More experts count silver dollar as first

Scrutinize 1794 specimen strike
Coin World
by Al Doyle
Monday September 6, 2004

Any 1794 Flowing Hair silver dollar – even a well-worn example – is a special coin.  One piece stands far above the rest in this elite company.  The cartwheel owned by Steven L. Contursi of Rare Coin Wholesalers in Dana Point, Calif., graded by Professional Coin Grading Service as Specimen 66, is more than a scarce, high-grade early U.S. coin.  Even its place as the finest known may not adequately convey the significance of this 210-year-old piece of history.  That’s because more than a dozen highly respected numismatists believe Contursi’s coin could be the first silver dollar ever struck by the United States.  That conclusion was reached after intensive examinations that, in less than a week, twice involved removal of the coin from sonically sealed plastic holders in which it was encased by PCGS.

Contursi’s coin was one of the featured exhibits during the American Numismatic Association’s World’s Fair of Money in Pittsburgh Aug. 18 through 22.  It was removed from the exhibit case and cracked out of its PCGS holder so that experts could examine its edge lettering, a key component in attribution of early U.S. coinage. 

"I’ve never seen one like this before," declared veteran professional numismatist John Dannreuther of Memphis, Tenn.  "I was struck by the edge.  It was totally squared.  The lettering was deeply incised, just as deep as it could be.  It’s even more amazing out of the holder than it is in the holder." 

Although Contursi has owned the coin since June of 2003, he had never viewed it outside of the holder until its removal in Pittsburgh. 

Dannreuther noted one unique feature on the finest known specimen. 

"This one has full breast feathers," he said.  "The copper trial strike in the Smithsonian doesn’t quite have full breast feathers." 

With its strong strike, glowing prooflike surfaces, adjustment marks on the upper left side of the obverse and as the only coin of its kind with a small silver plug, in technical grade and eye appeal this 1794 Flowing Hair dollar is far above the other approximately 140 surviving examples of the date, according to some who have examined the coin. 

Comparing a coin with similar pieces from the same year is a proven technique in research, but nothing in existence is in the same league or state of preservation. 

"Everything they did about this is something special," Dannreuther said.  "They struck it on burnished dies with a burnished planchet.  The evidence points towards it being the first coin struck.  It’s the only prooflike example."  Dannreuther concluded: "Can we prove it’s the first silver dollar struck?  Absolutely not, but we can speculate.  I’ve been asked that dozens of times.  All you can do is look at the evidence.  The evidence is the coin."  Kenneth Bressett was initially skeptical about the coin’s potential.  "I think they brought me in as a wild card, because they thought I wouldn’t believe it was the first 1794 dollar struck," he admits.  "It was a sensible and conservative approach."  Bressett’s views changed as he closely examined the Contursi coin.  "The coin is special and exceptional in so many ways," he remarked.   "These factors went into converting me into a believer."  Bressett provided some information on the coin’s history.  "David Rittenhouse [first director of the Mint] provided the silver to make these coins," he said.  "That’s why we think Rittenhouse owned this coin at one time.  It was the mark of distinction for our nation to have a silver dollar.  We were using Spanish American dollars almost exclusively."

Bressett added: "We know it goes back to W.W. Neil in 1947.  Eric Newman’s remembrance was that he was offered this coin for $350.  He turned it down, because he felt his money could be better spent elsewhere."

Martin Logies has spent much of his life studying early U.S. silver dollars, and he is the author of the book The Flowing Hair Silver Dollar of 1794.  He says the Contursi coin is distinct from the typical dollar of that year.

"I estimate approximately 140 survive, and I’ve traced 125," he said.  "It’s not only the finest in state of preservation and unique with a silver plug, but it’s also unique in being from the earliest state of the dies."

Logies explained: "Dies can produce tens of thousands of virtually identical coins today, but such was not the case in 1794.  Technology was lacking, personnel at the Mint was lacking, and the metal was lacking.  We can trace degradation on the dies.  The dies clashed without a planchet, which left clash marks on the obverse and reverse."

The vast majority of the 1,758 pieces struck Oct. 15, 1794 (the only day of production), show evidence of clash marks and subsequent attempts to repair the problem. 

"There are five distinct die states," according to Logies.  "There are clash marks on 113 of the coins.   When dies are polished, you lose details.  Polishing of the dies in the 1794 dollar reduced detail in the hair of Liberty.  There are three known coins from the last state of the dies.  I identified one specimen with no die damage," he said, referring to the Contursi coin. 

Logies joined with Dannreuther and Bressett in saying that the coin is probably the first U.S. silver dollar struck. 

"This was a coin that was struck under barbaric conditions, but struck incredibly well and maintained over the centuries," he said.  "It was clearly viewed as important on the day it was struck.  That is the hallmark of a first strike.  This is the only coin possible." 

The coin was once part of the Amon Carter collection, and speculation about its status isn’t a recent phenomenon.   A 1984 Stack’s auction catalog described the coin as "More than likely the first 1794 silver dollar struck." 

Dannreuther remembers he concurred with that opinion two decades ago. 

"I circled that coin in my catalog and wrote ‘first 1794 dollar struck,’" he said.  "That’s how I felt in 1984 and it’s still how I feel today." 

Contursi said he paid "millions of dollars" for the coin, and he claims to have turned down "millions in profits" since making the purchase.  The piece is currently insured for $10 million.