Rare and thought to be the first silver dollar ever produced by the US, the Flowing Hair dollar, which was coined in 1794, just sold for $12 million, setting a new world record. The rare coin and coin auction specialist GreatCollections purchased the coin on behalf of a customer.
Assigned a grade of SP-66 by the Professional Coin Grading Service (PCGS), this is the sole sample that has been designated as a "Specimen" from the original mintage of 1,758 silver dollars, of which only approximately 140 remain today. Certified Acceptance Corporation (CAC) has also given their stamp of approval.
At an auction in 2013, the renowned coin sold for $10,016,875—the first time it has ever surpassed the $10 million mark. Its private sale price was $7.85 million three years prior.
It had previously topped $11 million in its two auctions, but that record had been surpassed last year by the 1933 Saint-Gaudens gold double eagle, which fetched $18.9 million.
Bruce Morelan, a famous coin collector, sold the 1794 silver dollar to GreatCollections for $13.35 million in November of last year. Among these coins was the finest 1913 Liberty Head Nickel, one of just three in private possession. This coin had previously been in the possession of Virgil Brand, Col. E.H.R. Green, W.W. Neil, and Amon Carter, Senior and Junior, until it was acquired by Morelan.
It gave me chills closing the transaction for this piece of history," said Ian Russell, president of GreatCollections. "Without question, this is America's most coveted silver dollar." The term "museum-quality" is perfectly exemplified here. Beyond its one-of-a-kind specimen striking, it outshines the specimens held by the Smithsonian and the American Numismatic Association. The purchaser is overjoyed.
Last week, John Albanese, founder of CAC, mediated the deal for Morelan. Albanese expressed her pleasure with the acquisition, calling it the highest private transaction price for a CAC-approved coin. She also acknowledged that Bruce's transition to the next owner must be heartbreaking.
It only took a few days to finalize the historic transaction. We had already reached a consensus by Thursday after I contacted Ian on Sunday regarding the coin. After that, ensuring the safe transportation of the rare was merely an issue of logistics.
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