Hobbies are a part of our daily lives; some would say they are essential to our mental, physical, and emotional health. The best part is that your hobby may sometimes lead to extra cash, especially if you are a collector. Coin enthusiasts should pay attention, because this coin may make you $10M richer! Whether you just started collecting coins or have a special room for numismatics, you should double-check to see if this specific American dollar is in your possession.
This is how to determine whether you own a rare coin
Sometimes you may stumble onto an old coin by accident, or it has been passed down in your family for generations. At some point, you may have wondered whether the coin is worth something or not. According to Austin’s Rare Coins & Bullions, a few key characteristics might help you determine your coin’s rarity.
Characteristics of your coin to take into consideration:
- The date – Older coins are rarer. If it’s from before 1800, it’s likely rare.
- An error, misprint, or miscast – A positive sign of rarity.
- The coin’s mintage – The lower the number minted, the rarer the coin, especially early coins.
Collectors should know that some coins from the 19th and 20th centuries can be rare, with a few exceptions. If you remain uncertain, our advice would be to do some research. There could be similar coins for sale online, so you can check the prices to determine the worth of your coin. It would be even better to go to a coin shop to have your coin professionally appraised.
The history of the coin that could make you $10M richer
Now that you know how to determine the worth of your coin, let us see whether you have this coin that has been the talk of the town. First, we will give you a brief history. Per The Coins & History Foundation, the US Mint was created by the Coinage Act on April 2, 1792. The bimetallic coinage system was implemented based on the silver dollar and the gold eagle. However, two events led to a two-year delay before the first dollar was struck.
The two events were:
- The Government required a $10,000 bond to handle precious metals.
- The national shortage of silver.
After the delay was resolved, this coin became the first US-issued dollar. The person who was entrusted with the design of the first US dollar was the Mint’s first official Chief Engraver, Robert Scot. The Mint struck 2,000 coins, but coincidentally, 242 got rejected immediately due to poor strike quality, resulting in coins lacking definition or being off-center.
Characteristics that make this coin rare
We’ve kept you waiting long enough. The very first US dollar is the 1794 Silver Dollar. Per PCGS, this coin is extremely rare due to approximately 150-200 surviving since minted in 1794. The coin only lasted until 1795 before it was replaced by the Draped Bust design. Numista indicates that the coin’s composition is 99.9% pure silver.
The coin is famous for its Flowing Hair Design. Collectors who believe they have this coin should seek the following characteristics to be sure:
Obverse
- Right-facing portrait of Liberty with flowing hair design.
- Liberty’s head is surrounded by fifteen stars.
- The name “LIBERTY” is depicted above her head.
- The year of issue, “1794,” is depicted below her head.
Reverse
- The eagle motif with its wings extended surrounded by a laurel wreath.
- The inscription “UNITED STATES OF AMERICA” surrounds the wreath.
The first-ever silver dollar struck at the US Mint was auctioned for more than $10M in 2013. Mint Director Rittenhouse was believed to be the coin’s owner. So, coin collectors, it is time to pay your numismatics another visit, because you might be the lucky owner of another rare coin worth $10 million.