History is filled with various amazing stories and valuable pieces of art. It is the love of art and the history attached to any ordinary thing that gives value to it. We see millions of people throughout the world collecting different items from history as their hobby. One thing common about these antique pieces are that they are rare and of high value. Currency notes started just in the 19th century. Before that, most expensive coin were the medium of money. Various most expensive coin have been excavated throughout the world, belonging to different civilizations and in different eras. But the most expensive coin up till now is Flowing hair dollar of the United States of America.
It was the first most expensive coin (one dollar value) that was issued by the USA government. After the minting of the coin, that was also a long process; the silver dollar coin was struck on 15th October, 1794. The silver used actually came from French billion most expensive coin, deposited by Maryland Bank in large quantities. Talking about the background, in 1791, congress passed a resolution for establishing a national mint in the Americas. In his third address of State of the Union, George W. Bush especially mentioned about the need of a national mint, which was authorized under the act of the Coinage Act of 1792.
This coin dates back to 1794 and 1795 when it was minted. The size and shape of the coin were copied from the design of a Spanish dollar because it was one of the popular coins these days in Americas. This coin was designed by Robert Scot. Its design was proposed again, namely Draped Bust dollar. The total mass of this coin is 416 grams (26.96 g). The total diameter is 39 to 40 mm (1.53 to 1.57 in inches). In terms of material, the metal used in the coin is ninety percent silver and ten percent copper. Initially the design depicted a liberty bust and the reverse of the coin featured eagle, a requirement under the 1792 Coinage Act.
Later the government demanded to include a wrath, shaped design around the eagle. Frederick Geiger executed the lettering. He worked as a typographer earlier. All in all, 1758 coins were initially accepted in 1794. Those which were not accepted were melted down again for the reproduction in 1795 with the new design. All these coins were paid to Rittenhouse, who spent many coins and traded them to foreign areas in order to circulate them and to market the product of the newly found Mint factory. In 1795, another batch of coins was produced, totaling 3810 number of coins. These coins were delivered on 6th May.
It is said that all those coins struck in 1795 have a silver plug in the center that measures approximately 8 mm. Many say that this process was done so as to correct the underweight coins. Flowing Hair Dollar is considered the rarest coins of the USA. In 1880, The Coin Journal placed a price of fifty dollars for a single 1794 good quality specimen coin. Jack Collins estimated in 1990s that the existing number of Flowing Hair Dollars is not more than 120 or 130. In 2005, one of the specimens was sold at $7.85 million which was the record of most expensive coin in the world.
Not only that, in 2013, this record was broken again by the same coin when one of the finest coins was sold for $10, 016875 which made it the most valuable and the most expensive coin ever sold in the history of coins. Among the list of most expensive coins, Flowing Hair is followed by 1933 Saint-Gaudens Double Eagle.