The Flowing Hair dollar was the first dollar coin issued by the United States federal government. The coin was minted in 1794 and 1795; its size and weight were based on the Spanish dollar, which was popular in trade throughout the Americas.
In 1791, following a study by Alexander Hamilton, Congress passed a joint resolution calling for the establishment of a national mint. Later that year, in his third State of the Union address, President George Washington urged Congress to provide for a mint, which was officially authorized by the Coinage Act of 1792. Despite the authorization, silver and gold coins were not struck until 1794. The Flowing Hair dollar, designed by Robert Scot, was initially produced in 1794, and again in 1795. In October 1795 the design was replaced by the Draped Bust dollar.
In May 2005, a specimen striking from the 1794 production was sold in a private sale for $7.85 million, more than any other coin in history.
Read more about Flowing Hair Dollar: Background, Collecting
Famous quotes containing the words flowing, hair and/or dollar:
“I have observed the misery of my people who are in Egypt; I have heard their cry on account of their taskmasters. Indeed, I know their sufferings, and I have come down to deliver them from the Egyptians, and to bring them up out of that land to a good and broad land, a land flowing with milk and honey, to the country of the Canaanites, the Hittites, the Amorites, the Perizzites, the Hivites, and the Jebusites.”
—Bible: Hebrew, Exodus 3:7,8.
“He was begotten in the galley and born under a gun. Every hair was a rope yarn, every finger a fish-hook, every tooth a marline-spike, and his blood right good Stockholm tar.”
—Naval epitaph.
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)