Early Silver Dollars
The silver dollar was established by the Coinage Act of 1792 as one of the pillars of the American monetary system. The first silver dollars would be struck in 1794 and produced each year until 1804, across two different obverse and reverse designs. These early silver dollars are highly collectible and in some cases extremely valuable.
The first series was known as the Flowing Hair Silver Dollars. These coins were struck in a very small quantity in 1794, and in a greater number the following year. Designed by Robert Scot, an image of Liberty with unbound and slightly flowing hair is surrounded by the inscription "Liberty", the date, and an arrangement of stars. The reverse features a small eagle situated within an open wreath with the inscription "United States of America" surrounding.
The low mintage first year of issue is an extremely valuable coin. Examples from either year in uncirculated condition are also very rare.
The second design was known as the Draped Bust Silver Dollar. These coins were struck from 1795 until 1804. The obverse features a different rendition of Liberty by Robert Scot, with her hair lightly bound and her bust draped. "Liberty", stars, and the date surround the image. Initially, the reverse design of the previous type was used, but in 1798 this was replaced with a heraldic eagle.
Coins bearing the date 1804 are famous rarities. The coins were actually struck more than three decades after the date, to be presented as diplomatic gifts. The few surviving pieces generate significant interest from collectors.