US Silver Dollar becomes first ever coin to be sold for over $10m

The 1794 Silver Dollar is the first coin to smash through the $10m barrier

A rare 1794 Silver Dollar, thought to be among the first silver dollars ever struck by The US Mint, has set a new world-record by becoming the first ever coin to be sold for over $10 million.

The ‘Flowing Head’ was auctioned at Stack’s Bowers Galleries in New York earlier this year in front of a packed crowd of collectors, investors and dealers. Chairman David Bowers said the fact it was one of the first of its kind ever struck combined with its quality and scarcity helped to push up the price among bidders.

A new world record

The coin was eventually sold to Legend Numismatics for a record $10,016,875 –
the highest price ever paid for any coin – smashing the current record of $7,590,020 paid for a 1933 Double Eagle in 2002.  A spokesman for the US-based company which specialises in rare coins said afterwards it had been prepared to bid even higher for such a rare piece of American numismatic history.

One of the finest of its kind

The record-breaking coin, one of the finest known, was part of the Cardinal Collection which includes some of the oldest and rarest American coins. It features a profile of Liberty facing right with stars around the edge representing US states, a design only used in 1794 and briefly in 1795.

Although the 1794 Silver Dollar was the highlight of the auction, the total amount made from the sale of rare coins topped almost $27m.

A selection of America’s most famous and iconic coins is available here.