The recent sale of a 1794 Flowing Hair dollar, believed to be the first silver dollar struck by the United States, has been creating headlines across the country. Coin collectors are pretty excited by the coin, especially since it sold for more than $10 million in January, MarketWatch.com reports. The National Collector’s Mint says this could be a sign of spiking interest in rare coins, and coin collecting – or numismatics – in general.
Experts vary in their beliefs about what this sale means. Some feel it could have a trickle-down effect throughout all of coin collecting, while others say it is more meaningful regarding how the market views the rarest coin specimens. It was the first eight-figure transaction for a coin and easily beat the former highest amount by more than $2 million. It could have beaten it by even more, since the dealer that picked up the coin at auction said it was prepared to pay up to $15 million.
Many in the numismatic field believe that coins could soon become as big to investors as art is. There have been a number of sales in the million-dollar range over the past few years, a big jump from what they were just two decades ago. For example, the 1794 Flowing Hair Dollar sold for less than $600,000 in 1991. While no one can predict the future of such transactions, analysts are impressed by this show of strength in marketplace. It remains to be seen how the sale will impact the Coin World magazine index which tracks important coin sales in the United States.
This 1794 Flowing Hair dollar is a pretty rare coin, too, the National Collector’s Mint says. Not only is it believed to be from the first issue of silver dollars, this particular coin is believed to be the very first in that minting. The president of the Professional Numismatists Guild describes the coin as one of the “Mona Lisas” of the numismatic world.
Those who deal with other collectibles say the fact that a coin sold for such a large amount shows that rarities are always sought after. The editor of Coin World says that, while he is not sure if this sale will affect the price of common coins, for rarer coins this could be a boost.
The National Collector’s Mint is a nationally recognized coin collectible company based out of New York. It offers a wide variety of US coins.