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:
“The mighty river flowing dark and deep,
With ebb and flood from the remote sea-tides
Vague-sounding through the City’s sleepless sleep,
Is named the River of the Suicides;”
—James Thomson (1834–1882)
“With girls, everything looks great on the surface. But beware of drawers that won’t open. They contain a three-month supply of dirty underwear, unwashed hose, and rubber bands with blobs of hair in them.”
—Erma Bombeck (20th century)
“Not one of our national officers ever has had a dollar of salary. I retire on full pay!”
—Susan B. Anthony (1820–1906)