to post their bonds. Finally coins could be minted! The first three silver coins struck were the dollar, half dollar, and half dime- all of which bore the Flowing Hair Liberty designed by engraver Robert Scot. Unfortunately, the struggle was not over for these precious coins. The mint began with the dollar since it was heftier, carried more value, and was meant to be the “showoff” coin for the nation. However, the dies could not keep up with demand and most of them broke after a thousand or so strikes. Repairs would take a while, but depositors pressured the mint for their return, so they began the half dollars. Finally, after a successful production of 5,300 coins the mint was ready to produce more, but this time the metal roller system broke down so blanks could not be rolled to their proper thickness. This issue was not resolved until the beginning of 1795; despite the date change, the mint still utilized the 1794 dies well into 1795 since there was no use in trashing something that was still useful. Mintage ran more smoothly the following year as reflected in the numbers, regardless the design saw its final few strikes in the remaining months of 1795 and was exchanged for the capped bust liberty in 1796.
In 1794, the fledgling United States experienced a series of pivotal events that significantly shaped its developing national identity and underscored its expansion and maturation across various domains.
A symbolic gesture towards the nation's expansion came with the modification of the national flag by the Flag Act of April 4, 1794, which was set to take effect on May 1, 1795. This act increased the number of stars and stripes on the flag to 15 each, in recognition of the admission of Vermont (1791) and Kentucky (1792) to the Union, symbolizing the growing inclusivity of the American identity.
The year also marked a notable step toward greater governmental transparency when the U.S. Senate opened its sessions to the public for the first time in 1794. This decision underscored the government's commitment to principles of openness and accountability, fostering a more inclusive and participatory democratic environment by allowing citizens to observe the legislative process directly.
A major technological breakthrough occurred on March 14, 1794, when Eli Whitney was granted a patent for the cotton gin. This invention revolutionized the cotton industry by significantly increasing the efficiency of cotton processing. While it spurred economic growth, particularly in the Southern states, by making cotton the dominant cash crop, it also had profound social repercussions by intensifying the reliance on slave labor, thus deepening the sectional divide over the issue of slavery.
Furthermore, on March 27, 1794, Congress authorized the construction of the first six frigates of the United States Navy, a move that underscored the nation's commitment to establishing a formidable naval presence. This decision was driven by the need to protect American merchant ships from threats, particularly from Barbary pirates, and marked a foundational moment in the history of the U.S. Navy, reflecting the country's growing aspirations towards safeguarding its sovereignty and commercial interests.
Each of these events in 1794 played a critical role in the early development of the United States, reflecting its growth and changes in governance, technology, and national defense strategies. Together, they illustrate the dynamic and multifaceted nature of the nation's evolution during this formative period, laying the groundwork for its future trajectory.
In recent years, the half dollar has all but disappeared from the channels of American commerce, becoming almost irrelevant to the nation’s coinage system. That’s a far cry from the role it played in America’s formative years, when it had a significant function and carried exceptional weight. Its importance was underscored by the fact that in 1794, when United States silver coinage began, the half dollar was one of the first three denominations to be issued in that metal, along with the silver dollar and half dime.
Coinage in general was slow to get under way at the nation’s first mint in Philadelphia. Congress passed the law authorizing the U.S. Mint and spelling out coin denominations and specifications on April 2, 1792—but the first copper coins didn’t go into production until 1793, and more than two full years went by before the first silver coins emerged.
Part of the delay resulted from complications inherent in setting up a new mint. But, to a great extent, precious metal coinage was stymied by red tape of the government’s own devising. In establishing the Mint, Congress had decreed that two key technical officers—the chief coiner and assayer—would have to post bonds of $10,000 apiece before they could work with gold and silver. The intent of this was laudable: to protect the American people from malfeasance. The effect, however, was crippling: the designated officers couldn’t come up with the money, an enormous sum by 18th Century standards, so only copper coinage could proceed.
Congress relented eventually, lowering these bonds to more manageable levels of $5,000 for the chief coiner and $1,000 for the assayer. This was only after Mint Director David Rittenhouse secured the intervention of Secretary of State Thomas Jefferson, the Cabinet officer then in charge of the Mint. Rittenhouse himself posted bond for Chief Coiner Henry Voigt, while Charles Gilchrist furnished security for Assayer Albion Cox. Precious metal coinage then finally got underway.
The dollar was the first silver coin to be produced; being the largest and having the highest face value, it was looked upon as possessing the most prestige—something the infant nation sorely needed. But while the silver dollar may have burnished America’s image, it did little to provide an immediate solution to the nation’s coinage needs: the coining press couldn’t cope with its size and heft and broke down after fewer than 1,800 satisfactory pieces had been struck.
Rittenhouse decided to suspend dollar coinage until a better press could be installed, a delay that would prove to be more than six months long. Meanwhile, however, pressure built from depositors who had left silver bullion with the government, expecting silver coinage in return. To meet this demand, the Mint began producing half dollars, delivering the first shipment of approximately 5,300 pieces on December 1, 1794. Thus the two largest U.S. silver coins assumed at the very outset the relative roles they would play for over a century: the dollar as a showpiece and the half dollar as a workhorse.
While their roles may have been different, the 1794 dollar and half dollar—and, for that matter, the first half dime—were identical in design. Congress had specified that the silver coins should carry a design “emblematic of Liberty,” and Chief Engraver Robert Scot had implemented this mandate with a right-facing portrait of a youthful female figure whose hair flowed freely behind her—hence the descriptive term “Flowing Hair.” It’s said the flowing hair was meant to signify freedom. LIBERTY appears above the portrait, with the date below and 15 stars along the sides, denoting the number of states in the Union at that time. The coin’s reverse depicts a small, spread-winged eagle perched upon a rock and surrounded by laurel branches. Along the border is the motto UNITED STATES OF AMERICA. The half dollar’s edge bears the inscription FIFTY CENTS OR HALF A DOLLAR, with decorations between the words.
After completing the first production run of Flowing Hair half dollars, the Mint was poised to make more. But its rolling equipment broke down, so it couldn’t flatten ingots to the proper thickness for coin blanks. Repairs took several weeks, and as 1794 drew to a close the Mint had at least six obverse dies on hand with that date. Rather than scrap them, it kept making 1794 half dollars in 1795. Only when all the 1794 dies became unusable did it start using dies dated 1795.
The Mint produced 23,464 half dollars dated 1794 and 299,680 dated 1795. It replaced the obverse in 1796 with the Draped Bust portrait of Liberty, making the Flowing Hair version a two-year type coin. Some 1795 half dollars have a recut date, but these are not unduly elusive. Some 1795 pieces have three leaves under each of the eagle’s wings, instead of the normal two, and these are scarce. No proofs are known for this series, which is widely collected by type.
Flowing Hair half dollars are slightly larger and heavier than their modern counterparts. Their authorized fineness is marginally lower, but their actual fineness is virtually the same—and thereby hangs a tale. Congress had specified an unusual alloy of 1485/1664 silver and 179/1664 copper, for a fineness of .8924+. But Assayer Cox complained that this was unworkable, and he made the bizarre claim that silver coins would blacken in ordinary use unless they were at least .900 fine. He induced Director Rittenhouse to let him use the higher standard, even though Congress hadn’t sanctioned it—meaning the Mint was breaking the law of the land. This led to substantial losses for people who deposited bullion with the Mint and took silver coins in return, for they had to give more silver per coin than the law required. This irregularity wasn’t corrected until the administration of Mint Director Elias Boudinot, which began late in 1795. A number of depositors subsequently sued for compensation and won, but only after years of congressional wrangling.
Apparently, most Flowing Hair half dollars went right into commercial use. While readily available in circulated condition, they are virtually unobtainable in high Mint State grades. Coins of this type can be challenging to grade, due to irregularities in their quality of strike. It is not unusual for Flowing Hair half dollars to wear quite unevenly. Points to check for wear are the hair above and beside Liberty’s forehead and the center of the eagle’s breast.
Coin Descriptions Provided by Numismatic Guaranty Corporation (NGC)
**Source: PCGS Price Guide. Although we try to be as accurate as possible on the listed population, third party pricing and coin information, information constantly changes. We suggest you verify all information.
