Prototype of 1st U.S. dollar coins sold for $840,000 at auction
A piece of copper that was struck by the U.S. Mint in Philadelphia in 1794 and was a prototype for the fledgling nation’s money has been auctioned off for $840,000, considerably more than expected.
The “No Stars Flowing Hair Dollar” coin — formerly owned by Texas Rangers cochairman Bob Simpson — sold for $840,000, far more than its top expected price of $500,000, according to the auctioneers.
It closely resembles silver dollars later minted in Philadelphia but gets its name as a result of its missing stars.
Starless coins are considered by collectors and institutions as “one-of-a-kind prototypes for the silver examples that would follow,” according to Jacob Lipson of Heritage Auctions, which did not name the buyer.
Known as a pattern, the front features the flowing hair portrait of Liberty and the date 1794. The reverse side shows a small eagle on a rock within a wreath.
The pattern was forgotten as the mint continued the process of creating the nation’s first silver dollars.
“Coin-collecting lore states the unique rarity was excavated from the site of the first Philadelphia Mint before 1876,” Lipson said.
That was how the coin’s first owner described its history at its first auction appearance, in 1890.
The pattern is corroded and not in perfect condition, likely because it was buried at the site of the original mint. There are scratches and other marks on its brown surfaces.
It has traded hands eight times, according to the auction house.
Simpson, 73, bought it along with other patterns in 2008 to add to his large collection.
“I think coins should be appreciated almost as artwork,” he said. “I have gotten more than enough joy from them.”