1795 $1 Flowing Hair Silver Dollar, 3 Leaves, BB-27 NGC F15

A precious remnant from the early days of our nation and the first Mint in Philadelphia, this specimen would be the perfect addition to the collection of a specialist in Flowing Hair coinage. NGC has graded 134 of the 3 Leaves, BB-27 variety as Fine with 106 finer. Collectors Universe prices this variety at $7,500.00 in F15.

Mint director David Rittenhouse, who conspired with Mint assayer Albion Cox to change the fineness of the Flowing Hair silver dollars without advising Congress or the President. Image: Wikimedia Commons.

Controversy surrounding production of the Flowing Hair silver dollars (1794-1795)

Mint assayer Albion Cox found the statuary fineness of .89243 difficult to realize when production began on the Flowing Hair silver dollars. Cox proposed maintaining the 371.25 grains of silver, however with lowering the copper content to 41 grains of copper (from 44.75 grains), thus resulting in a 412.25 grain silver dollar of .900456 fine silver. In response to Cox's suggestion, Mint Director David Rittenhouse proposed the following:  to increase the silver content from 371.25 to 374.75, resulting in a total coin weight of 416 grains at .90084 silver fineness. Even though this plan was not authorized by Congress, and in fact was actually hidden from Congress and the President, for over a year the Mint coined silver in this manner at this unlawful ratio.

This new standard was used to strike all 1,758 of the 1794 Flowing Hair silver dollars and all 203,033 of the 1795 (both Flowing Hair type and Draped Bust type) silver dollars. Don Taxay writes, "The most immediate effect of this practice was that depositors of silver had to pay an additional 2-1/2 grains bullion (about 1 percent extra) for every dollar they received." John Vaughn was a friend of President Washington and a large depositor at the Mint. Due to that unorthodox, unlawful practice he lost $2,260, and petitioned Congress for its reimbursement. It took from 1795 until February of 1800 for Congress to finally pay Vaughan for his losses.