The amazing 1794 silver dollar is one of the most valuable and historic coins in the world. Once you hear the story, it will be easy to argue that it could be the most historic coin ever created. The 1794 silver dollar was the first “dollar” coin ever produced at the United States Mint. And looking back now, it was the exclamation mark, to the first epic years of the new country, the United States. With the help of M.H. Bolender, "The Dean of American Numismatics," we explore the creators story of the silver dollars with his incredible book, 'The United States Early Silver Dollars From 1794 to 1803,' published in 1950. And it took M.H. Bolender 40 years to write the book! What he considered the climax of his coin collecting career. "This work has taken much of my time and money, and I do not now wonder that others have hesitated to attempt it. However, its preparation has brought me a great deal of pleasure, and if the book proves to be helpful and useful to fellow collectors and dealers, I shall be graciously compensated. Freeport, Illinois April 10, 1950 - Milferd Henry Bolender, from his book, 'The United States Early Silver Dollars From 1794 to 1803.' Chapters 00:00 Introduction to the 1794 Silver Dollar and Its Significance 01:26 The Challenges of Creating the First Silver Dollar 03:22 The Detailed Work of Coin Varieties and Collecting 07:17 The Historic Significance of the 1794 Silver Dollar 11:58 The Founding Fathers' Vision for US Currency 16:07 Establishing the First US Mint and Its Laws 22:19 Early Struggles and Successes of the US Mint 26:31 The Rarity and Value of the 1794 Silver Dollar 27:56 The Origin of the Word 'Dollar' and Its Global Impact 34:01 Reflections on the Creation and Legacy of the Silver Dollar Founding Vision and the Mint Act of 1792 Post-independence, Alexander Hamilton and Thomas Jefferson recognized that economic sovereignty required a stable national currency. In 1791, Hamilton proposed a bimetallic system based on the average silver content of circulating Spanish pesos. The Coinage Act of April 2, 1792, established the U.S. Mint in Philadelphia and designated the dollar as the standard unit. Championed by Jefferson, the act adopted a revolutionary decimal system and prescribed iconography "emblematic of liberty." Administrative Hurdles and Technical Execution Operational delays plagued the early Mint. A primary impediment was a $10,000 bond requirement for key officers, which was insurmountable until Mint Director David Rittenhouse successfully lobbied for a reduction in 1794. Furthermore, because the Mint depended on private bullion deposits, Rittenhouse deposited $2,001.34 of his own silver on August 29, 1794, to initiate the first strike. Technical execution proved difficult. The Mint’s largest press lacked the power to strike the 40mm diameter of a silver dollar evenly, resulting in the "soft strikes" common on 1794 specimens. Milford Henry Bolender and the "King of Coins" The study of early silver dollars was revolutionized by Milford Henry (M.H.) Bolender. Known as "The Dean of American Numismatics," Bolender dedicated 40 years to cataloging the minute die variations of the first American dollars. His 1950 book, The United States Early Silver Dollars From 1794 to 1803, established the "Bolender numbers" (e.g., B-1) that remain the industry standard. Today, the 1794 dollar is a premier rarity. Only an estimated 120 to 150 specimens survive. The "Neil-Carter-Cardinal" specimen (PCGS SP-66) made history in 2013 by selling for $10,016,875—the first coin to surpass the $10 million mark at auction. https://atticcapital.com/silver-dollars/ https://atticcapital.com/
